Business Economist Career Description
The precise nature of business economists' work depends on the organisation where they are employed. For example, they may do research on economic aspects which concern the financial position of the organisation and be financial advisors for top management.
They may be busy with business management as a science, lecturing at a university or technikon. They may also do research on technoeconomic aspects at large research organisations, to name but a few.
What am I going to do in this occupation?
At least four kinds of business economists are found.
Firstly, we have the business economists that are permanently employed by a large organisation. They do research, collect information and evaluate the business economic aspects that influence the growth and development of the organisation. They are directly answerable to the top management and act in advisory capacities. They are then known as business economic advisors.
Secondly there are business economists at universities, who are involved in the introduction, elaboration and implementation of Business Management as a science. They should be creative and innovative and they are involved in activities such as applied business economic research, continuous literary study, liaison with business economists in practice, attending seminars and conferences, presenting short courses and lectures and training students in Business Management. Sometimes these business economists are approached by businesses to advise them on matters relating to specific functions in the business.
In the third place there are business economists that act as full-time professional managers. This is the career group where most of the business economists come to their right as employees. They are especially in demand for management posts in middle-sized and large organisations and are appointed as financial managers, marketing managers, production managers and general managers.
Business economists' tasks are to identify areas that can be profitable to the organisation, to develop it further and also to identify problem areas and transform it into opportunities and challenges. The organisation as a whole must benefit.
The influence of the environmental factors, which include the economic, social and political aspects of the country and abroad, as well as internal factors are kept in mind by the business economists. Business economists analyse the system within the organisation. They then suggest a programme of action to the top management.
Requirements
What kind of personality do I need? Business economists' area of specialisation is· the organisation as a whole. They are not experts in specific business economic functions. It is therefore important that business economists must have a broad interest in the business world. They must display a creative, analytical, systematic and critical approach and be strongly researchorientated. They must communicate easily and effectively. Accounting, as well as leadership and decision-making skills is necessary in this career.
Where can I work?
The post of a business economist is the perfect place to prepare yourself for management posts within the business. The right person, with sufficient experience, can advance to the top management of any business. Large financial institutions usually employ business economists.
Can I work for myself in this occupation?
Business economists may have their own consultant businesses and act as consultants for large firms. Having knowledge of all the business functions it is recommended to start an own business - that is to employ yourself
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