Economist Job Description, Skills, and Salary
Get to know about the duties, responsibilities, qualifications, and skills requirements of an economist. Feel free to use our economist job description template to produce your own. We also provide you with information about the salary you can earn as an economist.
Who is an Economist?
An economist is a professional who studies the relationships between society and how it uses its resources. An economist can study a variety of societies, from local communities to national governments. Economists study the relationship between the resources of a country or community and the products that are created from them to predict future trends. To help companies create more informed marketing strategies, economists can also be used to determine the reasons behind people’s decisions.
Economists offer expert opinions that can be used in many settings including tax laws, organizational strategies, and interest rates. Economists provide theories that help organizations and the government plan for the future.
No matter the specialty, the main task of an economist is to analyze the internal workings of the economy and make recommendations and predictions based thereon. An economic expert may recommend that a furnace unit manufacturer cut down on production if they see a slowdown in housing. This allows the company to prepare for a slowdown and avoid becoming overstocked or too staffed.
To become an expert in economics, a Master’s degree is acceptable, but a Ph.D. is preferred. Most economist jobs require an advanced degree. The schooling required to become an economist is extensive. However, the pay is high and the job security is excellent — well above the average for professionals.
An economist can specialize in different areas. These are the most popular specialists for economists:
- Macroeconomists
Macroeconomists study the entire economy and research trends that impact a nation, society, or community. A macroeconomist might research the unemployment rate in a specific area, or trends in inflation throughout the country.
- Econometricians
This economist is skilled in the development and use of mathematical models to analyze economic relationships. They use a variety of techniques to analyze economic trends, including game theory, calculus, and regression.
- Financial economists
Financial economists are responsible for conducting research and creating reports on company economic problems. This research is then used to suggest viable solutions for increasing production and distribution.
- International economists
This type of economist studies historical trends to evaluate the issues related to international services, goods, trades, and international investment. These economists may be employed by international organizations.
- Industrial organization economists
This economist is interested in large-scale business activity and how it can be improved based on economic findings. An example of this is an economist working with an industrial organization to boost tourism using analysis based on previous trends.
- Labor economists
Labor economists study the labor market and how many employees are available to employers. They can research labor trends, wages, and employment levels.
- Macroeconomists
Macroeconomists are economists who focus on economics at a smaller scale. They focus on the supply and demand decisions made by an organization or individual.
- Public Sector Economists
This economist assists in the analysis of government budgets, policy evaluations, and data collection by helping government officials in creating and implementing policies.
- Academic economists
This is an economist who spends a lot of time teaching economics at an academic institution, such as a college or university. In addition to their teaching, they may also do economic-related research.
- Public Finance economists
These economists study the government’s role in the economy. A public finance economist might study taxes or policies related to welfare programs.
Economist Job Description
Below are the economist job description examples you can use to develop your resume or write an economist job description for your employee. Employers can also use it to sieve out job seekers when choosing candidates for interviews.
The duties and responsibilities of an economist include the following:
- Conducting surveys and collecting data
- Performing economic research
- Using various methods and procedures to get the data you need
- Analyzing different types of economic data using mathematical models and methods
- Creating reports and documents on economic findings
- Using tables, reports, and charts to present results
- Forecasting marketing trends to be used by an organization
- Assisting various entities, including governments and organizations with economic issues
- Providing solutions to economic problems
- Analyzing the costs and benefits of producing and distributing goods and services
- Providing recommendations and creating policies as they relate to economics
- Publishing economic research in academic journals and newsletters
- Designing methods and procedures to obtain data
- Learning about the different sampling methods used for different types of surveys
- Forecasting can be created using econometric or other financial modeling techniques.
- Performing background research and literature review
- Collecting, sorting, and assembling data
- Analyzing and interpreting the data collected to determine the effectiveness of existing policies, products, or services. Also, advise on alternative actions and how to allocate scarce resources.
- Describing the research method and justifying the conclusions drawn from the research data
- Writing technical and non-technical reports, policy briefs, and other documents on economic trends.
- Providing economic advice to various stakeholders
- Analyzing past and current economic trends and issues
- Delivering oral and visual presentations that non-economists can understand to help them make informed decisions.
Qualifications
These are the qualifications required to be an economist.
A bachelor’s degree
Entry-level positions in economics require at least a bachelor’s degree. Administrative jobs, research assistant positions, and management trainee programs within economic-related organizations are all entry-level positions. Mathematics, computer science, statistics, and econometrics are all important courses you should take while in college.
A master’s degree
A minimum of a master’s in economics is required for common positions at the top. A common degree that an aspiring economist can pursue at the graduate level is in mathematical economics, labor economics, and international economics.
Graduate programs offer a wealth of experience and knowledge in this field. Many also provide the opportunity to do part-time or internship work in the economics area.
A Ph.D.
A doctorate in economics, or another related field, is a good option for those who want to pursue advanced careers in economics such as in government and consulting. A Ph.D. is the most common degree for economics professionals in executive positions within an organization.
Experience in research
If you are interested in a career as an economics professional, it is important to spend a lot of time doing research as an intern or employee. Economists spend a lot of time researching trends and analyzing data, so it is important to get as much experience as you can before entering this field.
Essential Skills
- Technical knowledge
Economists can make use of their passion to keep up to date on current economic conditions. This can be done by training in the areas that suit your strengths. You can gain a competitive edge in certain business industries by the coursework you do during your degree. If you are interested in studying econometrics, for example, you may take classes in data analysis, market analysis, and statistical modeling. If you are someone interested in microeconomics, classes in sociology and human behavior could be beneficial.
- Analytical reasoning
Economists must be able to think critically and analyze economic patterns. This allows them to make informed decisions and draw insight from data. They might also be able to analyze financial risks and forecast the future.
- Communication skills
Nearly all economists can communicate their findings verbally and in writing. You might be able to create and deliver engaging presentations as well as write accurate reports. You might also collaborate with statisticians, researchers analysts, and other professionals on a project. Clients may also be contacted directly by you.
- Patience
It can take some time to analyze data accurately to ensure that there are no discrepancies. To keep your eyes on the task at hand, you might use patience. This will allow you to give accurate data and forecast realistically. To collect data, you might take each step of an agreed research strategy. This will ensure that you get reliable data.
- Writing skills
You may be required to communicate your conclusions to large groups of people in writing as an economist. A writer may be used by an economist to produce concise and clear reports. This skill can also be used to create academic resources and pieces for publication.
- Good at understanding complex systems
Economics is complex because it examines interconnected systems and complex systems. This is an unavoidable fact. You will need to be able to combine information from multiple sources to support your theories. To find trends and potential causes of complex problems, you will need to be comfortable looking at data. This skill requires patience, time, and effort. It also requires a lot of reading to keep up with theory developments.
- Curious
You will be successful as a researcher, student, or professor if you are interested in your subject. What are the unknowns and ambiguities in your field? What impact do other fields have on your understanding of your subject? What are the hot topics and which arguments are being made? These questions can help you to focus your research and uncover new areas of discovery.
- Independent thinker
Although curiosity can help you learn about other theories and work, you need to have your ideas and insights to succeed as an economist. You will be able to think for yourself, question your knowledge, and come up with new research that will help you become a better economist.
Conferencing, seminars, and lectures can also help. It is a great way to encourage deeper thinking and to share a controversial opinion. Many things that are now considered common knowledge or have come to pass were once deemed foolish and incorrect.
- Comfortability with uncertainty
Because not all questions in Economics have a clear answer, you will need to be comfortable with uncertainty. Economics also has the tricky characteristic of not being able to give a definitive answer. Many things are still being discussed, so there is always something to be done.
It can be scary to think about the possibility of being challenged by others, even if you believe in your core beliefs. This also means that the discipline can be varied and exciting. The curious ones and those who question everything will be rewarded.
How to Become an Economist
- Earn a bachelor’s degree
Earning a bachelor’s degree is the first step in becoming an economist. Although there is no set curriculum, earning a bachelor’s degree in economics can help you to be a better economist in the long term. You may study economic theory, socio sciences, macroeconomics, and international economics while completing your bachelor’s degree. You can also choose to focus your undergraduate studies in one of the following areas: healthcare, finance, policy, or politics.
It’s a smart idea to take the Graduate Record Examination (GRE) as soon as you are done with your undergraduate work, and not after you enter the workforce. This will allow you to use your analytical and critical skills and make new connections.
- Look for internship opportunities
Internship opportunities in economics are a great way to get experience while you’re studying for your bachelor’s degree. Many future economists will choose to spend one to two years learning through internships. Internships are a great way to gain work experience and build skills. You should consider taking on an internship once you have it. You will want to be able to work with full-time economists, who can help you understand the complexities of the field.
- Earn a master’s degree
To further sharpen their skills and develop differentiated knowledge, many economists opt to pursue master’s degrees. To become an economist, you can choose to study a Master of Business Administration (MBA), Master of Arts (MA), or Master of Science (MS) in Economics. Each degree has its benefits.
An MBA will help you gain a deeper understanding of the financial industry and how it may affect economics. An MA or MS in Economics can give you a better understanding of the economy and help you prepare to work in specialized areas of economics.
- Find employment opportunities
You should aim to find work opportunities after you have completed your master’s degree. The field in which you have studied economics will determine where you search for work. You should look for opportunities at employers such as financial institutions, utility companies, and real estate firms if you are interested in working in private economics.
If you are interested in public service, then you should look for opportunities at socially responsible companies, governments, universities, and startups. After you have found a job, it is important to gain at least a few years’ steady work experience before you consider changing your career path.
Where to Work
Economists are most likely to work in offices, corporations, or government agencies. Economists can work alone or in a team. Many economists must work to tight deadlines and work overtime for large projects.
Economist Salary Scale
The annual average salary for economists in the United States is $98,212.
