What is an Economist?
Economist Definition Conduct research, prepare reports, or formulate plans to address economic problems related to the production and distribution of goods and services or monetary and fiscal policy. May collect and process economic and statistical data using sampling techniques and econometric methods.
Life As an Economist: What Do They Do?
- Provide advice and consultation on economic relationships to businesses, public and private agencies, and other employers.
- Formulate recommendations, policies, or plans to solve economic problems or to interpret markets.
- Supervise research projects and students’ study projects.
- Forecast production and consumption of renewable resources and supply, consumption, and depletion of non-renewable resources.
- Compile, analyze, and report data to explain economic phenomena and forecast market trends, applying mathematical models and statistical techniques.
- Study the socioeconomic impacts of new public policies, such as proposed legislation, taxes, services, and regulations.
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What Skills Do You Need to Work as an Economist?
These are the skills Economists say are the most useful in their careers:
Mathematics: Using mathematics to solve problems.
Critical Thinking: Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Reading Comprehension: Understanding written sentences and paragraphs in work related documents.
Judgment and Decision Making: Considering the relative costs and benefits of potential actions to choose the most appropriate one.
Active Listening: Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
Writing: Communicating effectively in writing as appropriate for the needs of the audience.
Other Economist Job Titles
- Econometrician
- Economic Analysis Director
- Industrial Economist
- Revenue Research Analyst
- Labor Economist
Economist Job Outlook
In the United States, there were 21,300 jobs for Economist in 2016. New jobs are being produced at a rate of 6.1% which is above the national average. The Bureau of Labor Statistics predicts 1,300 new jobs for Economist by 2026. There will be an estimated 1,600 positions for Economist per year.
The states with the most job growth for Economist are Alabama, Louisiana, and Washington. Watch out if you plan on working in Wyoming, West Virginia, or Vermont. These states have the worst job growth for this type of profession.
What is the Average Salary of an Economist
Economists make between $58,130 and $182,560 a year.
Economists who work in District of Columbia, Virginia, or Maryland, make the highest salaries.
How much do Economists make in different U.S. states?
| State | Annual Mean Salary |
|---|---|
| Alabama | $103,740 |
| Alaska | $85,970 |
| Arizona | $93,350 |
| Arkansas | $75,380 |
| California | $124,430 |
| Colorado | $104,350 |
| Connecticut | $95,450 |
| Delaware | $86,850 |
| District of Columbia | $134,260 |
| Florida | $105,230 |
| Georgia | $111,570 |
| Hawaii | $98,100 |
| Idaho | $61,130 |
| Illinois | $108,690 |
| Indiana | $84,740 |
| Iowa | $87,530 |
| Kansas | $72,600 |
| Louisiana | $103,070 |
| Maryland | $116,870 |
| Massachusetts | $117,680 |
| Michigan | $90,040 |
| Minnesota | $81,720 |
| Mississippi | $75,450 |
| Missouri | $112,240 |
| Montana | $89,980 |
| Nebraska | $81,010 |
| Nevada | $79,170 |
| New Hampshire | $74,570 |
| New Jersey | $100,500 |
| New Mexico | $87,680 |
| New York | $127,520 |
| North Carolina | $81,470 |
| Ohio | $125,490 |
| Oklahoma | $76,500 |
| Oregon | $87,420 |
| Pennsylvania | $87,630 |
| South Carolina | $68,550 |
| Tennessee | $83,350 |
| Texas | $106,480 |
| Utah | $88,280 |
| Vermont | $96,620 |
| Virginia | $126,080 |
| Washington | $95,010 |
| West Virginia | $68,430 |
| Wisconsin | $80,070 |
Tools & Technologies Used by Economists
Below is a list of the types of tools and technologies that Economists may use on a daily basis:
- Microsoft Excel
- Microsoft Word
- Microsoft Office
- Microsoft PowerPoint
- Microsoft Outlook
- Web browser software
- Python
- Microsoft Access
- MySQL
- Structured query language SQL
- The MathWorks MATLAB
- SAS
- Microsoft Visual Basic
- IBM SPSS Statistics
- UNIX
- R
- Minitab
- Microsoft Internet Explorer
- StataCorp Stata
- Teradata Database
Becoming an Economist
What education is needed to be an Economist?
What work experience do I need to become an Economist?
Where do Economists Work?
The table below shows the approximate number of Economists employed by various industries.
References:
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More about our data sources and methodologies.
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