What Does it Take to Be an Economist?
Job Description & Duties 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?
- Compile, analyze, and report data to explain economic phenomena and forecast market trends, applying mathematical models and statistical techniques.
- Study economic and statistical data in area of specialization, such as finance, labor, or agriculture.
- Teach theories, principles, and methods of economics.
- Conduct research on economic issues and disseminate research findings through technical reports or scientific articles in journals.
- 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.
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What an Economist Should Know
Economists state the following job skills are important in their day-to-day work.
Reading Comprehension: Understanding written sentences and paragraphs in work related documents.
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.
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.
Speaking: Talking to others to convey information effectively.
Related Job Titles for this Occupation:
- Health Economist
- Business Economist
- Social Economist
- Economic Research Analyst
- Price 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. 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.
Salary for an Economist
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 |
|---|---|
| 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 & Technology 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
- 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 or degrees do I need to become an Economist?
How Long Does it Take to Become an Economist?
Where Economists Work
The table below shows some of the most common industries where those employed in this career field work.
References:
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More about our data sources and methodologies.
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