Econometrics is the specific branch within the field of economics that is solely concerned with the use of mathematical and calculus methods, with a heavy focus on statistics and figures, to describe either an individual economic system or a national or global one.
If you have been considering moving into the professional field of econometrics for some time now, or else are a relative ‘newbie’ to the field, then either way, you have certainly clicked on the right article, as this is a concise guide to econometrics.
What Does Econometrics Mean?
Essentially, econometrics is the precise field of study that deals with the use of mathematics, economic theory, and statistical inference as a way of accurately and incredibly usefully quantifying economic phenomena.
It would be pertinent to point out at this particular conjecture that there is a fascinating difference between econometrics vs economics and being crystal clear about the similarities and contrasts between the two would stand you in incredibly good stead.
Career Opportunities in the Field of Econometrics
As professionals who are fully qualified in the world of econometrics are so intrinsically linked with economics, it makes sense that career opportunities in the field of one are also available for the other.
Just a selection of the top career pathways within econometrics includes the following:
- Financial Risk Analyst
- Financial Planner
- Economic Researcher
- Investment Analyst
- Roles in the Public Sector
- Economist
- Data Analyst
- Accountant
- Financial Consultant
- Actuary
Furthermore, not only will your econometrics expertise make you a perfect fit for the directly related roles above, but you will also be ideally placed to launch your own business with this knowledge in the future.
Accountancy & Econometrics
As you can see, the range of career possibilities for someone educated to a degree level in econometrics is impressively broad, but one key area in which many such professionals tend to gravitate towards is the accountancy sector.
Accountants require a deep understanding of the separate components. These come together to form the financial health of a business, high proficiency in information technology and mathematics. They need to be able to accurately contextualize sourced financial data.
A background in econometrics affords you the ability and skill to understand and organize complex sets of data and means you will be able to identify the core root of a company’s financial problems, which is naturally ideal for accountancy.
Financial Consultancy in Business & Econometrics
It is certainly not an exaggeration to state that at the very core of the world of business are the econometrics experts and economists.
Once you are fully qualified in your chosen field of econometrics and have successfully gained your first professional position, whether in a small, family-run business or a medium or even large-sized national organization, you will quickly see this for yourself.
Furthermore, it is widely accepted and, indeed, acknowledged that a financial consultant to a business who is not only qualified in economics but also well-versed in the fine ‘art’ of econometrics will be the greatest asset and is the most sought-after for any company wanting to expand and grow.
