Econometrics is a particular form of economics that involves a heavy use of mathematics on a frequent basis. Econometrics jobs can be wide ranging, including teaching at colleges and universities, conducting research for various positions, or working as a statistician in a particular industry. Many econometrics jobs require PhDs, which are obtainable at any college or university offering degrees in economics, mathematics, or related fields. In most cases, a PhD in economics meets the requirements for these job types. The jobs may be in the private or public sector at a nonprofit organization or a for-profit business.
Teaching represents common econometrics jobs for individuals who obtain PhDs in the related field. These jobs are perhaps the most common due to the large portion of time spent learning to teach and engage in academic research, which is a primary goal of a PhD program. Most individuals take teaching positions at colleges or universities upon the completion of their degrees. In some cases, the individual may qualify for a professorial position at a teaching-based institution or a research university. While teaching is part of the position, a heavy amount of research in econometrics and related subjects is also part of this career path.
Private-sector econometrics jobs may include conducting research for a company on certain topics related to business activities. For example, the creation of economic models to determine how well a company can complete goals may be a common job activity. Other times, a company may desire an econometrician to review a company’s business processes and find ways to improve each one through reaching an economic equilibrium. Industry studies are also a part of private sector econometrics jobs. Here, the econometrician reviews information for a given industry and presents the company a plan for success in becoming the industry leader.
Statistician econometrics jobs are perhaps the most math-oriented job types an individual can enter with a PhD in economics or a background in econometrics. A common job type here may be working for an insurance company working on mathematical models. This position helps define certain measurements for offering policies and other services to an individual based on given information. Other statistics jobs available in different industries may also fall under this category, such as quantitative analysis or advanced analytics. These positions may be most common in a financial services company or sector.