OverviewSalaryAboutEducationWhere are the jobsEmploymentGenderRace/Origin
Overview
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.
Highlights
Undergraduate program resulting in the highest median salary ($92K): Economics
Largest undergraduate program (42.5% of workers): Economics
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Titles for this career often contain these words
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Responsibilities and activities
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.
Salary
Median salary: $108,350 annually
Half of those employed in this career earn between $79,860 and $151,210.
Context: Median Salary
How do salaries for this career compare to other jobs' salaries?
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Salary growth for economists
Is this job likely to reward you for sticking with it through pay raises and promotions? The higher a job’s “experience quotient,” the more you are likely to get as you stay there.
Experience quotient percentile
Take a minute to look at how much you might expect your salary to increase with each five years' experience, as well as how the numbers working at each age change. Does this seem to be a job for the young or the old, or could it be a career offering steady salary growth for many years?
Salary distribution
Number employed
About Economists
How do benefits for this career compare to other jobs? The availability of health care, especially employer provided health care, and pension plans can add significantly to the value of compensation you receive in a career. These charts compare how this career compares to other careers with regard to health care and pension plans.
Employee has health insurance
Employer is providing health insurance
Employer-provided pension plan is available
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Personality and skills
Can you see yourself in the ranks of Economists? Here are the skills and traits that could lead to success.
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.
Education pathways to this career
Education attained by economists
According to the Bureau of Labor Statistics (BLS), economists typically hold a master's degree.
Sometimes the typical education identified by the BLS differs a bit from the reality of the how much education current workers actually have. The donut shows the education level held by people currently working as economists as reported in responses to the American Community Survey.
Details: Education and training recommended for economists
A master’s degree or Ph.D. is required for most economist jobs. 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 an advanced degree in economics with a bachelor’s degree in a number of fields, but a strong background in mathematics is essential. A Ph.D. in economics may require several years of study after earning a bachelor’s degree, including completion of detailed 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. An advanced degree is sometimes required for advancement to higher level positions.
Education level of Economists
About 72% of economists have a graduate-level education, and 100% have at least a bachelor's degree.
Education attained by economists
None
High School
Some College
Associate's Degree
Bachelor's Degree
Master's Degree
Professional Degree
Doctorate
Top college degrees
Here are the top college degrees held by the 97% of people in this job who have at least a bachelor's degree. Some of degrees may link to multiple programs due to the way Census classifies college majors. Click on a program to learn more about career opportunities for people who major in that field.
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College majors held by economists
This table shows the college majors held by people working as economists. If you see "**" before the name of a degree/program, that means this field is one that the Department of Education believes is preparatory for this career. However, you can see from this list that those recommendations are far from your only path to this job!
Major
Select any title to learn more about that degree
Salary comparison for bachelor's only
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Education for Career and Major
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The link between degrees and this career
With the following sankey diagram, you can follow the top ten bachelor's degrees held by people working as economists, and then, in turn, you can see the 10 occupations that hire the most of each degree's graduates. We hope this provides ideas for similar jobs and similar fields of study.
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Where are the jobs
State-by-state employment numbers
Some careers tend to be centered in specific parts of the country. For example, most jobs in fashion are in New York or California. Let's see if your dream job is easy to find in your dream location! We have a few choices for viewing the data that can help you get a full employment picture.
Select a state to see local area details
Number of Economists per 1,000 workers (ACS)
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Job density versus job count
Which states hire the most economists? We wonder if that's a fair question since states come in all sizes, so instead let's start with the question of which states have the highest density of people working as economists. You can choose to view the number of jobs per state if you prefer.
Salaries by state
Let's get a feel for where economists earn the highest salaries. There are several choices for which data we consider and how we view that data, and each can lead to different conclusions, so please read on...
Median salary versus state ratio
We use two methods to compare salaries across states:
- In-state comparisons: the ratio of median (middle) salaries for economists compared to the median salary for all people working in each state, or
- Median salary: the unaltered median salaries for economists.
The darkest shading corresponds to states in which economists earn the highest salary when compared to other jobs in the state. We think this figure might be a better indicator than the actual salary for your buying power as a state resident.
Select a state to see local area details
Location-adjusted median salary for Economists (ACS)
Employment
5% of Economists are working part time.
We’ve found that some jobs have a huge number of part-time workers, and typically that is because they are unable to find full-time work or the job itself can’t provide full-time hours. With 5% part-time workers, this occupation has a lower percentage of part-time workers than 77% of careers.
Employer types
This donut shares the break-down of workers by employer type, giving us a picture of what employers most typically hire for this career.
Employers of undefined (ACS)
Private for-profit
Private not-for-profit
Local government
State government
Federal government
Self-employed incorporated
Self-employed not incorporated
Working without pay
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Distribution: Salaries of economists by type of employer
Here are the salary distributions based on employer type.
Gender
Economists and gender
With 30% women, this occupation has a lower percentage of women than 57% of careers.
Gender of Economists
Men (70%)
Women (30%)
Distribution: salaries by gender
Does gender greatly influence your salary in this career? The closer the bars are, the less discrepancy there is.
We only include salary data when the survey error is less than 20%, so you may see only partial information for some categories.
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Context: Women in the workforce
How does this career compare to other careers with regard to the percentage of women in the career.
Context: Salary inequity
The median salary for all full-time male workers in the
US exceeds the full-time median salary for women
by 19%.
The situation is a little better for economists, with the
median salary for men 11%
higher than the median salary for women.
Race/Origin
Race and origin of Economists
This donut shows the distribution of race and origin among those employed as Economists.
Race/origin of economists
White (74% )
Asian (14% )
Black (6% )
Other (2% )
Multiracial (2% )
Hispanic (1% )
American Indian (0% )
Distribution: salaries by race/origin
Some careers might have a pay disparity based on race or origin, the closer the below bars are the less of a discrepancy is present.
We only include salary data when the survey error is less than 20%, so you may see only partial information for some categories.
