Managerial Economist
Top Career Paths: Managerial Economics
Managerial Economist study the production and distribution of resources, goods, and services by collecting and analyzing data, researching trends, and evaluating economic issues.
Professional Managerial Economist helps the management by using his/her analytical skills and highly developed techniques in solving complex issues of successful decision-making and future advanced planning. The role of Managerial Economist can be summarized as follows:
He studies the economic patterns at macro-level and analyzes its significance to the specific firm he is working in.
He has to consistently examine the probabilities of transforming an ever-changing economic environment into profitable business avenues.
He assists the business planning process of a firm.
He also carries cost-benefit analysis.
He assists the management in the decisions pertaining to internal functioning of a firm such as changes in price, investment plans, type of goods /services to be produced, inputs to be used, techniques of production to be employed, expansion/ contraction of firm, allocation of capital, location of new plants, quantity of output to be produced, replacement of plant equipment, sales forecasting, inventory forecasting, etc.
In addition, a managerial economist has to analyze changes in macro- economic indicators such as national income, population, business cycles, and their possible effect on the firm’s functioning.
He is also involved in advising the management on public relations, foreign exchange, and trade.
He guides the firm on the likely impact of changes in monetary and fiscal policy on the firm’s functioning.
He also makes an economic analysis of the firms in competition. He has to collect economic data and examine all crucial information about the environment in which the firm operates.
The most significant function of a managerial economist is to conduct a detailed research on industrial market.
In order to perform all these roles, a managerial economist has to conduct an elaborate statistical analysis.
He must be vigilant and must have ability to cope up with the pressures.
He also provides management with economic information such as tax rates, competitor’s price and product, etc. They give their valuable advice to government authorities as well.
At times, a managerial economist has to prepare speeches for top management.
Managers study managerial economics because it gives them insight to reign the functioning of the organization. If manager uses the principles applicable to economic behavior in a reasonable manner, then it will result in smooth functioning of the organization.
Managerial economist is required to have an art of utilizing his capability, knowledge and understanding to achieve the organizational objective. Managerial economist should have an art to put in practice his theoretical knowledge regarding elements of economic environment.
Managerial economics helps the management in decision making. These decisions are based on the economic rationale and are valid in the existing economic environment.
Typical managerial decision making may involve one of the following issues:
Deciding the price of a product and the quantity of the commodity to be produced.
Deciding whether to manufacture a product or to buy from another manufacturer.
Choosing the production technique to be employed in the production of a given product.
Deciding on the level of inventory a firm will maintain of a product or raw material.
Making employment and training decisions
Making decisions regarding further business investment and the mode of financing the investment.
Managerial economist is an expert who counsels business management in economic matters and problems faced by a business organization.
Managerial Economist Salary range
As of Oct 8, 2020, the average annual pay for the Managerial Economics jobs category in the United States is $68,782 a year.
While ZipRecruiter is seeing annual salaries as high as $154,500 and as low as $22,500, the majority of salaries within the Managerial Economics jobs category currently range between $39,500 (25th percentile) to $88,000 (75th percentile) across the United States. The average pay range for a Managerial Economics job varies modestly (up to $48,500), which suggests there may be fewer opportunities for advancement based on skill level, but increased pay based on location and years of experience is still possible.
Based on recent job postings on ZipRecruiter, the Managerial Economics job market in both Accra, GH and the surrounding area is very active. People working within the Managerial Economics category in your area are making on average $68,782 per year or the same as the national average annual salary of $68,782. ranks number 1 out of 50 states nationwide for Managerial Economics job salaries.
To estimate the most accurate annual salary range for Managerial Economics jobs, ZipRecruiter continuously scans its database of millions of active jobs published locally throughout America
