Become anEconometrician

Imagine having the power to predict economic trends and influence major decisions that shape the world. You could have a real impact on people’s lives when you uncover a trend, or a prediction. These can go on to shape our laws and government policies.

As an Econometrician, your main goal is to collect and analyse massive amounts of economic data to understand how the world works. You use mathematical models and statistical techniques to forecast future trends, evaluate economic policies, and even explore the impact of events like climate change, major weather events, major health crisis events like COVID-19 or technological advancements on the economy.

You are certainly not tied to one industry if you are thinking of becoming an Econometrician! Some of the key industries currently hiring are:

Finance

Predicting market trends and guiding investment decisions.

Government

Advising policymakers on economic strategies and policies.

Healthcare

Analysing healthcare data to improve efficiency and access.

Environmental

Studying the economic impact of environmental policies and climate change.

Technology

Forecasting consumer trends and guiding tech innovation.

Marketing

Analysing consumer behaviour and market trends to develop effective strategies.

If you enjoy maths, or think you might have a knack for numbers – becoming an Econometrician might be a great job for you! Some of the STEM skills you’ll need:

• Mathematics Master algebra, calculus, and geometry for advanced economic modelling.
• Statistics Understand probability, distributions, and statistical tests for data interpretation.
• Data Analysis Learn to manipulate and interpret data using software tools.
• Critical Thinking Develop the ability to question and analyse underlying assumptions.
• Problem-Solving Cultivate strategies for tackling complex, multifaceted economic problems.
• Communication Develop skills to clearly present complex ideas and findings.

Gear up for your Econometrician adventure with these STEM subjects:

Mathematics

Understanding complex equations and mathematical models.

Economics

Grasping fundamental economic theories and principles.

Statistics

Analysing data and drawing meaningful conclusions.

Computer Science

Utilising software and programming for data analysis.

Business Studies

Learning about market dynamics and corporate strategies.

Geography

Understanding global economic trends and disparities.

Picture this: as an Econometrician, you could get to uncover hidden patterns in data, predict future economic trends, and help businesses and governments make smarter decisions.

If you really excel in your career as an Econometrician you can go on to actually build the mathematical models that are used in daily practice! You get to debate theories and come up with new ones of your own!

There are a number of women in Australian who have shone in economics and finance roles:

Gigi Foster

Gigi was born overseas but studied economics in Australia and has gone on to become a regular media advisor regarding economics topics. She has been on TV panels and hosts an ABC radio show.

Michele Bullock

Impressively Michele is the first ever female governor of the Reserve Bank of Australia! She initially pursued medical studies, but switched to economics instead. 

Cristina Cifeuntes

Cristina was born in Spain but grew up in Sydney. She studied law at University first, then Economics. She has worked in public and private sectors including NSW Treasury and ASIC. More importantly, she is a champion of diversity and equity in the workplace, advocating for women and cultural respect.

While being in the public eye is not always common for Econometricians, they often achieve great feats behind the scenes. Some of the traits they might have are:

Honest

Upholds integrity in reporting and interpreting economic data.

Calm

Maintains composure under pressure during economic volatility.

Perceptive

Quickly grasps subtle economic trends and their implications.

Decisive

Makes informed choices swiftly based on available data.

Disciplined

Adheres strictly to methodologies and project timelines.

Observant

Notices and investigates errors or differences in economic data sets.

You can pursue degrees like Bachelor of Economics, Bachelor of Econometrics, or Bachelor of Mathematics with a focus on econometrics. These courses can equip you with the skills and knowledge needed to crunch numbers and unlock economic mysteries.

Ever thought about mixing it up? You can blend different degrees or even combine university study with other learning experiences. Consider pairing economics with computer science or adding a dash of business studies to your mathematics degree. The possibilities are endless!

By combining degrees or supplementing your studies with other learning experiences, you’ll develop a unique skill set that sets you apart in the competitive world of Econometrics. So, don’t be afraid to think outside the box and create your own path to success!

During your studies to become an Econometrician, there are a range of subjects that’ll equip you with the tools to tackle economic issues head-on.

You should be prepared to sharpen your mathematical skills as you delve into complex equations and statistical methods. You’ll learn how to analyse vast amounts of data and draw meaningful conclusions that drive decision-making in the world of economics.

But it’s not just about numbers! You’ll also explore economic theories and principles, gaining insights into how economies function and evolve over time. Plus, you’ll hone your critical thinking and problem-solving abilities, essential traits for any aspiring Econometrician.

Want to speed up your journey to becoming an Econometrician? Work experience could be your secret weapon!

Internships and work placements can give you on the ground experience in a company or organisation, allowing you to apply your classroom knowledge to current situations. Whether it’s crunching numbers at a financial firm or analysing economic trends for a government agency, work experience gives you a taste of what it’s like to be an Econometrician in action.

Dreaming of a career as an Econometrician but not keen on the traditional university route? Good news – there could be alternative pathways to achieving your goal!

Micro learning platforms offer flexible, online courses that allow you to learn at your own pace. From data analysis to statistical modelling, these minified courses cover many essentials you need to explore your career as an Econometrician.

And if you learn better by doing, workplace experience provides valuable practical skills that are highly sought after in the field. So, whether you prefer the classroom or the real world, there’s a pathway to becoming an Econometrician that’s perfect for you!

In Australia, econometricians have growing career opportunities as the demand for data insights rises across sectors like finance, government, and academia. Econometricians apply statistical and mathematical models to economic data, helping organisations make informed decisions and forecasts. Here’s an overview of career prospects and relevant stats:

Career Opportunities

Econometricians often work in finance, government agencies (like the Australian Bureau of Statistics and Reserve Bank of Australia), consulting firms, and tech companies. Roles include Data Analyst, Quantitative Analyst, Research Economist, and Policy Analyst. In finance, econometricians are valued for their ability to model economic indicators, assess risk, and inform investment strategies.

Salary Insights

According to recent data, the average salary for econometricians in Australia is approximately $95,000 per year, though it can range between $70,000 and $130,000 depending on experience and the sector. Senior roles or specialized positions, such as Quantitative Finance Analyst, can earn over $150,000.

Job Growth

With Australia’s data analytics sector growing by around 10% annually, demand for econometricians is projected to increase, especially within sectors that rely on data to influence policy or drive strategic growth. As a niche yet essential field, econometrics offers job stability and room for advancement, particularly as more organisations adopt advanced data analytics.

Skills in Demand

Econometricians with skills in statistical software (such as R, Python, SAS), data interpretation, economic theory, and strong analytical capabilities are particularly sought after. In addition, there is rising demand for those experienced in machine learning and AI, as data science converges with econometrics in predictive modeling.