What You Need to Know About Economist
Career 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
- Study the socioeconomic impacts of new public policies, such as proposed legislation, taxes, services, and regulations.
- Compile, analyze, and report data to explain economic phenomena and forecast market trends, applying mathematical models and statistical techniques.
- Develop economic guidelines and standards and prepare points of view used in forecasting trends and formulating economic policy.
- Provide advice and consultation on economic relationships to businesses, public and private agencies, and other employers.
- 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.
- Study economic and statistical data in area of specialization, such as finance, labor, or agriculture.
Featured schools near , edit
Economist Skills
When polled, Economists say the following skills are most frequently used in their jobs:
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.
Other Economist Job Titles
- Medical Economics Consultant
- Revenue Research Analyst
- Econometrician
- Agricultural Economist
- Health Researcher
Job Outlook for Economists
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.
Economist Salary
The average yearly salary of an Economist ranges 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 do I Become an Economist?
Education needed to be an Economist:
How many years of work experience do I need?
Where do Economists Work?
Economists work in the following industries:
References:
Image Credit: pixabay via CC0 License
More about our data sources and methodologies.
Featured Schools
You have goals. Southern New Hampshire University can help you get there. Whether you need a bachelor's degree to get into a career or want a master's degree to move up in your current career, SNHU has an online program for you. Find your degree from over 200 online programs.
Visit School
BusinessDegreeCentral.com provides higher-education, college and university, degree, program, career, salary, and other helpful information to students, faculty, institutions, and other internet audiences. Presented information and data are subject to change. Inclusion on this website does not imply or represent a direct relationship with the company, school, or brand. Information, though believed correct at time of publication, may not be correct, and no warranty is provided. Contact the schools to verify any information before relying on it. Financial aid may be available for those who qualify. The displayed options may include sponsored or recommended results, not necessarily based on your preferences.
© BusinessDegreeCentral.com – All Rights Reserved.