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
Economists flock to The World Bank Group for generous paychecks, where average earnings of $110K lead the pack in compensation.
Popular Skills for Economist
Economists seem to wield many skills on the job. Most notably, skills in Policy Analysis, Forecasting, SAS, and Statistical Analysis are correlated to pay that is above average, with boosts between 10 percent and 15 percent. At the other end of the pay range are skills like Microsoft Excel, Stata, and Economics. The majority of those who know Data Analysis also know Policy Analysis.
Pay by Experience Level for Economist
Median of all compensation (including tips, bonus, and overtime) by years of experience.
In general, experience and pay appear to be strongly linked; those with more experience usually bring in higher incomes. Those in the early stages of their career can expect to make around $63K; however, individuals with five to 10 years of experience bring in $90K on average — a distinctly larger sum. Those with 10 to 20 years of experience under their belts can expect their paychecks to flourish around the six-figure median of $102K. Economists who have spent more than 20 years on the job report earning a significantly higher median of $121K.
Pay Difference by Location
For Economists, San Francisco provides a pay rate that is 38 percent greater than the national average. Economists will also find cushy salaries in Washington (+28 percent), Denver (+19 percent), Houston (+15 percent), and Seattle (+8 percent). Economists in Austin make 33 percent less than the national average, proving that location is a major factor in pay. Employers also pay below the national average in Salt Lake City (26 percent lower) and Raleigh (23 percent lower).
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Key Stats for Economist
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