Economist Case

1. PROFESSION OF AN ECONOMIST

Careers: Economist

Economists study the ways in which individuals and society choose to use limited resources, such as natural resources, labour, factories, and machines, in an effort to satisfy unlimited wants. They are concerned with the production, distribution, and consumption of goods and services and are interested in helping society get as much satisfaction as possible from its limited resources.

1) Academic economists engage in teaching, writing and doing research in colleges, and Universities. They write textbooks and journal articles, develop and test new theoretical models, provide consulting services to governments and businesses.

2) Government economists collect and analyze information about economic conditions in the nation and possible changes in government economic policies. Economists forecast tax revenues and interest rates, monitor prices, compute total output.

3) Business economists work for banks, insurance companies, investment companies, manufacturing firms, economic research firms, and management consulting firms.

Some economists operate their own economic businesses. They are called entrepreneurs. The entrepreneur is a business person who prefers to take calculated risks in order to be his or her own boss. An individual hoping to start up a new company needs to have entrepreneurial flair or talent, as well as good technical skills and financial skills, because they make a profit through risk-taking or initiative. People who are successful in business and so have become rich and powerful are called tycoons. A driving force in entrepreneurship is addictiveness.

Degrees in Economics

Most students studying at the university for the first time take a degree, called a first degree. They are undergraduate students. This degree is called Bachelor of Art (B.A.) or Bachelor of Science (B.S.) The B.A. in Economics requires different courses. A bachelor's degree (four years of college) with a major in economics is sufficient for many entry-level management positions.

However, most job openings for economists require advanced training. Those college graduates who wish to seek higher level jobs usually enrol in graduate school and obtain either a master's degree or a doctorate in economics. A master's degree requires approximately one year of advanced training, and a doctorate usually requires at least four. Economists must have a thorough understanding of economic theory, mathematical methods of economic analysis, and basic statistical procedures. The M.A. studies in economics prepare students for careers as professional economists in business and government. It is also excellent preparation for continued graduate study in economics. Requirements: strong motivation, aptitude and basic intellectual ability are needed for success in graduate study in economics. All students are required to take courses in advanced economic theory and economics. Students preparing for professional carriers choose additional applied courses in industrial organization, international economics, natural and human resources, and urban and public economics. Students preparing for doctoral studies select from these and additional courses in economic theory, mathematics, and quantitative methods.

The Master of Business Administration Degree (M.B.A.) is a professional degree designed to prepare graduates for managerial roles in business and non-profit organizations. Graduates will develop the necessary skills and problem-solving techniques that will permit them to make an early contribution to management and eventually to move into broad, general management responsibilities at the executive level. You can get this degree abroad and in Belarus as well: at the International Graduate School of Business and Management of Technology (BSU). It offers a program for managers with business background. The aim of this program is to provide theoretical and practical knowledge in general management and prepare high-level managers. The period of education is two years. Classes are conducted at very convenient evening time. The language of classes is English or Russian. These methods emphasize an analytical, conceptual, and theoretical balance