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.
Daily Life Of an Economist
- Develop economic guidelines and standards and prepare points of view used in forecasting trends and formulating economic policy.
- Forecast production and consumption of renewable resources and supply, consumption, and depletion of non-renewable resources.
- 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.
- Provide litigation support, such as writing reports for expert testimony or testifying as an expert witness.
- Study the socioeconomic impacts of new public policies, such as proposed legislation, taxes, services, and regulations.
- Provide advice and consultation on economic relationships to businesses, public and private agencies, and other employers.
Skills Needed to be an Economist
Economists state the following job skills are important in their day-to-day work.
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.
Types of Economist Jobs
- Research Analyst
- Social Economist
- Policy Analyst
- Economic Analyst
- Revenue Research Analyst
Is There Going to be Demand for Economists?
In 2016, there was an estimated number of 21,300 jobs in the United States for Economist. 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. The BLS estimates 1,600 yearly job openings in this field.
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.
Economist Average Salary
The typical yearly salary for Economists is somewhere between $58,130 and $182,560.
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|
|District of Columbia||$134,260|
What Tools do Economists Use?
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
- Microsoft Access
- Structured query language SQL
- The MathWorks MATLAB
- Microsoft Visual Basic
- IBM SPSS Statistics
- Microsoft Internet Explorer
- StataCorp Stata
- Teradata Database
How do I Become an Economist?
Education needed to be an Economist:
How Long Does it Take to Become an Economist?
Below are examples of industries where Economists work:
More about our data sources and methodologies.
Featured Economics Schools
|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 >|