What Does it Take to Be an Economist?
Economist Job 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.
Daily Life Of an Economist
- Provide litigation support, such as writing reports for expert testimony or testifying as an expert witness.
- Forecast production and consumption of renewable resources and supply, consumption, and depletion of non-renewable resources.
- Study economic and statistical data in area of specialization, such as finance, labor, or agriculture.
- Formulate recommendations, policies, or plans to solve economic problems or to interpret markets.
- Teach theories, principles, and methods of economics.
- Provide advice and consultation on economic relationships to businesses, public and private agencies, and other employers.
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What Skills Do You Need to Work as an Economist?
Below is a list of the skills most Economists say are important on the job.
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
- Health Economist
- Policy Officer
- Price Economist
- Forest Economist
- Trade Economist
Is There Job Demand for Economists?
In 2016, there was an estimated number of 21,300 jobs in the United States for Economist. 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
Economists make between $58,130 and $182,560 a year.
Economists who work in District of Columbia, Virginia, or Maryland, make the highest salaries.
How much do Economists make in each U.S. state?
| 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 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 is needed to be an Economist?
How many years of work experience do I need?
Who Employs Economists?
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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