- The job: Economists study how society distributes resources, such as land, labor, raw materials, and machinery, to produce goods and services. They may conduct research, collect and analyze data, monitor trends, or develop forecasts. Economists research a wide variety of issues, including energy costs, inflation, interest rates, exchange rates, business cycles, taxes, and employment levels, among others. Many economists specialize in a particular area of economics, although general knowledge of basic economic principles is essential.
- Outlook:Employment of economists is expected to grow 7 percent from 2006 to 2016, about as fast as the average for all occupations. Job prospects will be best for those with graduate degrees in economics. Many workers with economic backgrounds will work in related occupations with more specific job titles, such as financial analyst, market analyst, public policy consultant, researcher or research assistant, and purchasing manager.
- Experience: A master's or Ph.D. degree in economics is required for many private-sector economist jobs and for advancement to more responsible positions. In the federal government, candidates for entry-level economist positions must have a bachelor's degree with a minimum of 21 semester hours of economics and three hours of statistics, accounting, or calculus. A Ph.D. is necessary for top economist positions in many organizations.
- The not-so-good: Most work under pressure of deadlines and tight schedules, which may require overtime. Their routine may be interrupted by special requests for data and by the need to attend meetings or conferences. Frequent travel may be necessary.
- Pay: Median annual wage and salary earnings of economists were $77,010 in May 2006. The middle 50 percent earned between $55,740 and $103,500. In the federal government, the starting salary for economists having a bachelor's degree was $35,752 in 2007. Those having a master's degree could qualify for positions with an annual salary of $43,731. Those with a Ph.D. could begin at $52,912.
Learn more: http://www.bls.gov/oco/ocos055.htm
This information is from the Occupational Outlook Handbook, published by the Bureau of Labor Statistics.
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