Economists

Career summary

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Economists study how people share resources such as land, money, and raw materials. They conduct their own research or read the research of others. Some do research to expand their own knowledge and the knowledge of others. Others do research to develop policies and make recommendations.

Most economists specialize in one area of economics. They may specialize in:

• Changes in interest rates
• Employment levels
• Energy costs
• Food prices
• Import and export levels
• Rental costs

Some economists use mathematical and statistical models to predict economic outcomes. They watch changes in the economy and try to predict what will happen next.

Economists who conduct their own research must determine what they want to study. They plan the methods they will use to collect data. Economists must train and supervise students or research assistants to collect the data for them. Some economists use data collected by the government.

Once they have the data, economists analyze it. They interpret their results and write reports. Depending on the audience, these reports may need to be written in a way that can be understood by people who are not economists.

Some economists develop policies based on their research findings. They may present these findings at academic conferences or to other groups who would find the research useful. Some economists work for businesses. They may make recommendations for the business based on their results.

Many economists are also college and university professors. They teach in addition to conducting research. They may also supervise student research projects.

Related careers

This career is part of the Science, Technology, Engineering, and Mathematics cluster of careers.

Related careers include:

• Actuaries
• Astronomers
• Computer Programmers
• Financial Analysts
• Foreign Service Officers
• Geographers
• Geospatial Information Scientists and Technologists
• Mathematicians
• Operations Research Analysts
• Sociologists
• Statisticians

Job duties

Task list

The following list of tasks is specific to economists.

• Study economic and statistical data in their specialty area.
• Provide advice and consultation to businesses and public and private agencies.
• Collect and organize data about the economy.
• Develop policies to solve economic problems.
• Develop economic guidelines and standards to predict trends and develop economic policy.
• Read research on economic forecasts and changes.
• Plan methods and procedures for collecting and processing data.
• Testify at public hearings to present recommendations.
• Supervise research projects.
• Write reports.
• Teach theories, principles, and methods of economics.

Common work activities

Economists perform the following tasks. These tasks are common to many careers.

• Analyze data or information
• Use computers
• Process information
• Get information needed to do the job
• Make decisions and solve problems
• Think creatively
• Update and use job-related knowledge
• Identify objects, actions, and events
• Explain the meaning of information to others
• Communicate with supervisors, peers, or subordinates
• Teach others
• Estimate sizes, quantities, time, cost, or materials needed
• Judge the value of objects, services, or people
• Organize, plan, and prioritize work
• Establish and maintain relationships
• Communicate with people outside the organization
• Develop goals and strategies
• Document and record information
• Provide advice and consultation to others

Work requirements

Working conditions

In a typical work setting, economists:

Interpersonal relationships

• Communicate daily by telephone, e-mail, and in person. Occasionally write letters and memos.
• Have a medium level of job-required social interaction. They spend time alone while analyzing data, but talk about their projects with others.
• Often work as part of a team of researchers or academics.

Physical work conditions

• Work indoors in offices.
• Usually have a private office but sometimes have shared office spaces.

Work performance

• Must be very exact in performing the job. Data errors could lead to incorrect results.
• Sometimes repeat the same mental tasks, such as figuring math formulas.
• Make nearly all of their decisions without consulting another first.
• Set nearly all their daily tasks and goals without consulting a supervisor first. Economists work independently.
• Work in a moderately competitive atmosphere where strict deadlines must be met.

Hours/travel

• Normally work over 40 hours per week to meet deadlines and complete special projects.
• Often travel to attend meetings and conferences.
• Generally work a set schedule.

Physical demands

Economists frequently:

• Sit for long periods of time.

It is important for economists to be able to:

• Speak clearly so listeners can understand.
• See details of objects that are less than a few feet away.
• Understand the speech of another person.

It is not as important, but still necessary, for economists to be able to:

• See details of objects that are more than a few feet away.
• See differences between colors, shades, and brightness.
• Hear sounds and recognize the difference between them.

Skills and abilities

Economists need to:

Communicate

• Read and understand work-related materials.
• Understand written information.
• Understand spoken information.
• Speak clearly so listeners can understand.
• Write clearly so other people can understand.
• Listen to others and ask questions.

Reason and problem solve

• Analyze ideas and use logic to determine their strengths and weaknesses.
• Judge the costs and benefits of a possible action.
• Combine several pieces of information and draw conclusions.
• Use reasoning to discover answers to problems.
• Recognize the nature of a problem.
• Think of new ideas about a topic.
• Understand new information or materials by studying and working with them.
• Notice when something is wrong or is likely to go wrong.
• Recognize when important changes happen or are likely to happen in a system.
• Develop rules that group items in various ways.
• Identify what must be changed to reach goals.
• Think of original, unusual, or creative ways to solve problems.
• Follow guidelines to arrange objects or actions in a certain order.

Use math and science

• Use math skills to solve problems.
• Choose a mathematical method or formula to solve problems.
• Add, subtract, multiply, and divide quickly and correctly.

Manage oneself, people, time, and things

• Check how well one is learning or doing something.
• Manage the time of self and others.

Work with people

• Teach others how to do something.
• Use several methods to learn or teach new things.
• Change behavior in relation to others' actions.
• Persuade others to approach things differently.
• Look for ways to help people.

Education and training

Educational programs

The programs of study listed below will help you prepare for the occupation or career cluster you are exploring.

Programs of study directly related to this occupation

• Agricultural Economics
• Business Economics
• Consumer Economics
• Economics

Other programs of study to consider

• Applied Mathematics
• Business Management and Administration
• Ethnic Studies
• Family Resource Management
• International Business, Trade, and Finance
• Management Information Systems
• Marketing Research
• Political Science and Government
• Purchasing and Contracts Management
• Statistics

Training

To work as an economist, you typically need to:

• have a high school diploma or equivalent; and
• have a master's degree in economics.

Education after high school

Most economists have a master's degree in economics. Some research assistants and federal economists have a bachelor's degree. While in college, you should take courses in micro and macroeconomics. You should also study business, finance, and math. It is also important that you take courses in social science and liberal arts.

If you want to teach at a college or university, you need a doctoral degree (PhD). As a master's or doctoral student you can focus on topics such as economic theory or labor economics.

Work experience

Working as a research assistant is good experience for this occupation. It is also good to have experience conducting interviews, collecting data, and writing reports. Look for this type of work while you are in college.

Helpful high school courses

In high school, take classes that prepare you for college. A college preparatory curriculum may be different from your state's graduation requirements. Economists need a good background in math so you should take as many math classes as possible.

You should also consider taking some advanced courses in high school. This includes Advanced Placement (AP) and International Baccalaureate (IB) courses if they are available in your school. If you do well in these courses, you may receive college credit for them. Advanced courses can also strengthen your college application.

Helpful electives to take in high school that prepare you for this career include:

• Computer Applications
• Economics
• Statistics and Probability
• U.S. History

The courses listed above are meant to help you create your high school plan. If you have not already done so, talk to a school counselor or parent about the courses you are considering taking.

You should also check with a teacher or counselor to see if work-based learning opportunities are available in your school and community. These might include field trips, job shadowing, internships, and actual work experience. The goal of these activities is to help you connect your school experiences with real-life work.

Join some groups, try some hobbies, or volunteer with an organization that interests you. By participating in activities you can have fun, make new friends, and learn about yourself. Maybe one of them will help direct you to a future career. Here are examples of activities and groups that may be available in your high school or community.

Things to know

A bachelor's degree with a major in economics is usually the minimum requirement for employment. However, few jobs directly related to economic analysis are open to graduates who have only a bachelor's degree.

Many employers, especially in research, prefer to hire applicants with a PhD or at least a master's degree. Universities choose candidates based on their area of research and the quality of their published articles.

Most employers in private industry require a master's degree. They also look for applicants who have good math and computer skills. Public speaking skills may be required.

Tips

A position as research assistant during academic training is helpful. University-level coursework in quantitative methods, econometrics, accounting, and finance is helpful for entry-level job seekers. Joining economic clubs and going to related conferences is also helpful. Internships can provide good experience.

Costs to workers

Association dues, reference books, and journals are necessary to keep up with changes in the field. Employers often cover part of these costs.

Job listings

Listed below are links to job categories from the National Labor Exchange that relate to this career. Once you get a list of jobs, you can view information about individual jobs and find out how to apply. If your job search finds too many openings, or if you wish to search for jobs outside of Washington, you will need to refine your search.

• Economists 

To get a listing of current jobs from the WorkSource system, go to the WorkSource website .

Wages

Wages tend to be higher for economists who have a PhD, and lower for those who have less education.

Economists who work full time generally receive benefits. Typical benefits include sick leave, paid vacation, and health insurance.

Employment and outlook

Washington outlook

The table below provides information about the number of workers in this career in various regions. It also provides information about the expected growth rate and future job openings. 

National employment

Almost half of all economists work for government agencies. Many economists combine work in industry and government with teaching or consulting work. Some economists write articles or columns for magazines and newspapers.

Major employers:

• Federal, state, and local government agencies
• Economic consulting firms
• Economic research firms

National outlook

Opportunities for economists should be best in private industry, especially in consulting firms. Many companies turn to economic consultants to help them analyze economic data and make forecasts.

Demand for economists should come from the increasing complexity of the global economy, additional financial regulations, and a more competitive business environment.

People who have only a bachelor's degree in economics will find strong competition for jobs. They will find opportunities as research assistants. Those who have a strong background in math, statistics, survey design, and computer science will fare best.

Job prospects will be better for those who have advanced degrees in economics.

The employment and outlook figures do not include economists who teach at colleges and universities.

Other resources

Agricultural & Applied Economics Association 

American Economic Association 
2014 Broadway, Suite 305
Nashville, TN 37203
615.322.2595

National Association for Business Economics 
1920 L Street NW, Suite 300
Washington, DC 20036
202.463.6223

United States Society for Ecological Economics 

Washington State Science & Engineering Fair 

References

Career cluster

• Science, Technology, Engineering, and Mathematics

Career path

• Investigative (Science)

O*Net  occupation

• Economists (19-3011.00) 

O*Net job zone 

• Job Zone 5 - Extensive preparation needed. Extensive skill, knowledge, and experience are needed for these occupations. Many require more than five years of experience.

DOT occupation

• Economist (050.067-010) 

Holland occupational cluster

• Investigative/Conventional/Enterprising

COPSystem

• Business Professional