Economists
19-3011.00
Updated 2024

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 Advisor, Economic Analyst, Economic Consultant, Economic Development Specialist, Economist, Forensic Economist, Project Economist, Research Economist, Revenue Research Analyst, Tax Economist

Also see: Environmental Economists

Occupation-Specific Information

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.
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Technology Skills

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Occupational Requirements

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.
  • Working with Computers — Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
  • Processing Information — Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
  • Interpreting the Meaning of Information for Others — Translating or explaining what information means and how it can be used.
  • Updating and Using Relevant Knowledge — Keeping up-to-date technically and applying new knowledge to your job.
  • Communicating with Supervisors, Peers, or Subordinates — Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.
  • Communicating with People Outside the 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.
  • 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.
  • 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.
  • Organizing, Planning, and Prioritizing Work — Developing specific goals and plans to prioritize, organize, and accomplish your work.
  • Training and Teaching Others — Identifying the educational needs of others, developing formal educational or training programs or classes, and teaching or instructing others.
  • Identifying Objects, Actions, and Events — Identifying information by categorizing, estimating, recognizing differences or similarities, and detecting changes in circumstances or events.
  • Providing Consultation and Advice to Others — Providing guidance and expert advice to management or other groups on technical, systems-, or process-related topics.
  • Documenting/Recording Information — Entering, transcribing, recording, storing, or maintaining information in written or electronic/magnetic form.
  • 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.
  • Coaching and Developing Others — Identifying the developmental needs of others and coaching, mentoring, or otherwise helping others to improve their knowledge or skills.
  • Judging the Qualities of Objects, Services, or People — Assessing the value, importance, or quality of things or people.
  • Evaluating Information to Determine Compliance with Standards — Using relevant information and individual judgment to determine whether events or processes comply with laws, regulations, or standards.
  • Guiding, Directing, and Motivating Subordinates — Providing guidance and direction to subordinates, including setting performance standards and monitoring performance.

Detailed Work Activities

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Work Context

Experience Requirements

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 pharmacists, lawyers, astronomers, biologists, clergy, physician assistants, and veterinarians.
SVP Range
(8.0 and above)

Training & Credentials

State training
Local training
Certifications
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Apprenticeship Opportunities

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Worker Requirements

Skills

  • 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 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.
  • Systems Analysis — Determining how a system should work and how changes in conditions, operations, and the environment will affect outcomes.
  • 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.
  • Social Perceptiveness — Being aware of others' reactions and understanding why they react as they do.
  • Time Management — Managing one's own time and the time of others.

Knowledge

  • 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.

Education

How much education does a new hire need to perform a job in this occupation? Respondents said:

  • 50%
     
    Master’s degree required
  • 25%
     
    Doctoral degree required
  • 21%
     
    Bachelor’s degree required

Worker Characteristics

Abilities

  • 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.
  • 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.
  • 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 that there is a problem.
  • Speech Recognition — The ability to identify and understand the speech of another person.
  • 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.
  • 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).
  • 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.

Interests

Interest code: ICE
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  • Investigative — Work involves studying and researching non-living objects, living organisms, disease or other forms of impairment, or human behavior. Investigative occupations are often associated with physical, life, medical, or social sciences, and can be found in the fields of humanities, mathematics/statistics, information technology, or health care service.
  • Conventional — Work involves following procedures and regulations to organize information or data, typically in a business setting. Conventional occupations are often associated with office work, accounting, mathematics/statistics, information technology, finance, or human resources.
  • Enterprising — Work involves managing, negotiating, marketing, or selling, typically in a business setting, or leading or advising people in political and legal situations. Enterprising occupations are often associated with business initiatives, sales, marketing/advertising, finance, management/administration, professional advising, public speaking, politics, or law.

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.

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.
  • Integrity — Job requires being honest and ethical.
  • Achievement/Effort — Job requires establishing and maintaining personally challenging achievement goals and exerting effort toward mastering tasks.
  • 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.
  • Dependability — Job requires being reliable, responsible, and dependable, and fulfilling obligations.
  • Innovation — Job requires creativity and alternative thinking to develop new ideas for and answers to work-related problems.
  • Stress Tolerance — Job requires accepting criticism and dealing calmly and effectively with high-stress situations.
  • Adaptability/Flexibility — Job requires being open to change (positive or negative) and to considerable variety in the workplace.
  • Cooperation — Job requires being pleasant with others on the job and displaying a good-natured, cooperative attitude.
  • Self-Control — Job requires maintaining composure, keeping emotions in check, controlling anger, and avoiding aggressive behavior, even in very difficult situations.
  • Leadership — Job requires a willingness to lead, take charge, and offer opinions and direction.

Workforce Characteristics

Wages & Employment Trends

Median wages (2023)
$55.64 hourly, $115,730 annual
State wages
Local wages
Employment (2023)
17,500 employees
Projected growth (2023-2033)
Average (3% to 5%)
Projected job openings (2023-2033)
1,000
State trends
Top industries (2023)

Source: Bureau of Labor Statistics 2023 wage data and 2023-2033 employment projections . “Projected growth” represents the estimated change in total employment over the projections period (2023-2033). “Projected job openings” represent openings due to growth and replacement.

Job Openings on the Web

State job openings
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