Economists
SOC Code: 19-3011.00
Life, Physical & Social ScienceEconomists study how societies allocate scarce resources, conducting research that shapes business strategy, government policy, and public understanding of financial systems. With a median salary of $115,440, this career rewards professionals who can translate complex data into actionable insights. Economists work across the public and private sectors, from federal agencies and think tanks to multinational corporations and consulting firms, applying rigorous analytical methods to solve real-world problems.
Salary Overview
Median
$115,440
25th Percentile
$82,260
75th Percentile
$166,030
90th Percentile
$212,710
Salary Distribution
Job Outlook (2024–2034)
Growth Rate
+1.2%
New Openings
900
Outlook
Slower than average
Key Skills
Knowledge Areas
What They Do
- Study economic and statistical data in area of specialization, such as finance, labor, or agriculture.
- Compile, analyze, and report data to explain economic phenomena and forecast market trends, applying mathematical models and statistical techniques.
- Study the socioeconomic impacts of new public policies, such as proposed legislation, taxes, services, and regulations.
- Explain economic impact of policies to the public.
- Review documents written by others.
- Provide advice and consultation on economic relationships to businesses, public and private agencies, and other employers.
- Formulate recommendations, policies, or plans to solve economic problems or to interpret markets.
- Supervise research projects and students' study projects.
Tools & Technology
★ = Hot Technology (in-demand)
Education Requirements
Typical entry-level education: Master's Degree
Related Careers
Top Career Pivot Targets
View all 18 →Careers with the highest skill compatibility from Economists.
A Day in the Life
A typical day for an economist varies significantly depending on the sector, but most begin by reviewing economic indicators, market data, and recent policy developments. In government roles, economists might spend mornings analyzing employment statistics, trade data, or inflation trends to inform policy recommendations for senior officials. Corporate economists often start the day in strategy meetings, presenting forecasts on consumer demand, pricing trends, or competitive dynamics to executive leadership. Midday hours frequently involve building and refining econometric models, running regressions, and stress-testing assumptions using statistical software like Stata, R, or Python. Afternoons may include writing research briefs, preparing testimony for legislative hearings, or drafting sections of academic papers for peer review. Economists at consulting firms spend considerable time on client calls, translating technical findings into plain-language recommendations that drive business decisions. The workday often extends into evenings when deadlines approach for major reports, policy briefings, or conference presentations.
Work Environment
Economists work in a variety of professional settings, from quiet government offices and university campuses to fast-paced corporate headquarters and consulting firms. The work is predominantly office-based and sedentary, involving extensive time at computers analyzing data and writing reports. Standard work hours of 40 per week are common in government positions, though private-sector and consulting economists frequently work 50 or more hours during busy periods. The intellectual culture is rigorous and evidence-driven, with economists expected to defend their analyses and recommendations with data and sound methodology. Collaboration is common, with economists working alongside statisticians, policy analysts, and subject-matter experts on multidisciplinary teams. Travel requirements vary by role—academic economists attend conferences regularly, while consulting economists may visit client sites frequently. Remote work has become increasingly accepted in the profession, particularly for research and analysis tasks that require deep concentration.
Career Path & Advancement
Most economist positions require at least a master's degree in economics, though a Ph.D. is increasingly preferred for research-focused roles in government, academia, and prestigious think tanks. Undergraduate preparation typically involves a major in economics with strong coursework in mathematics, statistics, and computer science. Graduate programs provide specialized training in econometrics, theoretical modeling, and applied policy analysis over two to six years depending on the degree level. Entry-level economists often begin as research analysts or junior economists, supporting senior staff on data collection, model building, and report drafting. With experience, economists advance to lead their own research projects, manage teams, and advise senior decision-makers on strategy and policy. Senior economists may become chief economists at corporations, direct research divisions at government agencies, or lead programs at international organizations. Some economists transition into executive leadership, leveraging their strategic analytical skills as CEOs, CFOs, or policy directors.
Specializations
The field of economics encompasses numerous specializations that address different dimensions of human behavior and institutional design. Labor economists study employment markets, wage determination, and the effects of policies like minimum wage laws and immigration reform. Financial economists analyze capital markets, asset pricing, and risk management strategies for banks, hedge funds, and regulatory agencies. Health economists evaluate healthcare costs, insurance market dynamics, and the economic impact of public health interventions. Environmental economists assess the costs and benefits of climate policy, carbon pricing, and natural resource management. International economists focus on trade agreements, exchange rates, and the economic relationships between nations. Public finance economists study government taxation, spending, and debt management to optimize fiscal policy. Behavioral economists incorporate psychological research into economic models, examining how cognitive biases influence consumer choices, savings behavior, and market outcomes.
Pros & Cons
Advantages
- ✓The median salary of $115,440 provides excellent compensation, with senior roles at corporations and consulting firms offering significantly higher earnings.
- ✓The work directly influences major policy decisions and business strategies that affect millions of people.
- ✓Strong demand across government, private sector, and international organizations provides diverse career opportunities and job security.
- ✓The intellectual challenge of modeling complex systems and solving real-world problems keeps the work engaging and stimulating.
- ✓Economists develop highly transferable quantitative and analytical skills valued across virtually every industry.
- ✓Flexible work arrangements are increasingly common, with many employers supporting remote research and analysis.
- ✓International career opportunities abound at organizations like the World Bank, IMF, and multinational corporations.
Challenges
- ✗Advanced degrees requiring significant time and financial investment are increasingly necessary for competitive positions.
- ✗The work can feel abstract and disconnected from tangible outcomes when research takes years to influence policy or practice.
- ✗High-pressure deadlines for policy briefings, client deliverables, and publication submissions create recurring stress cycles.
- ✗The field can be intellectually isolating, with highly specialized research areas limiting the pool of colleagues who understand your work.
- ✗Political and ideological pressures can influence which research questions receive funding and institutional support.
- ✗Long hours are common in private-sector and consulting roles, particularly during major projects or economic crises.
- ✗Communicating complex economic concepts to non-technical audiences remains a persistent challenge that can limit impact.
Industry Insight
The economics profession is undergoing significant transformation driven by technological and societal shifts. Big data and machine learning are expanding the frontier of economic research, enabling economists to analyze datasets of unprecedented scale and complexity. The growing importance of tech platforms and digital markets has created demand for economists who understand network effects, platform competition, and algorithmic pricing. Climate economics has moved from the margins to the mainstream, with carbon pricing, green finance, and energy transition modeling becoming high-priority research areas. Inequality and social mobility have emerged as central themes in both academic research and policy debates, reshaping priorities at major institutions. The integration of experimental methods, including randomized controlled trials, has revolutionized development economics and is spreading to other subfields. Government and private-sector demand for economists remains strong, particularly in areas like healthcare policy, financial regulation, and technology antitrust enforcement. The profession is also grappling with calls for greater methodological diversity and ideological pluralism in research approaches.
How to Break Into This Career
Entering the economics profession requires strong quantitative skills and strategic career positioning. Aspiring economists should pursue undergraduate degrees in economics, mathematics, or statistics, with particular emphasis on econometrics and research methods coursework. Internships at government agencies like the Bureau of Labor Statistics, Federal Reserve, or Congressional Budget Office provide invaluable exposure to professional economic research. Building proficiency in statistical programming languages such as R, Python, and Stata is essential, as these tools are the workhorses of modern economic analysis. For those targeting research-intensive roles, pursuing a master's or Ph.D. program with strong faculty mentorship and placement records is highly recommended. Publishing research, even as working papers or policy briefs, demonstrates analytical rigor and subject expertise to potential employers. Networking through professional organizations like the American Economic Association and attending their annual meetings creates connections that frequently lead to job opportunities. Many economists enter the profession through structured programs at the Federal Reserve System, World Bank, or major consulting firms that recruit directly from graduate programs.
Career Pivot Tips
Economists possess a versatile skill set that transfers effectively to numerous career paths outside traditional economics roles. The ability to build predictive models and analyze large datasets translates directly to data science and machine learning engineering positions at technology companies. Financial analysis and risk modeling skills prepare economists for careers in investment banking, portfolio management, and actuarial science. Policy analysis experience transfers naturally to roles in government affairs, lobbying, and nonprofit leadership where understanding regulatory impacts is essential. Strong writing skills developed through research report preparation open doors to economic journalism, content strategy, and communications roles at major publications and media organizations. Economists with management consulting experience can leverage their strategic thinking for corporate strategy and business development leadership positions. Those with expertise in specific sectors—healthcare, energy, real estate—can pivot to industry-specific analyst or executive roles where domain knowledge commands a premium. The quantitative reasoning and critical thinking that define economic training also prepare professionals for law school, where economics backgrounds are particularly valued in antitrust, securities, and regulatory law.
Explore Career Pivots
See how Economists compares to other careers and find your best pivot opportunities.
Find Pivots from Economists