The following article discusses the career path of Economist. Learn about how to become one, education requirements, job duties, traits and qualities, national salary outlook as well as top national employers of Economists.
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Economist Job Duties
Economists takes on an advisory role in businesses or governments, guiding them on economical issues. Those issues are wide-ranging and include things such as development, international trade, transportation, energy facts, health statistics, and tax rates. Economists use various computer programs through which they collect their data. They are knowledgeable about survey and sampling techniques and how these enable them to gain the data they require. They then use the data, as well as an evaluation of past economic trends, to create reports that are easy to understand for senior managers. They often have to present these reports to a large audience.
Other job duties of an economist are:
- To create and perform research in order to find trends and use this to create forecast models
- To take on an advisory role for government, banks, corporations, and agencies, explaining how adopting different financial policies can affect them
- To create reports and presentations on research findings
- To develop new ways of data processing, sampling, and collection as this relates to trade, commodities, agriculture, labor, finance, and so on
Where Economists Work
According to the U.S. Bureau of Labor Statistics, there were 21,300 economists in 2016. The largest employers of these professionals are:
- Federal government, excluding postal service 22%
- Scientific research and development services 17%
- Management, scientific, and technical consulting services 15%
- State government, excluding education and hospitals 9%
- Finance and insurance 7%
How to Become an Economist
Economists usually have at least a bachelor’s degree in economics or a field related to finance. They will have to complete a graduate degree should they wish to work in academic environments. Additionally, they must have a strong analytical mind and be very computer literate, since those two elements are vital to be successful in their role. Furthermore, they must always remain up to date with the latest economic trends, so they must also have a background in conducting research. Strong math, writing, and presentation skills are generally essential requirements.
Entry level positions, particularly with the federal government, are available for those with a bachelor’s degree. Many take on these positions to gain the necessary experience for graduate studies. This will enable them to access more significant career advancement as well. During these degree programs, most aspiring economists complete an internship during which time they have to collect data and analyze it, completing a piece of research on a particular economic issue or trend. They must then compile a detailed report on what they have found. Furthermore, they gain experience in areas such as statistical analysis software and other related fields, which also helps with career development.
Economist Education Requirements
Although a bachelor’s degree in economics is the minimum requirement for entry level positions at government level, the majority of economists now hold a master’s degree or even a Ph.D. This is required in many different positions, particularly in international or research organizations and businesses, as they need someone with advanced academic skills. Several years’ work experience and training in statistical analysis software is also often required.
While a bachelor’s degree in economics is a good starting point, those who want to study the subject at graduate level can have a bachelor’s in many other fields. They must have a strong mathematical background, however. Those who complete a Ph.D. have engaged in significant and lengthy research and become specialized in a certain field.
Economist Traits & Qualities
The most effective economists have the following traits to some degree or other:
– Strong analytical skills to see trends and patterns in complex data, drawing logical conclusions after advanced calculations
– Excellent critical thinking skills for solving highly complex problems expected in the future
– Great communication skills, particularly speaking skills, to report on their findings to large audiences. Writing skills for the creation of reports in an easy to understand language are also important.
Minimum Economist Education
Master’s or Ph.D. Degree
The national average salary estimate for Economist was $97,781. This number is estimated from over 212,936 employees, users past and present job advertisements from Indeed.com. This equates to an hourly salary of $50.93 and monthly of $8,148.
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$24,000
$220,000
The following section lists Economist salaries in each state around the country. The figures are based on the total number of job postings through Indeed.com. For example, DC had the largest quoted salary of $110,027 while Idaho had the smallest quoted salary of $51,859.
| Arizona | Georgia | Maryland | New York |
| California | Idaho | Missouri | Oregon |
| Colorado | Illinois | North Carolina | Texas |
| DC | Louisiana | Nebraska | Virginia |
| Florida | Massachusetts | New Mexico | Washington |
According to Indeed.com, the following states had employers looking to hire a Economist. The quoted salary figure represents the average salary from all job postings by this employer.
| Employer Name | Location | Average Salary |
|---|---|---|
| John Deere Economist | Illinois | $253,440 |
| Bates White, LLC Economist | DC | $184,975 |
| Federal Reserve Bank of New York Economist | Massachusetts | $183,705 |
| Federal Reserve Bank of St. Louis Economist | Missouri | $148,211 |
| Selby Jennings Economist | New York | $142,069 |
| U.S. Department of State Economist | Virginia | $133,410 |
| Legislative Branch Economist | DC | $127,650 |
| EconOne Research, Inc. Economist | California | $126,429 |
| Internal Revenue Service Economist | DC | $120,820 |
| Department of Justice Economist | DC | $120,309 |
| Amazon.com Economist | Washington | $119,848 |
| IMPAQ International Economist | DC | $118,983 |
| Fannie Mae Economist | DC | $118,157 |
| Inlabora Economist | Virginia | $117,562 |
| Centers for Disease Control and Prevention Economist | DC | $115,129 |
| Office of the Secretary of Transportation Economist | DC | $113,841 |
Economist Learn More
- Economists : Occupational Outlook Handbook: : U.S. Bureau …
- SEC.gov | Economists
- USAJOBS – Explore Opportunities
| Career Name | Average Salary |
|---|---|
| Security Engineer | $103,459 |
| Technical Project Manager | $100,971 |
| Director of Finance | $99,996 |
| Finance Director | $99,963 |
| Director of Security | $99,822 |
| Operations Officer | $96,045 |
| Director of Nursing | $95,821 |
| Business Intelligence Developer | $95,026 |
| Disaster Recovery Manager | $94,956 |
| Controller | $94,750 |
