33 Economics Interview Questions (With Sample Answers)
By Indeed Editorial Team
Published 2 May 2022
The Indeed Editorial Team comprises a diverse and talented team of writers, researchers and subject matter experts equipped with Indeed's data and insights to deliver useful tips to help guide your career journey.
An economist is a professional in the financial industry who studies the social science of relationships between societies and their production output. An economist can have varying responsibilities and functions depending on the society they study, so there can be a range of potential interview questions they can prepare for. By reviewing common economist interview questions, you can prepare yourself for a potential interview. In this article, we discuss the role of an economist, list tips for answering economics interview questions, detail example questions and share sample answers.
What are economics interview questions?
Economics interview questions are questions a hiring manager or recruiter may ask you when you're applying for a role in economics. An economist studies different societies to determine the relationship between their social behaviours and their production of goods and services. The information economists collect can help government bodies set interest rates, tax laws, employment programs, financial policies and corporate strategies. An economist can have varying levels of expertise and might specialise in a specific societal structure. For example, an economist may focus on studying a country's society, while other economists may study local communities, states or regions.
Some economists study global economic trends, which include multiple countries. An economist's primary function is usually to review financial statistics and demographic information. By reviewing these economic elements, they can determine relationships between demographics, production and finance within a society. For example, an economist may examine a society's consumer confidence levels to determine future gross domestic production. They typically utilise extract, transform and load (ETL) software to collect information from various sources. After they collect and examine the information, they may transform it into a visualisation model and display it to clients and primary stakeholders.
30 example interview questions
Below, you can find 30 example interview questions specific to economist duties and aspects of your personality:
20 example interview questions about economist responsibilities
Depending on the job's level of seniority, the interview may ask you a range of questions about economist job responsibilities. If the job vacancy is for a senior economist role, you can expect to receive questions about specific and advanced economic procedures. If you're applying for an entry-level economist role, you may receive broad questions that might not require a specific answer.
Here, you can find 20 example interview questions specific to an economist's job role:
What are your motivations for becoming an economist?
Do you have any prior work experience as an economist?
What skills do you have that make you a suitable candidate for an economist position?
Do you have any qualifications related to economics?
Would you consider yourself an expert in the economic industry?
What economies have you previously studied?
Do you have a preference in the type of economy you analyse?
What do you hope to achieve as an economist with this company?
Are there any economic procedures and processes you're unfamiliar with?
Can you explain an economic forecast you've predicted?
How do causation and correlation apply to economics?
Are you familiar with data software tools?
Do you know what quantitative easing is and why it's important?
Can you explain your steps for calculating economic risk?
How do you communicate complex economic data to clients and primary stakeholders?
How many economic predictions have you made that were incorrect?
Are you comfortable studying societies of varying sizes?
Can you explain the relationship between economic indicators and interest rates?
How do you display statistical information?
Are you taking active steps to improve your economic expertise?
10 example interview questions about your personality
Interviewers may ask you questions about your personality. These questions can focus on your personality, interpersonal skills, motivations and aspirations. They typically ask these questions to determine your suitability for the organisation's culture and employee dynamics.
Below, you can find 10 example interview questions about your personality:
Why do you want to join this company?
What do you believe are your primary skills?
Do you have any weaknesses that you hope to improve?
Have you ever been in a workplace conflict and what steps did you take to resolve it?
What are your passions and interests?
What is your reason for leaving your prior employment?
What methods do you incorporate to maintain your motivation while at work?
Are you comfortable working in a fast-paced environment?
Do you consider yourself to have good teamwork and communication skills?
What do you believe is your most notable achievement in life?
3 example interview questions with sample answers
Below, you can find three example interview questions with sample answers:
1. What is your motivation for applying for this role in this company?
This can be a common question that an interviewer might ask you to determine your suitability for the organisation. It's a relatively broad question, so the interviewer might not expect a specific response. It can be a good idea to reference the organisation's values as one of your motivations for joining.
Example: 'My primary motivation for applying is my shared values with the company. When searching for open economist positions, I looked for organisations that have the same principles I do. I strongly believe in equality, integrity and professionalism, which I believe this company displays. I also believe this company can facilitate my professional development. The economics team here publishes excellent research that I would love to be a part of. '
2. What do you hope to achieve as an economist in our organisation?
This is a relatively simple question that an interview may ask to determine your aspirations and future goals. Your answer to this question is subjective, but interviewers typically prefer candidates with initiative and ambition. Your answer can detail your future career goals and your motivation to develop your career skills.
Example: 'As an economist with this organisation, I believe I'll have the resources to develop my professional skills and expertise. The level of expertise in the organisation's senior economists is one reason I applied. I believe my potential colleagues can provide me with valuable lessons and information to advance my career and perform my duties with professionalism.'
3. What skills do you believe are important for an economist?
An interviewer may ask you this question to identify your understanding of an economist's skills and their importance in the role. There are many skills you can list, but some might relate more to the role of an economist. Skills you can consider discussing may be analytical capabilities, communication, collaboration and mathematical competency.
Example: 'I believe the most important skills for an economist are communication, analytical skills and mathematical understanding. Communication helps me explain economic forecasts to clients so they can understand. My analytical skills help me identify relationships in statistical data. My mathematical understanding can help me calculate economic formulas and apply them to market predictions.'
Tips for answering interview questions related to economics
Below, you can find several tips to consider when answering economics interview questions:
Identify the employment requirements
Depending on the economist role you're applying for, it may have unique employment requirements from other economist roles. For example, a hiring organisation may prefer you to have a master's degree relative to economics, while other organisations may accept a bachelor's degree as sufficient qualification. The vacant position's level of seniority usually determines the level of qualification you might require. By identifying the employment requirements, you can better prepare yourself for the interview.
Research the hiring organisation
Some interviewers may ask you questions that involve their organisation. If you research the hiring organisation, you can identify their values, morals and aspirations. You can reference these in your answers to organisation-specific questions. Doing this can highlight your initiative and show the hiring manager you took the time to prepare for the interview.
Review the job description
Reviewing the job description is usually an important part of preparing for an interview. This is because it can contain valuable information about what the hiring organisation expects from its candidates. You can identify the skills and employee expectations of the vacant position and include them in your answers. For example, if the job description states candidates can have skills in time management, you can include time management as one of your primary skills in skill-specific questions.
Plan answers to typical questions
Planning answers and practising your delivery are usually effective methods of preparing for an interview. You can identify the typical questions you might receive and plan appropriate responses. When you practise answering questions, it can be a good idea to time yourself. This can help you emulate an interview environment, as they typically involve time constraints.
Determine your primary skills
Your interviewer might ask you to detail your primary skills or list the skills you want to improve. By identifying your current skills, you can plan accurate answers. Doing this can show the interviewer that you have a sense of self-awareness and have thought about your suitability for the role. If the interviewer asks you about your weaknesses, it can be an excellent opportunity to display your initiative and humbleness, which many organisations appreciate.
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