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 Analyst, Economic Consultant, Economic Development Specialist, Economist, Forensic Economist, Project Economist, Research Analyst, Research Associate, Revenue Research Analyst, Tax Economist
Also see: Environmental Economists
Tasks | Technology Skills | Tools Used | 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
- 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.
- Supervise research projects and students' study projects.
- Teach theories, principles, and methods of economics.
- Study the socioeconomic impacts of new public policies, such as proposed legislation, taxes, services, and regulations.
- Formulate recommendations, policies, or plans to solve economic problems or to interpret markets.
- Explain economic impact of policies to the public.
- 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.
- Develop economic guidelines and standards, and prepare points of view used in forecasting trends and formulating economic policy.
- Analytical or scientific software — IBM SPSS Statistics ; Minitab ; SAS ; The MathWorks MATLAB (see all 19 examples)
- Data base management system software — MySQL ; Teradata Database
- Data base user interface and query software — Microsoft Access ; Microsoft SQL Server ; Structured query language SQL
- Desktop publishing software — LaTeX
- Development environment software — Formula translation/translator FORTRAN; Microsoft Visual Basic ; Microsoft Visual Basic for Applications VBA
- 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++ ; Oracle Java ; Python ; R (see all 5 examples)
- Office suite software — Corel WordPerfect Office Suite; Microsoft Office
- Operating system software — UNIX ; UNIX Shell
- 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.
- Mathematics — Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
- Economics and Accounting — Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
- 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.
- 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.
- Reading Comprehension — Understanding written sentences and paragraphs in work related documents.
- 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.
- Judgment and Decision Making — Considering the relative costs and benefits of potential actions to choose the most appropriate one.
- Speaking — Talking to others to convey information effectively.
- Writing — Communicating effectively in writing as appropriate for the needs of the audience.
- Active Learning — Understanding the implications of new information for both current and future problem-solving and decision-making.
- Complex Problem Solving — Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
- Instructing — Teaching others how to do something.
- 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.
- Learning Strategies — Selecting and using training/instructional methods and procedures appropriate for the situation when learning or teaching new things.
- Monitoring — Monitoring/Assessing performance of yourself, other individuals, or organizations to make improvements or take corrective action.
- Coordination — Adjusting actions in relation to others' actions.
- Persuasion — Persuading others to change their minds or behavior.
- Service Orientation — Actively looking for ways to help people.
- Time Management — Managing one's own time and the time of others.
- Written Comprehension — The ability to read and understand information and ideas presented in writing.
- 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).
- 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.
- Written Expression — The ability to communicate information and ideas in writing so others will understand.
- 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).
- 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.
- 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.
- 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.
- 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).
- Analyzing Data or Information — Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
- Interacting With Computers — Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
- Getting Information — Observing, receiving, and otherwise obtaining information from all relevant sources.
- Processing Information — Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
- Making Decisions and Solving Problems — Analyzing information and evaluating results to choose the best solution and solve problems.
- Thinking Creatively — Developing, designing, or creating new applications, ideas, relationships, systems, or products, including artistic contributions.
- Updating and Using Relevant Knowledge — Keeping up-to-date technically and applying new knowledge to your job.
- Identifying Objects, Actions, and Events — Identifying information by categorizing, estimating, recognizing differences or similarities, and detecting changes in circumstances or events.
- Interpreting the Meaning of Information for Others — Translating or explaining what information means and how it can be used.
- Communicating with Supervisors, Peers, or Subordinates — Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.
- Training and Teaching Others — Identifying the educational needs of others, developing formal educational or training programs or classes, and teaching or instructing others.
- 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.
- Judging the Qualities of Things, Services, or People — Assessing the value, importance, or quality of things or people.
- Organizing, Planning, and Prioritizing Work — Developing specific goals and plans to prioritize, organize, and accomplish your work.
- 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.
- Documenting/Recording Information — Entering, transcribing, recording, storing, or maintaining information in written or electronic/magnetic form.
- Provide Consultation and Advice to Others — Providing guidance and expert advice to management or other groups on technical, systems-, or process-related topics.
Detailed Work Activities
- Review professional literature to maintain professional knowledge.
- Prepare scientific or technical reports or presentations.
- Forecast economic, political, or social trends.
- Supervise trainees.
- Instruct college students in social sciences or humanities disciplines.
- Conduct research on social issues.
- Advise others on matters of public policy.
- Explain regulations, policies, or procedures.
- Present information to the public.
- Advise others on business or operational matters.
- Establish standards for products, processes, or procedures.
- Testify at legal or legislative proceedings.
- Electronic Mail — 91% responded “Every day.”
- Freedom to Make Decisions — 83% responded “A lot of freedom.”
- Indoors, Environmentally Controlled — 87% responded “Every day.”
- Structured versus Unstructured Work — 78% responded “A lot of freedom.”
- Face-to-Face Discussions — 61% responded “Every day.”
- Duration of Typical Work Week — 77% responded “More than 40 hours.”
- Spend Time Sitting — 48% responded “Continually or almost continually.”
- Importance of Being Exact or Accurate — 52% responded “Extremely important.”
- Telephone — 43% responded “Once a week or more but not every day.”
- Level of Competition — 41% responded “Highly competitive.”
- Time Pressure — 45% responded “Once a month or more but not every week.”
- Contact With Others — 43% responded “Contact with others about half the time.”
- Work With Work Group or Team — 35% responded “Important.”
- Public Speaking — 39% responded “Once a week or more but not every day.”
- Impact of Decisions on Co-workers or Company Results — 35% responded “Minor results.”
- Letters and Memos — 43% responded “Once a month or more but not every week.”
|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 pharmacists, lawyers, astronomers, biologists, clergy, neurologists, and veterinarians.|
|SVP Range||(8.0 and above)|
Interest code: ICE Want to discover your interests? Take the O*NET Interest Profiler at My Next Move.
- 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.
- Achievement/Effort — Job requires establishing and maintaining personally challenging achievement goals and exerting effort toward mastering tasks.
- Persistence — Job requires persistence in the face of obstacles.
- Initiative — Job requires a willingness to take on responsibilities and challenges.
- Integrity — Job requires being honest and ethical.
- 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.
- Attention to Detail — Job requires being careful about detail and thorough in completing work tasks.
- 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.
- Stress Tolerance — Job requires accepting criticism and dealing calmly and effectively with high stress situations.
- Self Control — Job requires maintaining composure, keeping emotions in check, controlling anger, and avoiding aggressive behavior, even in very difficult situations.
- Cooperation — Job requires being pleasant with others on the job and displaying a good-natured, cooperative attitude.
- Adaptability/Flexibility — Job requires being open to change (positive or negative) and to considerable variety in the workplace.
- Leadership — Job requires a willingness to lead, take charge, and offer opinions and direction.
- 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 (2020)||$52.09 hourly, $108,350 annual|
|Employment (2019)||20,500 employees|
|Projected growth (2019-2029)||Much faster than average (8% or higher)|
|Projected job openings (2019-2029)||1,600|
|Top industries (2019)|
Source: Bureau of Labor Statistics 2020 wage data and 2019-2029 employment projections . "Projected growth" represents the estimated change in total employment over the projections period (2019-2029). "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.
- Agricultural and Applied Economics Association
- American Economic Association
- American Finance Association
- American Law and Economics Association
- Association for Public Policy Analysis and Management
- Financial Management Association International
- International Association for Energy Economics
- International Association for Feminist Economics
- International Economic Development Council
- National Association for Business Economics
- National Association of Forensic Economics
- Occupational Outlook Handbook: Economists
- Society of Labor Economists
- Southern Economic Association
- The Econometric Society
- Western Economic Association International