Economist Career Guide

What is an economist?

An economist studies how people use resources, goods, and services. They look at data, spot trends, and think about economic problems. Economists help companies, governments, and individuals understand economic choices and plan for policies. They work in many areas like education, health, and the environment and use their skills to help improve how resources are used, grow the economy, keep the economy stable, and make people’s lives better.

Duties and responsibilities

• Research: Economists do surveys, collect data, and check out economic issues.
• Analysis: They predict market trends and explain what could happen with different policies, like new tax laws or trade rules.
• Advice: They help businesses and governments understand the effects of their decisions.
• Reports: They write reports that explain economic ideas in simple ways for everyone to understand.

Work environment

Economists work in offices for governments, international groups, consulting firms, research groups, or schools. They often work with other experts like statisticians and accountants. More economists can work from home now thanks to digital tools.

Typical work hours

Most economists work full-time, usually Monday to Friday during the day. Sometimes, they work extra to finish projects or travel for work. If they teach, their days might include classes, research, and other school tasks.

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How to become an economist

Becoming an economist involves several steps, from schooling to gaining real-world experience. Here’s a step-by-step guide to get you started:

Step 1: Finish high school

To start, you’ll need a high school diploma. Focus on math, social studies, data analysis, and English to build a good base for your problem-solving and communication skills.

Step 2: Earn a bachelor’s degree

Next, go for a four-year degree in economics or something similar like political science or business. Your classes will cover topics like microeconomics and statistics. Learning how to use data analysis software like Excel or Stata is also a good idea.

Step 3: Do an internship

Internships are key. They let you see how economics is used in the real world and can help you make connections that might be important for your future jobs.

Step 4: Consider higher education

For jobs that need deeper economic knowledge or involve research, you’ll likely need a master’s degree or even a Ph.D. These programs go into more complex areas of economics.

Step 5: Gain work experience

After school, start working in positions like economic analyst or research assistant. This will let you use what you’ve learned and start focusing on a specific area of economics.

Step 6: Think about certification

Finally, you might want to get certified. For example, the Certified Business Economist credential can help boost your career. It requires passing exams, having work experience, and ongoing learning.

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How much do economists make?

Economist salaries will vary by experience, industry, education, location, and organization size. In this field, salaries can be particularly influenced by their level of education, specialization within economics, and how well-established the institution or company employing them is in its respective industry.

Highest paying industries

• Securities and Commodity Contracts: $141,260
• Management, Scientific, and Technical Consulting Services: $135,590
• Federal Govt Executive Branch: $119,580
• Scientific Research and Development Services: $118,770
• Credit Intermediation: $116,900

Browse economist salary data by market

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Types of economists

Economists can specialize in different areas depending on what part of the economy they are interested in. Here’s a quick look at some common types:

Macroeconomist

These economists look at the big picture of the economy. They check out things like inflation, unemployment, and how fast the economy is growing. Their job is to help figure out where the economy is headed and give advice on big national policies.

Microeconomist

Unlike macroeconomists, microeconomists zoom in on specific parts of the economy. They study how people behave in markets, how resources are distributed, and how different industries operate.

Financial economist

If you like the financial world, this might be the job for you. Financial economists study how money markets work. They help make models for investing and managing risks, and they give advice to companies, banks, and governments.

Econometrician

Econometricians are where math meets economics. They use math and statistics to test economic theories and make sense of economic data. They’re all about finding out how strong the connections are in the economy using numbers.

Behavioral economist

Behavioral economists dig into why people make the economic decisions they do, looking at factors like emotions, culture, and psychology. This field shows how sometimes people’s choices don’t fit the typical economic models because they’re not always purely rational.

Environmental economist

These economists are super important today because they focus on how economics connects with the environment. They look at how policies can impact things like air and water pollution, use of natural resources, and climate change. They work on finding solutions that are good for both the economy and the planet.

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Top skills for economists

Becoming a good economist involves more than just loving data and numbers. Here are the key skills you’ll need:

Analytical skills

Economists must be great at analyzing data. You need to look at the numbers, spot trends, and use this info to guess what might happen next. These skills help in making plans and setting policies.

Mathematical abilities

Math is a big part of their job. You should be good at calculus, statistics, and other math areas. You’ll use these skills to study economic patterns and do research.

Communication skills

It’s important to explain your findings clearly, whether you’re talking to government officials or the public. You need to write clear reports and simplify complex data so everyone can understand.

Critical thinking

You have to think deeply about different economic situations and come up with the best solutions. This means looking at problems from various angles and thinking about what could work best.

Attention to detail

Economics data is very sensitive, and small mistakes can lead to big errors in conclusions. So, paying close attention to every little detail is super important.

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Economist career path options

As an economist, you have several exciting career paths to choose from. Here’s a look at some common directions you might take:

Climb to senior economist

If you want to move up in the ranks, you might become a senior economist. In this role, you’d take on more responsibilities and might even lead a team of younger economists. This is a common step for those working in companies.

Become a policy advisor

For those interested in impacting laws and policies, working as a policy advisor for a government agency or department is a great option. Economists in these roles are crucial in shaping how economic policies are drafted and implemented.

Work in academia

If you love research and teaching, you might aim to become a professor or research scholar. This path lets you dive deep into economic studies and share your knowledge with students, which can be very rewarding.

Enter the consulting world

Many economists also choose to go into consultancy. This job uses your analytical skills to help businesses plan their economic strategies, predict financial trends, and understand market dynamics. Consulting can offer a lot of flexibility and the chance to work with different industries.

Start your own business

With enough experience and a strong reputation, some start their own consultancies or think tanks. This is a big step but can be very rewarding if you’re ready to run your own business.

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Similar job titles

• Financial Analyst
• Data Scientist
• Business Analyst
• Data Analyst
• BI Analyst
• Financial Manager
• Finance Director
• Risk Manager

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Position trends and outlook for economists

The field of economics is constantly evolving, especially with new technologies and societal needs. Here are the latest trends and what they mean for the future of economists:

• Big data and analytics: Nowadays, there’s a huge focus on big data. They are expected to not just understand but also manage and analyze vast amounts of data.
• Climate change and sustainability: Another big shift is the focus on climate change and sustainability. Economists use their expertise to study how environmental policies affect the economy.

Employment projections

According to the U.S. Bureau of Labor Statistics, jobs for economists are expected to grow by 6% through 2032, which is faster than average. This growth is driven by the need to understand complex economic issues and the increased reliance on statistical analysis to make informed decisions.

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Economist career tips

Understand the industry

It’s crucial to have a deep understanding of the economic landscape you’re working in. Keep up with economic trends, policy changes, and market dynamics that can influence your job. A solid grasp of market principles and data analysis can give you an edge over others and propel your career forward.

Master technical skills

Sharpen your technical abilities, especially in statistics and mathematics, as they are vital for economic analysis. Focus on mastering econometrics and statistical analysis. Learn to use data analysis tools and software effectively, as these are essential for providing accurate data interpretations and improving efficiency.

Get certified

Consider getting a certification to enhance your credibility and marketability. While not mandatory for all roles, certifications like the Certified Business Economist (CBE) from the National Association for Business Economics highlight your proficiency in economics and analytics, making you a more attractive candidate in competitive job markets.

Build a professional network

Networking is key in the economics field. Connect with other professionals to gain insights, learn about new opportunities, and receive guidance. To expand your network and resources, join organizations like:

• American Economic Association
• National Association for Business Economics
• International Economic Association
• American Association of Agricultural Economists

Keep learning

Stay informed about the latest developments in economics. The field is always evolving, and keeping up with new theories, strategies, and tools will enhance your knowledge and keep you competitive. Ways to continue learning include:

• Reading economics books and journals
• Taking specialized online courses in areas like data analysis
• Attending economics conferences and industry webinars
• Staying updated on the latest data analysis software and tools

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