- Summary
- What They Do
- Work Environment
- How to Become One
- Pay
- Job Outlook
- Similar Occupations
- More Info
Summary
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Quick Facts: Economists | |
---|---|
2021 Median Pay | $105,630 per year $50.79 per hour |
Typical Entry-Level Education | Master's degree |
Work Experience in a Related Occupation | None |
On-the-job Training | None |
Number of Jobs, 2021 | 16,900 |
Job Outlook, 2021-31 | 6% (As fast as average) |
Employment Change, 2021-31 | 1,000 |
What Economists Do
Economists collect and analyze data, research trends, and evaluate economic issues for resources, goods, and services.
Work Environment
Although the majority of economists work independently in an office, many collaborate with other economists and statisticians. Most economists work full time during regular business hours, but occasionally they work overtime to meet deadlines.
How to Become an Economist
Economists typically need at least a master’s degree to enter the occupation. However, some entry-level jobs—primarily in the federal government—are available for workers with a bachelor’s degree.
Pay
The median annual wage for economists was $105,630 in May 2021.
Job Outlook
Employmentof economists is projected to grow 6 percent from 2021 to 2031, about as fast as the average for all occupations.
About 1,400 openings for economists are projected each year, on average, over the decade. Many of those openings are expected to result from the need to replace workers who transfer to different occupations or exit the labor force, such as to retire.
Explore resources for employment and wages by state and area for economists.
Similar Occupations
Compare the job duties, education, job growth, and pay of economists with similar occupations.
More Information, Including Links to O*NET
Learn more about economists by visiting additional resources, including O*NET, a source on key characteristics of workers and occupations.
What Economists Do About this section
Economists prepare reports, tables, and charts.
Economists study the production and distribution of resources, goods, and services by collecting and analyzing data, researching trends, and evaluating economic issues.
Duties
Economists typically do the following:
- Research economic issues
- Conduct surveys and collect data
- Analyze data using mathematical models, statistical techniques, and software
- Present research results in reports, tables, and charts
- Interpret and forecast market trends
- Advise businesses, governments, and individuals on economic topics
- Recommend solutions to economic problems
- Write articles for academic journals and other media
Economists apply both qualitative and quantitative economic analysis to topics within a variety of fields, such as education, health, development, and the environment. Some economists study the cost of products, healthcare, or energy, while others examine employment levels, business cycles, exchange rates, taxes, inflation, or interest rates.
Economists often study historical trends and use them to make forecasts. They research and analyze data using a variety of software programs. They sometimes present their research to various audiences.
Many economists work in federal, state, and local government. Federal government economists collect and analyze data about the U.S. economy, including employment, prices, productivity, and wages, among other types of data. They also project spending needs and inform policymakers on the economic impact of laws and regulations.
Economists working for corporations help managers and decisionmakers understand how the economy will affect their business. Specifically, economists may analyze issues such as consumer demand and sales to help a company maximize its profits.
Economists also work for international organizations, research firms, and think tanks, where they study and analyze a variety of economic issues. Their analyses and forecasts are frequently published in newspapers and journals.
Many PhD economists become postsecondary teachers.
Work Environment About this section
Economists typically work with computers.
Economists held about 16,900 jobs in 2021. The largest employers of economists were as follows:
Federal government, excluding postal service | 28% |
Management, scientific, and technical consulting services | 17 |
Scientific research and development services | 12 |
State government, excluding education and hospitals | 10 |
Finance and insurance | 5 |
Economists typically work independently in an office. However, many economists collaborate with other economists and statisticians, sometimes working on teams. Some economists work from home, and others may be required to travel as part of their job or to attend conferences.
Economists spend much of their time using computers to analyze data, review research, or write findings.
Work Schedules
Most economists work full time. In addition to working full time at a business or university, some economists consult part-time. Some perform work that may require overtime hours.
How to Become an Economist About this section
Communication skills are important for economists, since they sometimes present research to colleagues.
Economists typically need at least a master’s degree to enter the occupation. However, some entry-level jobs—primarily in government—are available for workers with a bachelor’s degree.
Education
Economists typically need a master’s degree or Ph.D. Positions in business, research, or international organizations often require a combination of graduate education and work experience. In addition, courses that introduce students to statistical analysis software are helpful.
Students can pursue a graduatedegree in economics with a bachelor’s degree in a number of fields, including economics, business, and mathematics. A Ph.D. in economics may require several years of study after earning a bachelor’s degree, including completion of research in a specialty field.
Candidates with a bachelor’s degree may qualify for some entry-level economist positions, including jobs with the federal government. A graduate degree is sometimes required for advancement to higher level positions.
Other Experience
Aspiring economists can gain valuable experience from internships where the work involves gathering and analyzing data, researching economic issues and trends, and writing reports on their findings. In addition, related experience, such as using statistical analysis software, can be advantageous.
Important Qualities
Analytical skills. Economists must be able to review data in detail, observe patterns, perform advanced calculations, and draw logical conclusions. For example, labor economists analyze the effects of labor policies on employment.
Critical-thinking skills. Economists must be able to use logic and reasoning to solve complex problems. For instance, they might identify how economic trends may affect an organization.
Speaking skills. Economists must be able to explain their work to others. They often give presentations and explain reports to clients who may not have a background in economics.
Writing skills. Economists must be able to present their findings clearly. Many economists prepare reports for colleagues or clients; others write for publication in journals or for news media.
Pay About this section
Economists
Median annual wages, May 2021
- Economists
$105,630
- Social scientists and related workers
$80,890
- Total, all occupations
$45,760
Note: All Occupations includes all occupations in the U.S. Economy.
Source: U.S. Bureau of Labor Statistics, Occupational Employment and Wage Statistics
The median annual wage for economists was $105,630 in May 2021. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $62,460, and the highest 10 percent earned more than $193,690.
In May 2021, the median annual wages for economists in the top industries in which they worked were as follows:
Finance and insurance | $163,640 |
Federal government, excluding postal service | 125,950 |
Management, scientific, and technical consulting services | 117,510 |
Scientific research and development services | 101,910 |
State government, excluding education and hospitals | 82,220 |
Most economists work full time. Some perform work that may require overtime hours.
Job Outlook About this section
Economists
Percent change in employment, projected 2021-31
- Economists
6%
- Social scientists and related workers
5%
- Total, all occupations
5%
Note: All Occupations includes all occupations in the U.S. Economy.
Source: U.S. Bureau of Labor Statistics, Employment Projections program
Employmentof economists is projected to grow 6 percent from 2021 to 2031, about as fast as the average for all occupations.
About 1,400 openings for economists are projected each year, on average, over the decade. Many of those openings are expected to result from the need to replace workers who transfer to different occupations or exit the labor force, such as to retire.
Employment
Organizations across many industries use economic analysis and quantitative methods to study and forecast business, sales, and other market trends. Employment demand is expected to be strong for these workers, as organizations increasingly turn to economists to apply analysis of big data to pricing, advertising, and other areas. The increasing complexity of the global economy and a more competitive business environment also are expected to support demand for economists.
Occupational Title | SOC Code | Employment, 2021 | Projected Employment, 2031 | Change, 2021-31 | Employment by Industry | ||
---|---|---|---|---|---|---|---|
Percent | Numeric | ||||||
SOURCE: U.S. Bureau of Labor Statistics, Employment Projections program | |||||||
Economists | 19-3011 | 16,900 | 17,800 | 6 | 1,000 | Get data |
State & Area Data About this section
Occupational Employment and Wage Statistics (OEWS)
The Occupational Employment and Wage Statistics (OEWS) program produces employment and wage estimates annually for over 800 occupations. These estimates are available for the nation as a whole, for individual states, and for metropolitan and nonmetropolitan areas. The link(s) below go to OEWS data maps for employment and wages by state and area.
Projections Central
Occupational employment projections are developed for all states by Labor Market Information (LMI) or individual state Employment Projections offices. All state projections data are available at www.projectionscentral.org. Information on this site allows projected employment growth for an occupation to be compared among states or to be compared within one state. In addition, states may produce projections for areas; there are links to each state’s websites where these data may be retrieved.
CareerOneStop
CareerOneStop includes hundreds of occupational profiles with data available by state and metro area. There are links in the left-hand side menu to compare occupational employment by state and occupational wages by local area or metro area. There is also a salary info tool to search for wages by zip code.
Similar Occupations About this section
This table shows a list of occupations with job duties that are similar to those of economists.
Occupation | Job Duties | ENTRY-LEVEL EDUCATION | 2021 MEDIAN PAY | |
---|---|---|---|---|
Actuaries | Actuaries use mathematics, statistics, and financial theory to analyze the economic costs of risk and uncertainty. | Bachelor's degree | $105,900 | |
Budget Analysts | Budget analysts help public and private organizations plan their finances. | Bachelor's degree | $79,940 | |
Data Scientists | Data scientists use analytical tools and techniques to extract meaningful insights from data. | Bachelor's degree | $100,910 | |
Financial Analysts | Financial analysts guide businesses and individuals in decisions about expending money to attain profit. | Bachelor's degree | $95,570 | |
Market Research Analysts | Market research analysts study consumer preferences, business conditions, and other factors to assess potential sales of a product or service. | Bachelor's degree | $63,920 | |
Mathematicians and Statisticians | Mathematicians and statisticians analyze data and apply computational techniques to solve problems. | Master's degree | $96,280 | |
Operations Research Analysts | Operations research analysts use mathematics and logic to help solve complex issues. | Bachelor's degree | $82,360 | |
Political Scientists | Political scientists study the origin, development, and operation of political systems. | Master's degree | $122,510 | |
Postsecondary Teachers | Postsecondary teachers instruct students in a variety of academic subjects beyond the high school level. | See How to Become One | $79,640 | |
Survey Researchers | Survey researchers design and conduct surveys and analyze data. | Master's degree | $59,740 | |
Urban and Regional Planners | Urban and regional planners develop land use plans and programs that help create communities, accommodate population growth, and revitalize physical facilities. | Master's degree | $78,500 |
Contacts for More Information About this section
For more information about economists, visit
For information about careers in business economics, visit
National Association for Business Economics
For information on federal government education requirements for economist positions, visit
U.S. Office of Personnel Management
O*NET
Suggested citation:
Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, Economists,
at https://www.bls.gov/ooh/life-physical-and-social-science/economists.htm (visited March 16, 2023).
Last Modified Date: Monday, February 6, 2023
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