In this career summary, you will find out what the job of An Economist is about and what it is like.
After reading this, you will have a good idea on what the job is about and decide if this is the right career for you.
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. May collect and process economic and statistical data using sampling techniques and econometric methods.
- Teach theories, principles, and methods of economics.
- Study economic and statistical data in area of specialization, such as finance, labor, or agriculture.
- Conduct research on economic issues and disseminate research findings through technical reports or scientific articles in journals.
- Compile, analyze, and report data to explain economic phenomena and forecast market trends, applying mathematical models and statistical techniques.
$109230 per year
$52.51 an hour
Economists with little to no experience tend to make between $52540 and $70870 while the more experienced ones make over $134080 per year.
|Top 5 paying states||Hourly||Annual|
1 of the easiest ways to increase your salary as An Economist is to move to a higher paying state like IN. Right now, the highest paying states for Economists are IN, DC, VA, NY and TX.
However a higher pay at IN doesn’t guarantee that you will make more because the living expenses at IN might be 2x higher than where you are currently at now.
3 other factors that can increase your salary as An Economist is the degree you hold, the industry you work in and lastly the company you work for (bigger companies like the Fortune 500 companies tend to pay more).
Recommended degree level
We asked other Economists what degree they had when they got the job and most of them said they had a PhD followed by Master’s degree.
Other than that we also asked them what did they major in and here are the most popular majors that came up.
Another popular question from our readers is what makes An Economist successful or would they be good in this career.
Well, we found that most successful Economists have these 5 skillsets.
In addition to that, 1 common characteristic among successful Economists is they are good at Analytical Thinking. Here are the top 5 common characteristics.
|Analytical Thinking |
|Attention to Detail|
= Hot in-demand that most employers are looking for
Pros and Cons
Here are some reasons why you should and shouldn’t choose An Economist as your career.
|Suitable for people who likes to solve problems mentally|
|Suitable for people who wants job security and a good working condition|
|This career is perfect for people who love to work indoors.|
|One of the highest paid careers in the world|
|Not suitable for people who likes to help and teach others|
|It is very hard to get into this career. Extensive skill, knowledge, and experience is required for this career.|
|Long working hours (More than 40 hours per week)|
There will be pros and cons for all jobs. The point is how much do the pros outweigh the cons to you.
A pro to you might be a con to Bob. A pro to Bob might be a con to you. We suggest reading about this career framework that can help you to find out what type of careers are right for you.
What is the job like
Is this job meaningful
More than 40 hours per week
Regular (Set schedule and routine)
On a normal working week Economists work More than 40 hours per week.
76% of Economists said they were satisfied with their job and 54% said they feel like their job is making other people’s lives better.
Is this right for me
Best personality for this career
The Thinkers and The Organizers
You can read more about these career personality types here.
People who are suitable for this job tends to like working with ideas, and require an extensive amount of thinking. They like searching for facts and figuring out problems mentally.
They also like following set procedures and routines. They like working with data and details more than with ideas.
How we can help
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They teach courses in economics. Includes both teachers primarily engaged in teaching and those who do a combination of teaching and research.
They study human society and social behavior by examining the groups and social institutions that people form, as well as various social, religious, political, and business organizations. May study the behavior and interaction of groups, trace their origin and growth, and analyze the influence of group activities on individual members.
They formulate and apply mathematical modeling and other optimizing methods to develop and interpret information that assists management with decision making, policy formulation, or other managerial functions. May collect and analyze data and develop decision support software, service, or products. May develop and supply optimal time, cost, or logistics networks for program evaluation, review, or implementation.
They study the origin, development, and operation of political systems. May study topics, such as public opinion, political decision-making, and ideology. May analyze the structure and operation of governments, as well as various political entities. May conduct public opinion surveys, analyze election results, or analyze public documents.
They teach courses in business administration and management, such as accounting, finance, human resources, labor and industrial relations, marketing, and operations research. Includes both teachers primarily engaged in teaching and those who do a combination of teaching and research.
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