SOUTH AFRICA · SALARY IN RANDS

Economists

What the work involves, the skills employers want, and how to get started in South Africa.

  • Economic Advisor
  • Economic Analyst
  • Economic Consultant
  • Economic Development Specialist
  • Economist
  • Forensic Economist
  • Project Economist
  • Research Economist

What do Economists do?

An economist is a professional who studies the production, distribution, and consumption of goods and services. They analyze economic data and trends to understand how economies function and to provide insights that guide policy-making, business strategies, and social welfare decision-making. Economists often specialize in various subfields such as microeconomics, macroeconomics, international economics, development economics, or labor economics, focusing on specific aspects of economic theory and application. They use mathematical models, statistical techniques, and empirical data to forecast economic conditions, assess the impact of government policies, and evaluate economic issues affecting individuals and communities. Economists play a crucial role in advising governments, corporations, and non-profit organizations on economic strategies, helping to inform decisions that can lead to increased economic efficiency and improved living standards. Their work is vital for understanding complex issues such as inflation, unemployment, trade, and economic growth, making them key contributors to societal advancement and stability.

What the work actually is

  • Study economic and statistical data in area of specialization, such as finance, labor, or agriculture.
  • Compile, analyze, and report data to explain economic phenomena and forecast market trends, applying mathematical models and statistical techniques.
  • Study the socioeconomic impacts of new public policies, such as proposed legislation, taxes, services, and regulations.
  • Explain economic impact of policies to the public.
  • Review documents written by others.

Skills employers expect

Skills

  • Critical Thinking Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions, or approaches to problems.
  • Mathematics Using mathematics to solve problems.
  • Reading Comprehension Understanding written sentences and paragraphs in work-related documents.
  • Active Listening Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
  • Judgment and Decision Making Considering the relative costs and benefits of potential actions to choose the most appropriate one.

Abilities

  • Inductive Reasoning The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
  • Mathematical Reasoning The ability to choose the right mathematical methods or formulas to solve a problem.
  • Written Comprehension The ability to read and understand information and ideas presented in writing.
  • Deductive Reasoning The ability to apply general rules to specific problems to produce answers that make sense.
  • Oral Comprehension The ability to listen to and understand information and ideas presented through spoken words and sentences.

Knowledge

  • Mathematics Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
  • Economics and Accounting Knowledge of economic and accounting principles and practices, the financial markets, banking, and the analysis and reporting of financial data.
  • English Language Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
  • Computers and Electronics Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
  • Education and Training Knowledge of principles and methods for curriculum and training design, teaching and instruction for individuals and groups, and the measurement of training effects.

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How people get into it

Education of new hires

Master's degree
Doctoral degree
Bachelor's degree

A normal week

  • Analyzing Data or Information
  • Getting Information
  • Working with Computers
  • Processing Information
  • Interpreting the Meaning of Information for Others

Tools used on the job

Technology

  • Analytical or scientific software IBM SPSS Statistics · Minitab · SAS · The MathWorks MATLAB
  • Presentation software Microsoft PowerPoint
  • Object or component oriented development software C++ · Oracle Java · Python · R
  • Spreadsheet software Corel QuattroPro · IBM Lotus 1-2-3 · Microsoft Excel
  • Development environment software Formula translation/translator FORTRAN · Microsoft Visual Basic · Microsoft Visual Basic for Applications VBA

Tools

  • Scanners Data scanners
  • Desktop computers
  • Mainframe computers Maintrame computers
  • Notebook computers Laptop computers
  • Personal computers

Who it suits

Investigative

Work involves studying and researching non-living objects, living organisms, disease or other forms of impairment, or human behavior. Investigative occupations are often associated with physical, life, medical, or social sciences, and can be found in the fields of humanities, mathematics/statistics, information technology, or health care service.

Conventional

Work involves following procedures and regulations to organize information or data, typically in a business setting. Conventional occupations are often associated with office work, accounting, mathematics/statistics, information technology, finance, or human resources.

Enterprising

Work involves managing, negotiating, marketing, or selling, typically in a business setting, or leading or advising people in political and legal situations. Enterprising occupations are often associated with business initiatives, sales, marketing/advertising, finance, management/administration, professional advising, public speaking, politics, or law.

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Questions people ask

How much do Economists earn in South Africa?

Economists salaries in South Africa vary by experience, province and employer.

What do Economists do?

Study economic and statistical data in area of specialization, such as finance, labor, or agriculture, Compile, analyze, and report data to explain economic phenomena and forecast market trends, applying mathematical models and statistical techniques and Study the socioeconomic impacts of new public policies, such as proposed legislation, taxes, services, and regulations.

How do I know if this career fits me?

Take the free Assessify career assessment. It matches your answers to careers and shows the South African salary next to each one.