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How to Become An Economist

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Career outcome icon – Economist
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What is a Economist

An Economist studies how economies work and gives advice on policies that affect everyday life. They look at how goods and services are made, shared, and consumed. They also track the financial behaviour of people, businesses, and governments. Economists work across the public sector, the finance industry, and consulting, giving the career path plenty of variety.

The job involves deep research and analysis. Economists check the impact of tax changes, monetary policy, and government spending on the broader economy. They also look at trends in trade, employment, wages, and industry growth. This research helps organisations understand where things are headed and how to plan for it.

Day-to-day tasks range from analysing data to writing reports and presenting findings. Economists use software tools to model economic scenarios and forecast outcomes. They often work with policy teams, finance staff, and senior leaders. The ability to turn complex data into clear advice is one of the most valued skills in the role.

Economics is a field with real demand across Australia. Government agencies, banks, consultancies, and research groups all hire economists. With the right degrees and skills, you can expect a dynamic and rewarding career. There are also good chances to specialise in areas like health, environmental, or labour economics.

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Career Outlook for Economist

A career as an economist in Australia offers a stable path in a specialist, data-driven field. Around 4,600 economists were in work in 2025 (Jobs and Skills Australia, 2025). The median age is 35, which is fairly young for a professional role. This reflects strong demand from graduates entering public service, financial services, and consulting.

Most economists work full-time. About 90% are in full-time roles, averaging 43 hours per week. Women make up 36% of the workforce, and that share is growing. Annual employment change was a slight decline of 100 positions in 2025, in a profession that historically stays stable.

The outlook for economists is driven by demand for data work and evidence-based policy. Governments, banks, and consulting firms rely on economists to make sense of complex data. As digital tools and big data reshape the economy, economists with strong data skills will stay in demand. The focus on climate, housing, and labour market reform also creates new openings for specialist roles.

On this Article

Introduction

Average Salaries

Resources

Steps to Become an Economist

Step 1: Complete a Bachelor of Economics or a related degree

Enrol in a Bachelor of Economics at a recognised Australian university. This takes three years full-time. Core subjects cover microeconomics, macroeconomics, econometrics, and economic policy. Universities such as the Australian National University (ANU), University of Melbourne, and UNSW offer strong programs. A double degree combining economics with law, science, or commerce can expand your career options.

Step 2: Build technical and data skills

Economists use software tools every day. Learn Stata, R, or Python for data analysis, and Microsoft Excel for modelling and reporting. Many online and university short courses cover these tools. Strong data skills set you apart when applying for graduate roles in government or the private sector.

Step 3: Gain work experience through internships or graduate programs

Apply for internships or cadetships while you study. The Australian Public Service (APS), Reserve Bank of Australia (RBA), and Treasury run graduate programs for economics graduates. These programs typically run for 12 months and cover policy analysis, research, and economic modelling. Real-world experience is vital for building your professional network.

Step 4: Consider a Master of Economics or a PhD

Many senior roles require postgraduate study. A Master of Economics takes one to two years full-time at university. A PhD takes three to four years and suits those aiming for research or academic careers. Graduate study deepens your skills in areas such as health economics, labour economics, or environmental economics.

Step 5: Join the Economic Society of Australia and build your network

Become a member of the Economic Society of Australia (ESA) to connect with other economists. The ESA runs events, seminars, and workshops across all states. Joining shows your commitment to the field and gives access to the latest research and industry contacts. Ongoing engagement with the economics community supports career growth at every stage.

What does an Economist do?

An economist’s day is a mix of research, data work, and strategic thinking. They study economic trends, review policy impacts, and build models to support key choices. Core tasks include studying fiscal and monetary policies and researching labour market programs. They also advise on issues like jobs, trade, and interest rates. Economists forecast economic shifts, write policy advice, and prepare clear reports for government agencies, businesses, and community groups.

Tasks

Economists study how economic forces work and give advice that helps shape policy and business strategy. They work across government, finance, academia, and consulting. Here are the key tasks an economist handles day to day.

  • Analysing interrelationships between economic variables – Studying how fiscal and monetary policies affect the economy and society.
  • Researching labour market programs – Checking the effects of industry policies on economic growth, welfare, education, and training.
  • Investigating economic situations – Looking at national and international economic conditions by industry, region, and social group.
  • Studying workplace issues – Analysing enterprise bargaining, wage fixation, and the impact of workplace policies on productivity.
  • Advising on economic issues – Giving insights on prices, employment and unemployment rates, imports, exports, and interest rates.
  • Forecasting economic changes – Predicting shifts in the economic climate for short-term budgeting, long-term planning, and investment.
  • Formulating recommendations – Writing policies and plans for the economy, corporate strategies, and investment, plus running feasibility studies.
  • Preparing research reports – Documenting findings and presenting them to stakeholders to inform key decisions.

Skills for Success

To work as an economist, you need a mix of sharp thinking and solid number skills. Economists collect, clean, and analyse data to spot trends and build forecasts. Research skills help you track down the right sources and ask the right questions. Being able to explain your findings to others is just as important as finding them.

Maths and statistics are at the heart of the job. Knowing how to use tools like Stata, R, or Python gives you a real advantage. You also need to understand economic theory and current policy debates. A curious mind and a love of problem-solving will take you far in this career.

Skills & Attributes

  • Strong analytical skills
  • Proficiency in statistical software and data analysis
  • Excellent research skills
  • Understanding of economic theory and principles
  • Ability to interpret and present complex data
  • Critical thinking and problem-solving
  • Clear written and verbal communication
  • Attention to detail
  • Knowledge of fiscal and monetary policy
  • Ability to work in teams
  • Time management and organisation
  • Adaptability to changing economic conditions
  • Ethical judgement and integrity
  • Interest in current economic issues and trends

Average Salaries

The median weekly earnings for economists in Australia are $2,862 before tax (ABS Survey of Employee Earnings and Hours, May 2025). This works out to around $149,000 per year. Entry-level roles typically start from around $80,000 per year (SEEK, June 2026). Senior and chief economists can earn $200,000 or more.

min $80 K

max $200 K

av $149 K

About the author

Laura Atkinson - Course Finder Groups
Laura Atkinson

Laura Atkinson is an Account Management and SEM specialist at Course Finder Group with six years' experience in the Australian education sector. She works day to day with universities, TAFEs and independent training providers, which gives her a close view of how courses map to real career outcomes. She writes practical guidance on career pathways, choosing the right qualification and what to expect when moving into a new field.