What Do Economists Do (including Their Typical Day At Work)

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. They also study economic and statistical data in area of specialization, such as finance, labor, or agriculture.

Other tasks include:

• 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.
• Supervise research projects and students’ study projects.
• Teach theories, principles, and methods of economics.
• Study the socioeconomic impacts of new public policies, such as proposed legislation, taxes, services, and regulations.
• Formulate recommendations, policies, or plans to solve economic problems or to interpret markets.

We asked Economists how satisfied they are with their job. Here is what they said.

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76% of them said they were satisfied with their job and 54% said they find that their job makes the world a better place or helps to make someone else’s life better.

Typical Day At Work

On a daily basis, Economists study economic and statistical data in area of specialization, such as finance, labor, or agriculture. They conduct research on economic issues and disseminate research findings through technical reports or scientific articles in journals.

A typical day for an Economist will also include:

• Compile, analyze, and report data to explain economic phenomena and forecast market trends, applying mathematical models and statistical techniques.
• Supervise research projects and students’ study projects.
• Teach theories, principles, and methods of economics.
• Provide advice and consultation on economic relationships to businesses, public and private agencies, and other employers.
• Formulate recommendations, policies, or plans to solve economic problems or to interpret markets.

We asked some Economists a few questions to find out what else does their work day look like. Here is what we found.

	Do you have telephone conversations everyday in this job?	42% said yes
	How important is it to work in a team in this job?	8% said very important
	Do you have group discussions everyday in this job?	63% said yes
	Do you talk or work with customers everyday in this job?	4% said yes
	Do you have to deal with angry customers everyday in this job?	0% said yes
	Do you have to make decisions everyday in this job?	21% said yes

Other responsibilities

Besides their typical day, Economists also teach theories, principles, and methods of economics. They may also compile, analyze, and report data to explain economic phenomena and forecast market trends, applying mathematical models and statistical techniques.

On a weekly to monthly basis, Economists Study the socioeconomic impacts of new public policies, such as proposed legislation, taxes, services, and regulations. They might also Explain economic impact of policies to the public.

In addition, they Supervise research projects and students’ study projects.

Although specific duties may vary, many of them Study economic and statistical data in area of specialization, such as finance, labor, or agriculture.

To some Economists, it is also their responsibility to Provide advice and consultation on economic relationships to businesses, public and private agencies, and other employers.

Working life

More than 40 hours per week

Regular schedule like a 9 to 5

In a typical work week as an Economist, you can expect to work more than 40 hours per week.

Is this right for me

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.

You can read more about these career personality types here.

Explore other careers

http://www.bls.gov/OOH/life-physical-and-social-science/economists.htm

https://www.aeaweb.org/

http://www.nabe.com/