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Summary

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Video transcript available at https://www.youtube.com/watch?v=JjXC3QyTHNA.
Quick Facts: Economists
2021 Median Pay $105,630 per year
$50.79 per hour
Typical Entry-Level Education Master's degree
Work Experience in a Related Occupation None
On-the-job Training None
Number of Jobs, 2021 16,900
Job Outlook, 2021-31 6% (As fast as average)
Employment Change, 2021-31 1,000

What Economists Do

Economists collect and analyze data, research trends, and evaluate economic issues for resources, goods, and services.

Work Environment

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.

How to Become an Economist

Economists typically need at least a master’s degree to enter the occupation. However, some entry-level jobs—primarily in the federal government—are available for workers with a bachelor’s degree.

Pay

The median annual wage for economists was $105,630 in May 2021.

Job Outlook

Employment of economists is projected to grow 6 percent from 2021 to 2031, about as fast as the average for all occupations.

About 1,400 openings for economists are projected each year, on average, over the decade. Many of those openings are expected to result from the need to replace workers who transfer to different occupations or exit the labor force, such as to retire.

State & Area Data

Explore resources for employment and wages by state and area for economists.

Similar Occupations

Compare the job duties, education, job growth, and pay of economists with similar occupations.

More Information, Including Links to O*NET

Learn more about economists by visiting additional resources, including O*NET, a source on key characteristics of workers and occupations.

What Economists Do About this section

Economists
Economists prepare reports, tables, and charts.

Economists study the production and distribution of resources, goods, and services by collecting and analyzing data, researching trends, and evaluating economic issues.

Duties

Economists typically do the following:

  • Research economic issues
  • Conduct surveys and collect data
  • Analyze data using mathematical models, statistical techniques, and software
  • Present research results in reports, tables, and charts
  • Interpret and forecast market trends
  • Advise businesses, governments, and individuals on economic topics
  • Recommend solutions to economic problems
  • Write articles for academic journals and other media

Economists apply both qualitative and quantitative economic analysis to topics within a variety of fields, such as education, health, development, and the environment. Some economists study the cost of products, healthcare, or energy, while others examine employment levels, business cycles, exchange rates, taxes, inflation, or interest rates.

Economists often study historical trends and use them to make forecasts. They research and analyze data using a variety of software programs. They sometimes present their research to various audiences.

Many economists work in federal, state, and local government. Federal government economists collect and analyze data about the U.S. economy, including employment, prices, productivity, and wages, among other types of data. They also project spending needs and inform policymakers on the economic impact of laws and regulations.

Economists working for corporations help managers and decisionmakers understand how the economy will affect their business. Specifically, economists may analyze issues such as consumer demand and sales to help a company maximize its profits.

Economists also work for international organizations, research firms, and think tanks, where they study and analyze a variety of economic issues. Their analyses and forecasts are frequently published in newspapers and journals.

Many PhD economists become postsecondary teachers.

Work Environment About this section

Economists
Economists typically work with computers.

Economists held about 16,900 jobs in 2021. The largest employers of economists were as follows:

Federal government, excluding postal service 28%
Management, scientific, and technical consulting services 17
Scientific research and development services 12
State government, excluding education and hospitals 10
Finance and insurance 5

Economists typically work independently in an office. However, many economists collaborate with other economists and statisticians, sometimes working on teams. Some economists work from home, and others may be required to travel as part of their job or to attend conferences.  

Economists spend much of their time using computers to analyze data, review research, or write findings.

 

Work Schedules

Most economists work full time. In addition to working full time at a business or university, some economists consult part-time. Some perform work that may require overtime hours.

How to Become an Economist About this section

Economists
Communication skills are important for economists, since they sometimes present research to colleagues.

Economists typically need at least a master’s degree to enter the occupation. However, some entry-level jobs—primarily in government—are available for workers with a bachelor’s degree.

Education

Economists typically need a master’s degree or Ph.D. Positions in business, research, or international organizations often require a combination of graduate education and work experience. In addition, courses that introduce students to statistical analysis software are helpful.

Students can pursue a graduate degree in economics with a bachelor’s degree in a number of fields, including economics, business, and mathematics. A Ph.D. in economics may require several years of study after earning a bachelor’s degree, including completion of research in a specialty field.

Candidates with a bachelor’s degree may qualify for some entry-level economist positions, including jobs with the federal government. A graduate degree is sometimes required for advancement to higher level positions.

Other Experience

Aspiring economists can gain valuable experience from internships where the work involves gathering and analyzing data, researching economic issues and trends, and writing reports on their findings. In addition, related experience, such as using statistical analysis software, can be advantageous.

Important Qualities

Analytical skills. Economists must be able to review data in detail, observe patterns, perform advanced calculations, and draw logical conclusions. For example, labor economists analyze the effects of labor policies on employment.

Critical-thinking skills. Economists must be able to use logic and reasoning to solve complex problems. For instance, they might identify how economic trends may affect an organization.

Speaking skills. Economists must be able to explain their work to others. They often give presentations and explain reports to clients who may not have a background in economics.

Writing skills. Economists must be able to present their findings clearly. Many economists prepare reports for colleagues or clients; others write for publication in journals or for news media.

Pay About this section

Economists

Median annual wages, May 2021

Economists

$105,630

Social scientists and related workers

$80,890

Total, all occupations

$45,760

 

The median annual wage for economists was $105,630 in May 2021. 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 $62,460, and the highest 10 percent earned more than $193,690.

In May 2021, the median annual wages for economists in the top industries in which they worked were as follows:

Finance and insurance $163,640
Federal government, excluding postal service 125,950
Management, scientific, and technical consulting services 117,510
Scientific research and development services 101,910
State government, excluding education and hospitals 82,220

Most economists work full time. Some perform work that may require overtime hours.

Job Outlook About this section

Economists

Percent change in employment, projected 2021-31

Economists

6%

Social scientists and related workers

5%

Total, all occupations

5%

 

Employment of economists is projected to grow 6 percent from 2021 to 2031, about as fast as the average for all occupations.

About 1,400 openings for economists are projected each year, on average, over the decade. Many of those openings are expected to result from the need to replace workers who transfer to different occupations or exit the labor force, such as to retire.

Employment

Organizations across many industries use economic analysis and quantitative methods to study and forecast business, sales, and other market trends. Employment demand is expected to be strong for these workers, as organizations increasingly turn to economists to apply analysis of big data to pricing, advertising, and other areas. The increasing complexity of the global economy and a more competitive business environment also are expected to support demand for economists.

Employment projections data for economists, 2021-31
Occupational Title SOC Code Employment, 2021 Projected Employment, 2031 Change, 2021-31 Employment by Industry
Percent Numeric

SOURCE: U.S. Bureau of Labor Statistics, Employment Projections program

Economists

19-3011 16,900 17,800 6 1,000 Get data

State & Area Data About this section

Occupational Employment and Wage Statistics (OEWS)

The Occupational Employment and Wage Statistics (OEWS) program produces employment and wage estimates annually for over 800 occupations. These estimates are available for the nation as a whole, for individual states, and for metropolitan and nonmetropolitan areas. The link(s) below go to OEWS data maps for employment and wages by state and area.

Projections Central

Occupational employment projections are developed for all states by Labor Market Information (LMI) or individual state Employment Projections offices. All state projections data are available at www.projectionscentral.com. Information on this site allows projected employment growth for an occupation to be compared among states or to be compared within one state. In addition, states may produce projections for areas; there are links to each state’s websites where these data may be retrieved.

CareerOneStop

CareerOneStop includes hundreds of occupational profiles with data available by state and metro area. There are links in the left-hand side menu to compare occupational employment by state and occupational wages by local area or metro area. There is also a salary info tool to search for wages by zip code.

Similar Occupations About this section

This table shows a list of occupations with job duties that are similar to those of economists.

Occupation Job Duties ENTRY-LEVEL EDUCATION Help on Entry-Level Education 2021 MEDIAN PAY Help on Median Pay
Actuaries Actuaries

Actuaries use mathematics, statistics, and financial theory to analyze the economic costs of risk and uncertainty.

Bachelor's degree $105,900
Budget analysts Budget Analysts

Budget analysts help public and private organizations plan their finances.

Bachelor's degree $79,940
data-scientists Data Scientists

Data scientists use analytical tools and techniques to extract meaningful insights from data.

Bachelor's degree $100,910
Financial analysts Financial Analysts

Financial analysts guide businesses and individuals in decisions about expending money to attain profit.

Bachelor's degree $95,570
Market research analysts Market Research Analysts

Market research analysts study consumer preferences, business conditions, and other factors to assess potential sales of a product or service.

Bachelor's degree $63,920
Mathematicians Mathematicians and Statisticians

Mathematicians and statisticians analyze data and apply computational techniques to solve problems.

Master's degree $96,280
Operations research analysts Operations Research Analysts

Operations research analysts use mathematics and logic to help solve complex issues.

Bachelor's degree $82,360
Political scientists Political Scientists

Political scientists study the origin, development, and operation of political systems.

Master's degree $122,510
Postsecondary teachers Postsecondary Teachers

Postsecondary teachers instruct students in a variety of academic subjects beyond the high school level.

See How to Become One $79,640
Survey researchers Survey Researchers

Survey researchers design and conduct surveys and analyze data.

Master's degree $59,740
Urban and regional planners Urban and Regional Planners

Urban and regional planners develop land use plans and programs that help create communities, accommodate population growth, and revitalize physical facilities.

Master's degree $78,500
Suggested citation:

Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, Economists,
at https://www.bls.gov/ooh/life-physical-and-social-science/economists.htm (visited February 14, 2023).

Last Modified Date: Monday, February 6, 2023

What They Do

The What They Do tab describes the typical duties and responsibilities of workers in the occupation, including what tools and equipment they use and how closely they are supervised. This tab also covers different types of occupational specialties.

Work Environment

The Work Environment tab includes the number of jobs held in the occupation and describes the workplace, the level of physical activity expected, and typical hours worked. It may also discuss the major industries that employed the occupation. This tab may also describe opportunities for part-time work, the amount and type of travel required, any safety equipment that is used, and the risk of injury that workers may face.

How to Become One

The How to Become One tab describes how to prepare for a job in the occupation. This tab can include information on education, training, work experience, licensing and certification, and important qualities that are required or helpful for entering or working in the occupation.

Pay

The Pay tab describes typical earnings and how workers in the occupation are compensated—annual salaries, hourly wages, commissions, tips, or bonuses. Within every occupation, earnings vary by experience, responsibility, performance, tenure, and geographic area. For most profiles, this tab has a table with wages in the major industries employing the occupation. It does not include pay for self-employed workers, agriculture workers, or workers in private households because these data are not collected by the Occupational Employment and Wage Statistics (OEWS) survey, the source of BLS wage data in the OOH.

State & Area Data

The State and Area Data tab provides links to state and area occupational data from the Occupational Employment and Wage Statistics (OEWS) program, state projections data from Projections Central, and occupational information from the Department of Labor's CareerOneStop.

Job Outlook

The Job Outlook tab describes the factors that affect employment growth or decline in the occupation, and in some instances, describes the relationship between the number of job seekers and the number of job openings.

Similar Occupations

The Similar Occupations tab describes occupations that share similar duties, skills, interests, education, or training with the occupation covered in the profile.

Contacts for More Information

The More Information tab provides the Internet addresses of associations, government agencies, unions, and other organizations that can provide additional information on the occupation. This tab also includes links to relevant occupational information from the Occupational Information Network (O*NET).

2021 Median Pay

The wage at which half of the workers in the occupation earned more than that amount and half earned less. Median wage data are from the BLS Occupational Employment and Wage Statistics survey. In May 2021, the median annual wage for all workers was $45,760.

On-the-job Training

Additional training needed (postemployment) to attain competency in the skills needed in this occupation.

Entry-level Education

Typical level of education that most workers need to enter this occupation.

Work experience in a related occupation

Work experience that is commonly considered necessary by employers, or is a commonly accepted substitute for more formal types of training or education.

Number of Jobs, 2021

The employment, or size, of this occupation in 2021, which is the base year of the 2021-31 employment projections.

Job Outlook, 2021-31

The projected percent change in employment from 2021 to 2031. The average growth rate for all occupations is 5 percent.

Employment Change, 2021-31

The projected numeric change in employment from 2021 to 2031.

Entry-level Education

Typical level of education that most workers need to enter this occupation.

On-the-job Training

Additional training needed (postemployment) to attain competency in the skills needed in this occupation.

Employment Change, projected 2021-31

The projected numeric change in employment from 2021 to 2031.

Growth Rate (Projected)

The percent change of employment for each occupation from 2021 to 2031.

Projected Number of New Jobs

The projected numeric change in employment from 2021 to 2031.

Projected Growth Rate

The projected percent change in employment from 2021 to 2031.

2021 Median Pay

The wage at which half of the workers in the occupation earned more than that amount and half earned less. Median wage data are from the BLS Occupational Employment and Wage Statistics survey. In May 2021, the median annual wage for all workers was $45,760.