The job of a researcher entails a wide range of responsibilities. The researcher needs to gather, interpret and evaluate quantitative and qualitative data. Researchers can work either in the public or private sector. The skills a researcher needs in his work include numerical and analytical skills, knowledge of economics and statistical analysis and an ability to create econometric models. Researchers can work in government agencies, non-profit organizations, university research departments and private-sector research centers.
Some economists choose a career in business consulting services. Consultants work on the assignments paid for by the clients. Such assignments include assessment of market conditions, selection of pricing strategies, evaluation of new technologies and their applications in business. Economists who work in the consulting industry are typically employed by such consulting firms as McKinsey & Company, Boston Consulting Group and Bain & Company.
Financial analysts work in investment banks, retail banks, pension funds and insurance companies. They analyze financial data, which typically includes financial statements such as balance sheets, profit and loss statements, also known as income statements, and cash flow statements. Financial analysts are also required to come up with buy/sell recommendations that may include forecasts of whether financial instruments such as stocks or bonds rise or fall in price.
Some economists can pursue a career in journalism and economic and financial reporting. Such economists work in financial and business periodicals, the most prestigious of which include such well-known magazines and newspapers as The Wall Street Journal, Bloomberg, Dow Jone, The Financial Times and The Economist. Economic and financial reporters need to have good verbal and written skills, understand current financial and economic issues, be intellectually curious and be prepared to work outside regular office hours.