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Economist: High Demand And Attractive Salaries In The Brazilian Labor Market. Relevance Of Education Reflects In Better Salaries And Wide Professional Diversity.
One of the highest-paying careers in Brazil today is that of an economist. Contrary to what many may think, it is not just medicine that provides high financial gains. The growing demand for these professionals, especially due to the complexity of financial markets and the need for detailed economic analyses, has solidified the position of economists in the national economic scenario.
With an education that covers various fields of knowledge, including mathematics, statistics, and management, economics professionals are always in search of efficient solutions to economic problems. Robust education and continuous specialization ensure that economists not only achieve high salaries but also explore a wide range of professional opportunities. The expertise that these professionals bring to companies, financial institutions, and government agencies is invaluable, making them indispensable in various sectors of the economy.
Attractive Salaries For Economists With Higher Education
A study reveals that obtaining a higher education degree can guarantee salaries up to four times higher. Although a society is not solely built on high-paying professions, the costs of education, the necessary dedication, and the desire for a comfortable life lead young people to seek professions with better salaries. Economic training is one of those areas that present an ideal combination of opportunities and attractive financial compensation.
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The Demand And Compensation Of Economists In Brazil
The profession of economist is highly sought after in Brazil, and this is reflected in job opportunities and salaries. Recent studies from Strong Business School indicate that economists have one of the best employability rates in the labor market. According to Professor Sandro Maskio, the job market demands more economists than Brazilian colleges can graduate, resulting in high demand and therefore attractive salaries. The profession is among the ten highest paying in the country.
FGV Research On Economist Salaries
According to a survey conducted by economist Janaína Feijó from FGV, the average salary of an economist is significantly higher than the average income in Brazil, which is around R$ 2,836. The survey analyzed data from the 126 professions listed in the Continuous National Household Sample Survey (Pnad Contínua) of IBGE, comparing private sector professionals with higher education between the second quarters of 2012 and 2023. Janaína concluded that the average salary of an economist is R$ 8,645.
Relevance Of Education For Better Salaries
The study also emphasizes the importance of education for the labor market, highlighting that individuals with a complete higher education tend to earn more than those with lower levels of education. According to IBGE, in the second quarter of 2023, those with a complete degree earned on average four times more than those without a year of education, twice as much as those with incomplete secondary education, and 2.5 times more than those with incomplete higher education.
Opportunities And Diversity In The Economist Career
In addition to high salaries, an education in economics offers a vast array of opportunities in the global market. Areas of expertise range from the financial sector to education, including consulting, public sectors, the third sector, and research. The Brazilian Classification of Occupations (CBO) lists 38 job descriptions for economists, covering sectors as diverse as finance, agribusiness, public service, and environmental fields.
American Market For Economists
In the United States, the latest data indicates that there are 16,420 economists, with an average annual salary of US$ 132,650. In comparison, accountants earn about US$ 90,800 per year, resulting in a 46% difference in favor of economists according to the U.S. Bureau of Labor Statistics. Professor Valter Palmieri Jr. from Strong Business School believes that many avoid studying economics due to a lack of knowledge about what an economist does.
Competencies And Versatility Of Economists
Those who graduate in economics do not necessarily work with the specific title of ‘economist.’ The versatility of the profession allows economics professionals to transition into commercial, financial, administrative, strategic planning, and market analysis areas. Economic training qualifies for various functions, and the acquired competencies, such as analytical skills, are highly valued in the labor market.
Skills And Specific Knowledge Of Economists
Economists possess valuable skills such as problem-solving, research development, and the formulation of economic strategies on micro and macroeconomic levels. Thanks to their analytical capabilities and deep economic knowledge, they can interpret data and grasp market dynamics, providing essential information for strategic decision-making. This highlights the economist as an essential professional in the business world.
About Strong Business School
Strong Business School is an educational institution with over 25 years of experience and four campuses in Greater São Paulo (Santo André, Santos, Alphaville, and Osasco). Accredited and certified by FGV, the school is known for training professionals in the areas of economics, business administration, accounting, law, advertising, and marketing, in addition to offering MBA and postgraduate courses. Its faculty includes professors with PhDs, international researchers, and various partnerships with prestigious universities in Europe and the United States.
Source: © Katia Marchena
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