Econometrician (Econometrist)
Information on this skill...
An econometrician is a scientist who specializes in economic science. Another name for econometrics is also called economic modeling. Economic modeling is the representation of an economic process by means of a model, which is made up of variables and logical and quantitative relationships to provide insight into complex processes. Within econometrics, mathematics and statistics play a major role. Mathematics and statistics can be applied to make probability calculations. Another name for probability calculation is also called probability theory. An econometrician can use techniques from econometrics to test economic theories, allowing the econometrician to estimate the strength of economic relationships. By applying this technique, an econometrician can, for example, estimate whether the demand for certain goods will increase, which will also increase the price, for example. In economics, this is also called the demand curve or price sales curve. A demand curve is a graph, which shows the relationship between various prices of certain goods and the quantity of the goods in relation to what people or companies are willing to pay for the goods. In short, the work of an econometrician can best be described as quantifying goods in relation to need. The profession of econometrician is a university-level profession. An econometrician generally specializes in certain forms of econometrics. It is not the case that econometricians only work within the business world. Think, for example, of planning agencies, such as the Central Planning Bureau, central bureau of statistics and various ministries. Most econometricians do work within the business world. This usually concerns banks, insurers, pension funds, energy companies and asset managers.
An econometrician is therefore a scientist who can be regarded as a mathematician and as a statistician. All the different techniques that are applied within econometrics can help to test economic theories for economic relationships and quantities. The coherence of all theories plays an important role in the final decision-making process. For example, a possible outcome could be that a company has to lower its prices, which increases sales and the company's final profit. This data can be displayed in a demand curve. A demand curve is a statistic that indicates exactly what the relationship is between prices, the sales market and the quantities that will be sold. Within this example, an econometrician specializes in marketing research and an econometrician has to deal with a brand manager, retail manager or financial manager, for example. Another specialization is financial econometrics. In that case, you will investigate, for example, the option valuation and/or share valuation of companies. Another example is the conduct of operational research. Operational research (OR) is aimed at investigating business processes in order to be able to implement changes, thereby improving organizational business processes and/or becoming more efficient. In that case, you can, for example, work together with a change manager or labor analyst.
PROBABILITY CALCULATION
Probability calculation is important for companies, governments and other organizations to be able to determine the probability of a possible risk or other uncertainties. Nowadays, computer science is also an important part of econometrics. Computer science in econometrics relates to computer science. Computer science can help to determine risks or other uncertainties, by collecting and linking data. In that case, an econometrician can also be regarded as a data analyst. As a data analyst, you are responsible for processing loose unusable data into usable data.
FUTURE PREDICTIONS
Econometrics is not so much about the direct turnover or results of a company, but rather about future predictions of companies. Companies, organizations and governments all use econometricians to determine their strategies for the future. What exactly an econometrician performs in terms of work can differ per company, but it usually has to do with economic expectations. An econometrician who works within the business world can also be regarded as a business economist. A business economist specializes in business administration and in economics.
FIELDS OF ECONOMETRICS ARE:
- General econometrics
- Business Economics
- Operational research
- Theoretical econometrics
- Mathematical economics
WHAT DOES AN ECONOMETRICIAN DO:
TRAINING TO BECOME AN ECONOMETRICIAN
If you aspire to a career as an econometrician, it is best to opt for the university study Econometrics of about four years. It is important that you have a broad interest in economics and econometrics, because this study can be considered tough. It is not that you automatically have to be a mathematician, but this will help enormously within the study. Another possibly suitable study is the study actuarial sciences. For more information, see also the profession of actuary and the econometrics website. In addition, there are also plenty of external training institutes where you can follow a course. Accounting is also important as an entrepreneur.
COMPANIES WHERE AN ECONOMETRICIAN CAN BE EMPLOYED
An econometrician can work for various companies, institutions and governments. Think, for example, of banks, insurers, pension funds, asset managers, freight forwarders, manufacturers and ministries. In addition, an econometrician can work as a consultant. In that case, you usually work for a research agency.
COMPETENCES ECONOMETRICIAN
As an econometrician, you must have quite a few different competencies, of which critical thinking is one of the most important competencies. Communication can also be regarded as an important competence, because you will generally work together with various colleagues and other specialists. In addition, an econometrician must have scientific research skills. Generally important words are performance, planning, analytical, persuasiveness, futurist, collaboration, mathematics and financial knowledge.
LABOUR MARKET PERSPECTIVE AND CAREER OPPORTUNITIES AS AN ECONOMETRICIAN
The labour market perspective of an econometrician is generally good. The business community and other organizations such as governments are usually eager for well-trained econometricians. The career opportunities as an econometrician should be seen in obtaining more responsibilities, such as a managerial position. As an econometrician, obtaining a PhD can also be seen as continuing to grow.
TERMS OF EMPLOYMENT AND SALARY ECONOMETRICIAN
There are no examples of specific employment conditions, because you can work for different types of companies and governments with different collective agreements. An econometrician usually earns a salary between 2700 and 4500 euros gross per month, depending on education, age and further responsibilities. A higher salary is certainly conceivable within this profession.
The content on this page has been automatically translated from the Dutch language. For this reason, texts and videos on this page may contain small errors.
Lesen Sie diese Informationen auf Okonometriker auf Deutsch.
Lea esta información sobre Econometrista en español.
Lees deze informatie over Econometrist in het Nederlands.
Mijnzzp.nl