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Economist

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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.

  • International Trade Specialist
  • Regional Economist
  • Research Analyst
  • Trade Economist
  • Econometrician

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.

Forecasted Number of Jobs for Economists in U.S.

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.

Salary Ranges for Economists

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
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

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
  • 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

How to Become an Economist

Learn what Economist education requirements there are.

Economist Degree Level

How many years of work experience do I need?

Economist Work Experience

Where Economists Work

Economist Sectors

The table below shows the approximate number of Economists employed by various industries.

Economist Industries

References:

Image Credit: pixabay via CC0 License

More about our data sources and methodologies.

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