- Economists study how society distributes resources, such as land, labor, raw materials, and machinery, to produce goods and services.
- They conduct research, collect and analyze data, monitor economic trends, and develop forecasts on a wide variety of issues, including energy costs, inflation, interest rates, exchange rates, business cycles, taxes, and employment levels, among others.
- Economists develop methods for obtaining the data they need. For example, sampling techniques may be used to conduct a survey, and various mathematical modelling techniques may be used to develop forecasts.
- Preparing reports, including tables and charts, on research results also is an important part of an economist's job, as is presenting economic and statistical concepts in a clear and meaningful way for those who do not have a background in economics.
- Some economists also perform economic analysis for the media.
- Many economists specialize in a particular area of economics, although general knowledge of basic economic principles is essential.
- Microeconomists study the supply and demand decisions of individuals and firms, such as how profits can be maximized and the quantity of a good or service that consumers will demand at a certain price.
- Industrial economists and organizational economists study the market structure of particular industries in terms of the number of competitors within those industries and examine the market decisions of competitive firms and monopolies.
- These economists also may be concerned with antitrust policy and its impact on market structure.
- Macroeconomists study historical trends in the whole economy and forecast future trends in areas such as unemployment, inflation, economic growth, productivity, and investment.
- Monetary economists and financial economists do work that is similar to that done by macroeconomists. These workers study the money and banking system and the effects of changing interest rates.
- International economists study global financial markets, currencies and exchange rates, and the effects of various trade policies such as tariffs.
- Labor economists and demographic economists study the supply and demand for labor and the determination of wages. These economists also try to explain the reasons for unemployment and the effects of changing demographic trends, such as an aging population and increasing immigration, on labor markets.
- Public finance economists are involved primarily in studying the role of the government in the economy and the effects of tax cuts, budget deficits, and welfare policies.
- Econometricians investigate all areas of economics and apply mathematical techniques such as calculus, game theory, and regression analysis to their research. With these techniques, they formulate economic models that help explain economic relationships that can be used to develop forecasts about business cycles, the effects of a specific rate of inflation on the economy, the effects of tax legislation on unemployment levels, and other economic phenomena.
- Many economists apply these areas of economics to health, education, agriculture, urban and regional economics, law, history, energy, the environment, and other issues.
- Economists working for corporations are involved primarily in microeconomic issues, such as forecasting consumer demand and sales of the firm's products.
- Some analyze their competitors' market share and advise their company on how to handle the competition.
- Others monitor legislation passed by Congress, such as environmental and worker safety regulations, and assess how new laws will affect the corporation.
- Corporations with many international branches or subsidiaries might employ economists to monitor the economic situations in countries where they do business or to provide a risk assessment of a country into which the company is considering expanding.
- Economists working in economic consulting or research firms sometimes perform the same tasks as economists working for corporations.
- Another large employer of economists is government. Economists in Government administer most of the surveys and collect the majority of the economic data.
- Government economists advise policy makers in areas such as the deregulation of industries, the effects of changes to Social Security, the effects of tax cuts on the budget deficit, and the effectiveness of imposing tariffs on imported goods.
- Job prospects for economists will be best for those with graduate degrees in economics.
- Demand for economic analysis should grow, but the increase in the number of economist jobs will be tempered as firms hire workers for niche areas with specialized titles.
- Many workers with economic backgrounds will work in related fields with more specific job titles, such as financial analyst, market analyst, public policy consultant, researcher or research assistant, purchasing manager, or a variety of positions in business and the insurance industry.
- Employment growth should be fastest in private industry, especially in management, scientific, and technical consulting services.
- Rising demand for economic analysis in virtually every industry should stem from the growing complexity of the global economy, the effects of competition on businesses, and increased reliance on quantitative methods for analyzing and forecasting business, sales, and other economic trends.
- Some corporations choose to hire economic consultants to fill these needs, rather than keeping an economist on staff. This practice should result in more economists being employed in consulting services.
- In addition to job openings from growth, the need to replace experienced workers who retire or leave the labor force for other reasons will create openings for economists.
- Individuals with a background in economics should have opportunities in various occupations. Some examples of job titles often held by those with an economics background are financial analyst, market analyst, public policy consultant, researcher or research assistant, and purchasing manager.
- People who have a master's or Ph.D. degree in economics, who are skilled in quantitative techniques and their application to economic modelling and forecasting, and who also have good communications skills, should have the best job opportunities.
- Like those in many other disciplines, some economists leave the occupation to become professors, but competition for tenured teaching positions will remain keen.
- Bachelor's degree holders will face competition for the limited number of economist positions for which they qualify. However, they will qualify for a number of other positions that can use their broad-based economic knowledge. Many graduates with bachelor's degrees will find jobs in business, finance, insurance, or related fields. Numerous positions in sales should also be available.
- Bachelor's degree holders with good quantitative skills and a strong background in mathematics, statistics, survey design, and computer science also may be hired as researchers.
Other workers who are concerned with understanding and interpreting financial matters include Accountants and auditors; Actuaries; Budget analysts; Cost estimators; Financial analysts; Financial managers; Insurance underwriters; Loan Officers; Personal financial advisors; Purchasing managers, buyers, and purchasing agents;
Economists also rely heavily on quantitative analysis, as do Mathematicians, Operations research analysts and Statisticians.
Other occupations involved in market research and data collection are Management analysts, Market and survey researchers.
Economists also study consumer behavior, similar to the work of Sociologists and political scientists.
- MA or PHD in Economics
- BA in Economics for entry level positions
This career information is drawn from data provided by the U.S. Department of Labor.