Thinking of a career as an economist? Here’s my story
Olu Sonola, CFA, is the Head of U.S. Economic Research at Fitch Ratings in New York.
In this article, he elaborates on his personal experience working in the finance industry, how academia has supported his career journey, and shares advice for early career professionals interested in the field of economics.
Sonola shared his insights as part of the CFA® Program Career Webinar Series, in which CFA charterholders detail their professional journeys, day-to-day responsibilities, and consider the skills and strategies needed to navigate a career in the financial sector.
Discovering a passion and aptitude for economics
My passion for economics developed early on in Nigeria, where I discovered I had an aptitude for the subject during my high school years. Despite familial expectations for a more traditional career path, such as medicine or the law, economics came naturally to me – I felt it was better doing something that came easy and as a result the chances of success were higher. I went on to earn a Bachelor’s degree in Economics from Lagos State University, a Masters in International Economic Policy from Columbia University, and a PhD in Public Finance from Rutgers University.
Transitioning from academia to the private sector
Moving from academia to the private sector may seem daunting. However, it's not an insurmountable challenge, especially if you can develop certain skills.
A PhD can add value to a career in economics. I learned a lot about statistics, data management, and how to read academic journals (a useful resource for economists). But while a PhD can be advantageous, particularly in certain environments such as central banks, the private sector in the United States often values a diverse skill set that includes things like research, analytical thinking, and effective communication. Soft skills, like the ability to distill complex information and connect with audiences, are equally important.
For me personally, it was not a big leap moving into the finance industry. I worked throughout the time I was in doctoral school as I always knew that I was going to move into the private sector. I had also decided to undertake the CFA Program early on in my career. With a background rooted in economics, I wanted exposure to the world of finance. I found that the CFA Program provided the scope I was looking for in terms of knowledge as well as a real-world understanding of the subject matter.
Developing a practical skillset
For me, it was my focus on practical skills and real-world application that guided my career. The significance of having a practical specialization in economics cannot be overstated, especially when aiming to bridge the gap between academic expertise and market relevance.
However, while being analytical is important, the ability to translate technical skills into easily understandable concepts is crucial. Communication is one skill that many people tend to take for granted. But as an economist, you have to be able to distill and synthesize a lot of information. Your writing needs to be understood by pretty much anybody. This can be challenging for people with an academic background, as the training that you get there is totally different from what you need for the private sector.
Transferring those technical skills into soft skills that people can relate to – I believe that helps a lot when pursuing a career in finance and economics.
The value of upskilling and networking
For professionals without a direct background in economics looking to change careers, increasing your knowledge can help give you the relevant skills. Seeking out networking opportunities can also help you transition into a new role.
For me, I found the ability to network with other CFA® Charterholders enhanced my overall professional experience and satisfaction. The prestige and recognition that comes with the CFA charter also helped open doors – after I became a charterholder, I felt emboldened to look for a job in the finance world as my resume was attractive.
Embracing continuous learning
When it comes to continuous learning, staying up to-date with economic developments requires a dynamic approach. Engaging with the financial press, including resources like Bloomberg, Wall Street Journal, and The Economist, provides valuable insights, while occasionally revisiting foundational economics texts reinforces a comprehensive understanding of the subject.
Reflecting on my own background, for graduates from Nigeria or similar emerging markets, having an excellent academic record combined with practical experience, preferably within banking or government institutions provides a really strong foundation. This real-world experience, coupled with pursuing a graduate degree, can open doors to broader opportunities, including potentially transitioning to a career abroad.
Finally, it’s important to broaden your point of view beyond the country you are from. Understanding global economic influences, as well as keeping up-to-date with international trends, will enrich your expertise and insight as an economist.
Key takeaway
Today, as the Head of U.S. Economic Research at Fitch Ratings, my role entails comprehensive coverage of the US economy, involving in-depth research, speaking engagements, and media interaction. The journey to this point has been one of perpetual learning and adaptation.
Whether you are charting a new career path or seeking to elevate your current trajectory within the realm of economics, my final piece of advice is to embrace the spirit of exploration and continuous growth.
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