Economists
Overview
Economists are like financial detectives who study how money, markets, and resources work in our world. They collect and analyze data using advanced software and mathematical models to understand economic trends and predict what might happen in financial markets. These professionals research topics like international trade, education costs, and job markets, then share their findings through reports, graphs, and presentations. Economists often work with businesses, government agencies, and organizations to help them make smart financial decisions, and many collaborate in teams while working in modern offices or remotely.
Did you know?
Most economist positions in the U.S. require at least a master's degree, with many research and senior roles preferring a Ph.D.
At a Glance
Median Wage
$102,371 Avg/yr
Growth
Stable
Top Skill
Installation
Key Responsibilities
- Supervise research projects and students' study projects.
- Study economic and statistical data in area of specialization, such as finance, labor, or agriculture.
- Forecast production and consumption of renewable resources and supply, consumption, and depletion of non-renewable resources.
- 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.
- Teach theories, principles, and methods of economics.
- Study the socioeconomic impacts of new public policies, such as proposed legislation, taxes, services, and regulations.
- Review documents written by others.
- 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 advice and consultation on economic relationships to businesses, public and private agencies, and other employers.
- Explain economic impact of policies to the public.
- Formulate recommendations, policies, or plans to solve economic problems or to interpret markets.
- Compile, analyze, and report data to explain economic phenomena and forecast market trends, applying mathematical models and statistical techniques.
- Provide litigation support, such as writing reports for expert testimony or testifying as an expert witness.
Career Considerations
Advanced Degree Requirement
Most economist positions in the U.S. require at least a master's degree, with many research and senior roles preferring a Ph.D.
Specialization Benefits
Developing expertise in specific areas like labor economics, environmental economics, or econometrics significantly enhances job prospects and earning potential.
Technical Skills Demand
Proficiency in statistical software like R, Python, or Stata is increasingly essential for data analysis and economic modeling in modern economist roles.