What does an Economist do?
An economist is responsible for understanding the economy and looking for new opportunities. They are responsible creating financial and economic forecasts and models. A few of the main duties of an economist are analyzing large amounts of data, correctly researching market trends, design company policies to solve problems, and develop economic policies. They also have to create economic reports for executives. Some of the jobs titles that an economist could grow into are chief business officer and senior economist.
An economist should have 4 years of experience in economics and a Master's degree in economics. One of the most important skills that an economist will have is their ability to recognize patterns in data. Another skill is economic knowledge as the economist will need to soundly understand economic markets and policy. They also need to be able to create advanced financial models.
- Develop economic models
- Create company policies to reflect models
- Create reports of economic outlook
- Design advanced analysis projects
- Audit other work using best practices
- Create professional grade presentations
- Keep up to date on the latest economic policy
- Supervise analyst work to ensure accuracy
- Master's degree in economics or finance
- Deep knowledge of economics
- Detail oriented attitude
- Great communication skills
- Great presentation design skills
- Ability to create reliable reports
- Capable of working both alone and in a team
- Ability to perform advanced analysis
- Ability to juggle multiple projects at once
Average Base Pay
Economist Career Path
Learn how to become an Economist, what skills and education you need to succeed, and what level of pay to expect at each step on your career path.
Average Years of Experience
“It is good to feel one is contributing to our country's development and growth.”
“Stable and good work life balance”
“Bright and trustworthy colleagues pleasant to work with.”
“Good good good good good”
“career development and progression is quiet slow”
“Good Work and life balance”
“Good to work and nice people”
“Lack of career progression and development”
Frequently asked questions about the role and responsibilities of economists
The typical day of an economist involves researching economic topics and trends, collecting and analyzing data, preparing reports, presenting findings, and advising others. They may deliver their analysis and recommendations to individuals, businesses, or governments. Economists may also write articles or otherwise present their findings to the public.
Employment opportunities for economists are expected to grow faster than the average for all occupations. One advantage of becoming an economist is that this is a versatile career that allows for specialization in many areas, such as public finance, international economies, labor economics, historical economics, or industrial and organizational economies.
The average pay for economists is about $90,000 per year. Finance and insurance are the highest-paying industries for this career, followed by the federal government, scientific research, and development services. Demonstrating accuracy in predicting economic trends and providing lucrative advice can increase your job and salary opportunities.
Economists are charged with providing sound financial advice in an unpredictable and often volatile landscape. Working as an economist can be very stressful, particularly in high-profile companies or unpredictable industries. One challenge of being an economist is working long hours and pursuing continuing education, such as a master's degree, to stay at the top in this career.