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Economist
Economists conduct research about local, national, and international economic conditions. To conduct their research, they create surveys to collect information, and then they review it to make conclusions. Many economists also predict future economic conditions from their research. Among the many things economists specialize in include the stock market, interest rates, labor markets, prices, and other important economic factors. Many specialize in banking and monetary policy. Economists should have good writing skills since describing their research to others is an important aspect of their careers.
Certain economists are employed by government agencies. They work with these agencies on trade, spending, tax, and labor policies.
Many economists work in the private sector to help managers determine prices and products to market and sell.
Economists use computers, review data, and develop charts. They usually work regular 40 hour weeks. They frequently work by themselves while conducting research, but they also occasionally work with groups. Economists are frequently given project completion deadlines.
How do you prepare for this career?
Most companies hiring economists will only hire those that have completed a master’s or Ph.D. program in economics. However, federal government agencies will hire individuals with bachelor’s degrees in entry level positions.
Those interested in beginning careers as economists should enroll in computer science, economics, and numerous math classes. Since economists prepare reports, it is also important to enroll in courses that will improve writing skills.
How much will I earn?
Salaries for economists in the 50th percentile were between $55,740-103,500 during 2008. Those with salaries near the lower 10th percentile made $42,280 or less while those in the upper 10th percentile made $136,550 or more annually.
How many jobs are there?
During 2008, nearly 15,000 economists were employed in the United States. More than 50 percent of economists were employed by government agencies. Banks, consulting companies, and other firms also had economists on their payrolls. Some economists managed their own businesses.
What is the future outlook for this career?
Job growth for economists is expected to increase at the same rate as growth in other industries until 2016. However, many economists will find research related jobs. Government agencies will hire more economists to conduct research about new legislative initiatives. Some individuals with training in economics will hold different position titles with their companies.
Economists with advanced degrees and good computer and math skills will have more job opportunities than other candidates. Those with bachelor's degrees will experience intense competition for new openings.
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