What They Do
Economists typically perform the following tasks:
• 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.
• Conduct research on economic issues, and disseminate research findings through technical reports or scientific articles in journals.
• Develop economic guidelines and standards, and prepare points of view used in forecasting trends and formulating economic policy.
• Teach theories, principles, and methods of economics.
• Testify at regulatory or legislative hearings concerning the estimated effects of changes in legislation or public policy, and present recommendations based on cost-benefit analyses.
• Provide litigation support, such as writing reports for expert testimony or testifying as an expert witness.
• Forecast production and consumption of renewable resources and supply, consumption, and depletion of non-renewable resources.
• Construct and manage economic datasets.
• Present research at seminars and conferences.
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Video from CareerOneStop, sponsored by U.S. Department of Labor
Key facts
Median: $115,440
Employment: 17,600
Growth (2024–2034):
+1.0%
Education:
Master's degree
Source: U.S. Bureau of Labor Statistics
Career Intelligence Metrics
Automation Risk Assessment
Low RiskWork-Life Balance Score
6.9/10Personality Fit (RIASEC Profile)
6.2
Realistic
9.4
Investigative
5.6
Artistic
6.4
Social
4.8
Enterprising
6.4
Conventional
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Personality Match: The higher the score (out of 10), the better this career matches that personality type. People with similar interests and work styles tend to be most satisfied in careers that match their personality profile.
Top Skills
Analytical skills
Communication skills
Computer skills
Critical-thinking skills
Math skills
Strengths
- High Demand
- Flexible Work
- Continuous Learning
Challenges
- Burnout Risk
- Rapid Technological Change
Median Salary Comparison
Employment projection (2024–2034)
Geographic Employment & Wage Analysis
BLS OEWS Data Updated 2024-05States with Highest Employment
- District of Columbia 3,010
- California 1,400
- Virginia 970
- Maryland 920
- New York 870
- Massachusetts 770
- Pennsylvania 710
- South Carolina 660
- Texas 620
- Illinois 590
BLS OEWS data (2024-05)
Regional Wage Variations
-
District of Columbia +41%$162,610
-
California -13%$100,510
-
Virginia +28%$148,010
-
Maryland +19%$137,610
-
New York +23%$142,300
-
Massachusetts -11%$103,170
-
Pennsylvania -2%$113,300
-
South Carolina -55%$51,980
-
Texas -8%$106,200
-
Illinois -2%$112,790
BLS OEWS state wage data
Top Metropolitan Areas
New York-Newark-Jersey City
Employment: High
Growth: +3.2%
Los Angeles-Long Beach
Employment: High
Growth: +2.8%
Chicago-Naperville-Elgin
Employment: Medium
Growth: +1.5%
Dallas-Fort Worth
Employment: Medium
Growth: +4.1%
San Francisco-Oakland
Employment: High
Growth: +2.3%
Based on BLS metropolitan area data
Industries with Highest Concentrations
Federal government, excluding postal service
85%
Scientific research and development services
70%
Management, scientific, and technical consulting services
55%
Regional Job Market Outlook
Strong
West Coast
Stable
Northeast
Growing
South