Selecting the correct career path is a crucial decision with far-reaching implications. It is a choice that will shape your future, underscoring the importance of making an informed decision.
Over the next few weeks, the African Reporter will engage with business people, professionals, and other role players, focusing on a specific career field every week.
Through this, we aim to provide valuable guidance to our younger readers navigating their career choices.
This week we give a platform to the economist career.
Kwa-Thema resident Bontle Mlambo (25) is an economist whose career in the field began immediately after high school.
Mlambo said she is currently immersing herself in the BCom Honours programme in economics, enriching her expertise while contributing as a research assistant at a university in Johannesburg.
“This journey encapsulates my evolution as an aspiring economist and entrepreneur, fueled by curiosity, mentorship, and hands-on experience in the dynamic landscape of economics and business.
“This dual role allows me to apply theoretical knowledge to real-world economic challenges, nurturing a holistic understanding of the field.
“Becoming an economist is not just about studying numbers; it is about understanding human behaviour, societal needs and the global economy’s complexities. It’s a journey of discovery, problem-solving and making a positive impact in the world,” she said.
What is an economist?
Imagine a detective of the economy, someone who investigates how money flows, how prices are set, and how businesses make decisions. That’s what an economist does. For example, when we hear about inflation rates rising, economists are the ones analysing why prices are going up and how it affects everyone’s purchasing power.
How do I become an economist?
Starting on this journey usually begins with a bachelor’s degree in economics. Think of it as learning the basics, understanding supply and demand, and how markets work. Then it comes an honours degree, where you dive deeper into economic theories and methodologies. It’s like levelling up in a game – you gain more skills and knowledge.
Next is a master’s degree, where you specialise in areas like financial economics or development economics. Finally, for those who want to become top-notch researchers or professors, a PhD is the pinnacle of academic achievement in economics.
Where can I study economics?
South Africa offers a wealth of institutions where you can study economics. Universities like the University of Johannesburg, University of Pretoria, University of Cape Town, Stellenbosch University, University of the Witwatersrand (Wits), Rhodes University, University of KwaZulu-Natal, and the University of South Africa (UNISA) provide excellent programmes with diverse perspectives and opportunities for growth.
High school subjects needed:
• Mathematics at level 5 – 60-69%
• Economics and English are important at level 5 – 60-69%
If you have mathematics literacy you can do a bridging course into the economics programme. The duration of a bridging course is one year.
Percentage requirements differ per university but good marks, especially in mathematics, open doors to quality economics programmes.
How long does it take to qualify as an economist?
Each step of this journey takes time.
• A bachelor’s degree and a diploma generally takes three to four years
• An honours degree is one to two years
• Master’s degree can take one to two years.
• Pursuing a PhD further extends this journey by two to four years, but it opens doors to high-level research and teaching positions.
What skills should an economist possess?
Analytical thinking, mathematical proficiency, research skills, and effective communication are the tools in an economist’s arsenal. They apply these skills to analyse data, develop economic models, and provide valuable insights to businesses and policymakers.
Economists do not just crunch numbers; they solve real-world problems. For example, during the Covid-19 pandemic, economists were crucial in analysing the economic impact of lockdowns and recommending policies to support businesses and individuals financially.
Where do economists work?
Economists work across various sectors. They advise governments on economic policies, help businesses make strategic decisions, and conduct research to understand and improve economic systems.
As an economist, you can occupy roles such as:
• Policy Advisor: Helping governments develop and implement economic policies.
• Financial Analyst: Analysing financial data to guide investment decisions.
• Researcher: Conducting studies to advance knowledge in economics.
• Consultant: Advising businesses on economic strategies.
• Academic: Teaching and conducting research at universities.
• Data Scientist: Using data to uncover economic trends and insights.
