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Job outlook for economists in the United States
Economist job growth summary. After extensive research, interviews, and analysis, Zippia's data science team found that:
The projected economist job growth rate is 6% from 2018-2028.
About 1,000 new jobs for economists are projected over the next decade.
Economist salaries have increased 7% for economists in the last 5 years.
There are over 7,267 economists currently employed in the United States.
There are 1,029 active economist job openings in the US.
The average economist salary is $109,102.
Are economist jobs in demand?
Economist job and salary trends over time
Economist jobs over time
Economist job growth rate over time
Year  | # Of Jobs | % Of Population |
|---|---|---|
| 2021 | 7,267 | 0.00% |
| 2020 | 8,141 | 0.00% |
| 2019 | 8,829 | 0.00% |
| 2018 | 8,666 | 0.00% |
| 2017 | 9,084 | 0.00% |
Average economist salary over time
Economist salary by year
| Year | Avg. Salary | Hourly Rate | % Change |
|---|---|---|---|
| 2025 | $109,102 | $52.45 | +3.2% |
| 2024 | $105,749 | $50.84 | +0.7% |
| 2023 | $105,064 | $50.51 | +1.8% |
| 2022 | $103,201 | $49.62 | +1.4% |
| 2021 | $101,751 | $48.92 | +1.9% |
Economist jobs by state
Most common states for economists
| Rank | State | Population | # of Jobs | Employment/ 1000ppl |
|---|---|---|---|---|
| 1 | District of Columbia | 693,972 | 51 | 7% |
| 2 | Washington | 7,405,743 | 60 | 1% |
| 3 | Massachusetts | 6,859,819 | 41 | 1% |
| 4 | New Mexico | 2,088,070 | 12 | 1% |
| 5 | Alaska | 739,795 | 5 | 1% |
| 6 | Wyoming | 579,315 | 4 | 1% |
| 7 | California | 39,536,653 | 89 | 0% |
| 8 | New York | 19,849,399 | 46 | 0% |
| 9 | Virginia | 8,470,020 | 38 | 0% |
| 10 | Illinois | 12,802,023 | 33 | 0% |
| 11 | Maryland | 6,052,177 | 22 | 0% |
| 12 | Missouri | 6,113,532 | 10 | 0% |
| 13 | Iowa | 3,145,711 | 5 | 0% |
| 14 | Oklahoma | 3,930,864 | 3 | 0% |
| 15 | Vermont | 623,657 | 2 | 0% |
| 16 | North Dakota | 755,393 | 2 | 0% |
| 17 | Delaware | 961,939 | 2 | 0% |
| 18 | Montana | 1,050,493 | 1 | 0% |
| 19 | West Virginia | 1,815,857 | 1 | 0% |
| 20 | South Dakota | 869,666 | 0 | 0% |
Most common cities for economists
| Rank | City | # of Jobs | Employment/ 1000ppl | Avg. Salary |
|---|---|---|---|---|
| 1 | Burlington | 1 | 4% | $111,223 |
| 2 | Annapolis | 1 | 3% | $101,080 |
| 3 | Dover | 1 | 3% | $99,579 |
| 4 | Washington | 16 | 2% | $133,800 |
| 5 | Boston | 6 | 1% | $111,342 |
| 6 | Bellevue | 1 | 1% | $112,756 |
| 7 | Atlanta | 2 | 0% | $83,373 |
| 8 | Indianapolis | 2 | 0% | $84,630 |
| 9 | New York | 2 | 0% | $115,626 |
| 10 | San Francisco | 2 | 0% | $113,893 |
| 11 | Arlington | 1 | 0% | $110,169 |
| 12 | Baton Rouge | 1 | 0% | $81,165 |
| 13 | Birmingham | 1 | 0% | $73,965 |
| 14 | Columbus | 1 | 0% | $82,875 |
| 15 | Denver | 1 | 0% | $97,167 |
| 16 | Des Moines | 1 | 0% | $106,227 |
Economist job outlook: Expert opinions
Our panel of economist experts
Florida Atlantic University
Taylor University
American University
California State University - Los Angeles
California Institute of Technology
New Mexico State University
Meredith College
University of Rhode Island
King's College
Christopher Newport University
Ohio University - Southern Campus
Macalester College
Florida Agricultural and Mechanical University
University of Northern Iowa
What general advice would you give to an Economist?
Dr. Pablo Troncoso: If I were a student, I would do two things. First, do as many internships as you can. In my opinion, start the first summer semester. You could continue during the year if you like the job and the environment. If not, search for another opportunity. Thus, when you graduate, you can show more experience to employers. Second, take more math, statistics, programming, and economics courses during college. Employers look for people who can solve real-life problems involving math skills. It is a way to differentiate yourself from the rest of the candidates.
What Economist skills would you recommend for someone trying to advance their career?
Dr. Pablo Troncoso: Looking ahead, I believe that programming is a crucial skill in today's job market, and artificial intelligence (AI) will only grow in importance in the near future. While these two areas are not identical, someone with a programming background will find it easier to adapt and learn AI. The applications of AI are expanding rapidly across various industries, from sports to financial companies, marketing, and service providers. This underscores the need for graduates to be adaptable and continuously update their skills to stay relevant in the evolving job market.
What will help Economists increase their earning potential?
Dr. Pablo Troncoso: I recommend that students keep their minds open. They usually have ideas about their jobs regarding activities, duties, responsibilities, and expectations. Sometimes, the reality is different than expected. This is because economics is a wide-open field, and companies require our graduates to perform many activities, from data analysis to financial services. Thus, they can perform some duties in the first months of their job and move to something else with time. Furthermore, the first job will likely not be the last. Nowadays, people switch more often, looking for better salaries or new adventures.
What general advice would you give to an Economist?
Debbie Evercloud Ph.D.: Contrary to common perceptions, economics isn’t exclusively or even primarily about money. Economists study how people respond to incentives and make decisions about all aspects of life, including health, family, communities, education, careers, government, the environment, and countless other meaningful aspects of our daily experiences. Economics is a social science that emphasizes the use of empirical measurement and data analytics to convert raw statistics into insightful knowledge. In that regard, graduates should be open to bringing their quantitative and analytical skills to diverse fields such as law, medicine, public policy, finance, and technology.
What Economist skills would you recommend for someone trying to advance their career?
Debbie Evercloud Ph.D.: Research shows that switching jobs frequently within the first few years of one’s career leads to significantly higher lifetime earnings on average. This is because those who switch latch on to better opportunities as they emerge. AI is better than humans at recognizing patterns, but we aren’t ready yet to trust AI to make decisions. The highest compensation will be given to human beings who demonstrate that they make good decisions. By studying how others make decisions, economists themselves become intelligent decision makers. An economist who knows how to interpret empirical evidence to design policies, test hypotheses, or strategize for a business can reasonably expect to exceed $120,000 in annual earnings after ten years as a professional economist.
What will help Economists increase their earning potential?
Debbie Evercloud Ph.D.: The interpretation and visualization of data will be paramount. Whether working in the public or private sector, economists will rely on statistical software in addition to tools of AI to recognize empirical patterns and visualization methods such as Tableau to present their findings.
What general advice would you give to an Economist?
Christopher Clarke PhD: Economics gives rigorous tools to answer questions about how businesses, society, and people behave. These tremendously flexible and powerful tools yield new insights into how the world works. One of the best parts about being an economist is satisfying curiosity and the freedom to explore. A difficulty with economics is the technical nature. Like any tool, it requires honing and continued maintenance. But there is a large helpful community of economists to support each other and help us produce the highest quality work.
What Economist skills would you recommend for someone trying to advance their career?
Christopher Clarke PhD: Economics is a tremendously flexible degree program. Graduates go into business, law, policy, and data analytics. My advice is to study hard, learn as many technical tools as possible, and cast a wide net in search of a job.
What will help Economists increase their earning potential?
Christopher Clarke PhD: We live in an increasingly complicated world. We also have access to more data than ever before. Knowledge on how to collect, analyze, interpret, and communicate these ideas will continue to increase. The Bureau of Labor Statistics forecasts Data Analysts will grow by 35% over the next decade, far faster than the average occupation growth rate. The pay is higher, and the job satisfaction is rewarding.
What general advice would you give to an Economist?
William Luther: Economics is a powerful tool for critical thinking. The rise of AI, which has the potential to automate many tasks, will make critical thinking even more important in the future. Many people will blindly trust the machines. And, in most cases, that will probably work out just fine. But, in some cases, naive deference to AI will be disastrous. You will need to think seriously about an AI’s training data, its internal logic, and the way it handles your requests. You will need to assess the quality of its output. You cannot do those things well without thinking critically. And you will not realize the full potential of AI without doing those things well.
What Economist skills would you recommend for someone trying to advance their career?
William Luther: Focus on building a reputation. Initial hirings are made in a very low information setting. Employers know you completed your degree. They can see your GPA. But they don’t really know how hard you will work, how quickly you will learn new things, or how much attention you will pay to details. These are things they will learn about you in time. If you focus on building a reputation as a hard worker who sucks up relevant information while paying attention to details, they will notice. Of course, you will not likely be paid any extra at the outset for going above and beyond what you are required to do. But that’s OK. Building a reputation is an investment: the returns will come in the future.
What will help Economists increase their earning potential?
William Luther: It is tempting to think of college as the time when you acquire human capital and work as the time when you deploy it. In fact, most people acquire a lot of human capital in the first few years that they are working. A new job is an opportunity to learn. And, in order to learn, you need to accept that there is a lot you do not yet know at the outset. Identify colleagues with more experience and figure out why they do what they do. Observe. Ask questions. Reflect on their answers. In some cases, you will think that there is a better way of doing things—and you may be right. But, in many cases, there are good reasons for doing things the way they are done. Developing that understanding is essential.
What general advice would you give to an Economist?
Dr. Sukjeet Sandhu PhD: It actually depends on which industry they belong to, but generally, they analyze data, conduct research, develop forecasts, prepare reports, advise on strategic decisions, evaluate policy impacts, and collaborate with various departments. Newcomers typically assist with data collection, support research, prepare reports, and learn economic analysis tools under supervision etc. It can vary depending on departments etc.
What Economist skills would you recommend for someone trying to advance their career?
Dr. Sukjeet Sandhu PhD: Being a Business Economist is a great career choice today because companies need experts to understand and navigate the complex global economy. These professionals have valuable skills that can be used in many fields, from finance to healthcare. They help businesses make important decisions and adapt to changes. Plus, with the growing focus on sustainability and new tools for data analysis, Business Economists can make a significant impact on both the company’s success etc.
What will help Economists increase their earning potential?
Dr. Sukjeet Sandhu PhD: Business Economists find joy in seeing how their work directly influences important business decisions and policies. They value the flexibility of their skills, which allow them to work in different industries and roles. They also appreciate the stability of their profession, with steady demand for their expertise and the collaborative nature of their work environment. However, the job can be stressful at times. Business Economists often feel pressure to deliver accurate analyses quickly, which can be overwhelming. Managing large amounts of data can also be challenging. During economic downturns, the workload increases, adding to their stress levels etc.
What general advice would you give to an Economist?
Kara Reynolds Chair: Keep informed—read newspapers, listen to podcasts. In order for economists to make predictions and inform decision-makers they have to understand all the market and policy forces at play. The only way to do that is to pay attention to what is going on in the world around you.
What Economist skills would you recommend for someone trying to advance their career?
Kara Reynolds Chair: Employers consistently highlight two sets of skills that are important to be a successful economist. First, young economists should feel comfortable working with big data and understanding leading coding packages like python, R, and Stata. Second, it is important to communicate your findings effectively to non-economists and economists alike—both in presentations and written reports. As AI becomes more important in the industry, it will be able to help economists with these tasks. But it will still be up to the economist to define the questions and set the parameters for all their projects.
What will help Economists increase their earning potential?
Kara Reynolds Chair: Do your research. There are plenty of public databases to help you research average salaries in individual companies, sectors, and geographic regions. Understanding what your skills are worth on the market will help you negotiate your maximum salary.
What general advice would you give to an Economist?
Niraj Koirala: In my view, skills such as Machine Learning and Artificial Intelligence will become very popular in the field in the next 3-5 years. Therefore, I would advise new students in the field to focus more on data aspect of economics studies.
What Economist skills would you recommend for someone trying to advance their career?
Niraj Koirala: Developing a general understanding of recent advancements in the field is always a good idea to increase salary prospects. Therefore, focusing on recent trends in the economics literature is very important. On top of that, things like certifications in economics also help professionals maximize students' salary prospective in the field.
What will help Economists increase their earning potential?
Niraj Koirala: The field of economics is dynamics as economies always have new economic issues. With new economic issues, new research methods are developed empirically and theoretically. Reading journals and attending economics seminars always help to sharpen students' economics knowledge. In addition to reading journals and attending conferences, developing networks with professionals in the field is always a good idea to improve oneself in the field.
Nano Barahona
Assistant Professor of EconomicsCalifornia Institute of Technology
Business/Managerial Economics
What general advice would you give to an Economist?
Nano Barahona: Many people enjoy the intellectual challenge and problem-solving aspects of the work. Economists often appreciate the variety of projects and topics they get to work on, and they value the ability to influence policy and business decisions. The profession also offers a degree of autonomy and independence that other fields don't have. On the downside, the job can be stressful due to pressure and tight deadlines. The complexity of economic issues requires continuous learning and adaptation, which some might find overwhelming. Additionally, some economists, particularly those in research roles, may find the timeline of the projects too long.
What Economist skills would you recommend for someone trying to advance their career?
Nano Barahona: Economics is a great profession to enter for several reasons. First, the growing demand for economists is fueled by increasing reliance on data-driven decision-making. This boosts the need for skilled economists who can analyze trends and advise on policy and business strategy. Economists also have diverse career opportunities across various sectors, including government, academia, private industry, and international organizations. In terms of career prospects, economists enjoy job stability and competitive salaries. The work is also impactful, as economists can influence public policy and business strategies, making a tangible difference in society and the economy.
What will help Economists increase their earning potential?
Nano Barahona: Academic economists typically engage in activities related to research, teaching, and advising students. Out of academia, an economist can perform activities such as data analysis, research, forecasting, report writing, consultation, and teaching. They spend a lot of time collecting and interpreting data using statistical tools, conducting research on economic issues, developing economic models to understand underlying mechanisms, and advising businesses and governments on economic strategies. For someone entering the field, the daily tasks might include data collection, conducting preliminary data analysis, reviewing existing literature to support ongoing projects, providing administrative support to senior economists, and participating in training sessions to improve technical skills.
What general advice would you give to an Economist?
Minghao Li: I will write something up and send it to you today.
What Economist skills would you recommend for someone trying to advance their career?
Minghao Li: Linkedin profile (if you have one), Your first and last name, Title, University website
What will help Economists increase their earning potential?
Minghao Li: Linkedin profile (if you have one), Your first and last name, Title, University website
Professor Michael Leeds
Professor of Economics and Director of Undergraduate StudiesWhat general advice would you give to an Economist?
Professor Michael Leeds: An Economics degree opens many doors. The one you open might not be the one for you. A first job is not a lifetime commitment. Take pride in your work but be open to change.
What Economist skills would you recommend for someone trying to advance their career?
Professor Michael Leeds: I would turn this on its head and tell them that salary is not everything. Luckily, Econ majors are capable of obtaining jobs that are well-paying and meaningful. That means that our graduates have the chance - and should - strike a balance between the two. I've seen students go for high-paying jobs, only to come back after a few years to tell me how miserable they are. Students should take salary, the alignment of the job with their personal values, and the ability to balance the demands of their job with their personal and family needs. Again, not all majors allow you to do this!
What will help Economists increase their earning potential?
Professor Michael Leeds: Two skills that sometimes appear to be polar opposites are particularly important: technical skills and the ability to communicate. I tell my students that if they have a solid grounding in intermediate microeconomic theory and in econometrics, they can rule the world. That is true if they supplement those skills with the ability to communicate clearly both orally and in writing. They will be constantly advising those below them and briefing those above them. They need to be able to speak and write well.
What general advice would you give to an Economist?
Michael Altman: For any new graduate, I would remind them that their career is a marathon and not a sprint. While it is wonderful to get a very exciting job right out of college, that often doesn't happen but that first job is the first of many experiences that could lead to their eventual dream job. New graduates should always continue to network with others who can help propel your career and look for value in each opportunity that they are given.
What Economist skills would you recommend for someone trying to advance their career?
Michael Altman: Understanding the basics of supply and demand is how anyone can maximize their salary potential. Occupations with high demand and few available workers with those needed skills will command higher salaries. The Bureau of Labor Statistics Occupational Outlook Handbook is one reliable source about future job growth by occupation. Graduates can increase their bargaining power with employers by casting a wide net for employment opportunities and gaining more than one job offer.
What will help Economists increase their earning potential?
Michael Altman: In economics, being able to analyze and visualize data will become an even more valuable skill. A major in economics trains students in the ability to critically think about issues and understand cause and effect relationships. When that insight is coupled with skills in analyzing data, then those are the ingredients for a high paying and satisfying career.
Liam Malloy
Chair and Associate ProfessorUniversity of Rhode Island
Economics
What general advice would you give to an Economist?
Liam Malloy: Learn as much as you can. It's important to continue to improve both your knowledge of economics and your skills such as data analysis and presentation as well as how you communicate your findings. It's also important to learn when the economic theories we learned in class are a good representation of reality and when they might not be (and why!). As you learn more and develop your skills, that can help you decide in which direction you want to take your career and make decisions about things like graduate school.
What Economist skills would you recommend for someone trying to advance their career?
Liam Malloy: The skills that have become most relevant and will continue to be relevant will be data analysis, presentation, and communication skills. On top of that, being able to use the latest technology (whether that's data analysis software or artificial intelligence tools) will make you more productive and more employable. There's more and more economic data available and being able to find the data, analyze it, and present your findings in a clear manner will be extremely valuable.
What will help Economists increase their earning potential?
Liam Malloy: Having the skills that are in demand will always lead to higher salaries. That is likely to be data analysis skills, writing skills, and, of course, the softer people skills that we all need when working with others. Taking advantage of the latest AI tools and other software tools to enhance your productivity will always help increase your earnings.
What general advice would you give to an Economist?
Kelvin Wong: Economics sometimes gets a bad reputation because there are lots of graphs and numbers, and the models we work with tend to be simplified versions of the world. However, once you get into it, you start seeing the intuition and logic that is at the foundation of everything done, and it begins to make sense why we do things the way that we do. I have routinely heard from our students that the broad applicability and job opportunities that come with an economics degree is extremely valuable upon graduation. At Arizona State University, our degrees in economics all have quantitative focuses and employers really like that (which in turn, students really appreciate).
What Economist skills would you recommend for someone trying to advance their career?
Kelvin Wong: With the increase on the demand for strong data skills in the market, it is more important than ever to consider economics as a degree. An economics degree not just equips students with working with data, but more importantly to interpret and provide policy recommendations based on it. Even for those not interested in working with data, the tools you learn from economics are broadly applicable to any other fields. There is a reason why economics is routinely the most common major that CEOs hold, as it gives them the foundation they need to understand human behavior, business, and markets.
What will help Economists increase their earning potential?
Kelvin Wong: An economist wears many different hats and are found in many different industries/fields, so what each does on a day-to-day basis will be different. While one might be constructing surveys and experiments to collect data and better understand behavior in a certain scenario, another might be analyzing that data to find meaning behind the numbers, and yet another might be using the results to recommend a policy decision or attempt to forecast the future trend. Some are in business where they manage and optimize the day-to-day operations of a company, and others are in consulting where they work with companies to improve their outcomes. Some practice law and use the logic and tools they learned from economics to apply to their cases, yet others are producing new research to help with understanding efficiency, feasibility, and sustainability in both the public and private sectors. Economists can also be found in academia, the media, think-tanks, and non-profits.
What general advice would you give to an Economist?
Jason Dean PhD: In general, economics graduates are highly sought after because the discipline is known for its rigor and develops a robust set of analytical and empirical skills, including advanced statistical and data analysis capabilities. These skills are essential for roles that require economic forecasting, policy analysis, and market research. For instance, economists with advanced degrees find opportunities in various prestigious entities such as financial and commercial banks, marketing research firms, and government agencies such as the Department of Finance, the Bank of Canada, Health Canada, and other market research organizations. The outlook on job prospects for economists is currently very promising, largely because they possess valuable skills suited to Big Data. Many institutions, such as King’s, offer opportunities to study data analytics, which positions them advantageously in the labor market. Additionally, with increased retirements and significant expected impacts from technological advances on the labor market, coupled with the growing need to understand the complexities of the global macroeconomy, we can anticipate a further increase in the demand for economists. For instance, in the U.S., job demand for economists is projected to grow by 6 percent from 2022 to 2032, which is faster than the average for all occupations. At King's, many of our honors graduates have been accepted to master’s programs at prestigious schools such as Cambridge University and Johns Hopkins University, often with substantial scholarships. They have also secured impactful roles in professional settings across various industries. For instance, our alumni have taken up positions in organizations like the United Nations and in fields spanning finance to public policy. In the private sector, they have landed roles such as Treasury Associate, Modelling and Forecasting Analyst, Data Analyst in governmental statistics, and positions in economic and policy analysis within public administration. These roles demonstrate the varied opportunities that an economics program can unlock.
What Economist skills would you recommend for someone trying to advance their career?
Jason Dean PhD: From my personal experience, many economists appreciate the intellectual challenge and the significant impact their work can have on policy and business decisions. Economists often excel in roles that require thorough analysis and enjoy working with data, allowing them to thrive in areas where they can apply their skills effectively. However, the profession can also be demanding, with long hours sometimes required to meet the needs of complex projects or tight deadlines. This can be a source of stress, despite the work being interesting and related to the skills learned in school. That being said, the salaries are typically competitive. For instance, in Canada economists working in their field with a bachelor's degree earn an average salary of approximately $142,300, which significantly increases with a master's degree to around $191,100. Note, however, there is quite a bit of variation in salaries, which can range between $102,700 to a high $290,200.
What will help Economists increase their earning potential?
Jason Dean PhD: It would generally depend on whether they have completed a bachelor’s or a Master’s degree. Those with a bachelor’s degree would typically start in entry-level roles. They would essentially be in a supporting role where they would be assisting a senior economist. They would work on various projects such as market research, policy reviews, or economic forecasts. Thus, their daily tasks could include searching for relevant data, using statistical software to analyze economic data, and drafting policy memos or reports. This would generally apply to sectors such as government, finance, and consulting, where they would be part of a larger research project. It's important to note that a bachelor’s degree in economics is quite versatile. Graduates can secure positions similar to those obtained by commerce graduates, such as sales representative, administrative assistant, account coordinator, purchasing agent, and credit analyst. Those holding a master's degree can expect to have more influential roles in government and industry. They would often take on a broader range of responsibilities. Initially, they might start out in a supportive role, but would be expected to quickly progress and manage projects. Within these roles they would oversee various activities within research projects, such as economic modeling, policy development, and employing quantitative methods like econometric modeling and statistical analysis to interpret data. Additionally, they would interact and build relationships with the firm’s clients.
What general advice would you give to an Economist?
Gyan Pradhan PhD: The need for economic expertise in many areas including business, government, international organizations, banking, healthcare, and the environment is likely to remain strong as the economic landscape continues to shift. The Bureau of Labor Statistics expects the employment of economists to grow 6 percent from 2022 to 2032, which is higher than the average for all occupations, with about 1,200 vacancies annually over the decade.
What Economist skills would you recommend for someone trying to advance their career?
Gyan Pradhan PhD: Economists help individuals, businesses and governments make decisions under resource constraints. Economists not only help to explain the world, but also to improve it. They explore complex challenges that encompass efficiency, equity and the role of government with a view to improving quality of life. Economic analysis is constrained by limited data and inadequate information. Economists must present difficult choices which do not have easy answers, and make forecasts which are tricky. Economists also face opposition because of differences in scientific judgement, values and political viewpoints. Policy makers may choose to ignore the advice of economists for political reasons.
What will help Economists increase their earning potential?
Gyan Pradhan PhD: Economists have many roles and perform numerous tasks depending on whether they work in government, the private sector or academia. As a general rule, economists conduct research on a range of economic issues. They collect and analyze data with the help of mathematical models and statistical software programs, make inferences, forecasts and recommendations. Equipped with their unique world view, economists provide valuable insight and advice to governments, businesses and individuals, thereby assisting in decision making.
What general advice would you give to an Economist?
Grigorios Livanis Ph.D.: A Business Economist typically analyzes a broad spectrum of economic and business data, trends, and policies, including those related to education, labor, and international trade, to forecast economic conditions and advise on business strategy. Their day-to-day activities often involve conducting surveys, collecting data, and creating economic models using mathematical models and statistical tools. They frequently use specialized software to interpret trends, such as those in financial markets, and compile their findings into reports. Business Economists also meet with stakeholders to discuss these insights and make informed recommendations on pricing, policy, or market entry strategies. For someone just entering the field, like a graduate from Ohio University, daily tasks often include assisting with these data collection efforts, learning to use economic analysis software, and helping to draft sections of reports under the guidance of more experienced economists. Ohio University graduates often find opportunities in top organizations such as JPMorgan Chase, Sherwin Williams, and Coyote Logistics, serving in roles such as Economic Analysts and Financial Analysts. Their work involves extensive data analysis to advise on fiscal policies and economic topics relevant to their specific sectors, positioning them effectively in their careers.
What Economist skills would you recommend for someone trying to advance their career?
Grigorios Livanis Ph.D.: Business Economics is a compelling career choice currently due to the dynamic nature of global markets and the increasing importance of data-driven decision making. With businesses facing rapidly changing economic environments, there is a robust demand for skilled business economists. These professionals analyze and forecast economic conditions, study historical trends, and provide strategic insights that are crucial for decision making. The integration of big data, AI, and advanced analytics into economic practices not only enriches the analysis of consumer demand, sales, and overall market trends but also opens new avenues for innovation. Ohio University graduates have successfully secured positions in prestigious national and international organizations, reflecting the strong career prospects and strategic importance of skilled Business Economists. This success highlights the excellent opportunities in this field, making it an exciting time for new entrants who can leverage technological advancements to influence economic strategies and business outcomes.
What will help Economists increase their earning potential?
Grigorios Livanis Ph.D.: Likes: Many appreciate the intellectually stimulating nature of the work, as it requires continuous learning and application of economic theories to real-world scenarios. Business Economists often enjoy the influence they have in shaping business strategies and policies. The role also offers a good mix of solitary analysis and collaborative project work, which can be very satisfying. Dislikes: On the downside, the role can be stressful due to the pressure of deadlines and the high stakes involved in economic decision-making. Economists may find the need to constantly update their skills challenging, as the field is always evolving. Additionally, the complexity of economic data and uncertainty in forecasting can be sources of frustration.
What general advice would you give to an Economist?
Dr Eugene Pek PhD, FHEA, FCMI, SFwiSDP, .GE, CSDP: Like
1. Intellectual challenge
2. Impactful work
3. Competitive compensation
Dislike
1. Workload and stress
2. Routine tasks
3. Isolation- work solo
What Economist skills would you recommend for someone trying to advance their career?
Dr Eugene Pek PhD, FHEA, FCMI, SFwiSDP, .GE, CSDP: 1. Data collection and analysis
2. Economic research
3. Reporting and presentations
4. Monitoring economic indicators
5. Market analysis
6. Risk assessment
What will help Economists increase their earning potential?
Dr Eugene Pek PhD, FHEA, FCMI, SFwiSDP, .GE, CSDP: 1. There is an increasing demand for data-driven decision making
2. Growing globalization and international trade
3. Technological advancement in the areas of fintech and AI
4. Economic uncertainty and volatility demand economists to monitor economic indicators
5. Sustainability- economists involving in ESG practices and reporting
What general advice would you give to an Economist?
Elizabeth Engle: Economists have a broad toolkit for handling and interpreting data, combined with a foundational understanding of markets, incentives, and trade-offs. These are valuable skills for many different types of employers, and so a degree in economics can provide many and varied opportunities in fields like policy, consulting, finance, and technology. This not only makes it easier to find a job, but it also makes it easier to find a job that fits you.
What Economist skills would you recommend for someone trying to advance their career?
Elizabeth Engle: People who like working with data and thinking about the real-world implications of their findings often find that part of economics fulfilling. But a lot of the pros and cons are industry-specific. For example, someone might love policy work because of the sense of purpose while someone else might find it frustrating because of the lack of progress; someone might love the way finance keeps them on their toes while someone else might find that the fast-paced work environment isn't for them.
What will help Economists increase their earning potential?
Elizabeth Engle: Some tasks that might happen in a day-to-day, entry-level job in economics include gathering, cleaning, and analyzing data; interpreting data using core economic concepts and producing reports; and reading and summarizing economic research papers. Entry-level economics jobs are in a wide variety of industries, and the mix of these things will vary depending on industry.
DeEdgra Williams
Chair and Associate ProfessorFlorida Agricultural and Mechanical University
Business Administration, Management And Operations
What general advice would you give to an Economist?
DeEdgra Williams: In the next 3-5 years, the merging of data analysis with econometrics, critical thinking, and adaptability will become increasingly important in economics. With the growing use of technology and data in the field, the ability to analyze and interpret data will be essential. Additionally, the ability to adapt to a rapidly changing global economy, whether due to technological advancements or global events, will be highly valued. Finally, a good understanding of digital currencies and their potential impact on future economic policies will be important for staying ahead in the field.
What Economist skills would you recommend for someone trying to advance their career?
DeEdgra Williams: My general advice to graduates in economics is to seek jobs that fulfill them financially, culturally, and emotionally (not necessarily in that order). In addition, graduates should live below their means and consult a financial advisor as soon as possible to create a roadmap from now until their optimal retirement age. It is important to remember that retiring is a business decision. An economics career should align with a graduate’s values and character. This process is part of ensuring the company culture aligns with their beliefs. Last but not least, mental and physical health must be prioritized.
What will help Economists increase their earning potential?
DeEdgra Williams: Optimizing salary potential in economics begins with graduates targeting high-paying firms, negotiating their starting salaries, staying current with economic trends, and continuously developing new skills, such as learning the most up-to-date computer software. It is also important to consider the balance between salary and benefits, as well as the cost of living in a particular location.
What general advice would you give to an Economist?
Dr. David Surdam: Take the initiative to seek new opportunities within your job. The opportunities will broaden your experiences and endear you to supervisors. After a couple of years on your first jobs, don't hesitate to investigate other positions. In today's job market, employers understand that younger workers will be moving from position to position. Create a fund of six months' worth of savings. Getting into the savings habit early will be beneficial in your later life. Enroll in your company's 401(k) plan and Roth accounts immediately.
What Economist skills would you recommend for someone trying to advance their career?
Dr. David Surdam: Negotiate as high a starting salary as possible. Academic pay raises within your current institution are typically modest. Real pay raises occur when you get offers from other universities. Be alert to opportunities to get offers from other schools. In the private sector, hard work and taking the initiative will induce supervisors to award better-than-average pay increases.
What will help Economists increase their earning potential?
Dr. David Surdam: Economics fosters hard-hitting analytical thinking that transcends faddish thinking. The emphasis on opportunity costs and weighing marginal benefits/marginal costs in decision making provides economics majors with an advantage over other majors. Economics also improves one's ability to identify relevant factors and how these factors interrelate in given situations. Economics also provides a way to incorporate uncertainty when analyzing situations and making decisions. Students with a thorough understanding of macroeconomics will be able to anticipate how changes in financial markets and government policies may affect the economy. Economics majors adept at econometrics are used to analyzing data and understanding basic statistical tools. Other economic specialties, such as labor and international trade, give economics students insights into how these markets work.