Economists: Salary, Job Description, How To Be One and More

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Economists jobs information
pros and cons of being an Economist

Economists

Other names for this job might include Agricultural Economist, Business Economist, Econometrician, Economic Adviser, Economic Analysis Director, Economic Analyst, Economic Consultant, Economic Developer, Economic Development Specialist, Economic Research Analyst


  • $109230
    Salary
  • 76%
    Job satisfaction
  • Hard
    Becoming one
  • High
    Job growth
OwlGuru Rank

A



Economists: Know It All In 1 Minute


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.



Job description

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.

Read more about what does An Economist really do at work and what is it like being and working as one.


Become one

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Salary

Average salary
$109230 per year

Hourly wage
$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 statesHourlyAnnual
IN$86.16$179220
DC$59.27$123290
VA$59.01$122740
NY$58.79$122290
TX$57.85$120330

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).

Find out how much do successful Economists make and if their salary is high when compared to all the other careers.


Requirements

Recommended degree level
Doctoral Degree

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.

Agricultural Economics
Financial Mathematics
Economics, General
Applied Economics
Econometrics and Quantitative Economics

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.

Active Listening
Writing
Speaking
Mathematics
Critical Thinking

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
Achievement/Effort
Integrity
Initiative
= Hot in-demand that most employers are looking for

Read more about what it really takes to become An Economist and the degree, training and education you need


Pros and Cons

Here are some reasons why you should and shouldn’t choose An Economist as your career.

PROS
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
CONS
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

Job satisfaction
76%

Is this job meaningful
54%


Working hours
More than 40 hours per week

Working schedule
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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Related to Economists Career Information

Economists job description, Economists salary, Economists information, what is the job of an Economist like, pros and cons about Economists, colleges and universities for Economists, is Economists the right career for me, Hard careers to get into, careers in Social Science and Humanities

Additional resources

http://www.bls.gov/OOH/life-physical-and-social-science/economists.htm
https://www.aeaweb.org/
http://www.nabe.com/

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Economists
Written by: Stanley Tan
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.
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