Also known as Economic Analyst, Economic Consultant, Economic Development Specialist, Economist, Forensic Economist, Project Economist, Research Analyst, Research Associate, Revenue Research Analyst, Tax Economist
Also known as Economic Analyst, Economic Consultant, Economic Development Specialist
Economists conduct research, prepare reports, or formulate plans to address economic problems related to the production and distribution of goods and services or monetary and fiscal policy.
In addition, Economists may collect and process economic and statistical data using sampling techniques and econometric methods.
Economists are often responsible for overseeing or executing some or all of the following tasks:
The above responsibilities are specific to Economists. More generally, Economists are involved in several broader types of activities:
The median salary for an Economist is $108,350, and the average salary is $120,880. Both the median and average roughly describe the middle of the Economist salary range, but the average is more easily affected by extremely high or low salaries.
Many Economists earn significantly more or less than the average, due to several factors. About 10% of Economists earn less than $59,220 per year, 25% earn less than $79,860, 75% earn less than $151,210, and 90% earn less than $198,230.
Between the years of 2020 and 2030, the number of Economists is expected to change by 12.9%, and there should be roughly 1,600 open positions for Economists every year.
Career interests describe a person's preferences for different types of working environments and activities. When a person's interest match the demands of an occupation, people are usually more engaged and satisfied in that role.
Compared to most occupations, those who work as an Economist are usually higher in their Investigative, Conventional, and Enterprising interests.
Economists typically have very strong Investigative interests. Investigative occupations frequently involve working with ideas, and require an extensive amount of thinking. These occupations can involve searching for facts and figuring out problems mentally.
Also, Economists typically have moderate Conventional interests. Conventional occupations frequently involve following set procedures and routines. These occupations can include working with data and details more than with ideas. Usually there is a clear line of authority to follow.
Lastly, Economists typically have moderate Enterprising interests. Enterprising occupations frequently involve starting up and carrying out projects. These occupations can involve leading people and making many decisions. Sometimes they require risk taking and often deal with business.
People differ in their values, or what is most important to them for building job satisfaction and fulfillment.
Compared to most people, those working as an Economist tend to value Working Conditions, Independence, and Achievement.
Most importantly, Economists strongly value Working Conditions. Occupations that satisfy this work value offer job security and good working conditions.
Second, Economists strongly value Independence. Occupations that satisfy this work value allow employees to work on their own and make decisions.
Lastly, Economists strongly value Achievement. Occupations that satisfy this work value are results oriented and allow employees to use their strongest abilities, giving them a feeling of accomplishment.
Each occupation brings its own set of psychological demands, which describe the characteristics necessary to perform the job well.
In order to perform their job successfully, people who work as Economists must consistently demonstrate qualities such as analytical thinking, achievement/effort, and persistence.
Below, you'll find a list of qualities typically required of Economists, ranked by importance:
Many Economists have earned a graduate degree. For example, they may require a master's degree, and some require a doctoral degree, such as a Ph.D., M.D., or J.D..
Economists may need some on-the-job training, but most candidates will already have the required skills, knowledge, work-related experience, and/or training.
Economists may benefit from understanding of specialized subject areas, such as mathematics, economics and accounting, or computers and electronics knowledge.
The list below shows several areas in which most Economists might want to build proficiency, ranked by importance.
Economists must develop a particular set of abilities to perform their job well. Abilities are individual capacities that influence a person's information processing, sensory perception, motor coordination, and physical strength or endurance. Individuals may naturally have certain abilities without explicit training, but most abilities can be sharpened somewhat through practice.
For example, Economists need abilities such as written comprehension, oral comprehension, and oral expression in order to perform their job at a high level. The list below shows several important abilities for Economists, ranked by their relative importance.
Skills are developed capacities that enable people to function effectively in real-world settings. Unlike abilities, skills are typically easier to build through practice and experience. Skills influence effectiveness in areas such as learning, working with others, design, troubleshooting, and more.
Economists frequently use skills like reading comprehension, mathematics, and critical thinking to perform their job effectively. The list below shows several critical skills for Economists, ranked by their relative importance.
The information provided on this page is adapted from data and descriptions published by the U.S. Department of Labor, Employment and Training Administration under the CC BY 4.0 license. TraitLab has modified some information for ease of use and reading, and the U.S. Department of Labor, Employment, and Training Administration has not approved, endorsed, or tested these modifications.
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