Economist

Economist Career Overview

Economists are experts in the field of economics and often work for federal, state, or local governments to prepare surveys, collect data, and analyze the findings. Commonly, economists create forecasts for the financial future and help governments determine policies related to taxes, trade, and wages. In addition, some economists may work for private organizations, universities, and other post-secondary institutions where they study topics such as employment, interest rates, the stock market, and taxes. Those hoping to enter the field should have an interest in mathematics and research, since much of what an economist does involves numbers, charts, and computer models.

Economist Training and Education

At a minimum, a bachelor's degree in economics from an accredited university is required for most entry-level jobs in the field. Those applying for entry-level positions within the federal government must have a minimum of 21 semester hours of economics in addition to three semester hours of statistics, accounting, or calculus..

Most aspiring economists, especially those hoping to find jobs in the private sector, choose to go beyond undergraduate work to obtain a master's or Ph.D. degree. Professionals with more advanced degrees are qualified for higher-level careers in the field, and oftentimes work in subspecialties such as econometrics, international economics, and labor economics.

Additional internships and experience with analyzing date, conducting interviews, and writing reports are also considered helpful for those starting out in the field, as these are many of the duties that entry-level economists will be given when starting their first job.

Economist Career and Salary Outlook

Although job growth for economists is expected to be slower than average in the coming years, prospects will be best for those candidates with a master's or Ph.D. in economics and strong mathematics, statistics, and computer skills. In addition, economists working in the private sector can expect to see more job openings in the future, as an increasing number of companies continue hiring economists to conduct financial research.

Salaries for economists vary greatly depending on the employer and level of education. Overall, however, the middle half of all economists earned between $55,740 and $103,500 in 2006, with the highest-earning 10 percent bringing home more than $136,550 a year.

Career Fields/Specializations

Macroeconomist

Macroeconomists study the historical trends of large government economies with specific regard for a country's unemployment, inflation, productivity, and investments. Many macroeconomists work for the federal government or large consulting firms.

Microeconomist

Microeconomists analyze the supply and demand decisions of households, firms, and small states with limited resources. Unlike macroeconomics, which studies the total economic activity of large governments, microeconomists analyze market failure and research the conditions needed for perfect competition.

Industrial Economist

Industrial economists, also known as organizational economists, focus much of their work on antitrust policies that impact the structure of various financial markets. The majority of professionals working in this field are employed by large corporations in the private sector.

International Economist

International economists work largely for government organizations to study worldwide financial markets and exchange rates, and use their findings to forecast future trade policies.

Labor Economist

Labor economists work for federal and state governments, where they help determine minimum wage laws by researching supply and demand ratios. They may also be asked to produce reports explaining current unemployment rates and what can be done to improve them.

Econometrician

Econometricians use statistical and mathematical methods such as calculus, game theory, and regression analysis to formulate economic models and explain economic problems. Econometricians are concerned primarily with research, and work largely for private companies, although some are also employed by government organizations to determine tax legislation and economic inflation.

Article Resources

Bureau of Labor Statistic
http://www.bls.gov/oco/ocos055.htm
http://www.bls.gov/k12/social01.htm

National Association for Business Economics (NABE)
American Economic Association