To become an econometrician, you first need to determine if this career path is a good fit for your skills, interests and personality traits. If the following description sounds like you, then you’re probably well suited for this field:
• You have a keen interest in economics and data analysis
• You have an advanced ability to think logically
• You enjoy analyzing data and solving complex problems
• You are knowledgeable in economic theory and skilled in quantitative analysis
• You have the ability to choose the right analysis techniques to solve a problem
• You enjoy advising others
• You have the patience and determination needed to complete the education required to become an econometrician
Below we've outlined how to get started in this profession. We've also included helpful supplementary information, such as a job description, an overview of the job duties, salary expectations, a list of possible employers and much more!
Education Needed to Become an Econometrician
You likely will need a graduate degree in econometrics, or a graduate degree in economics or mathematics with a focus in econometrics. You will likely also research experience and internship experience.
If you only have an undergraduate degree in economics, econometrics or mathematics, you will likely qualify for many entry-level jobs in econometrics, such as Project Assistant or Statistical Assistant.
General Job Description
Econometricians are generally responsible for the design, development, maintenance, evaluation and replication of short and long-term economic models, for the purpose of developing economic forecasts or simulations.
They apply quantitative analysis techniques and economic theory to analyze economic relationships and apply them to real-world applications, such as analyzing and forecasting market and consumer behaviour in a specific sector or industry.
For example, the federal government employs econometricians to develop models and forecasts to quantify the effectiveness of their strategy of using positive incentives to encourage energy conservation and healthier lifestyles in the general public.
Typical Job Duties Involved
• Recommend the application of econometric principles to planning office or department
• Serve as resource and advisor to other internal departments and to senior management with regards to econometric modeling designs and development
• Construct and maintain databases that are used in conjunction with modeling
• Support research and data analysis by performing system analysis and developing suitable computer applications
Who Employs Them?
Econometricians are often employed on a full-time or contractual basis by organizations that require analysis of economic relationships for the purpose of creating economic forecasts. The following types of organizations typically employ econometricians:
• Federal government departments
• Marketing & Strategic Operational departments of large organizations
• Insurance and assurance companies
• Commercial banks and other financial institutions
• Financial trading firms and investment banks
• Management consulting firms
Skills Needed to Be Successful
To be effective in a career as an econometrician, you'll need to posses a certain set of skills, including:
• In-depth knowledge of statistical software
• Experience in requesting and handling large datasets
• Knowledge of panel data and empirical industrial organization
• Able to apply quantitative analysis and economic theories to analyze economic relationships
• Strong mathematical and statistical abilities
• Able to use plain language to express complex ideas
Characteristics Needed to Become an Econometrician
In order to enjoy performing the duties of an econometrician, you need to have certain personality traits. Taking enjoyment from your duties as an econometrician is important, as it helps you maintain a positive attitude towards your work, which usually leads to having a long and successful career.
• Enjoy developing innovative methods and economic models
• Enjoy analyzing data and using analytical thought
• Enjoy developing economic forecasts
• Enjoy advising others
• Enjoy applying economic theory and quantitative analysis to solve problems
• Not opposed to working long hours in front of a computer
Average Salary Level in This Field
The salary level of econometricians can vary depending on a multitude of factors, including:
• Their level of education
• Their level of experience
• The size and type of their employer
• The specific responsibilities of their job
• The region in which they work
Econometrician Salary Canada: According to the 2016 Alberta Wage and Salary Survey (the most recent figures available as of the time of writing - June 24, 2019), Albertans working in the Economists occupational group earn an average salary of $92,846 per year. Unfortunately, no similar statistics were available from reliable sources for other Canadian provinces or territories..
Econometrician Salary United States: According to the United States Bureau of Labor Statistics the median salary level of American workers in the Economists occupational group is $91,860 per year. The lowest 10% of salaries in this group are below $51,410, and the top 10% are above $155,490 per year.
Current Jobs in This Field
Our job board below has econometrician postings in your area of Canada, the United States, the United Kingdom and Australia, when available:
Similar Career Profiles in Our Database
Listed below are careers in our database that are similar in nature to econometrician, as they may involve many of the same skills, competencies and responsibilities.
References
Please consult the references below to find more information on the various aspects of this profession:
Occupations in Alberta: “Economist.” (March 9, 2016). ALIS website - Alberta Learning Information Service. Retrieved November 11, 2019.
Life, Physical, and Social Science: “Economists.” (September 4, 2019). Occupational Outlook Handbook - United States Bureau of Labor Statistics website. Retrieved November 11, 2019.
Economics: “Why study Economics/ Econometrics.” (n.d.). University of Pretoria website. Retrieved November 11, 2019.
Terms - Macroeconomics: “Econometrician.” Adam Hayes (June 13, 2019). Investopedia website. Retrieved November 11, 2019.
Scholarships for Becoming an Econometrician
Scholarships listed for majors that apply to becoming an econometrician can be found on our Mathematics Scholarships and Economics Scholarships pages.
Success Tip: Be sure to apply for any scholarships that you even barely qualify for, as there are millions of dollars of scholarships that go unused every year due to a lack of applicants!
Applicable Majors
Studying one of the university majors listed below is an excellent starting point for getting into this line of work:
