Economist Careers Information
Economists study the way in which people allocate their resources in order to produce and procure goods and services. Using complex mathematical and statistical tools, they research data regarding transactions and the movement of money, raw material, and finished goods to analyze patterns in economic behavior.
Economist Careers & Degrees
- American Intercontinental University: Online
Jones International University: Online
Colorado Technical University - Undergraduate: Undergraduate - Online
Economist careers can be broken down, broadly, into two different branches. Micro-economists study the transactions that take place between individual firms.
Economists analyze how the prices of raw materials affect the price and supply of certain goods from certain producers, and how these changes affect customer behaviors. Macroeconomists study entire economies, and record and predict trends in larger economic behaviors.
Economists work in a wide variety of industries. Governments at all levels employ economists to analyze the important aspects of their economy, gathering and analyzing data on employment, inflation, interest rates, taxes, and more.
At the highest level, the Federal Government employs economists not only to study the country’s economy, but also to help shape its economists help to set monetary policy (concerning the supply of money into circulation) and fiscal policy (concerning government taxing and spending) to keep the national economy moving smoothly.
Economists working for corporations or consulting firms employ their information for the benefit of their clients or employers in determining investment strategies.
Economists can study macroeconomic trends to attempt to predict how the economy will respond to certain world events and trends, and help the company shape its strategy accordingly, or they can study microeconomic factors, and help the company determine how much of a good or service it should supply, and at what price.
Economist Careers Path
Economists need a bachelor’s degree, often in economics, but some hold degrees in mathematics, finance, statistics, calculus, or other closely-related fields. However, for many higher-level positions within private companies and government fields, a graduate degree,often a Ph.D.,is required.
There are many different specialties within economics, including econometrics (the creation of complex models to predict economic behavior), international economics (tracking the interplay in world commerce and trade), labor economics (the study of how workers move and respond to changes in employment and wages), and many others. It is important to research the areas of economics that interest you before choosing an academic program.
Economist Careers: Compatible Personality Traits
Excellent mathematical skills, understanding of statistics, impeccable attention to detail, strong computer skills, patience and determination to solve complex problems, good communication skills, excellent writing abilities
Economist Careers: Salary Expectations
On average, most economists earned between $59,000 and $114,000 annually. The median wage for economists is about $84,000. In March of 2009, the average salary for Federal Government economists was just slightly over $118,000.
Economist Careers: Job Outlook
Employment for economists is likely to grow somewhat slower than the national average for all occupations. Though demand for economic training is likely to grow, most of these workers will find employment in related fields such as business and finance.
Job prospects in economics will be best for those holding graduate degrees. Employment is expected to expand the fastest in the private sector, with corporations and consultancy firms hiring more economists than governments.
Slightly off the Footpath
Source: Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, 2010-11 Edition, Psychologists, on the Internet at http://www.bls.gov/oco/ocos055.htm (visited August 16, 2011).
