An economic analyst may work for governmental agencies, investment firms, and other business organizations. Their job is to analyze economic data like demand and supply, the GDP, to help employers make quality decisions.
Economic analysts make forecasts based on data from multiple sources, conduct research, and run simulations. From there, they develop models and scenarios, adjust for their probability of occurrence and success, and make recommendations.
As an economic analyst, you may also be responsible for providing data to drive sales and marketing efforts in your organization. You'll require skills like analytical thinking, problem-solving, programming, and an acute understanding of statistical software.
You'll also require a bachelor's degree in economics, finance, statistics, and related fields. Employers favor advanced degrees and prior work experience when hiring to fill this role.
There is more than meets the eye when it comes to being an economic analyst. For example, did you know that they make an average of $33.24 an hour? That's $69,148 a year!
Between 2018 and 2028, the career is expected to grow 6% and produce 20,300 job opportunities across the U.S.
There are certain skills that many economic analysts have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed computer skills, math skills and detail oriented.
If you're interested in becoming an economic analyst, one of the first things to consider is how much education you need. We've determined that 71.2% of economic analysts have a bachelor's degree. In terms of higher education levels, we found that 23.4% of economic analysts have master's degrees. Even though most economic analysts have a college degree, it's impossible to become one with only a high school degree or GED.
Choosing the right major is always an important step when researching how to become an economic analyst. When we researched the most common majors for an economic analyst, we found that they most commonly earn bachelor's degree degrees or master's degree degrees. Other degrees that we often see on economic analyst resumes include doctoral degree degrees or associate degree degrees.
You may find that experience in other jobs will help you become an economic analyst. In fact, many economic analyst jobs require experience in a role such as internship. Meanwhile, many economic analysts also have previous career experience in roles such as research assistant or finance analyst.