Economics is a scientific discipline in which an individual attempts to analyze the current state of the economy in order to determine how a series of economic factors may affect different organizations. (It is important to note that economics is not actually an accounting occupation, strictly speaking, but is instead a separate field that is closely related to what one learns in accounting school. Economists who work in the field of accounting analyze financial documents; conduct audits; and collect information about the markets in which the organization sells its products and/or services and the markets into which the organization could potentially expand.
- In addition, economists working in accounting draft reports; examine business activities to identify areas in which its operations may be affected by current economic issues; examine sales data and other statistical information to identify changes in the supply or demand for a particular product or service; identify methods that an organization can use to reduce the impact of current economic factors; research economic conditions; and perform other similar tasks.
- Accountants with a background in economics may be required to perform a number of different tasks that vary from position to position, and an individual may be given any of a number of different job titles depending on the specific responsibilities of a position. Some of the more common job titles for an individual who is working in both economics and accounting include auditor, budget analyst, economist, financial analyst, financial examiner, and financial manager.
The specific degree that an individual must have in order to obtain an economics position in accounting can vary greatly from position to position. However, many employers require an individual to have a bachelor’s degree in accounting, a bachelor’s degree in economics with an accounting certificate, a bachelor’s degree in accounting and a bachelor’s degree in economics (there are some colleges and universities that offer a dual degree in both fields), a master’s degree in economics, a Master’s Degree in Business Administration (MBA), or another similar degree from an accredited accounting school. Some employers may also require an individual to obtain a Chartered Financial Analyst (CFA) certificate, a Certified Financial Examiner (CFE) certificate, a Certified Financial Services Auditor (CFSA) certificate, or another similar certificate. It is also important to note that an individual may not be required to have a bachelor’s degree or a master’s degree for every position and that there are some positions in economics that require an individual to have only an associate’s degree and/or experience in a related field, such as accounting, economics, finance, etc.