Economist Careers

economist-500For 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.

Economist Career Snapshot

Most economists work independently for local, state and federal government, think tanks and research firms on full-time basis during the normal business hours. Some of them partner with statisticians and other economists to work overtime to complete certain commitments on time.

Further details on a career as an economist are listed below (statistics from the May 2016 Bureau of Labor Statistics and Onet Online):


is the average yearly salary for economists.


increase in employment between 2014 and 2024.


have a Doctoral degree while 29% have a Master’s degree.

Economist Education

To work for international organization, research companies and businesses, an economist should be a graduate, have extensive work experience and a master’s or doctorate degree in economics. Higher-level positions require an economist to have math skills, analytical competence, writing excellence, critical-thinking abilities and communication skills. Additional certification and educational background is an added advantage to an economist.

Economist Job Duties

Economists are mandated with the duty of researching and analyzing economic issues using statistical techniques and mathematical models. In addition, these professionals prepare charts, tables and reports that forecast and interpret market trends. Regularly, economists design policies that are geared towards addressing various economic problems besides advising governments, corporations and individuals on the same.

Economist Salaries

The median salary of an economist is $101,050 per year as shown in May 2016 statistics. The highest paid economists, approximately 10 percent, receive a median yearly pay of $181,060 while the lowest paid (10 percent) take home $55,150 per year.

Economist Job Outlook

Between 2014 and 2024, there is expected to be a growth of 6 percent in the number of economists employed. This demand will be particularly high in the private sector owing to the increasing intricacy of the global economy, competitive business environment and enhanced financial regulations.

Economist Skills & Traits

Economist Skill Set:Required Abilities:Tools Used by Economists:Typical Work Activities:
• Active Listening
• Critical Thinking
• Mathematics
• Speaking
• Deductive Reasoning
• Inductive Reasoning
• Written Comprehension
• Written Expression
• Desktop computers
• Maintrame computers
• Laptop computers
• Personal computers
• Analyzing Data or Information
• Getting Information
• Interacting With Computers
• Making Decisions and Solving Problems

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