Economist

Your Fit

Income

$115K

Preparation

Extensive

Growth

6.3%

Definition
Your fit with this career
How much they earn
What they do
Job satisfaction
How to become

What is an Economist?

An Economist studies the production, distribution, and consumption of goods and services by analyzing data, trends, and economic theories. They use this analysis to advise businesses, governments, and individuals on economic decisions.

Your test results

Why this fit score?

The fit report shows your areas of fit and misfit with Economist.

Fit report

Test scores

The scores report summarizes what we learned about you. It shows your results on everything measured in the career test.

Scores report

How much does an Economist earn

According to the U.S. Bureau of Labor Statistics, typical income (in USD) is...

Bottom 10%	Bottom 25%	Median (average)	Top 25%	Top 10%
$62K per year	$82K per year	$115K per year	$166K per year	$213K per year

Compared to other careers: Median is $66K above the national average.

See income by country/state/province

What does an Economist do?

Work environment

Economists typically work in an office environment. They are often employed by government agencies, private corporations, consulting firms, research organizations, and academic institutions. Some economists may travel to gather information or present research findings.

Quick task list

Analyzes economic data using mathematical models and statistical techniques.
Forecasts market trends and advises on economic issues.
Conducts surveys and collects data.
Writes reports and presents findings.
Develops economic policies for businesses or governments.

See full list of tasks with expert relevance ratings

Areas of specialization

Macroeconomics: Studying overall economic factors, such as inflation, unemployment, and economic growth.
Microeconomics: Focusing on individual consumers and businesses.
International Economics: Analyzing global trade and international financial markets.
Public Finance: Examining government policies, taxation, and expenditure.
Labor Economics: Studying employment, wages, and workforce dynamics.

Description

Economists play a crucial role in understanding and interpreting the complex workings of economies. They analyze vast amounts of data to forecast market trends, guide fiscal policy, and solve economic issues. Their work is vital in informing decisions that affect economic policies, corporate strategies, and individual financial choices. Economists use various methods, including mathematical models and statistical techniques, to study economic phenomena.

The profession requires a strong foundation in economics, mathematics, and statistical analysis. Economists must be adept at using software for data analysis and be able to communicate complex concepts effectively. They work on a variety of issues, from analyzing consumer behavior and market competition to evaluating the impact of government policies and global economic trends.

A career in economics can be intellectually stimulating and rewarding, offering opportunities to influence significant policy decisions and business strategies. Economists are often at the forefront of addressing global economic challenges, making their role pivotal in shaping economic policies and practices that impact societies worldwide.

Job Satisfaction

Sources of satisfaction

Impacting critical economic policies and business strategies.
Engaging in diverse and intellectually stimulating work.
The opportunity to research and analyze important economic issues.

You might make a good Economist if you are...

Fascinated by how economies function and the factors that influence them.
Proficient in mathematics and statistical analysis.
A critical thinker with strong analytical skills.
Detail-oriented and capable of handling large data sets.
Effective at communicating complex information clearly.

Pros:

Opportunity to contribute to significant economic policy and decision-making.
High earning potential and diverse career opportunities.
Intellectual challenge and the chance to work on a variety of economic issues.

Cons:

Extensive education and training required.
Work can be highly theoretical and may require long hours of data analysis.
Pressure to provide accurate forecasts and analyses.

How to become an Economist

Typical education

A master's degree or Ph.D. in economics is commonly required for most economist positions, which can take 6-10 years of post-secondary education, including undergraduate studies. However, entry-level roles may be available to those with a bachelor's degree.

High school preparation

Courses:

Advanced Mathematics for a strong foundation in quantitative analysis.
Economics to understand basic economic principles and theories.
Statistics to develop skills in data analysis.
Computer Science for data modeling and analysis skills.

Extra-Curricular Activities:

Joining economics or finance clubs.
Participating in Model United Nations or debate teams focusing on economic topics.
Engaging in math or science fairs with projects related to economics.

Preparation after high school

Pursue a bachelor's degree in economics, statistics, or a related field.
Consider internships in financial institutions, government agencies, or research organizations.
Pursue a master's or Ph.D. in economics for advanced roles.
Stay informed about current economic issues and trends.

More resources

American Economic Association (AEA) - Offers resources for economists including job listings, journals, and information on conferences and meetings.
National Association for Business Economics (NABE) - Provides networking opportunities, professional development, and resources for economists in business sectors.
Federal Reserve Economic Data (FRED) - A comprehensive database of economic data used for research and analysis.
Bureau of Labor Statistics - Economists - Provides information on the occupation, including work environment, job outlook, and typical duties.
The Economist - A publication that covers global economic issues, trends, and analysis, useful for staying informed about current economic events.

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