Job Description for Economist
Economists advise businesses and/or government organizations in different aspects of economics. Topics vary greatly, and they can include tax rates, health statistics, energy facts, transportation, international trade, and development.Read More...
Through the use of different computer programs, economists can gather and present data. Economists generally have a good understanding of different sampling or survey techniques to gain information. The evaluation of both past and present information in the field of economics can be very helpful to corporations and businesses, and it is usually the economists’ duty to deliver that information. It is not uncommon for an economist to give oral and visual presentations of their findings to large audiences
A bachelor’s degree in economics, finance, or a related field is commonly needed to become an economist. If an economist want to expand his or her career and work in an academic setting, a graduate degree might be needed. Having computer skills and an analytical mind are two key components to succeeding as an economist. An economist is always needed to be on top of the most current trends, so a background heavy in research would help as well. Writing skills and mathematical skills are often considered essential in the field of economics.
- Design and conduct research to identify trends, formulate forecast models.
- Advise the government, agencies, corporations, and/or banks about the adoption of financial policies.
- Compile reports and illustrations of research findings.
- Devise methods for data collection, sampling, and processing in regard to finance, labor, agriculture, commodities, trade, etc.
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Popular Employer Salaries for Economist
For Economists, comfortable salaries can be found at The World Bank Group; in fact, median earnings sit around $110K, the highest in the area.
Popular Skills for Economist
Economists seem to wield many skills on the job. Most notably, skills in SAS, Policy Analysis, Forecasting, and Statistical Analysis are correlated to pay that is above average, with boosts between 10 percent and 15 percent. Skills that seem to negatively impact pay include Microsoft Excel, Stata, and Econometrics. Those proficient in Data Analysis are, more often than not, also skilled in Policy Analysis.
Pay by Experience Level for Economist
Median of all compensation (including tips, bonus, and overtime) by years of experience.
For many Economists, experience and pay levels seem to be correlated; more years in the business generally lead to more money. Relatively untried employees who have less than five years' experience make $63K, but folks with five to 10 years under their belts enjoy an appreciably larger median of $89K. Professionals who spend a good 10 to 20 years in the workforce haul in an average of $101K. Survey participants who have worked for more than two decades report bringing in $118K on average.
Pay Difference by Location
For Economists, Houston provides a pay rate that is 105 percent greater than the national average. Economists can also look forward to large paychecks in cities like Washington (+31 percent), Denver (+18 percent), Seattle (+12 percent), and San Francisco (+12 percent). Economists in Austin report much lower salaries than the rest of the country — 33 percent below the national average — proving that residence is a major factor in overall pay. Not at the bottom but still paying below the median are employers in Salt Lake City and Raleigh (26 percent lower and 22 percent lower, respectively).
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