What is an Economist?
Position Description 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.
A Day in the Life of an Economist
- Conduct research on economic issues and disseminate research findings through technical reports or scientific articles in journals.
- Study economic and statistical data in area of specialization, such as finance, labor, or agriculture.
- Teach theories, principles, and methods of economics.
- Supervise research projects and students’ study projects.
- Compile, analyze, and report data to explain economic phenomena and forecast market trends, applying mathematical models and statistical techniques.
- Formulate recommendations, policies, or plans to solve economic problems or to interpret markets.
Things an Economist Should Know How to Do
Below is a list of the skills most Economists say are important on the job.
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.
Related Job Titles for this Occupation:
- International Trade Specialist
- Regional Economist
- Research Analyst
- Trade 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.
Average Economists Salary
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 each U.S. state?
|State||Annual Mean Salary|
|District of Columbia||$134,260|
What Tools do Economists Use?
Although they’re not necessarily needed for all jobs, the following technologies are used by many Economists:
- Microsoft Excel
- Microsoft Word
- Microsoft Office
- Microsoft PowerPoint
- Microsoft Outlook
- Web browser software
- Microsoft Access
- Structured query language SQL
- The MathWorks MATLAB
- Microsoft Visual Basic
- IBM SPSS Statistics
- Microsoft Internet Explorer
- StataCorp Stata
- Teradata Database
How to Become an Economist
Learn what Economist education requirements there are.
How many years of work experience do I need?
Where Economists Work
The table below shows the approximate number of Economists employed by various industries.
More about our data sources and methodologies.
|Request Info||Southern New Hampshire University You have goals. Southern New Hampshire University can help you get there. Whether you need a bachelor's degree to get into a career or want a master's degree to move up in your current career, SNHU has an online program for you. Find your degree from over 200 online programs. Learn More >|