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Job outlook for economic research analysts in the United States
Are economic research analyst jobs in demand?
Economic research analyst job and salary trends over time
Economic research analyst jobs over time
Economic research analyst job growth rate over time
| Year | # of jobs | % of population |
|---|---|---|
| 2021 | 160 | 0.00% |
| 2020 | 152 | 0.00% |
| 2019 | 149 | 0.00% |
| 2018 | 140 | 0.00% |
| 2017 | 131 | 0.00% |
Average economic research analyst salary over time
Economic research analyst salary by year
| Year | Avg. salary | Hourly rate | % Change |
|---|---|---|---|
| 2025 | $78,261 | $37.63 | +3.2% |
| 2024 | $75,858 | $36.47 | +1.1% |
| 2023 | $75,062 | $36.09 | --0.2% |
| 2022 | $75,193 | $36.15 | +1.1% |
| 2021 | $74,396 | $35.77 | +0.7% |
Economic research analyst jobs by state
Most common states for economic research analysts
| Rank | State | Population | # of jobs | Employment/ 1000ppl |
|---|---|---|---|---|
| 1 | District of Columbia | 693,972 | 369 | 53% |
| 2 | Vermont | 623,657 | 140 | 22% |
| 3 | Rhode Island | 1,059,639 | 211 | 20% |
| 4 | Virginia | 8,470,020 | 1,649 | 19% |
| 5 | Delaware | 961,939 | 181 | 19% |
| 6 | Oregon | 4,142,776 | 740 | 18% |
| 7 | New Hampshire | 1,342,795 | 246 | 18% |
| 8 | Minnesota | 5,576,606 | 931 | 17% |
| 9 | Colorado | 5,607,154 | 914 | 16% |
| 10 | South Dakota | 869,666 | 136 | 16% |
| 11 | North Dakota | 755,393 | 111 | 15% |
| 12 | Pennsylvania | 12,805,537 | 1,742 | 14% |
| 13 | Utah | 3,101,833 | 443 | 14% |
| 14 | Nebraska | 1,920,076 | 267 | 14% |
| 15 | Wyoming | 579,315 | 82 | 14% |
| 16 | California | 39,536,653 | 5,156 | 13% |
| 17 | New Jersey | 9,005,644 | 1,185 | 13% |
| 18 | Massachusetts | 6,859,819 | 866 | 13% |
| 19 | Montana | 1,050,493 | 136 | 13% |
| 20 | Illinois | 12,802,023 | 1,582 | 12% |
Most common cities for economic research analysts
| Rank | City | # of jobs | Employment/ 1000ppl | Avg. salary |
|---|---|---|---|---|
| 1 | Annapolis | 1 | 3% | $103,821 |
| 2 | Stamford | 1 | 1% | $93,984 |
| 3 | Atlanta | 1 | 0% | $71,211 |
Economic Research Analyst job outlook: Expert opinions
Our panel of economic research analyst experts
University of Northern Iowa
College of New Jersey, The
Christopher Newport University
Michigan State University
Rutgers, The State University of New Jersey
North Dakota State University
University of Nebraska - Omaha
University of Nebraska - Omaha
Middlebury College
Lafayette College
Furman University
University of Cincinnati
Pepperdine University
Augsburg University
Western Kentucky University
Kent State University
Chrissy Daeschner OTD, MS, OTR/L
Capstone CoordinatorWhat general advice would you give to an Economic Research Analyst?
Chrissy Daeschner OTD, MS, OTR/L: By saying "Yes". Most companies have standard salaries or small scale for adjusting salary. Per Diem jobs, research interventionist, additional weekend on call, adjunct jobs, and other opportunities gives you the ability to increase salary and opportunities.
What Economic Research Analyst skills would you recommend for someone trying to advance their career?
Chrissy Daeschner OTD, MS, OTR/L: Research skills will be extremely important as the use of evidence-based research in practice and value-based services are imperative. Leadership and entrepreneurship skills will also be important as we promote programming and services in community-based settings.
What will help Economic Research Analysts increase their earning potential?
Chrissy Daeschner OTD, MS, OTR/L: I would suggest they keep an open mind and don't be fearful of the unknown, embrace it. I think there is a lot of stress of a getting a certain job or style of job, but taking different opportunities increases your connections and experiences.
What general advice would you give to an Economic Research Analyst?
Zhengyang Chen He / him: To maximize your salary potential when starting your career in economics, consider two key strategies. First, aim to begin your career with a prestigious institution. If you're interested in macroeconomics, for instance, target organizations like the World Bank, International Monetary Fund, or Federal Reserve. These institutions not only offer competitive salaries but also provide invaluable experience and networking opportunities that can significantly boost your long-term earning potential. Second, consider pursuing advanced education, particularly a Ph.D. in economics or finance. While this requires a significant investment of time and effort, it can substantially increase your salary prospects, especially in research-oriented roles or high-level positions in financial institutions and consulting firms. A doctoral degree also opens doors to academic careers, which can be both intellectually rewarding and financially lucrative in the long run.
What Economic Research Analyst skills would you recommend for someone trying to advance their career?
Zhengyang Chen He / him: As a new graduate in economics, it's important to recognize the versatility of your degree. While you may not find many job postings explicitly requiring 'economics' as a skill, the discipline provides a robust foundation for various careers in the business world. Don't be discouraged if some people perceive economics as impractical; instead, focus on the valuable skills you've developed. Your training in critical thinking, economic modeling, and conceptual analysis equips you with a unique perspective that can be applied to diverse professional contexts. Use these skills to rapidly adapt to new work environments, acquire additional competencies, and navigate complex business situations. Your economics background gives you a distinct advantage in understanding market dynamics and decision-making processes, which are valuable in numerous industries.
What will help Economic Research Analysts increase their earning potential?
Zhengyang Chen He / him: In the past three decades and foreseeable future, data analytics skills are likely to become increasingly crucial in the economics field. This trend necessitates a strong foundation in statistics, probability theory, coding, and data visualization. The synergy between economics and data analytics is becoming more pronounced; economic theory provides the framework to interpret data meaningfully, while data analytics offers new avenues to test and refine economic models. Proficiency in programming languages like Python or R, familiarity with machine learning techniques, and the ability to communicate insights through effective data visualization will be highly sought after. These skills will not only make you more competitive in the job market but also enable you to contribute more substantially to economic research and policy analysis.
What general advice would you give to an Economic Research Analyst?
Dr. Piper Williams PhD: Students who major in AAS bring additional expertise and qualifications to any application - so a clear articulation of these could help to maximize salary potential. They will have: skills that will enable them to contribute to innovation in the workplace, a demonstrated capacity to think critically, communicate clearly, and solve complex problems, demonstrate ethical judgment and integrity; intercultural skills; and the capacity for continued new learning, critical thinking, complex problem-solving, written and oral communication, and applied knowledge in real-world settings.
What Economic Research Analyst skills would you recommend for someone trying to advance their career?
Dr. Piper Williams PhD: I would advise a graduate to reflect on what they've learned about the contributions, experiences, history and present reality of people of African descent in the New World. In addition, thinking about the skills they developed related to the major in African American Studies, including but not limited to: Research and Analysis, Writing, Public Speaking, Project Development and Completion, Ethical Reasoning, Listening, Teamwork and Collaboration, Perspective-Taking, Awareness of Context and what they call 'Cultural Competence. Use this education, to make the case that in addition to all the skills you can bring, the education offered by AAS will allow you to distinguish yourself as a candidate who can meet the needs the current moment demands. Black Americans encounter implicit racism in all walks of life: medicine and healthcare, law, politics and gov't, business and industry, performing arts and entertainment, sports, education, news media and social, community and humanitarian services. With this degree, you can enter almost any field and be more equitable to everyone you meet. (And by the way, in the list above, there are a number of people with a degree in African American Studies.)
What will help Economic Research Analysts increase their earning potential?
Dr. Piper Williams PhD: As the chair of African American Studies (AAS) at TCNJ, I know that an AAS major combines the strengths of the traditional liberal arts major with the community engagement, cultural, and social awareness that is at the heart of the African American scholarly tradition. Students graduating with a degree in African American Studies will have the intellectual and practical tools to pursue any number of careers requiring analytical ability, cultural competence, and creative problem-solving skills.
What Economic Research Analyst skills would you recommend for someone trying to advance their career?
Travis Taylor Ph.D.: The integration of technology and economics will deepen, making skills in data science and artificial intelligence increasingly vital for economists. Proficiency in programming languages such as Python, STATA, or R, along with a strong grasp of machine learning applications, will enhance marketability. These technical skills, coupled with the ability to effectively communicate complex data insights, will be useful. Soft skills such as project management and collaborative problem-solving will also be essential as economic projects often involve interdisciplinary teams. For those interested in non-profit administration, understanding public policy, fundraising, and program evaluation will be valuable, as these roles require both economic acumen and the ability to secure and manage resources efficiently.
What will help Economic Research Analysts increase their earning potential?
Travis Taylor Ph.D.: To maximize your salary potential, consider developing expertise in specialized, high-demand areas such as quantitative modeling, financial technology, or public policy analysis. Certifications in data analysis, economic modeling, or compliance can also make you more attractive to employers. Look for opportunities in sectors that traditionally pay well for economic expertise, including technology, finance, consulting, and select government positions. One can also consider roles in growth areas like international commerce and non-profit administration where skills in economic analysis and budget management are in-demand. Effective salary negotiations start with being well-informed about industry standards and articulating your unique value derived from education/training, internships, and project experiences.
What general advice would you give to an Economic Research Analyst?
Scott Imberman: Having good technical skills is more and more important. Being able to do advanced statistics, computer programming, and mathematical modeling is important for new economists. Familiarity with statistical and computing software like R, Julia, Python are all increasingly important for today's economics graduates.
What Economic Research Analyst skills would you recommend for someone trying to advance their career?
Scott Imberman: Think broadly about what jobs you can do. An economics degree is highly versatile and fits in many situations where it may not even be obvious. Yes, many people go into finance and business. But an econ degree provides students with the skills and ways of thinking to succeed in fields like public policy, health care management, teaching, and many others.
What will help Economic Research Analysts increase their earning potential?
Scott Imberman: Try to do as much math and statistics as you can when in school. An economics degree on it's own is highly valued but an economics degree with an advanced background in statistics, math, machine learning, and computer programming is a huge boon on the job market.
What general advice would you give to an Economic Research Analyst?
Gal Hochman: To pursue a career as an agricultural economist, it is essential to have a deep interest in and aptitude for making analytical decisions. This involves gaining a comprehensive understanding of economic theory, advanced mathematical concepts, proficiency in utilizing computer software, and mastering modern decision-making tools in finance, marketing, and management. Additionally, keeping up with the latest developments and trends in the agricultural sector is crucial for success in this field. In the coming years, statistical work will become increasingly important, with a greater emphasis on data-driven outcomes. Key topics that will guide the profession include climate change and its effects, food security and malnutrition, and rural development.
What Economic Research Analyst skills would you recommend for someone trying to advance their career?
Gal Hochman: An applied economist has many career opportunities, including positions related to food, natural resources, environmental management, and plant and animal industries. Graduates should seek entry-level positions in their areas of interest, gain hands-on experience, and learn from their peers and other professionals (from outside the field of economics). By understanding the challenges and successful strategies (of non-economists), they can apply this knowledge to their specific area of focus.
What general advice would you give to an Economic Research Analyst?
Christina Weber PhD: There are a number of skills that will be important. Soft skills such as creativity, adaptability, collaboration, emotional intelligence, and persuasion. In addition, there is a growing need for folks who have high cultural competence, especially with understanding the experiences of diverse groups. Finally, there is a need for folks to have skills in social science research—understanding how to develop research projects, conduct surveys, focus groups, as well as experience with programs such as GIS, SPSS, and r-studio.
What Economic Research Analyst skills would you recommend for someone trying to advance their career?
Christina Weber PhD: As stated above, I think that having the skills listed above with help a lot with this. I also think that doing research on the field they are entering, so they know the typical salary can help folks with negotiating their salary.
What will help Economic Research Analysts increase their earning potential?
Christina Weber PhD: My advice to students is to use the Career Center for support—practice interviewing, have several people read their resume. I also suggest people get on LinkedIn and start to develop their professional networks. Finally, I think folks should understand that careers happen over time and that your first job will likely not be your only job and that many people have winding career trajectories. It’s important to stay open and adaptable to the job market. Also, do not sell your skills short. You have a lot to add to the professional landscape.
Ben Smith Ph.D.
Department Chair and Associate ProfessorUniversity of Nebraska - Omaha
Business/Managerial Economics
What Economic Research Analyst skills would you recommend for someone trying to advance their career?
Ben Smith Ph.D.: Economics is the highest paid business field and one of the highest paid fields in general. Our knowledge of both domain business knowledge and statistical tools allows us to answer useful questions for organizations. Thus, our graduates are in high demand. Moreover, because economics is a set of skills more than set of facts, economists can move from industry to industry relatively easily. These skills can be applied in a winery or a baseball team just as much as they can be applied to a non-profit.
What will help Economic Research Analysts increase their earning potential?
Ben Smith Ph.D.: Econ majors can answer interesting questions and find truth about the world through the scientific method. We are the ‘prove it’ discipline where opinions don’t matter. Instead, we are evidence driven. Some do not like our field due to the difficulty of the math. Our field is very quantitative both in economic theory and statistical techniques.
What general advice would you give to an Economic Research Analyst?
John Lyden: Research skills (ability to find and interpret information), oral and written communication skills (ability to present information clearly), data analysis and interpretation, language interpretation and translation. Computer facility will be highly valued. Employers will include those in higher education, government, non-profits, research institutes, and museums.
What Economic Research Analyst skills would you recommend for someone trying to advance their career?
John Lyden: You should realize that your degree can lead to many careers, and that you can even change your career direction easily. Your degree has given you important skills in communication, critical thinking, analysis, and problem solving. Employers will see that you are good at adapting to new tasks and learning new skills that go well beyond the content you have studied.
What will help Economic Research Analysts increase their earning potential?
John Lyden: Convey to potential employers the range of skills you possess and the ways you have used them. If you had an internship, describe the skills you used and explain how they can apply to various jobs. Emphasize and demonstrate your communication and research skills. Give examples from the courses you took and explain the connections between them that have allowed you to utilize higher order thinking of analysis and synthesis. Your degree in Religion can also be combined with a complementary minor or double major and may lead you to graduate school in almost any field you choose to pursue.
What general advice would you give to an Economic Research Analyst?
Jeffrey Knopf: Some of the most important skills are traditional skills. Good communication skills are still number one. The ability to write well and communicate clearly will always help you. Qualitative research skills also remain important. The ability to learn from history or understand other cultures will always be valuable. Beyond this, I am seeing increasing demand for a variety of hard practical skills, such as data analytics or imagery analysis. Finally, in a world where the problems of misinformation and disinformation keep getting worse, critical thinking skills and the ability to discern what is true and what is fake will only increase in importance.
What Economic Research Analyst skills would you recommend for someone trying to advance their career?
Jeffrey Knopf: Getting your foot in the door is still the most important first step. For example, if you can get a government job, even if it's not your preferred position, it becomes easier to learn about other openings and to move lateral to something better. Doing a good job also helps. If you prove your worth to employers, they will want to keep you and promote you, or your bosses may want to bring you with them if they move elsewhere. Finally, it is good to have specific skills or training you can highlight. These might include being fluent in other languages or having data analytics skills, among others.
What will help Economic Research Analysts increase their earning potential?
Jeffrey Knopf: It's a good idea to be open to different possibilities. If a graduate is willing to say yes to an opportunity, even if it is not ideally what they were looking for, this can open the door to better opportunities down the road. Relationships with other people are also very important. The better you can get along with and work with other people, the more those people will become part of your network and maybe able to help you later on.
What general advice would you give to an Economic Research Analyst?
Brett Hendrickson PhD, MDiv (he/him): Remember that employers in many sectors want and need people with the skill set that Religious Studies teaches you. With a Religious Studies major, you have high levels of cultural competence and cultural empathy. Your critical thinking skills are matched by your ability to communicate your ideas in both oral and written formats. When it comes to problem-solving, you are highly skilled in studying and understanding the historical, political, and ethical contexts that guide people's decision making. You are an expert researcher, able to read and digest large amounts of text in a short amount of time.
What Economic Research Analyst skills would you recommend for someone trying to advance their career?
Brett Hendrickson PhD, MDiv (he/him): Religious Studies majors who wish to maximize their salary potential should be bold in articulating the digital research tools that they learned as part of their education. Religious Studies graduates know how to use and assess historical and cultural data from multiple online data sources. They should also emphasize their excellent interpersonal skills and that they are well-versed in interacting with diverse people on highly sensitive topics.
What will help Economic Research Analysts increase their earning potential?
Brett Hendrickson PhD, MDiv (he/him): The skills that will be even more important in the near and long-term future are culturally-competent communication, problem-solving and critical thinking, and information literacy.
What general advice would you give to an Economic Research Analyst?
Lori Bruce MA, MBE, HEC-C: Multidisciplinary partnership is critical, since bioethicists can be “gatekeepers;” their policies may influence which members of the public receive certain health services, and which do not receive them. Knowledge, applied cautiously! It’s important to have a nuanced understanding of many bioethics principles and theories, and apply them with caution, so that the most relevant values are influencing your work.
What Economic Research Analyst skills would you recommend for someone trying to advance their career?
Lori Bruce MA, MBE, HEC-C: If you only have a Bachelor’s degree in bioethics, your best bet is probably to get a position within research ethics. These positions are in academic institutions or private industry, and you can move up in management. You could work in Human Research Subject Protection, or for an Institutional Animal Care and Use Committees. All these positions mean you would review research studies and suggest modifications to ensure they are in line with federal standards. This is important work to safeguard trust in medicine!
What will help Economic Research Analysts increase their earning potential?
Lori Bruce MA, MBE, HEC-C: Multidisciplinary partnership is critical, since bioethicists can be “gatekeepers;” their policies may influence which members of the public receive certain health services, and which do not receive them.
Knowledge, applied cautiously! It’s important to have a nuanced understanding of many bioethics principles and theories, and apply them with caution, so that the most relevant values are influencing your work.
What general advice would you give to an Economic Research Analyst?
Dr. Claire Gilliland PhD: The skills we prioritize in sociology (generating research questions, thinking critically, examining social systems, analyzing multiple types of data) are all skills that are well-suited to multiple different careers, but it may require some translation to match the priorities of a particular field.
What Economic Research Analyst skills would you recommend for someone trying to advance their career?
Dr. Claire Gilliland PhD: I've only worked in academia, so I don't have a good sense about salary potential or where the field is heading. Someone in career services would know more about what job ads are looking for in current graduates.
What will help Economic Research Analysts increase their earning potential?
Dr. Claire Gilliland PhD: my general advice is for students to be thoughtful and strategic about how they sell the skills they've gained in sociology to potential employers. The skills we prioritize in sociology (generating research questions, thinking critically, examining social systems, analyzing multiple types of data) are all skills that are well-suited to multiple different careers, but it may require some translation to match the priorities of a particular field. For example, students would describe a class paper where they searched for and read about empirical research as a "literature review," a term that mostly applies to academic work. However, the skills required for a literature review are gathering, analyzing, and synthesizing information from a range of sources, which is a skill many employers would want in a future employee.
What general advice would you give to an Economic Research Analyst?
Dr. Jennifer Caplan PhD: Technology advances so quickly these days that staying on top of advances will be really important. Luckily, any religion major has spent a ton of time thinking about the way society advances and develops, so you're well-positioned to be an early adopter of new software and tech platforms.
What Economic Research Analyst skills would you recommend for someone trying to advance their career?
Dr. Jennifer Caplan PhD: The great thing about a religion major, of course, is that there IS no one field you're funneled into! Religion majors succeed highly in EVERY field, because you get such well-rounded training. So the best way to maximize your salary potential is to harness the skills you have gained, and to tap into the innate curiosity and interest in the world to throw yourself into your new career and ensure you shine. Religion majors know how to see the big picture of the world around them and how to really analyze the documents or tasks in front of them. Those are talents that are perfect to help you rise to the top!
What will help Economic Research Analysts increase their earning potential?
Dr. Jennifer Caplan PhD: My biggest advice would be to use the skills you have spent 4 years developing to your best advantage! The transition from being a senior who knows a lot to a new member of a field can be rough, so just remember that you have killer reading comprehension, excellent writing skills, and an ability to synthesize information that far outstrips colleagues who came through less interdisciplinary majors, so use those to learn quickly and nail your new workload!
What general advice would you give to an Economic Research Analyst?
Anna Penner: Other than getting a job teaching sociology, there really aren't jobs that will be advertised as looking for a sociologist. But sociology gives you tools to be able to work in nearly whatever industry you want to be in. Don't limit yourself to a "sociology" job and don't sell yourself short because you don't have a major the job may be aimed at. Because many people don't have a clear understanding of what sociology is, you will likely need to explain how your degree has positioned you to be uniquely qualified to do the job you're applying for. You have a lot of skills that employers want and need; look over job descriptions and find ways that you can meet and exceed the expectations for those jobs and make sure to call attention to them in job applications and interviews.
What Economic Research Analyst skills would you recommend for someone trying to advance their career?
Anna Penner: Market yourself strategically. Think about what you learned by getting a sociology degree--the ability to do original research and analyze data, the ability to understand how institutions shape society and individuals, the ability to think critically about problems you see in the world around you. Make sure to highlight the assets that you bring to the table as a possible outsider to the industry you are applying for. Also be aware that you may need to spend some time making less than you'd like, but know what you're worth, and after some time proving yourself at your organization make sure you're properly compensated for what you add to the team.
What will help Economic Research Analysts increase their earning potential?
Anna Penner: Methodological skills are important. Knowing how to construct a good survey or conduct an interview to get rich data is critical. But I think just as important as being able to analyze qualitative or statistical data, is finding ways to communicate results in clear and compelling ways so that stakeholders know what action to take is equally important. Some of the gaps we are seeing between science and the general public today could be ameliorated by someone explaining findings in concise and applicable ways that show why we should care about this information. You could be the bridge from expertise to the general public.
Martha Taylor
Professor and Chair of ClassicsWhat Economic Research Analyst skills would you recommend for someone trying to advance their career?
Martha Taylor: Stay abreast of new trends. Read broadly and be widely curious. Keep up with advances in English literature (since so much of interpretation of Classical texts follows similar lines).
What general advice would you give to an Economic Research Analyst?
Martha Taylor: As AI takes over, there will still be a need for people who can read and interpret texts---perhaps even a greater need. Burnish and be able to demonstrate your critical reading and critical analysis skills. Also, take every opportunity to develop your skills in digital Humanities. Classical languages graduates are problem solvers and very good at pattern identification. They have strong research skills. All of these will remain very important.
Giovanna Percontino
Communication Career Coach, M.Ed.What will help Economic Research Analysts increase their earning potential?
Giovanna Percontino: Take a salary negotiation workshop at U Career Success. Research the current trends and salaries.
What general advice would you give to an Economic Research Analyst?
Giovanna Percontino: Research the industries that really speak to your values and philosophies. Look for the companies you want to work for not necessarily the role. Align your skills with the roles you are interested make sure you are a good fit. Ask questions to those who are in the industry or jobs you would love to be. These are just conversations with successful people.
What Economic Research Analyst skills would you recommend for someone trying to advance their career?
Giovanna Percontino: The soft skills are really important now: Communication, Adaptability, Reliability, Leadership, Writing, Rigor
What skills stand out on Economic Research Analyst resumes?
Keith Gilsdorg Ph.D.: An essential skill is the ability to understand and apply mathematical and statistical concepts. Students majoring in economics should strongly consider combining that major with either a minor or a major in mathematics. If graduate school may be in the future, a major in mathematics is essential. Economics students who can demonstrate the ability to do statistical modeling and work with empirical data have an advantage over those who do not have that experience. As a result, students should seek out research opportunities with faculty at their school and through internships. I cannot emphasize this enough. Those research and work experiences provide tangible evidence of one's ability to apply quantitative tools used in the profession.
Moreover, students should present their research findings and projects publicly, such as at an undergraduate research conference or at venues at their school. Making those presentations provides valuable experience in developing effective written and oral communication skills. It also reflects initiative and motivation.
What soft skills should all Economic Research Analysts possess?
Keith Gilsdorg Ph.D.: Decision-makers have limited time, and it is valuable. In my professional experience, the ability to clearly and concisely communicate complex ideas that respect the time and expertise of your audience is critical. If not, your argument or position may not be accepted or receive proper consideration. One of the most challenging tasks for an analyst is to avoid jargon and language a non-economist will not understand. This advice applies to both written and oral communication. Again, presenting at an undergraduate research conference or symposium provides some experience in this regard. As a side note, taking a course in public speaking may be an excellent way to help develop these skills.
Another key skill involves working with others as a team and under time constraints, especially if you are employed in the private or public policy sector. The pandemic has created even more challenges in this regard as more people work remotely. Internships and joint faculty/student research experiences help build and showcase those skills.
What hard/technical skills are most important for Economic Research Analysts?
Keith Gilsdorg Ph.D.: Understanding and applying mathematical and statistical concepts is key here. Economics majors should take calculus and, honestly, as many statistics and research-oriented methods classes that they can. These skills are becoming even more valuable as technologies evolve to collect and analyze greater amounts of increasingly detailed data. In addition, the economics literature is highly mathematical, and economics majors will need that math background to read papers and articles relevant to their work.
What skills will help Economic Research Analysts earn the most?
Keith Gilsdorg Ph.D.: Both hard and soft skills are essential to promotion and salary. Applied mathematical skills combined with effective communication skills are paramount. Moreover, individuals who demonstrate initiative, creativity, and dependability will have an advantage. Finally, networking with faculty and industry professionals can help you find the career and job that meets what you feel called to do.
What skills stand out on Economic Research Analyst resumes?
Dr. Alex Lebedinsky: Knowledge of economics is expected. We are good at applying economic thinking, our careful way of considering the costs and benefits of actions, and thinking through unintended consequences of actions/policies. What really makes someone stand out as an economic analyst is combining the understanding of economics with the ability to use data to answer questions. That means training in statistics and econometrics as well as general data skills. Good training in econometrics also helps understand the limits of what the data can tell us and what questions may not even be answerable, regardless of how much data you have - and that is a useful skill.
What soft skills should all Economic Research Analysts possess?
Dr. Alex Lebedinsky: Ability to convey complex ideas to general audiences. Ability to boil down complicated questions into a few simple statements. Ability to write well. Presentation skills.
What hard/technical skills are most important for Economic Research Analysts?
Dr. Alex Lebedinsky: Econometrics, data skills (importing data into whatever software you will use for analysis, combining multiple datasets, clean data). Software: R, Stata, SAS (less popular but still widely used). Python is good too. Basic SQL could be helpful. Excel still rules in many places, so you should know that well too.
What skills will help Economic Research Analysts earn the most?
Dr. Alex Lebedinsky: I like to tell my students that the basic skills (Excel+Data skills) will help them get their foot in the door, and their knowledge of econ will help them grow. Knowing economics helps them answer big questions. And since working with the data at the entry-level typically involves presenting results to superiors, they will have multiple chances to show how their economic intuition helps explain what's in the data and how to use data well for making decisions.
What general advice would you give to an Economic Research Analyst?
Michael Ellis Ph.D.: Since economics provides skills that are valued by employers in business and in the area of public policy, I think graduates should decide which path fits their goals, as each path will influence the coursework they should take. Once they have graduated with a set of skills that are relevant to the path they want to take, they should be flexible in taking their initial job to gain work experience in their field.
What Economic Research Analyst skills would you recommend for someone trying to advance their career?
Michael Ellis Ph.D.: Skills related to the analysis of data. This includes skill in acquiring data, cleaning the data, converting it to a format that can then be analyzed. In analyzing data, knowledge of econometrics and also economic theory to aid in interpreting the data. An additional skill that is sometimes overlooked is being able to clearly communicate the results and interpretation of the data analysis.
What will help Economic Research Analysts increase their earning potential?
Michael Ellis Ph.D.: Work experience and having the relevant skills are the two factors that will be important in maximizing salary potential. Work experience can be gained through internships and in the initial job after graduation. One may have to take a relatively low salary initially to obtain the experience that allows advancement to jobs with greater salary potential.