Summary Report for:
19-3011.00 - Economists
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.
Sample of reported job titles: Economic Analysis Director, Economic Analyst, Economic Consultant, Economist, Forensic Economist, Health Researcher, Professor, Professor of Economics, Project Economist, Research Analyst
Also see: Environmental Economists
Tasks | Tools & Technology | Knowledge | Skills | Abilities | Work Activities | Detailed Work Activities | Work Context | Job Zone | Education | Credentials | Interests | Work Styles | Work Values | Related Occupations | Wages & Employment | Job Openings | Additional Information
- Teach theories, principles, and methods of economics.
- Study economic and statistical data in area of specialization, such as finance, labor, or agriculture.
- Conduct research on economic issues and disseminate research findings through technical reports or scientific articles in journals.
- 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.
- Supervise research projects and students' study projects.
- Formulate recommendations, policies, or plans to solve economic problems or to interpret markets.
- Develop economic guidelines and standards and prepare points of view used in forecasting trends and formulating economic policy.
- Provide advice and consultation on economic relationships to businesses, public and private agencies, and other employers.
- Forecast production and consumption of renewable resources and supply, consumption, and depletion of non-renewable resources.
- 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.
Tools & Technology
Tools used in this occupation:
- Desktop calculator — 10-key calculators
- Desktop computers
- Mainframe computers — Maintrame computers
- Notebook computers — Laptop computers
- Personal computers
- Scanners — Data scanners
Technology used in this occupation:
- Analytical or scientific software — Aptech Systems GAUSS software; MacKichan Software Scientific Notebook; Quantitative Micro Software EViews; Timberlake Consultants OxMetrics (see all 19 examples)
- Data base management system software — MySQL software
- Data base user interface and query software — Microsoft Access ; Oracle software; Structured query language SQL
- Desktop publishing software — LaTeX software
- Development environment software — Formula translation/translator FORTRAN; Microsoft Visual Basic
- Electronic mail software — Microsoft Outlook
- Financial analysis software — Palisade @Risk
- Internet browser software — Microsoft Internet Explorer; Mozilla Firefox; Web browser software
- Map creation software — ESRI ArcView
- Object or component oriented development software — C++ ; Microsoft Visual C# .NET; Python ; R (see all 5 examples)
- Office suite software — Corel WordPerfect Office Suite; Microsoft Office software
- Operating system software — UNIX
- Presentation software — Microsoft PowerPoint
- Spreadsheet software — Corel QuattroPro; IBM Lotus 1-2-3; Microsoft Excel
- Web page creation and editing software — MediaWiki
- Word processing software — Microsoft Word
Hot Technology — a technology requirement frequently included in employer job postings.
- Economics and Accounting — Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
- Mathematics — Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
- English Language — Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
- Computers and Electronics — Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
- Education and Training — Knowledge of principles and methods for curriculum and training design, teaching and instruction for individuals and groups, and the measurement of training effects.
- Active Listening — Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
- Critical Thinking — Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
- Mathematics — Using mathematics to solve problems.
- Speaking — Talking to others to convey information effectively.
- Writing — Communicating effectively in writing as appropriate for the needs of the audience.
- Complex Problem Solving — Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
- Judgment and Decision Making — Considering the relative costs and benefits of potential actions to choose the most appropriate one.
- Reading Comprehension — Understanding written sentences and paragraphs in work related documents.
- Active Learning — Understanding the implications of new information for both current and future problem-solving and decision-making.
- Instructing — Teaching others how to do something.
- Learning Strategies — Selecting and using training/instructional methods and procedures appropriate for the situation when learning or teaching new things.
- Systems Analysis — Determining how a system should work and how changes in conditions, operations, and the environment will affect outcomes.
- Systems Evaluation — Identifying measures or indicators of system performance and the actions needed to improve or correct performance, relative to the goals of the system.
- Time Management — Managing one's own time and the time of others.
- Coordination — Adjusting actions in relation to others' actions.
- Monitoring — Monitoring/Assessing performance of yourself, other individuals, or organizations to make improvements or take corrective action.
- Persuasion — Persuading others to change their minds or behavior.
- Deductive Reasoning — The ability to apply general rules to specific problems to produce answers that make sense.
- Inductive Reasoning — The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
- Written Comprehension — The ability to read and understand information and ideas presented in writing.
- Written Expression — The ability to communicate information and ideas in writing so others will understand.
- Mathematical Reasoning — The ability to choose the right mathematical methods or formulas to solve a problem.
- Oral Comprehension — The ability to listen to and understand information and ideas presented through spoken words and sentences.
- Oral Expression — The ability to communicate information and ideas in speaking so others will understand.
- Speech Clarity — The ability to speak clearly so others can understand you.
- Problem Sensitivity — The ability to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing there is a problem.
- Fluency of Ideas — The ability to come up with a number of ideas about a topic (the number of ideas is important, not their quality, correctness, or creativity).
- Near Vision — The ability to see details at close range (within a few feet of the observer).
- Number Facility — The ability to add, subtract, multiply, or divide quickly and correctly.
- Speech Recognition — The ability to identify and understand the speech of another person.
- Category Flexibility — The ability to generate or use different sets of rules for combining or grouping things in different ways.
- Information Ordering — The ability to arrange things or actions in a certain order or pattern according to a specific rule or set of rules (e.g., patterns of numbers, letters, words, pictures, mathematical operations).
- Originality — The ability to come up with unusual or clever ideas about a given topic or situation, or to develop creative ways to solve a problem.
- Analyzing Data or Information — Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
- Getting Information — Observing, receiving, and otherwise obtaining information from all relevant sources.
- Interacting With Computers — Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
- Making Decisions and Solving Problems — Analyzing information and evaluating results to choose the best solution and solve problems.
- Processing Information — Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
- Updating and Using Relevant Knowledge — Keeping up-to-date technically and applying new knowledge to your job.
- Interpreting the Meaning of Information for Others — Translating or explaining what information means and how it can be used.
- Thinking Creatively — Developing, designing, or creating new applications, ideas, relationships, systems, or products, including artistic contributions.
- Identifying Objects, Actions, and Events — Identifying information by categorizing, estimating, recognizing differences or similarities, and detecting changes in circumstances or events.
- Training and Teaching Others — Identifying the educational needs of others, developing formal educational or training programs or classes, and teaching or instructing others.
- Communicating with Supervisors, Peers, or Subordinates — Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.
- Organizing, Planning, and Prioritizing Work — Developing specific goals and plans to prioritize, organize, and accomplish your work.
- Provide Consultation and Advice to Others — Providing guidance and expert advice to management or other groups on technical, systems-, or process-related topics.
- Communicating with Persons Outside Organization — Communicating with people outside the organization, representing the organization to customers, the public, government, and other external sources. This information can be exchanged in person, in writing, or by telephone or e-mail.
- Establishing and Maintaining Interpersonal Relationships — Developing constructive and cooperative working relationships with others, and maintaining them over time.
- Developing Objectives and Strategies — Establishing long-range objectives and specifying the strategies and actions to achieve them.
- Estimating the Quantifiable Characteristics of Products, Events, or Information — Estimating sizes, distances, and quantities; or determining time, costs, resources, or materials needed to perform a work activity.
Detailed Work Activities
- Testify at legal or legislative proceedings.
- Prepare scientific or technical reports or presentations.
- Instruct college students in social sciences or humanities disciplines.
- Forecast economic, political, or social trends.
- Conduct research on social issues.
- Review professional literature to maintain professional knowledge.
- Advise others on business or operational matters.
- Advise others on matters of public policy.
- Supervise trainees.
- Establish standards for products, processes, or procedures.
- Electronic Mail — 100% responded “Every day.”
- Face-to-Face Discussions — 63% responded “Every day.”
- Freedom to Make Decisions — 63% responded “A lot of freedom.”
- Structured versus Unstructured Work — 58% responded “A lot of freedom.”
- Duration of Typical Work Week — 65% responded “More than 40 hours.”
- Indoors, Environmentally Controlled — 75% responded “Every day.”
- Spend Time Sitting — 50% responded “More than half the time.”
- Importance of Being Exact or Accurate — 46% responded “Extremely important.”
- Telephone — 42% responded “Every day.”
- Level of Competition — 54% responded “Highly competitive.”
- Time Pressure — 33% responded “Once a week or more but not every day.”
- Contact With Others — 50% responded “Contact with others about half the time.”
- Letters and Memos — 42% responded “Once a month or more but not every week.”
- Impact of Decisions on Co-workers or Company Results — 38% responded “Important results.”
- Public Speaking — 42% responded “Once a week or more but not every day.”
- Frequency of Decision Making — 42% responded “Once a month or more but not every week.”
- Work With Work Group or Team — 42% responded “Very important.”
|Title||Job Zone Five: Extensive Preparation Needed|
|Education||Most of these occupations require graduate school. For example, they may require a master's degree, and some require a Ph.D., M.D., or J.D. (law degree).|
|Related Experience||Extensive skill, knowledge, and experience are needed for these occupations. Many require more than five years of experience. For example, surgeons must complete four years of college and an additional five to seven years of specialized medical training to be able to do their job.|
|Job Training||Employees may need some on-the-job training, but most of these occupations assume that the person will already have the required skills, knowledge, work-related experience, and/or training.|
|Job Zone Examples||These occupations often involve coordinating, training, supervising, or managing the activities of others to accomplish goals. Very advanced communication and organizational skills are required. Examples include librarians, lawyers, astronomers, biologists, clergy, surgeons, and veterinarians.|
|SVP Range||(8.0 and above)|
Percentage of Respondents
|Education Level Required|
Interest code: ICE
- Investigative — Investigative occupations frequently involve working with ideas, and require an extensive amount of thinking. These occupations can involve searching for facts and figuring out problems mentally.
- Conventional — Conventional occupations frequently involve following set procedures and routines. These occupations can include working with data and details more than with ideas. Usually there is a clear line of authority to follow.
- Enterprising — Enterprising occupations frequently involve starting up and carrying out projects. These occupations can involve leading people and making many decisions. Sometimes they require risk taking and often deal with business.
- Analytical Thinking — Job requires analyzing information and using logic to address work-related issues and problems.
- Attention to Detail — Job requires being careful about detail and thorough in completing work tasks.
- Achievement/Effort — Job requires establishing and maintaining personally challenging achievement goals and exerting effort toward mastering tasks.
- Integrity — Job requires being honest and ethical.
- Initiative — Job requires a willingness to take on responsibilities and challenges.
- Persistence — Job requires persistence in the face of obstacles.
- Independence — Job requires developing one's own ways of doing things, guiding oneself with little or no supervision, and depending on oneself to get things done.
- Innovation — Job requires creativity and alternative thinking to develop new ideas for and answers to work-related problems.
- Dependability — Job requires being reliable, responsible, and dependable, and fulfilling obligations.
- Adaptability/Flexibility — Job requires being open to change (positive or negative) and to considerable variety in the workplace.
- Self Control — Job requires maintaining composure, keeping emotions in check, controlling anger, and avoiding aggressive behavior, even in very difficult situations.
- Stress Tolerance — Job requires accepting criticism and dealing calmly and effectively with high stress situations.
- Working Conditions — Occupations that satisfy this work value offer job security and good working conditions. Corresponding needs are Activity, Compensation, Independence, Security, Variety and Working Conditions.
- Independence — Occupations that satisfy this work value allow employees to work on their own and make decisions. Corresponding needs are Creativity, Responsibility and Autonomy.
- Achievement — Occupations that satisfy this work value are results oriented and allow employees to use their strongest abilities, giving them a feeling of accomplishment. Corresponding needs are Ability Utilization and Achievement.
Wages & Employment Trends
|Median wages (2015)||$47.68 hourly, $99,180 annual|
|Employment (2014)||22,000 employees|
|Projected growth (2014-2024)||Average (5% to 8%)|
|Projected job openings (2014-2024)||7,000|
|Top industries (2014)|
Source: Bureau of Labor Statistics 2015 wage data and 2014-2024 employment projections . "Projected growth" represents the estimated change in total employment over the projections period (2014-2024). "Projected job openings" represent openings due to growth and replacement.
Job Openings on the Web
Sources of Additional Information
Disclaimer: Sources are listed to provide additional information on related jobs, specialties, and/or industries. Links to non-DOL Internet sites are provided for your convenience and do not constitute an endorsement.
- Economists . Bureau of Labor Statistics, U.S. Department of Labor. Occupational Outlook Handbook, 2016-17 Edition.