What is an Economist?
Example of Economist Job 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.
What Do Economists Do On a Daily Basis?
- Study economic and statistical data in area of specialization, such as finance, labor, or agriculture.
- Compile, analyze, and report data to explain economic phenomena and forecast market trends, applying mathematical models and statistical techniques.
- Teach theories, principles, and methods of economics.
- 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.
- Develop economic guidelines and standards and prepare points of view used in forecasting trends and formulating economic policy.
- Conduct research on economic issues and disseminate research findings through technical reports or scientific articles in journals.
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Economist Skills
When polled, Economists say the following skills are most frequently used in their jobs:
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:
- Forensic Economist
- International Trade Specialist
- Regional Economist
- Price Economist
- Environmental Economist
Economist Job Outlook
There were about 21,300 jobs for Economist in 2016 (in the United States). 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.
Do Economists Make A Lot Of Money?
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.
Below is a list of the median annual salaries for Economists 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 |
Tools & Technologies Used by Economists
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
How to Become an Economist
Individuals working as an Economist have obtained the following education levels:
How many years of work experience do I need?
Economists Sector
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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