How To Become An Economist In South Africa

By | October 28, 2021

Everyone knows that choosing subjects in the final years at school is very important. For a start, you want the best chance of the right grades so that top universities will offer you places. Secondly, you want subjects that interest you and finally a career that really pays well.

Economics is the social science that studies the production, distribution, and consumption of goods and services. 

Economics focuses on the behavior and interactions of economic agents and how economies work.

High School Subjects Needed To Study Economics

Take math, statistics, and economics classes in high school. To make college that much easier, start setting yourself up for success now. Take introductory courses in high school that’ll give you a grip on what you’ll be immersing yourself into in college. Get familiar with the topics at hand, stay up-to-date on current political and economic events, and start making it plan A for your future.

Get your bachelor’s degree. It’s a good idea to major in economics, business management, or a math-related field, like statistics. Dive right into classes like microeconomics, macroeconomics, econometrics and economic thought and theory. You’ll also need classes in marketing, finance, and accounting.

Consider getting a master’s degree. Most successful economists have education beyond that of a bachelor’s. The job outlook is better the more education you have, too. Though it is possible to get a job in a related field with just an undergraduate degree, consider getting your master’s to up your career potential.

Get an internship. Master’s (and PhD) candidates often get internships during their time at college, working with a professor or private company assisting with research. This looks great on a resume and can be your foothold into the academic or professional world of economics. Scope out your opportunities during your studies to supplement your education.

Look into getting your PhD. Again, with more education comes more job opportunities (and higher pay). If you get your PhD, you could teach or work just about anywhere. This takes several years, and includes completing detailed research in a specialty field. It is a research-based degree that focuses on upper level understanding of quantitative analysis.

  • What can you specialize in? Industrial organization, game theory, international economics, income distribution and econometrics are just a few topics grad students choose to pursue individually.
  • Join a professional organization. If you have an advanced degree in a particular area, there is likely a professional organization you can join to meet and network with other fellow economists; two examples are the Association for Social Economics and the National Association for Business Economists. This can lead to great connections and job opportunities in the future.

Where To Study Economics In South Africa.

South Africa has several universities that offer Economics education;

University of Pretoria Department of Economics

University of the Witwatersrand Johannesburg Department of Economics

Stellenbosch University Department of Economics

University of the Western Cape Department of Economics

Rhodes University Department of Economics

Department of Economics University of South Africa

What is economics as a school subject?

Economics focuses on the behavior and interactions of economic agents and how economies work. Economic analysis is sometimes also applied to such diverse subjects as crime, education, the family, law, politics, religion, social institutions, war, science, and the environment.

What subjects cover economics?

List of Topics that covers economics;

  • Fundamental Economics | Macroeconomics | Microeconomics | International Economics | Personal Finance Economics.
  • Decision Making and Cost-Benefit Analysis. Division of Labor and Specialization.
  • Aggregate Demand.
  • Competition and Market Structures.
  • Balance of Trade and Balance of Payments.
  • Compound Interest.

What are the subjects of economics?

Common specialisations include:

  • Financial Economics.
  • International Economics.
  • Economics and Law.
  • Development Economics.
  • Applied Economics.

Why is it important to study economics?

Economics is the study of how societies use scarce resources to produce valuable commodities and distribute them among different people. … Indeed, economics is an important subject because of the fact of scarcity and the desire for efficiency.

How much do economist earn in South Africa?

The average salary for an Economist is R 604 496 per year in South Africa. Salary estimates are based on 7 salaries submitted anonymously to Indeed by Economist employees, users, and collected from past and present job advertisements on Indeed in the past 36 months. The typical tenure for an Economist is 1-3 years.