Economists
by BLS.gov
Job Description
According to the Bureau of Labor Statistics, economists study how society distributes resources, such as land, labor, raw materials, and machinery, to produce goods and services. They conduct research, collect and analyze data, monitor economic trends, and develop forecasts on a wide variety of issues, including energy costs, inflation, interest rates, exchange rates, business cycles, taxes, and employment levels, among others.
Economists in the Federal Government administer most of the surveys and collect the majority of the economic data about the United States. For example, economists in the U.S. Department of Commerce collect and analyze data on the production, distribution, and consumption of commodities produced in the United States, and economists employed by the U.S. Department of Labor collect and analyze data on the domestic economy, including data on prices, wages, employment, productivity, and safety and health. They advise policy makers in areas such as the deregulation of industries, the effects of changes to Social Security, the effects of tax cuts on the budget deficit, and the effectiveness of imposing tariffs on imported goods. An economist working in State or local government might analyze data on the growth of school-age or prison populations and on employment and unemployment rates to project future spending needs.
Educational Requirements
According to the Bureau of Labor Statistics,
some entry-level positions for economists are available to those with a bachelor’s degree, but higher degrees are required for many positions. A master’s or Ph.D. degree in economics is required for many private sector economist jobs and for advancement to higher-level positions. In the Federal Government, candidates for entry-level economist positions must have a bachelor’s degree with a minimum of 21 semester hours of economics and three hours of statistics, accounting, or calculus, or a combination of education and experience.
Whether working in government, industry, research organizations, or consulting firms, economists with a bachelor’s degree usually qualify for entry-level positions as a research assistant, for marketing or finance positions, or for various sales jobs. A master’s degree usually is required to qualify for more responsible research and administrative positions. A Ph.D. is necessary for top economist positions in many organizations.
Job Outlook
According to the Bureau of Labor Statistics, employment of economists is expected to grow more slowly than the average for all occupations. The demand for workers who have knowledge of economics is projected to grow faster, but these workers will commonly find employment in fields outside of economics, such as business, finance, or insurance. Job prospects for economists will be best for those with graduate degrees in economics.
Employment growth should be fastest in private industry, especially in management, scientific, and technical consulting services.
The above information is provided by the <Bureau of Labor Statistics.