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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: Economist, Economic Analyst, Professor, Professor of Economics, Economic Consultant, Project Economist, Forensic Economist, Health Researcher, Research Analyst, Economic Analysis Director

Also see: Environmental Economists

View report: Summary  Details  Custom

Tasks  |  Tools & Technology  |  Knowledge  |  Skills  |  Abilities  |  Work Activities  |  Work Context  |  Job Zone  |  Education  |  Interests  |  Work Styles  |  Work Values  |  Related Occupations  |  Wages & Employment  |  Job Openings  |  Additional Information

Tasks

  • 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.

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Tools & Technology

Tools used in this occupation:

Desktop computers
Mainframe computers — Maintrame computers
Notebook computers — Laptop computers
Personal computers
Scanners — Data scanners

Technology used in this occupation:

Analytical or scientific software — MacKichan Software Scientific Notebook; Quantitative Micro Software EViews; Timberlake Consultants OxMetrics; TreeAge Software TreeAge Pro
Development environment software — Formula translation/translator FORTRAN; Microsoft Visual Basic
Internet browser software — Microsoft Internet Explorer *; Mozilla Firefox *; Web browser software
Object or component oriented development software — C++; Microsoft Visual C# .NET; R *
Spreadsheet software — Corel QuattroPro; IBM Lotus 1-2-3; Microsoft Excel

* Software developed by a government agency and/or distributed as freeware or shareware.

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Knowledge

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.

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Skills

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.

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Abilities

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).

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Work Activities

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.

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Work Context

Electronic Mail — How often do you use electronic mail in this job?
Face-to-Face Discussions — How often do you have to have face-to-face discussions with individuals or teams in this job?
Freedom to Make Decisions — How much decision making freedom, without supervision, does the job offer?
Structured versus Unstructured Work — To what extent is this job structured for the worker, rather than allowing the worker to determine tasks, priorities, and goals?
Duration of Typical Work Week — Number of hours typically worked in one week.
Indoors, Environmentally Controlled — How often does this job require working indoors in environmentally controlled conditions?
Spend Time Sitting — How much does this job require sitting?
Importance of Being Exact or Accurate — How important is being very exact or highly accurate in performing this job?
Telephone — How often do you have telephone conversations in this job?
Level of Competition — To what extent does this job require the worker to compete or to be aware of competitive pressures?

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Job Zone

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, aerospace engineers, wildlife biologists, school psychologists, surgeons, treasurers, and controllers.
SVP Range (8.0 and above)

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Education


Percentage of Respondents
Education Level Required
58   Doctoral degree
29   Master's degree
  Bachelor's degree

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Interests

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.

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Work Styles

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.

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Work Values

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.

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Wages & Employment Trends

National

Median wages (2012) $44.16 hourly, $91,860 annual
Employment (2012) 17,000 employees
Projected growth (2012-2022) Average (8% to 14%) Average (8% to 14%)
Projected job openings (2012-2022) 7,400
Top industries (2012)

State & National

          CareerOneStop

Source: Bureau of Labor Statistics 2012 wage data external site and 2012-2022 employment projections external site. "Projected growth" represents the estimated change in total employment over the projections period (2012-2022). "Projected job openings" represent openings due to growth and replacement.

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Job Openings on the Web

Find Jobs
for Economists

          mySkills myFuture

State & National Job Banks

          CareerOneStop

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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 external site. Bureau of Labor Statistics, U.S. Department of Labor. Occupational Outlook Handbook, 2014-15 Edition.

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