Economists: 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.
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The Daily Work of Economists Perform?
The core tasks performed by economists include:
- 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.
- Study the socioeconomic impacts of new public policies, such as proposed legislation, taxes, services, and regulations.
- Explain economic impact of policies to the public.
- Review documents written by others.
- Provide advice and consultation on economic relationships to businesses, public and private agencies, and other employers.
- Formulate recommendations, policies, or plans to solve economic problems or to interpret markets.
- Supervise research projects and students' study projects.
Key Skills and Knowledge
Effective economists rely on a mix of skills and domain knowledge.
Top Skills
The competencies most central to this role, rated on an importance scale of 0 to 5:
Knowledge Areas
Types of Economists Jobs
People in this occupation may also be known by titles such as:
- Agricultural Economist
- Business Economist
- Consultant Economist
- Econometrician
- Economic Advisor
- Economic Analyst
- Economic Consultant
- Economic Developer
Employment and Demand
There are roughly 34,480 economists working in the United States today. Demand is forecast to grow by +11.4% over the projection horizon.
Economists Pay
| Statistic | Value |
|---|---|
| Annual median | $73,611 |
| Hourly median | $35.39 |
| 10th percentile | $41,747 |
| 25th percentile | $57,679 |
| 75th percentile | $89,543 |
| 90th percentile | $105,475 |
Compensation varies based on experience, location, and industry.
Pay by State
| State | Annual median salary |
|---|---|
| District of Columbia | $162,610 |
| Virginia | $148,010 |
| New York | $142,300 |
| Maryland | $137,610 |
| Georgia | $127,220 |
| Ohio | $117,750 |
| Washington | $116,390 |
| Missouri | $115,520 |
| Kansas | $115,100 |
| Pennsylvania | $113,300 |
| Illinois | $112,790 |
| North Carolina | $111,770 |
| Oregon | $111,660 |
| Colorado | $111,540 |
| Tennessee | $110,320 |
| Alaska | $108,960 |
| Minnesota | $107,470 |
| Texas | $106,200 |
| Alabama | $103,400 |
| Connecticut | $103,200 |
| Massachusetts | $103,170 |
| New Jersey | $102,350 |
| California | $100,510 |
| Arizona | $96,390 |
| Montana | $95,990 |
| Indiana | $95,830 |
| Michigan | $94,850 |
| Iowa | $92,750 |
| Florida | $89,250 |
| Louisiana | $89,010 |
| Nevada | $84,540 |
| New Mexico | $82,490 |
| Oklahoma | $82,330 |
| Hawaii | $81,740 |
| Maine | $80,670 |
| Idaho | $78,770 |
| Wisconsin | $76,940 |
| Puerto Rico | $68,180 |
| Nebraska | $66,690 |
| Kentucky | $65,470 |
| South Carolina | $51,980 |
Top-Paying U.S. Regions
Earnings for economists differ across the country. Top regions by median wage:
| Region | Median annual wage | Share of U.S. jobs | Location quotient |
|---|---|---|---|
| Middle Atlantic | $147,964 | 36.9% | 22.92 |
| Southwest | $106,200 | 4.1% | 0.44 |
| Plains States | $104,323 | 4.5% | 0.70 |
| Far Western US | $103,964 | 15.1% | 0.94 |
| Southeast | $103,312 | 19.8% | 1.62 |
| New England | $101,865 | 6.8% | 1.80 |
| Great Lakes | $100,396 | 9.1% | 0.82 |
| Rocky Mountains | $85,496 | 3.2% | 0.91 |
Top Metro Areas
| Metro area | State | Median annual wage | Employment |
|---|---|---|---|
| New York-Newark-Jersey City, NY-NJ | NY | $168,850 | 730 |
| Washington-Arlington-Alexandria, DC-VA-MD-WV | DC | $157,980 | 4,300 |
| San Francisco-Oakland-Fremont, CA | CA | $134,410 | 440 |
| Houston-Pasadena-The Woodlands, TX | TX | $131,160 | 160 |
| Seattle-Tacoma-Bellevue, WA | WA | $129,280 | 250 |
| Atlanta-Sandy Springs-Roswell, GA | GA | $127,220 | 310 |
| Baltimore-Columbia-Towson, MD | MD | $125,630 | 200 |
| Virginia Beach-Chesapeake-Norfolk, VA-NC | VA | $124,780 | 40 |
Top Industries Employing Economists
The largest employers of economists are concentrated in the following sectors:
| Industry | Employment | Median annual wage |
|---|---|---|
| Professional, Scientific, and Technical Services | 3,970 | $113,300 |
| Finance and Insurance | 1,500 | $165,960 |
| Other Services (except Public Administration) | 530 | $100,900 |
| Educational Services | 360 | $87,020 |
| Management of Companies and Enterprises | 310 | $135,100 |
| Health Care and Social Assistance | 160 | $107,780 |
| Utilities | 140 | $130,400 |
| Administrative and Support and Waste Management and Remediation Services | 110 | $90,460 |
Economists work in the following industries:
Software Economists Use
- Object or component oriented development software: C++ (hot technology)
- Analytical or scientific software: IBM SPSS Statistics (hot technology)
- Data base user interface and query software: Microsoft Access (hot technology)
- Spreadsheet software: Microsoft Excel (hot technology)
- Office suite software: Microsoft Office software (hot technology)
- Electronic mail software: Microsoft Outlook (hot technology)
- Business intelligence and data analysis software: Microsoft Power BI (hot technology)
- Presentation software: Microsoft PowerPoint (hot technology)
- Data base user interface and query software: Microsoft SQL Server (hot technology)
- Development environment software: Microsoft Visual Basic (hot technology)
- Development environment software: Microsoft Visual Basic for Applications VBA (hot technology)
- Word processing software: Microsoft Word (hot technology)
Work Environment
The work environment for economists reflects the following characteristics:
- Spend Time Sitting
- Freedom to Make Decisions
- Face-to-Face Discussions with Individuals and Within Teams
- Telephone Conversations
How to Become Economists
Most economists positions require a doctoral or professional degree as the typical entry-level education. The role falls in Extensive Preparation Needed (Job Zone 5), indicating the level of preparation typically expected.
Similar Occupations
Similar Occupations
- Investment Fund Managers (Primary-Long)
- Market Research Analysts and Marketing Specialists (Supplemental)
- Financial and Investment Analysts (Primary-Short)
- Personal Financial Advisors (Supplemental)
- Financial Risk Specialists (Primary-Long)
- Financial Quantitative Analysts (Primary-Long)
- Actuaries (Supplemental)
- Operations Research Analysts (Supplemental)
Where to Study
Aspiring economists often complete programs in:
Social Sciences
7 programs across 2 majors
Multi/Interdisciplinary Studies
4 programs across 4 majors
Business, Management, Marketing, and Related Support Services
1 programs across 1 majors
Agriculture, Agriculture Operations, and Related Sciences
1 programs across 1 majors
Natural Resources and Conservation
1 programs across 1 majors
References
This profile draws on the following authoritative sources:
- U.S. Bureau of Labor Statistics — Occupational Employment and Wage Statistics (OEWS) for employment and wage data by state and industry.
- BLS Employment Projections for total employment and growth forecasts.
- O*NET (Occupational Information Network) for skills, knowledge, tasks, work activities, work context, technology, and education-zone data.
SOC code: 19-3011.00 (Economists).
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