Economics Personal Statement

24.12.2018 in Personal Statement
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My interest in economics issues arose in the study of social science and economic geography in high school. It seemed logical to me that the society during a natural historical process develops from the lower to the higher socio-economic formations, from the less perfect to the more advanced forms of production and distribution. At all stages of the life of the community, the economy was vital.

An important aspect of my upbringing was the desire for the acquisition of knowledge. It is, first of all, stemmed from the assumption that in the future knowledge will be an important factor in terms of the social significance of the person. Secondly, we were taught by positive examples of prominent people who became famous for the power of their spirit and desire for the acquisition of knowledge. I thought economics is the science to which I would like to devote all my life.

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It seemed that the basis of social progress is the progress of the productive forces and to accelerate the development of the productive forces, it is needed a science-based organization of society, growing out of the historical process.

It is necessary to note what else attracts me to the profession of economist. Surely, I can not deny the material side of the question. Money is now playing a leading role; that is why the monetary policy is directed at regulating the money supply. With the help of money, a person can meet his/her needs. The degree of satisfaction depends on the size of the resulting revenue. Economics as a profession allows getting stable, increasing with the growth of qualification wages. Moreover, the demand for economists is still growing. Economists, in fact, are needed among a variety of organizations – from small businesses to the largest banks.

I had two months of summer internship experience and was mainly in charge of the traveler’s check business in Bank of China. I have gained from my involvement the following things. The economist is a specialist in the field of financial planning, research, and management of financial and economic activity. The specialist in this field takes part in the planning of the budget of the organization and oversees its expense, audits, and often is engaged in accounting. The main task of the economist is the competent distribution of cash flows in order to ensure the profitability of production activities.

The principle activities of the economists that I have met during my involvement are such as:

  • collection, processing, ordering information on economic phenomena and processes to achieve the best results of enterprises and organizations;
  • analysis of the conduct or outcome of economic activity and evaluation of its success;
  • improving the process of economic activity;
  • planning of the enterprise;
  • determination of the remuneration system and incentives for all categories of employees;
  • analysis of the causes of over-payroll;
  • the work related to computing and processing large amounts of data expressed in figures, preparation of feasibility studies, certificates, periodic reports, economics summaries and reviews.

I have understood that the economist examines tools such as land, labor, raw materials and money for their economical use. The duties of economics are the analysis of income derived from the use of goods and services compared to the cost, which is called payback analysis. It is necessary to conduct research, collect and analyze data to monitor trends or areas of the economy on the basis of forecasts for the future. Areas of the economics research are such as inflation, energy costs, unemployment, prices, imports, etc. Most economists focus in their work on the practical application of research in certain areas.

My internship included hands-on training to develop economics and sales skills to gain knowledge about the features of the bank’s products, industry standards organizations and the like. The mentor-curator, as an experienced employee of the company, during the period of probation, accompanied me in the course of training, as well as directly in the workplace. In this way, it has been made possible to respond promptly to all questions that arise, as well as daily learning, adopting professional experience.

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In the course of the centuries, it took place the formation of the image of the ideal economist. Of course, any economist is, first of all, an individual with his/her own character, and personality traits. However, some qualities contribute to the productive economics activity, and others do not. That is why the question of the personal qualities of the economist becomes relevant.

The modern professional economist should be able to make informed decisions. To do this, along with traditional knowledge, such as the basics of management, foreign trade, banking, administration, taxation, economist must have knowledge on the construction of information systems.

In data centers, an economist is involved into the drafting of the mechanization of the counting process tasks of different types, the development of standards for material and labor costs, determination the value of work, and the prices of services. In the process, the economist formulates an economic statement of the problems, explores the use of ready-made designs, algorithms and programs of similar problems.

Among the research institutions, engineering and design organizations economist collects scientific and technical information, organizes and summarizes the statistical information. This professional calculates the material and labor costs of research, and determines their cost-effectiveness.

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Thus, the objects of professional activity of economists are agencies of state, regional and municipal governments, financial, economic and analytical departments of enterprises and institutions of all legal forms. These may include the departments of development and marketing of private firms and associations, banks and insurance companies, investment and pension funds. In this regard, comprehensive knowledge in the field of economics, statistics, and computer technology is required.


Therefore, the professional skills of the economist should involve:

  • professional competence, defined as a set of theoretical and practical skills gained during the development of vocational education program in economics;
  • the ability to carry out professional duties in one or more activities;
  • the basics of home and business communication;
  • the ability to read and translate professionally-oriented texts in one of the most common foreign languages??;
  • the ability to develop technical documentation and use it;
  • the ability to use computers and other means of communication and information;
  • knowledge of psychology and communication ethics, ownership management skills in the professional environment;
  • the creativity in solving professional problems;
  • the ability to navigate in unusual contexts and analyze emerging issues, as well as to develop and implement a plan of actions;
  • sustainable positive attitude to the profession, improvement of the qualification of an individual as an economist;
  • the desire for continuous personal and professional improvement.
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Certain personal qualities, talent, and accomplishments contribute to success in business, personal life, communion with others, and in addition, move up the career ladder at work. As for me, I am sure that I as an economist initially need good math skills, and the ability to concentrate on the task at hand. A good economist keeps in memory a large amount of information and is able to explain logically the relationship of its individual units, and conclusively identify priorities on the basis of analysis of the company. Specialist in economics continues training throughout the whole working life; he/she must have a high intellectual capacity for work.

If talk about personal qualities, talents, accomplishments, and contributions that make me proud and relate to the person I am, the followings characteristics should be mentioned:

  • the ability of logical and analytical thinking;
  • good math skills and well-developed memory;
  • I think globally and express thoughts competently;
  • I am able to defend my own views and have the strategic thinking;
  • the ability to plan working hours, anticipate the end result, and pedantry;
  • I can switch from one activity to another easily;
  • foresight and communication skills, the ability to handle stress, as well as the ability to work in a team are also my strengths.

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