Can Anyone Eventually Learn Economics?

In America, the mantra is, You can become whatever you want whenever you want. This spirit of flexibility and adaptability is echoed in the world of higher education and career advancement. Doctors can become mechanics, and mechanics can become doctors. There are numerous schools offering loans, and we have age discrimination laws. One can go for further education at any age.

Pursuing Economics Later in Life

The question is whether it's possible to become an economist later in life. If you mean later in life as anything beyond immediately after your undergraduate degree, then yes, it is indeed possible.

However, there are caveats. If you are into your early thirties, pursuing a PhD in economics might not be the best move. You might not have enough time to utilize the degree, and your math skills might be too rusty to adapt well to a rigorous academic environment.

Further Education vs. Becoming an Economist

Further education is always possible if you want a degree, but you can also become an economist without a formal degree. You can start learning, join economist groups, and actively participate in discussions and research.

Key Considerations for Career Change

When considering a career change or learning economics later in life, several factors come into play:

Current Skills and Qualifications: You need to assess your current skills and qualifications that could be recognized as "prior learning." These might include skills from other fields, such as mathematics or financial analysis. Time and Focus: Determine how much time and focus you can dedicate to furthering your qualifications. This is crucial for making the most of your efforts. Impact on Income and Life: It is not difficult to change careers due to a reduced ability to do the work. The challenge lies in the additional pressures of supporting a family or maintaining a mortgage that might not affect recent graduates.

Recognizing Prior Learning and Skill Development

Schools often recognize prior learning and grant exemptions for subjects you've already covered. For instance, when pursuing an electrical engineering associate degree, I was able to skip two programming and project management subjects based on my previous IT degree.

Some key questions to consider:

Do you have completed any math-focused university-level subjects? Can you examine two examples of bird droppings on a beachside footpath and deduce the speed, direction, and projected position of a hypothetical bird in 12 months? Can you write engaging reports based on flimsy premises and make them sound convincing? Understanding theory is one thing, but convincing hypothetical birds to play along is quite another. Can you read tea leaves?

Developing Skills and Standing Out

Identify the real skills needed by a professional economist and which ones you already have. Develop the remaining skills without compromising your income. Consider how much time you want to devote to preparation before enrolling in a degree course. Lastly, think about how you can stand out when applying for your first economist job.

By leveraging your current skills, focusing on time management, and determining your career goals, you can make a successful transition to a new career path.