What Is an Economist?
Let me tell you directly: an economist is an expert who examines the relationship between a society's resources and its production or output. I study societies from small local communities to entire nations and even the global economy.
My expert opinions and research findings as an economist help shape various policies, including interest rates, tax laws, employment programs, international trade agreements, and corporate strategies.
Key Takeaways
As an economist, I study the relationship between resources and production using indicators to predict future trends. According to the Bureau of Labor Statistics, the median pay for someone like me in 2023 was $115,730 per year or $55.64 per hour.
To pursue this career, you need an advanced degree like a Ph.D. or master's, plus a specialization to focus your research. My theories can guide businesses and governments in reacting to the economy's future direction.
Duties of an Economist
My duties as an economist are varied. I research economic issues, conduct surveys, collect data, analyze it with mathematical models, statistical techniques, and software. I present results in reports, tables, and charts; interpret and forecast market trends; advise businesses, governments, and individuals on economic topics; recommend solutions to problems; and write articles for journals and media.
Job Scope and Requirements
Economics degrees are popular in the job market, especially with investment banks, management consultants, commercial enterprises, and public-sector employers. If you're interested in this career, there's a good chance you'll work for the government—about 36% of economists do, per the Bureau of Labor Statistics. You could also be a professor, work for corporations, or join economic think tanks. For direct application of economics knowledge, consider accounting, banking, or consulting.
Two main requirements exist for this career. First, you generally need an advanced degree like a Ph.D. or master's—entry-level is typically a master's, though some government jobs accept a bachelor's. Second, develop a specialization, such as financial economics, data analytics, international trade and finance, or industrial organization.
Economists Influence Strategic Economic Plans
In my role, I analyze data including economic indicators like gross domestic product or consumer confidence surveys. I research the distribution, accessibility, and reach of goods and services to identify trends or make forecasts.
My work might target specific segments or topics for expert assessments, used in budgeting and planning. For instance, if spending trends change in an industry, investors and companies turn to economists like me for perspective on market evolution.
Furthermore, my input reveals underlying causes of market cycles and forms forecasts for job market growth as economy segments expand. I reference factors that drive trends, drawing on long time periods and large data collections. My theories help others react to the economy's direction—companies might adjust strategies, like pursuing or discontinuing products.
Are Economists in Demand?
According to the Bureau of Labor Statistics, employment for economists is expected to increase about 5% over the next ten years. With growth in businesses, the financial sector, and marketing, this occupation is definitely sought after.
Is an Economics Degree Worth It?
An economics degree develops strong critical and analytical thinking skills that apply to many careers. Its versatility provides access to corporate jobs and leads to higher average earnings than majors in business, accounting, or finance.
What Is the Highest Paying Job in Economics?
Financial managers, who oversee an organization's spending, earnings, and investments, earn one of the highest median annual wages for economics degree holders at $134,180, per the Bureau of Labor Statistics.
The Bottom Line
Economists like me study resource-output relationships, applying research to predict trends or advise policy in various roles.
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