Economists study the production and distribution of resources, goods, and services by collecting and analyzing data, researching trends, and evaluating economic issues.Duties
Economists typically do the following:
Economists apply economic analysis to issues within a variety of fields, such as education, health, development, and the environment. Some economists study the cost of products, healthcare, or energy. Others examine employment levels, business cycles, exchange rates, taxes, inflation, or interest rates.
Economists often study historical trends and use them to make forecasts. They research and analyze data using a variety of software programs, including spreadsheets, statistical analysis, and database management programs. They sometimes give a presentation of their research to various audiences.
Many economists work in federal, state, and local government. Federal government economists collect and analyze data about the U.S. economy, including employment, prices, productivity, and wages, among other types of data. They also project spending needs and inform policymakers on the economic impact of laws and regulations.
Economists working for corporations help them understand how the economy will affect their business. Specifically, economists may analyze issues such as consumer demand and sales to help a company maximize its profits.
Economists also work for research firms and think tanks, where they study and analyze a variety of economic issues. Their analyses and forecasts are frequently published in newspapers and journal articles.
Some economists work for companies with major international operations and for international organizations such as the World Bank, International Monetary Fund, and United Nations.
Many economists become postsecondary teachers.
The following are examples of types of economists:
Behavioral economists study the effects of psychological and social factors on the economic decisionmaking of an individual. They research how these factors lead to and affect the outcome of an economic decision.
Econometricians develop models and use mathematical analyses to test economic relationships. They use techniques such as calculus, game theory, and regression analysis to explain economic facts or trends in all areas of economics.
Financial economists analyze savings, investments, and risk. They also study financial markets and financial institutions.
Industrial organization economists study how companies within an industry are organized and how they compete. They also examine how antitrust laws, which regulate attempts by companies to restrict competition, affect markets.
International economists study international trade and the impact of tariffs and trade restrictions. They also examine global financial markets and exchange rates.
Labor economists study the supply of workers and the demand for labor by employers. They research employment levels and how wages are set. They also analyze the effects of labor-related policies, such as minimum wage laws, and institutions, such as unions.
Macroeconomists and monetary economists examine the economy as a whole. They may research trends related to unemployment, inflation, and economic growth. They also study fiscal and monetary policies, which examine the effects of money supply and interest rates on the economy.
Microeconomists analyze supply and demand decisions of individuals and firms. For example, they may determine the quantity of products consumers will demand at a particular price.
Public finance economists analyze the role of government in the economy. Specifically, they may analyze the effects of tax cuts, budget deficits, and welfare policies.
Most economists need a master’s degree or Ph.D. However, some entry-level jobs—primarily in government—are available for workers with a bachelor’s degree.Education
A master’s degree or Ph.D. is required for most economist jobs. Positions in business, research, or international organizations often require a combination of graduate education and work experience.
Students can pursue an advanced degree in economics with a bachelor’s degree in a number of fields, but a strong background in mathematics is essential. A Ph.D. in economics may require several years of study after earning a bachelor’s degree, including completion of detailed research in a specialty field.
Candidates with a bachelor’s degree may qualify for some entry-level economist positions, including jobs with the federal government. An advanced degree is sometimes required for advancement to higher level positions.
Most students who complete a bachelor’s degree in economics find jobs outside the economics profession as research assistants, financial analysts, market research analysts, and similar positions in business, finance, and consulting.Other Experience
Aspiring economists can gain valuable experience from internships that involve gathering and analyzing data, researching economic issues and trends, and writing reports on their findings. In addition, related experience, such as working in business or finance, can be advantageous.Important Qualities
Analytical skills. Economists must be able to review data, observe patterns, and draw logical conclusions. For example, some economists analyze historical employment trends to make future projections on jobs.
Communication skills. Economists must be able to explain their work to others. They may give presentations, explain reports, or advise clients on economic issues. They may collaborate with colleagues and sometimes must explain economic concepts to those without a background in economics.
Critical-thinking skills. Economists must be able to use logic and reasoning to solve complex problems. For instance, they might identify how economic trends may affect an organization.
Detail oriented. Economists must pay attention to details. Precise data analysis is necessary to ensure accuracy in their findings.
Math skills. Economists use the principles of statistics, calculus, and other advanced topics in mathematics in their economic analyses.
Writing skills. Economists must be able to present their findings clearly. Many economists prepare reports for colleagues or clients; others write for publication in journals or for news media.
|Job Title||Company||Location||Start Date||Salary|
|Economist||The Rock Creek Group, LLC||Washington, DC||Jan 26, 2016||$225,000|
|Latin America Economist||Bloomberg, LP||New York, NY||Mar 28, 2016||$205,000|
|Economist||TRG Management LP (&Quot;TRG&Quot;)||New York, NY||Jan 09, 2016||$200,000 -
|Economist||Board of Governors of The Federal Reserve System||Washington, DC||Aug 15, 2015||$190,000 -
|Economist||EMSO Asset Management Us LLC||New York, NY||Sep 14, 2016||$185,000|
|Economist||Board of Governors of The Federal Reserve System||Washington, DC||Mar 30, 2015||$180,000 -
|Economist||Packet Clearing House, Inc.||Berkeley, CA||May 15, 2016||$180,000|
|Economist||Board of Governors of The Federal Reserve System||Washington, DC||Mar 01, 2015||$180,000 -
|Economist||Intensity Corporation||San Diego, CA||Sep 20, 2016||$180,000|
|Economist||Barclays Capital Inc.||New York, NY||Feb 18, 2016||$180,000|
|Economist||Mizuho Research Institute Ltd.||New York, NY||Oct 01, 2015||$179,307|
|Economist||Pharo Management LLC||New York, NY||Jan 05, 2015||$175,000|
|Economist||Pharo Management LLC||New York, NY||Nov 22, 2016||$175,000|
|Economist||Novum Energy Services LLC||Houston, TX||Aug 18, 2016||$175,000|
|Economist||Econone Research, Inc.||Berkeley, CA||Sep 13, 2016||$135,000|
|Economist||Board of Governors of The Federal Reserve System||Washington, DC||Apr 01, 2015||$135,000 -
|Economist||Board of Governors of The Federal Reserve System||Washington, DC||Feb 24, 2015||$135,000 -
|Economist||Board of Governors of The Federal Reserve System||Washington, DC||Jun 15, 2015||$135,000 -
|Economist||Board of Governors of The Federal Reserve System||Washington, DC||Sep 17, 2015||$135,000 -
|Economist||Pharo Management LLC||New York, NY||Nov 10, 2016||$135,000|
|Economist||Albion & Heath LLC||Arlington, VA||Dec 31, 2015||$132,642|
|Economist||Board of Governors of The Federal Reserve System||Washington, DC||Feb 13, 2015||$131,000 -
|Economist||Daiwa Asset Management (America), Ltd.||New York, NY||Aug 05, 2015||$121,202|
|Economist I||Amazon Corporate LLC||Seattle, WA||May 12, 2016||$120,000|
|Economist||Data Science Partners, LLC||White Plains, NY||Dec 28, 2016||$120,000|
|Economist||Competition Economics LLC||Emeryville, CA||May 13, 2015||$120,000|
|Economist||Keytrade North America, Inc.||Tampa, FL||Oct 01, 2015||$120,000|
|Transportation Economist||Hyperloop Technologies, Inc.||Los Angeles, CA||Sep 20, 2016||$120,000|
|Economist||Gurtam, Inc.||Boston, MA||Jan 09, 2016||$120,000|
|Economist||Aegis Capital Corporation||Miami, FL||Sep 15, 2016||$119,407|
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