Many students of economics and young professionals have asked me questions about my journey in the field of economics. I have compiled a list of frequently asked questions on different career paths that one can pursue with a degree in economics.
Can you tell us about your professional journey so far?
I started my career in sovereign credit research, risk management and advisory at Goldman Sachs. My day-to-day would typically involve forming views on the credit risk profile of sovereigns and sovereign linked entities (such as public sector companies). I assessed indicators such as economic growth, inflation, fiscal and monetary policy along with political and geopolitical risks in countries.
GS provides credit rating advisory to several governments in Asia, Middle East and Latin America. This was one aspect of the role that I found fun and challenging. I prepared presentations for government administrations and advised them on policies to boost growth, manage debt and improve credibility. These recommendations were aimed at helping governments attain favourable credit ratings from the key rating agencies.
Post GS, I am currently working as a cross-asset strategist at CDPQ, a Canadian pension fund. In my current role, I apply macroeconomics to formulate views on currencies, bonds and equities. A big chunk of my day is spent on Bloomberg, reading about economic developments and policy announcements. I use data such as growth, inflation, current account balance and capital flows to forecast currency performance, fixed income (bond) return and understand their implication on equity markets.
My current role has allowed me to practically apply economics to the market, a theme close to my heart. You will find several related posts on the topic in this blog. The role has helped me sharpen my market strategy skills and think like an investor.
What inspired you to choose a career in economics?
I studied economics in my undergrad and thereafter pursued my master's degree in Development Economics. I had always been passionate about the subject and would frequently find myself reading about macroeconomic policies.
While ruminating about career options, I asked myself what am I truly interested in. Which subjects did I find most pleasurable to learn and what types of extra-curricular activities did I find rewarding. For instance, at school and university, I was part of the economics department editorial board. I enjoyed explaining complicated economic concepts to my peers and discussing policies announced by the government. These included fiscal and monetary policies and linking theoretical concepts to the real world. Therefore, it made sense for me to work in the field of economics to begin my professional journey.
I enjoyed participating in debate competitions and hosting events. This helped me realize that I would enjoy career paths with client interactions as well.
Another tip to the reader would be to reach out to friends, family members and alumni network, working in different industries. It is important to learn about the industries and roles available in the job market, in order to break your own biases and mental rigidities. Do make use of LinkedIn to build your profile and reach out to people who inspire you through LinkedIn messaging. So many strangers helped me in my professional journey by responding to my cold messages and emails!
What career paths should I consider, specifically in the field of economics?
There are several options within different industries.
Corporate sector: There are economist roles in financial and non-financial institutions. These include economist roles in investment banks and asset management firms. Here you would be responsible for publishing reports with economic analysis and trade recommendations. Another option is roles in country risk (similar to my work in GS).
There are numerous independent research organizations that employ economists including Oxford Economics, Capital Economics, BCA Research, Gavekal, among others. These organizations provide economic research for investors.
These days, economist positions are available in tech firms and start-ups as well. These firms are looking for economic insights to help them formulate strategies and expansion plans. Consider speaking to HR or recruiters to gain further insight.
Academia: If you enjoy doing research, you may consider working as a research assistant in universities and thereafter pursuing a PhD. You may also consider working as an economist in think tanks and multilateral organizations such as World Bank, IMF, AIIB and UN among others.
What are the other career options at my disposal with an economics degree?
I find this question hilarious because WHAT CAN YOU NOT DO with an economics degree?!
Trust me, the world is your oyster and every single industry can use your skills. The important point to note here is to mould your experiences to the job requirement.
The more typical industries to consider are finance, consulting and academia.
However, another option is to take courses on data science and econometrics with economic courses, to open up opportunities in the tech sector. With econometrics (using software such as Stata, Python and R) and data science, you can consider data scientist positions in tech firms and start-ups.
You may consider becoming a columnist or reporter with an economics / financial news media outlet. Or consider working as a business analyst (using all that demand and supply knowledge) in any industry.
Most important takeaways / advice.
Don't be rigid, don't pigeon hole yourself and be open to exploring opportunities across industries.
Send cold emails to people who inspire you to learn about their work and professional journey. There is no downside and infinite upside.
Lastly, if you have any additional questions, do not hesitate to reach out.
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