Economists Show
Please enable javascript to play this video. Video transcript available at https://www.youtube.com/watch?v=JjXC3QyTHNA. Economists collect and analyze data, research trends, and evaluate economic issues for resources, goods, and services. Although the majority of economists work independently in an office, many
collaborate with other economists and statisticians. Most economists work full time during regular business hours, but occasionally they work overtime to meet deadlines. Economists typically need at least a master’s degree to enter the occupation. However, some entry-level jobs—primarily in the federal government—are available for workers with a
bachelor’s degree. The median annual wage for economists was $105,630 in May 2021. Employment of economists is projected to grow 6 percent from 2021 to 2031, about as fast as the average for all occupations. About 1,400 openings
for economists are projected each year, on average, over the decade. Many of those openings are expected to result from the need to replace workers who transfer to different occupations or exit the labor force, such as to retire. Explore resources for employment and wages by state and area for economists. Compare the job duties, education, job growth, and pay of economists with similar occupations. Learn more about economists by visiting additional resources, including O*NET, a source on key
characteristics of workers and occupations.
Economists prepare reports, tables, and charts. Economists study the production and distribution of resources, goods, and services by collecting and analyzing data, researching trends, and evaluating economic issues. DutiesEconomists typically do the following:
Economists apply both qualitative and quantitative economic analysis to topics within a variety of fields, such as education, health, development, and the environment. Some economists study the cost of products, healthcare, or energy, while others examine employment levels, business cycles, exchange rates, taxes, inflation, or interest rates. Economists often study historical trends and use them to make forecasts. They research and analyze data using a variety of software programs. They sometimes present their research to various audiences. Many economists work in federal, state, and local government. Federal government economists collect and analyze data about the U.S. economy, including employment, prices, productivity, and wages, among other types of data. They also project spending needs and inform policymakers on the economic impact of laws and regulations. Economists working for corporations help managers and decisionmakers understand how the economy will affect their business. Specifically, economists may analyze issues such as consumer demand and sales to help a company maximize its profits. Economists also work for international organizations, research firms, and think tanks, where they study and analyze a variety of economic issues. Their analyses and forecasts are frequently published in newspapers and journals. Many PhD economists become postsecondary teachers.
Economists typically work with computers. Economists held about 16,900 jobs in 2021. The largest employers of economists were as follows:
Economists typically work independently in an office. However, many economists collaborate with other economists and statisticians, sometimes working on teams. Some economists work from home, and others may be required to travel as part of their job or to attend conferences. Economists spend much of their time using computers to analyze data, review research, or write findings. Work SchedulesMost economists work full time. In addition to working full time at a business or university, some economists consult part-time. Some perform work that may require overtime hours.
Communication skills are important for economists, since they sometimes present research to colleagues. Economists typically need at least a master’s degree to enter the occupation. However, some entry-level jobs—primarily in government—are available for workers with a bachelor’s degree. EducationEconomists typically need a master’s degree or Ph.D. Positions in business, research, or international organizations often require a combination of graduate education and work experience. In addition, courses that introduce students to statistical analysis software are helpful. Students can pursue a graduate degree in economics with a bachelor’s degree in a number of fields, including economics, business, and mathematics. A Ph.D. in economics may require several years of study after earning a bachelor’s degree, including completion of research in a specialty field. Candidates with a bachelor’s degree may qualify for some entry-level economist positions, including jobs with the federal government. A graduate degree is sometimes required for advancement to higher level positions. Other ExperienceAspiring economists can gain valuable experience from internships where the work involves gathering and analyzing data, researching economic issues and trends, and writing reports on their findings. In addition, related experience, such as using statistical analysis software, can be advantageous. Important QualitiesAnalytical skills. Economists must be able to review data in detail, observe patterns, perform advanced calculations, and draw logical conclusions. For example, labor economists analyze the effects of labor policies on employment. Critical-thinking skills. Economists must be able to use logic and reasoning to solve complex problems. For instance, they might identify how economic trends may affect an organization. Speaking skills. Economists must be able to explain their work to others. They often give presentations and explain reports to clients who may not have a background in economics. Writing skills. Economists must be able to present their findings clearly. Many economists prepare reports for colleagues or clients; others write for publication in journals or for news media. Median annual wages, May 2021 The median annual wage for economists was $105,630 in May 2021. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $62,460, and the highest 10 percent earned more than $193,690. In May 2021, the median annual wages for economists in the top industries in which they worked were as follows:
Most economists work full time. Some perform work that may require overtime hours. Percent change in employment, projected 2021-31 Employment of economists is projected to grow 6 percent from 2021 to 2031, about as fast as the average for all occupations. About 1,400 openings for economists are projected each year, on average, over the decade. Many of those openings are expected to result from the need to replace workers who transfer to different occupations or exit the labor force, such as to retire. EmploymentOrganizations across many industries use economic analysis and quantitative methods to study and forecast business, sales, and other market trends. Employment demand is expected to be strong for these workers, as organizations increasingly turn to economists to apply analysis of big data to pricing, advertising, and other areas. The increasing complexity of the global economy and a more competitive business environment also are expected to support demand for economists. Employment projections data for economists, 2021-31
The Occupational Employment and Wage Statistics (OEWS) program produces employment and wage estimates annually for over 800 occupations. These estimates are available for the nation as a whole, for individual states, and for metropolitan and nonmetropolitan areas. The link(s) below go to OEWS data maps for employment and wages by state and area. Occupational employment projections are developed for all states by Labor Market Information (LMI) or individual state Employment Projections offices. All state projections data are available at www.projectionscentral.com. Information on this site allows projected employment growth for an
occupation to be compared among states or to be compared within one state. In addition, states may produce projections for areas; there are links to each state’s websites where these data may be retrieved. CareerOneStopCareerOneStop includes hundreds of occupational profiles with data available by state and metro area. There are links in the left-hand side menu to compare occupational employment by state and occupational wages by local area or metro area. There is also a salary info tool to search for wages by zip code. Similar Occupations About this sectionThis table shows a list of occupations with job duties that are similar to those of economists.
Last Modified Date: Thursday, September 8, 2022 Which role of marketing research includes gathering and presenting factual statements?Marketing research can be one of three kinds: descriptive, diagnostic, and predicative. In its descriptive role includes gathering and presenting factual statements.
Which of the following roles of marketing research is concerned with gathering and presenting factual statements quizlet?b. The diagnostic role of marketing research includes gathering and presenting factual statements.
What role of marketing research is gathering factual statements an example of?The three roles of marketing research are descriptive, diagnostic, and predictive. The descriptive function is focused on the gathering of facts to explain the current situation of a market and/or marketing program.
What is descriptive marketing research?Descriptive marketing research is a form of conclusive research used to describe both the composition of a group in such terms as income, gender, age and education and the characteristics of group members in regards to both current and future behavior.
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Which role of marketing research includes gathering and presenting factual statements quizlet?
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