For entry-level positions, economists are required to have a bachelor’s degree. Notably, economists should have excellent analytical and quantitative skills, and relevant work experience. Owing to increased competition in the job market, holders of economic degrees work as market analysts or financial analysts. Economists study historical data. They also forecast about employment levels, interest rates, taxes, inflation, business cycles, healthcare and exchange rates. Senior economists work for renowned institutions such as the International Monetary Fund, the World Bank and United Nations.
Economists specialize in different fields. They are known to develop mathematical models to test economic relationships. Behavioral economists focus their studies on the effects of social and psychological factors on individual’s economic decisions. Labor economists study the demand and supply of labor whereas financial economists analyze risks, investments and savings. Macro-economists focuses on the economy as a whole. The others are industrial organization economists, international economists, public finance economists, and micro-economists. In summary, 58 percent of economists hold doctoral degree, 29 percent have master’s degree, and 8 percent have bachelor’s degree.