How do I become a successful economist

What does an economist do?

As an expert on overarching economic issues, you will work at universities or public and private institutes. In this way, you participate in the research projects of your department in order to gain deeper insights into markets and economic developments. For example, you are investigating how the costs for environmental protection can be distributed fairly. Another major topic is the financial sector. Here you will analyze debt and banking crises, which will give you more information about how they arise and their effects. As a rule, you use abstract mathematical models with which you want to describe, record and ultimately understand the processes in reality. By working through past events, you also try to make predictions for the future that are as precise as possible. Such statements by well-known economists are accordingly of great importance for the economy in order to identify positive and negative trends at an early stage.
If you are employed in a commercial enterprise, you can work in various areas such as controlling, sales, accounting or human resources. Depending on the focus, you take a close look at the business processes, check the use of budgets and create financing plans. You will also monitor the accounting and keep an eye on the current situation and the success of the company. From your business analyzes, you derive measures that you submit to the management. This information serves as a decision-making aid for future projects and the development of the company.

What are the job prospects?

As a graduate economist, you are suitable for almost all industries. Your business and economic know-how qualifies you for various corporate areas such as controlling and sales, or you analyze complex relationships such as new growth markets for your company. With some professional experience, you also have the chance to work as an independent consultant or employee of a management consultancy. At universities, on the other hand, you take part in research projects and examine macroeconomic relationships. In addition to a successfully completed master’s degree, a doctorate can also be an important career factor for you.

Which qualities help me in my job?

    What specializations are there?

    As the person responsible for purchasing, you will analyze the so-called procurement market for your employer. Suppliers sell goods, raw materials, machines and other equipment here. Your goal is to control the purchase of the materials you need. It is important for you to provide good quality at a reasonable, affordable price. This is how you negotiate with suppliers and providers about suitable conditions. If you are also responsible for logistics, you coordinate the incoming and outgoing goods and optimize the organization of the warehouse.
    If you join an institute for market research as an economist, statistical analyzes will be part of your daily tasks. Using interviews by phone or on the street as well as surveys on the Internet, you collect data on behalf of companies in order to determine public opinion or attitudes on certain topics. In what is known as ecoscopic market research, you examine economically relevant information such as price developments, buyer behavior and product quality. From this you create specific forecasts such as the possible chances of success for new or existing products. In addition, you also do market research when you get into the marketing of a company. Here, however, you are trying to convince potential customers of your employer's offer with targeted advertising.
    Business consulting is a popular field of activity for economists. Either you join the relevant consulting firm as an employee or you become self-employed after a few years in the industry. As an external consultant, you will work closely with the management that invites you to join their company. After an initial analysis of the business figures and processes, depending on the order, you will develop cost-cutting measures or develop a strategic concept for going public.

    particularities

    • Profession with great public reputation
    • Economist and economist refer to the same profession

    Starting salary as an economist

    In general, at the beginning of your career as an economist, you can expect an average gross monthly income of € 3,400 ¹. However, this depends on various factors. Among other things, the size, the industry and the location of your employer play an important role.

    In addition, it also depends on how much work experience you already have, what qualifications you can demonstrate and whether you will start your career immediately after your bachelor's degree or only after your master's degree.

    Another important aspect is whether you work in the public sector and receive regular pay according to the collective agreement (TVöD) or whether you negotiate an individual salary with your employer in the private sector.

    • economist3.400 €¹
    • Auditors3.000 €¹

    Salary based on work experience

    After around 5 years as an economist you will earn an average of € 4,000 ¹ gross per month and after 10 years it's already € 4,600 ¹. Depending on the industry, position and area of ​​responsibility, your salary can also be slightly higher. Economists who earn very well receive up to € 6,000 ¹ gross monthly. If, on the other hand, your payment is regulated by a collective agreement, your gross monthly remuneration is between € 3,443 ¹ and € 4,943 ¹. Depending on the position and professional experience, your pay is based on salary groups 9 to 12 of the TVöD.

    Salary based on work experience

    After around 5 years as an economist you will earn an average of € 4,000 ¹ gross per month and after 10 years it's already € 4,600 ¹. Depending on the industry, position and area of ​​responsibility, your salary can also be slightly higher. Economists who earn very well receive up to € 6,000 ¹ gross per month. If, on the other hand, your payment is regulated by a collective agreement, your gross monthly remuneration is between € 3,443 ¹ and € 4,943 ¹. Depending on the position and professional experience, your pay is based on salary groups 9 to 12 of the TVöD.

    Salary by state

    Your salary as an economist is highest in Hessen at around € 4,650 ¹ gross per month. You earn similarly well in Baden-Württemberg and Hamburg. In the new federal states, however, your pay is slightly lower. On the other hand, the cost of living there is also lower than in the old federal states.