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What do you do if you want to secure a higher salary in Economics?

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If you are an economist or aspire to be one, you might wonder how to get paid well for your skills and knowledge. Economics is a broad and diverse field that offers many opportunities for career advancement and salary growth. However, you also need to be strategic and proactive about your professional development and negotiation tactics. Here are some tips on what you can do to secure a higher salary in economics.

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Igor Buinevici

I help founders scale their business, brand and audience | Top 10 LinkedIn Creator Worldwide & #1 Finance LinkedIn…
Shelton Masikati

ACCOUNTANT AND RESEARCHER

1 Build your portfolio

One of the best ways to showcase your value as an economist is to have a portfolio of projects, publications, or achievements that demonstrate your expertise and impact. You can create a website, blog, or online portfolio where you can display your work and share it with potential employers, clients, or collaborators. Your portfolio should highlight your skills in data analysis, modeling, forecasting, policy evaluation, or any other relevant areas. It should also show your ability to communicate complex ideas effectively and persuasively.

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Igor Buinevici

I help founders scale their business, brand and audience | Top 10 LinkedIn Creator Worldwide & #1 Finance LinkedIn Creator Globally | Founder @ Wild Capital | ex-Goldman | LSE Alumnus
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To secure a higher salary in economics: 1. Gain relevant experience and expertise. 2. Demonstrate exceptional skills and performance. 3. Negotiate confidently during job interviews and performance reviews. 4. Pursue advanced education or certifications. 5. Seek out high-paying industries or roles. 6. Network and build relationships within the field. Securing a higher salary in economics involves a combination of skill development, negotiation tactics, and strategic career planning.

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Shelton Masikati

ACCOUNTANT AND RESEARCHER
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Understanding your market value and developing strong negotiation skills are crucial, but showcasing your expertise through research papers, articles, lectures, projects, or other initiatives can further strengthen your value proposition.

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Joemon Thekkaekurikattukunnal

Founder & CEO JEEVA, global traveler and Net-worker, massage therapy
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If I look at the way I mange my finance is the best way to improve the economy. Buy only what you need. Just for the sake of shopping don't go out. Stay at home if it is not necessary to go out. The people who worked hard all through their life never became successful and happy in their life. You become rich only when others work for you. When you work hard, you can only survive.

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2 Expand your network

Another important factor that can influence your salary in economics is your network. Networking can help you access more opportunities, learn from others, and build your reputation. You can network with other economists by attending conferences, seminars, workshops, or online events related to your field of interest. You can also join professional associations, such as the American Economic Association, the National Association for Business Economics, or the International Association for Feminist Economics, depending on your specialization and goals. Networking can help you find mentors, sponsors, or advocates who can support your career development and salary negotiation.

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3 Update your skills

Economics is a dynamic and evolving field that requires constant learning and adaptation. To secure a higher salary in economics, you need to keep up with the latest trends, tools, and techniques that are relevant to your domain. You can update your skills by taking online courses, reading books and journals, or participating in webinars or podcasts. You can also pursue advanced degrees or certifications that can enhance your credentials and credibility. For example, you can consider earning a Master of Business Administration (MBA), a Master of Public Policy (MPP), a Certified Business Economist (CBE), or a Certified Financial Analyst (CFA).

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4 Know your worth

Before you negotiate your salary in economics, you need to know your worth. This means doing some research and analysis on the market rates, the demand and supply of economists, and the value of your skills and experience. You can use online resources, such as the Bureau of Labor Statistics, Glassdoor, or PayScale, to get an estimate of the average salary for economists in your location, industry, and level. You can also talk to your peers, mentors, or recruiters to get some insights and feedback. Knowing your worth can help you set realistic and reasonable expectations and avoid underpricing or overpricing yourself.

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Shelton Masikati

ACCOUNTANT AND RESEARCHER
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This is the most direct way I have observed! To secure a higher salary in economics, start with research on current market rates for your skills and clearly explain the value you bring to a role.

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5 Prepare your case

Once you have a target salary range in mind, you need to prepare your case for why you deserve it. You need to have a clear and compelling argument that highlights your achievements, contributions, and potential. You can use your portfolio, performance reviews, testimonials, or awards as evidence to support your case. You can also use data, such as market trends, industry benchmarks, or organizational goals, to justify your request. Preparing your case can help you build your confidence and credibility and convince your employer or client that you are worth investing in.

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6 Negotiate strategically

The final step to secure a higher salary in economics is to negotiate strategically. Negotiation is a skill that you can improve with practice and preparation. You need to be assertive, but not aggressive, and respectful, but not submissive. You need to be flexible, but not desperate, and creative, but not unrealistic. You need to be ready to ask for what you want, but also to listen and understand the other party's perspective and interests. Negotiating strategically can help you reach a win-win outcome that satisfies both your and your employer's or client's needs and expectations.

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Shelton Masikati

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Undoubtedly, it is essential to develop strong negotiation skills to confidently advocate for your value during salary negotiations.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What do you do if you want to secure a higher salary in Economics?

1

2

3

4

5

6

7

1 Build your portfolio

2 Expand your network

3 Update your skills

4 Know your worth

5 Prepare your case

6 Negotiate strategically

7 Here’s what else to consider

Economics

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What do you do if you want to secure a higher salary in Economics?

1

2

3

4

5

6

7

1 Build your portfolio

2 Expand your network

3 Update your skills

4 Know your worth

5 Prepare your case

6 Negotiate strategically

7 Here’s what else to consider

Economics

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