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This bar graph shows the annual salary for Economists.
Data sourced from O*NET Online, provided by the BLS Occupational Employment and Wage Statistics wage estimates.
This line chart shows the projected job growth over 10 years for Economists.
Projected Growth Rate in Job Openings by 2031: 6%
Data sourced from CareerOneStop, provided by the U.S. Department of Labor.
Compile, analyze, and report data to explain economic phenomena and forecast market trends, applying mathematical models and statistical techniques.
Conduct research on economic issues, and disseminate research findings through technical reports or scientific articles in journals.
Study economic and statistical data in area of specialization, such as finance, labor, or agriculture.
Becoming an economist often requires a blend of formal education, analytical skills, and real-world experience. If you're interested in pursuing this career path, here are the steps you should consider to increase your chances of success in the field of economics.
Before you commit to this career path, it's important to understand what economists do. They analyze data, study trends, and evaluate economic issues to provide insights and advice to businesses, governments, and individuals. The role might involve:
Most economist positions require at least a master’s degree or Ph.D., but there are entry-level jobs available for those with a bachelor's degree. Here's what you should aim for in terms of education:
Bachelor’s Degree: Start with a bachelor's degree in economics, statistics, finance, or a related field. This will provide you with the foundational knowledge necessary for entry-level positions.
Master’s Degree or Ph.D.: Higher-level positions typically require an advanced degree. Specializing in a particular area of economics can also enhance job prospects.
Hands-on experience is crucial for budding economists. Consider the following to improve your employability:
Internships: Look for internship opportunities while you're still in school. Organizations like the Federal Reserve offer internships that can provide valuable experience.
Research Assistant Positions: Working as a research assistant to a professor or senior economist can provide practical experience and networking opportunities.
Economists must be adept at analyzing data and spotting trends. Enhance your analytical skills through:
Coursework: Take additional courses in statistics, econometrics, and mathematics.
Software Proficiency: Learn how to use statistical software such as R, SAS, or Stata which are essential tools for economists.
Being able to communicate complex economic concepts in a clear and concise manner is vital. Improve your communication skills by:
Writing: Practice writing reports, articles, or blogs on economic topics.
Presentations: Seek opportunities to present your research or findings to an audience.
Networking can play a significant role in your economist career development. You can:
Join Professional Associations: Organizations like the American Economic Association offer resources and networking opportunities.
Attend Conferences: Participate in economics conferences and workshops to meet professionals in the field.
Economics is a broad field with various specializations. Focusing on one area can make you more attractive to certain employers. Some specializations include:
The field of economics is always evolving. Stay informed about new theories, policies, and technological advancements by:
Reading Journals: Subscribe to academic journals and read papers relevant to your field of interest.
Continuing Education: Attend lectures, webinars, and courses to keep your knowledge up-to-date.
While not always required, certification can demonstrate expertise in a particular area of economics. For example, the National Association for Business Economics offers the Certified Business Economist (CBE) credential.
By following these steps and dedicating yourself to continuous learning and professional development, you'll be well on your way to becoming an economist. Remember that success in this field comes from not only understanding economic concepts but also being able to apply them effectively to solve real-world problems.
To become an economist, you generally need to have at least a master's degree in economics or a related field. However, many positions, especially those in research or academia, require a Ph.D. Here are the typical educational steps:
To succeed as an economist, you'll need a combination of technical and soft skills:
Economists can find employment across a wide range of industries. Some of the most common include:
Yes, there are various specializations within the field of economics. Some of the key types include:
According to the U.S. Bureau of Labor Statistics, employment of economists is projected to grow 13 percent from 2020 to 2030, faster than the average for all occupations. The demand for economic analysis is robust in various sectors including government, healthcare, and environmental management.
To advance your career as an economist, consider the following steps:
Yes, economists can work internationally. Many economists collaborate with international organizations, work on global projects, or find employment with multinational corporations. Proficiency in foreign languages and an understanding of different economic systems can be beneficial for these roles.
Typical entry-level jobs for economists might include:
These roles often require strong quantitative skills and the ability to apply economic theory to real-world issues.