Economists work in a variety of jobs across all sectors. Most are employed by governments where they help shape economic policy by forecasting where the economy is heading using a variety of indicators, ranging anywhere from gross national product to unemployment. Typically, getting a job as an economist requires at least a bachelor’s degree in economics, although most of the top positions now require a master’s or PhD. To get the best research positions or spots with international organizations, students will need both advanced education and work experience.

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Students who study economics must start with a strong ability in math. Earning a PhD will require years spent doing specialized research. Those who stop at earning a bachelor’s degree often go into other, related fields such as market research or analysis.

Important qualities include:

  • Analytical skills
  • Critical-thinking skills
  • Detail orientation
  • Math skills
  • Speaking skills
  • Writing skills

Job Duties for Economists

More than half of all economists work at some level of government — federal, state or local. Economists who work for the federal government analyze economic data to help inform lawmakers on fiscal policy as well as the financial impact of legislation.

Those who work for corporations do the same kind of work, except they concentrate on how laws and economic trends will affect a business.

There are many different types of economists, including:

  • Econometricians. They use mathematical models to test economic trends.
  • Financial economists. They analyze the financial markets, focusing on savings, investment and risk.
  • Industrial organization economists. They focus on one particular sector of the economy, reporting on how companies within it interact and compete.
  • Labor economists. They study the workforce availability and needs for a corporation, focusing on wages and where they should be set.

Job Outlook in the Field of Economics

The U.S. Bureau of Labor Statistics (BLS) projects the number of jobs in the field of economics will grow by about 6 percent by 2020. The demand may be best in private industry, where companies are looking to take advantage of the detailed forecasting and statistical analysis that economists provide.

As with many occupations, those with master’s and doctorate degrees, along with solid industry experience, will typically find employment easier to earn.

The median pay for economists was $89,450 in 2010, with the top 10 percent earning more than $155,000. Those working in scientific research earned the most, on average, at about $109,720. They were followed closely, in terms of salary earned, by those working in the federal government executive branch, who earned $106,840.