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All About Economists

Job 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.

Life As an Economist

  • Provide advice and consultation on economic relationships to businesses, public and private agencies, and other employers.
  • Testify at regulatory or legislative hearings concerning the estimated effects of changes in legislation or public policy and present recommendations based on cost-benefit analyses.
  • Forecast production and consumption of renewable resources and supply, consumption, and depletion of non-renewable resources.
  • Formulate recommendations, policies, or plans to solve economic problems or to interpret markets.
  • Compile, analyze, and report data to explain economic phenomena and forecast market trends, applying mathematical models and statistical techniques.
  • Develop economic guidelines and standards and prepare points of view used in forecasting trends and formulating economic policy.

What Skills Do You Need to Work as an Economist?

Below is a list of the skills most Economists say are important on the job.

Reading Comprehension: Understanding written sentences and paragraphs in work related documents.

Critical Thinking: Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.

Mathematics: Using mathematics to solve problems.

Judgment and Decision Making: Considering the relative costs and benefits of potential actions to choose the most appropriate one.

Writing: Communicating effectively in writing as appropriate for the needs of the audience.

Other Economist Job Titles

  • Economic Adviser
  • Economic Development Specialist
  • Economic Research Analyst
  • Revenue Research Analyst
  • Professor

Economist Employment Estimates

In 2016, there was an estimated number of 21,300 jobs in the United States for Economists.

New jobs are being produced at a rate of 6.3% which is lower than average. The Bureau of Labor Statistics predicts 1,300 new jobs for Economists by 2026. Due to new job openings and attrition, there will be an average of 1,600 job openings in this field each year.

Forecasted Number of Jobs for Economists in U.S.

The states with the most job growth for Economists are District of Columbia, Texas, and California.

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.

How Much Does an Economist Make?

The typical yearly salary for Economists is somewhere between $58,130 and $182,560. The median salary for this occupation is $104,340.

Salary Ranges for Economists

Below is a list of the median annual salaries for jobs of this type in different U.S. states.

Annual Mean Salary by State
State Annual Mean Salary

District of Columbia

$134,260

New York

$127,520

Virginia

$126,080

Ohio

$125,490

California

$124,430

Massachusetts

$117,680

Maryland

$116,870

Missouri

$112,240

Georgia

$111,570

Illinois

$108,690

Texas

$106,480

Florida

$105,230

Colorado

$104,350

Alabama

$103,740

Louisiana

$103,070

New Jersey

$100,500

Hawaii

$98,100

Vermont

$96,620

Connecticut

$95,450

Washington

$95,010

Arizona

$93,350

Michigan

$90,040

Montana

$89,980

Utah

$88,280

New Mexico

$87,680

Pennsylvania

$87,630

Iowa

$87,530

Oregon

$87,420

Delaware

$86,850

Alaska

$85,970

Indiana

$84,740

Tennessee

$83,350

Minnesota

$81,720

North Carolina

$81,470

Nebraska

$81,010

Wisconsin

$80,070

Nevada

$79,170

Oklahoma

$76,500

Mississippi

$75,450

Arkansas

$75,380

New Hampshire

$74,570

Kansas

$72,600

South Carolina

$68,550

West Virginia

$68,430

Idaho

$61,130

Tools & Technologies Used by Economists

Although they’re not necessarily needed for all jobs, the following technologies are used by many Economists:

  • Microsoft Outlook
  • Microsoft PowerPoint
  • SAS
  • Python
  • Microsoft Visual Basic
  • Microsoft Access
  • Structured query language SQL
  • Microsoft Office
  • UNIX
  • MySQL

Where do Economists Work?

Economist Sectors

References

Bureau of Labor Statistics

College Factual

O*NET Online

Image Credit: Via Wikimedia Commons

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