Economists study the production and distribution of resources, goods, and services by collecting and analyzing data, researching trends, and evaluating economic issues. They 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. Although the majority of economists work independently in an office, many collaborate with other economists and statisticians. Most economists work full time during regular business hours, but occasionally they work overtime to meet deadlines. Most economists need a master’s degree or Ph.D. However, some entry-level jobs—primarily in the federal government—are available for workers with a bachelor’s degree. The median annual wage for economists was $102,490 in May 2017. Employment of economists is projected to grow 6 percent from 2016 to 2026, about as fast as the average for all occupations. Job prospects should be best for those with a master’s degree or Ph.D., strong analytical skills, and experience using statistical analysis software.
Teach courses in economics. Includes both teachers primarily engaged in teaching and those who do a combination of teaching and research. The median annual wage for postsecondary economics teachers was $98,350 in May 2017.
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