Economists

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Duties

The following is what most economists do:

• Investigate economic topics.
• Conduct research and gather information.
• Mathematical models, statistical tools, and software are used to analyze data.
• Use tables and charts to present study findings.
• Recognize and foretell future trends in the market.
• Provide economic advice to companies, governments, and people.
• Recommend economic solutions.
• Compose articles for scholarly publications and other print and electronic media.

Economists analyze a wide range of issues, including education, health, development, and the environment, using quantitative and qualitative methods. Some economists focus on the cost of goods and services, such as healthcare or energy, while others look at the labor market, business cycles, currency exchange rates, taxes, inflation, or interest rates.

In order to make predictions, economists frequently look back to previous trends. They use several computer applications to do research and evaluate data. They may convey their findings to a wide range of audiences.

There are a large number of economists employed by the government at all levels. This includes data on the economy as a whole, as well as on other aspects of the economy such as earnings and employment. In addition, they estimate future expenditure requirements and provide legislators with data on the economic consequences of new rules.

It is their job to help executives and business leaders comprehend the impact of economic trends on their company. Economists can help a business increase profitability by looking at things like consumer demand and sales.

As well as private consulting businesses, economists can be found working with governmental agencies, think tanks, and other non-profit organizations. Their predictions and analysis appear regularly in the media.

Education

Master’s or Ph.D. degrees are often required for economic research positions. The combination of a post-graduate degree and prior job experience is common in fields such as business, research, and international organizations. Additional classes that teach students how to use statistical tools are also beneficial.

Students who have a bachelor's degree in economics, business, or mathematics can pursue a master's degree in economics. After completing a bachelor's degree, pursuing a Ph.D. in economics may need additional years of study and research in a specialized area.

Those holding a bachelor's degree may be eligible for entry-level posts in the federal government, as well as in the private sector. To progress in the ranks, a master's degree may be necessary.

Other People's Stories

Working as a data collector, researcher, and writer for an economics internship is an excellent way for aspiring economists to obtain significant experience in the field. The use of statistical analysis tools, for example, can be beneficial.

Criteria to Be Considered

Critical thinking abilities. Analyzing data, spotting trends, and drawing logical conclusions are essential skills for economists. Analysts in this field examine how policies affect employment, for example.

abilities to think critically When it comes to economics, logic and reasoning are essential. For example, they may be able to predict the impact of economic trends on a company.

A good command of the English language. Economists are expected to be able to clearly communicate their findings to others. It is common for them to deliver presentations and explain reports to clients who have little or no knowledge of economics.

The ability to write. Economists must be able to communicate their conclusions in a way that is understandable to the general public. A large number of economists produce reports for colleagues or clients, while others write for publication in academic journals or the media.

Pay

The median annual wage for economists was $115,440 in May 2024. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $62,340, and the highest 10 percent earned more than $212,710.

Job Projections

Employment of economists is projected to grow 5 percent from 2023 to 2033, about as fast as the average for all occupations.