The Work of an Economist

Area Departments

Functional Departments

Missions

Mobility

The Work of an Economist
During the course of a Fund career, IMF economists will face a succession of challenging assignments with increasing responsibilities for economic analysis, policy design and technical assistance to member countries. IMF economists work either on (i) economic developments and policies in one or more member countries (as a "desk economist" in an area department) or (ii) on general policies or more specialized functions (in a functional department). Most assignments involve visits to member countries (missions).

Area Departments
Responsibility for maintaining the Fund's relations with its member countries is divided among five area departments (See Organizational Chart). At least one desk economist is assigned to each country. Desk economists develop and maintain comprehensive databases on aspects of the economy of "their" country; keep abreast of recent economic developments (particularly in the areas of production, prices, the labor market, money, fiscal issues, and the balance of payments); prepare country forecasts; undertake country visits; assess policy options; develop aspects of IMF lending programs (where necessary); and assist in preparing reports for the IMF's Executive Board.

Functional Departments
Other economic departments of the IMF cover a specific economic function rather than a geographical area. They include: Fiscal Affairs, Finance, the IMF Institute, Monetary and Financial Systems, Policy Development and Review, Research, and Statistics Departments. Economists in these departments are concerned with general IMF policy issues, but also work closely with area department economists in analyzing developments and policies in member countries.

Some departments have specialized tasks such as training (IMF Institute) or technical assistance (Monetary and Financial Systems, Fiscal Affairs, and Statistics). In addition to assisting area departments in their field of expertise (e.g. fiscal policy, central banking expertise), economists in the functional departments prepare reports and documents for the IMF's Executive Board, as well as studies published in the IMF's World Economic Outlook, the IMF Staff Papers and other publications.

The skills required of these economists are specific to the nature of their assignments. In addition, Fund economists are expected to pick up a detailed knowledge of the organization's policies and practices. Skills needed in more specialized assignments may include an expertise in banking, tax policy, or trade.

Missions
One of the most interesting - and central - aspects of an IMF economist's responsibilities are the missions. A typical mission consists of a small team of four or five economists who visit a member country for two to three weeks. Having carried out a thorough analysis of the latest data, the team reviews economic developments and policies with the appropriate government authorities and, if the country wishes to borrow from the IMF, negotiates a financial program. The team then returns to Washington and prepares a report which is submitted to and discussed by the IMF's Executive Board. A keen analytical mind, strong quantitative skills, good teamwork, patience, tact, and stamina are some of the many requirements demanded of staff members during a mission. An economist typically travels two to four times a year.

Mobility
The IMF encourages staff economists to acquire a wide range of skills and experience by working on different assignments in the course of their career. The IMF has a Mobility Program which encourages economists to move from one department to another every few years. Promotion to managerial level is conditional on a staff member having worked in at least two departments. Over their career, economists can expect to work on both industrialized and developing countries, and both market and transition economies.

There are also opportunities for career development by taking an overseas assignment. The IMF has three small regional offices, with 10 - 20 staff each, in Geneva, Paris and Tokyo, as well as a three-person representative office at the United Nations in New York. IMF staff also help to run the Joint Vienna Institute in Austria and the Regional Training Institute in Singapore. In addition, economists fill between 60 and 70 Resident Representative posts attached to Central Banks and/or Ministries of Finance. These posts are typically in developing countries or transition economies which have an IMF economic program in place.