Life, Physical & Social Science
Economists
Also called: Economic Advisor, Economic Analyst, Economic Consultant, Economic Development Specialist
US median pay
$124,720
per year, 2025
Job growth 2025–35
+4.7%
about average or slower
Openings a year (US)
1,100
18,600 employed
Typical entry education
Master's degree
Preparation 5/5 · Extensive preparation
What this job is
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.
What they do day to day
- 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.
Skills and knowledge that matter most
Skills
- Judgment and Decision Making4.0/5
- Complex Problem Solving3.8/5
- Systems Evaluation3.2/5
- Instructing3.2/5
- Systems Analysis3.1/5
- Time Management3.0/5
- Social Perceptiveness3.0/5
- Service Orientation3.0/5
Knowledge
- Mathematics4.5/5
- Economics and Accounting4.5/5
- English Language4.0/5
- Computers and Electronics3.8/5
- Education and Training3.1/5
- Communications and Media2.8/5
Importance rated by people working in the job (1 = not important, 5 = extremely important).
Education and preparation
Preparation level 5 of 5 — Extensive preparation. Usually a graduate degree (master's, PhD, MD, JD) and extensive experience.
Typical entry education (BLS): Master's degree.
Highest education of people in this job:
- Master's degree50%
- Doctoral degree25%
- Bachelor's degree21%
Who this job suits
Mostly Investigative
Ideas, research and solving problems
Conventional
Organising data, details and procedures
Enterprising
Leading, persuading and starting things
Based on the Holland (RIASEC) interest profile for this occupation.