Economist Careers (1 Viewer)

La Divina

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Apart from the RBA, where else do economists receive employment?
What is the pay like?
What are the job prospects?
Are there any cadetship/work experience opportunities for immediate school leavers or 1st year university students?

Replies would be very helpful thankyou.
 

Conspirocy

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Most of the jobs for economists are in Canberra. I think government departments have cadetships where they pay for your uni as a school leaver, two places would be the Australian Taxation Office and the Department of Finance and Administration. There is Treasury again that's in Canberra.

There are other jobs out there in a whole number of areas from working as a trader or jobs in all the banks.

What I will say about those jobs is that they hire people with who have worked in the industry a while. The only way you get to see what its like to work in Economics and can figure out what Economists do is by working for a government department first. That's were you get your experiance. I guess the major motivation for this kind of thought is that as an economist you are essentially analysing policy most of the time; what better way to understand how policy decisions are made then by working where they are made, and then hiring someone from one of those departments. E.g. a number of economists working at big banks or in the private sector, if not all, perviously worked in the public sector (i.e. government jobs) - a lot of forecasters worked at Treasury; Treasury generally seems to be where it's at in terms of Australia. RBA is up there I can't say which one is better, I think maybe treasury as they look at more; it changes depending on the circumstances. So then I think your first focus should be on getting a public sector job. To do that you need honours in economics or econometrics. From there you would want to land one of those government jobs as a grad, and then be there fore two years getting experiance. Then from there your options in terms of finding work are much wider. Then you will be able to get jobs at Banks and other areas.

Hope that helps.
 

La Divina

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Thank you that information was very helpful.
 

La Divina

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When you mean bank, do you mean like CBA or RBA? Is it still possible to join an investment bank?
 

banco55

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Conspirocy said:
Most of the jobs for economists are in Canberra. I think government departments have cadetships where they pay for your uni as a school leaver, two places would be the Australian Taxation Office and the Department of Finance and Administration. There is Treasury again that's in Canberra.

There are other jobs out there in a whole number of areas from working as a trader or jobs in all the banks.

What I will say about those jobs is that they hire people with who have worked in the industry a while. The only way you get to see what its like to work in Economics and can figure out what Economists do is by working for a government department first. That's were you get your experiance. I guess the major motivation for this kind of thought is that as an economist you are essentially analysing policy most of the time; what better way to understand how policy decisions are made then by working where they are made, and then hiring someone from one of those departments. E.g. a number of economists working at big banks or in the private sector, if not all, perviously worked in the public sector (i.e. government jobs) - a lot of forecasters worked at Treasury; Treasury generally seems to be where it's at in terms of Australia. RBA is up there I can't say which one is better, I think maybe treasury as they look at more; it changes depending on the circumstances. So then I think your first focus should be on getting a public sector job. To do that you need honours in economics or econometrics. From there you would want to land one of those government jobs as a grad, and then be there fore two years getting experiance. Then from there your options in terms of finding work are much wider. Then you will be able to get jobs at Banks and other areas.

Hope that helps.
I'd suggest the RBA is better as far as transitioning into the private sector as their work is more directly applicable to the private sector.
 

Conspirocy

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banco55 said:
I'd suggest the RBA is better as far as transitioning into the private sector as their work is more directly applicable to the private sector.
I disagree. I think treasury is well known for their forecasting ability, and I think a number of jobs in the private sector are essentially forecasting. I could be forecasting apple harvest figures or exchange rates. What is important is the methodology, and treasury seems to have more of that analysis e.g. they would be continually evaluating projects on a cost benefit analysis most of the time, and a big part of that would be forecasting cash flows and expenses for projects, something a lot of finance analysts would be doing in a bank. They generally are the ones making predictions about economic growth and unemployment, and more importantly policy.

I can see your side of the argument RBA would be looking at financial markets. I guess you could throw in exchange rates. Off the top of my head however from economists I have met most of them are from the Treasury, with a few from Canberra. I think most people who go to the RBA end up staying for some reason.

When you mean bank, do you mean like CBA or RBA? Is it still possible to join an investment bank?
When I say bank I mean private sector. But so you can get an idea is a link from my uni eco careers website that lists a whole bunch of places you can work. This by no means is a comprehensive list

http://www.economics.unsw.edu.au/np...ggedOutInheritableArea&maxWnd=_alumni_careers

There really are heaps more. They should even include insurance companies. Anything that is a financial institution or a government department will need an economist.
 

La Divina

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Conspirocy - i see that you are doing a B com/ B Eco degree and ive heard a rumour that you can do three majors with this double degree - is this true?
 

danielvh

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I'm also doing the Commerce/Economics double (at UWA) and I can do up to 5 majors...
 

Conspirocy

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La Divina said:
Conspirocy - i see that you are doing a B com/ B Eco degree and ive heard a rumour that you can do three majors with this double degree - is this true?
Yeah you can do up to 3 majors. It's a fact of the structure.

5 majors seems a bit far fetched, I'm sure its true. I could probably do 4 and a half majors but they would still only recognise 3. Its better to specialise.
 

danielvh

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Yeah, at UWA with Eco/Com it's technically possible to do up to 6, maybe even 7 lol as there's a lot of overlap but they only recognise up to 5.
 

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