Are you someone who loves analysing data and examining economic trends? Do numbers and statistics excite you? If yes, then a career as an economist may be just what you’re looking for! But the question that may be on your mind is, where can you get a job as an economist?
The answer is, there are plenty of options out there! In fact, as our world becomes more data-driven, there is a growing demand for individuals with expertise in economics. You could find a job in the government, in the private sector, in academia, or even in the non-profit sector. The possibilities are endless.
While there is no one right answer to where you can get a job as an economist, there are certain sectors that tend to have a higher demand for economists. For example, if you’re interested in working for the government, you could consider looking into opportunities at the Federal Reserve, the Bureau of Labor Statistics, or the Department of Commerce. On the other hand, if you’re more interested in working in the private sector, you could look into opportunities with consulting firms, financial institutions, or large corporations. Ultimately, the key is to find a job that aligns with your interests and expertise.
Job Opportunities for Economists
Economists are in high demand, with ample job opportunities available both in the public and private sectors. The field of economics encompasses a wide range of specialties, including micro and macroeconomics, international trade, econometrics, and economic forecasting. The following are some of the top job opportunities for economists:
- Research Analyst: This role involves conducting research and analyzing data to inform economic policies and strategies. Research analysts are employed in various industries, including academia, government, and private organizations.
- Financial Analyst: Financial analysts use economic and financial data to help companies make investment decisions. They also analyze market trends and provide recommendations to businesses on how to improve their financial performance.
- Economic Consultant: Economic consultants are hired by businesses and organizations to provide economic advice and assist with decision-making. They analyze data and develop economic models to help clients better understand their market and competition.
According to the Bureau of Labor Statistics, the median annual wage for economists was $105,020 as of May 2020. The top 10% of economists earned more than $185,020 per year, while the bottom 10% earned less than $60,810 per year.
Industries that Hire Economists
Economists work in a wide range of industries, analyzing economic data to help businesses make informed decisions. Here are some of the top industries that hire economists:
- Government: Economists are hired by government agencies to help shape policies related to taxation, regulation, and trade. They may also work for international organizations like the World Bank or the International Monetary Fund.
- Finance: Banks, investment firms, and hedge funds all employ economists to help predict market trends and make investment decisions. Economist jobs in finance may include roles such as risk analyst or portfolio manager.
- Academia: Many economists work in universities, conducting research and teaching courses in economics. Academic economists may specialize in a particular subfield such as environmental economics or game theory.
- Consulting: Economic consulting firms help clients solve complex economic problems. Economist jobs in consulting may involve analyzing the economic impact of particular policies or business decisions.
- Non-profit organizations: Many non-profit organizations hire economists to conduct research and analysis related to their mission. Economist jobs in non-profits may include analyzing the costs and benefits of particular policies or programs.
The Economic Impact of COVID-19
The COVID-19 pandemic has had a significant impact on the global economy, with economists working to predict the short and long-term effects on businesses and consumers. In particular, economists have been monitoring employment trends and the stock market to gauge the economic impact of the pandemic.
Here is a table outlining some of the ways that COVID-19 has affected the U.S. economy:
| Economic Indicator | Pre-COVID Levels | COVID-19 Impact |
|---|---|---|
| Unemployment Rate | 3.5% | 14.8% in April 2020 |
| Gross Domestic Product (GDP) | 2.1% in Q4 2019 | -31.4% in Q2 2020 |
| S&P 500 Index | 3,386 points in February 2020 | 2,237 points in March 2020 |
Despite the challenging economic landscape, economists will continue to play a critical role in helping businesses and governments navigate the challenges posed by the pandemic and beyond.
Economics careers in government
Working in the government as an economist entails a myriad of opportunities and benefits, ranging from an attractive compensation package to job stability. Here are some of the top careers in government that an economist can opt for:
- Federal Reserve: As an economist, you can join the Federal Reserve to analyze economic trends and policies and provide guidance to policymakers. This is a prestigious position that offers competitive salaries and benefits.
- International Trade Administration: This agency of the Department of Commerce works to promote and regulate U.S. trade activity. An economist in this agency would work on crafting trade policies and negotiating international agreements.
- Bureau of Labor Statistics: The BLS provides vital information on economic data such as employment rates, economic output, and inflation. As an economist in this bureau, you would work to interpret economic data in meaningful ways.
Although a job in government may involve ceremonial duties and bureaucratic processes, the benefits associated make it an excellent opportunity for those intending to make a long-term career. Additionally, a government job in an economics field can provide you with a unique perspective on how the American government operates, which can be an asset if you plan to pursue a career in public policy later.
Below is a table that highlights the median salaries of economists in various government agencies:
| Agency | Median Salary |
|---|---|
| Federal Reserve | $105,000 |
| International Trade Administration | $90,000 |
| Bureau of Labor Statistics | $85,000 |
It is worth noting that jobs in government are highly competitive, especially jobs at high-level positions. If you aspire to land a government job, it is advisable to develop a strong background in economics, including a graduate degree in the field.
International Economics Jobs
As economies become more globalized, the demand for economists with expertise in international economics has increased. International economics involves the study of how different economies interact with each other through trade, investment, and other economic activities.
Here are some potential career paths for economists interested in international economics:
- International organizations like the International Monetary Fund (IMF) or the World Bank often hire economists to conduct research and analysis on a variety of international economic issues, such as exchange rates, economic development, and trade policies.
- Multinational corporations also frequently employ economists to help them navigate complex global markets, evaluate risks and opportunities, and develop strategies for growth.
- Government agencies that deal with international trade, such as the United States Trade Representative, often need economists to provide analysis and expertise on issues related to trade policies and negotiations.
Another option for economists interested in international economics is to become a professor or researcher at a university or think tank. These positions often involve conducting research and publishing articles or books on specialized topics within international economics.
For those interested in working overseas, there are also opportunities to work for foreign governments or international organizations abroad, such as the European Central Bank or the United Nations.
| Potential Employers | Job Titles | Salary Range |
|---|---|---|
| International organizations (IMF, World Bank) | Economist, Researcher, Analyst | $80,000-$150,000+ |
| Multinational corporations | Business Analyst, Economist, Strategist | $75,000-$150,000+ |
| Government agencies (USTR, Department of Commerce) | Economist, Trade Specialist, Researcher | $70,000-$120,000+ |
Overall, the field of international economics offers a variety of interesting and challenging opportunities for economists looking to apply their skills on a global scale.
Economic analyst positions
If you are an economist looking for a job as an economic analyst, there are a few industries that are most likely to have these positions available. Economic analysts specialize in researching, interpreting, and presenting complex economic data to help organizations make informed decisions. Below are five industries where you might find economic analyst positions.
- Government: Federal, state, and local agencies often employ economic analysts to provide insight into economic trends and help shape government policies.
- Financial services: Investment banks, commercial banks, and other financial services companies rely on economic analysts to produce research reports that inform investment decisions.
- Consulting: Economic consulting firms provide research and advisory services to businesses across various industries, and economic analysts play a vital role in analyzing data and producing reports for clients.
- Market research: Businesses in different industries often hire economic analysts to research market trends and identify opportunities for growth.
- Academia: Universities and research institutions employ economic analysts to conduct research and teach economics to students.
Qualifications for economic analyst positions
To qualify for economic analyst positions, you typically need a bachelor’s or master’s degree in economics, with coursework in statistics, math, and computer science. Additionally, many employers prefer candidates that have completed internships in economics or related fields, have strong analytical skills, and are proficient in using statistical software.
Salary for economic analyst positions
According to data from the Bureau of Labor Statistics, the median annual salary for economic analysts is $85,660 as of May 2020. However, salaries can vary significantly based on industry, location, years of experience, education level, and other factors.
Examples of Economic Analyst Positions
| Job Title | Industry | Location | Salary Range |
|---|---|---|---|
| Economic Analyst | Government | Washington, D.C. | $55,000 – $97,000 |
| Financial Analyst – Economic Research | Financial Services | New York, NY | $70,000 – $120,000 |
| Economic Analyst | Consulting | Chicago, IL | $70,000 – $100,000 |
| Market Research Analyst – Economic Forecasting | Market Research | Los Angeles, CA | $55,000 – $95,000 |
| Assistant Professor – Economics | Academia | Boston, MA | $70,000 – $120,000 |
Note: Salary range data is from Glassdoor and may vary based on employer, location, and other factors.
Econometrician Roles
For economists who excel in quantitative analysis and possess strong analytical skills, econometrician roles may be the perfect fit. Econometricians use mathematical and statistical models to analyze data and assess economic concepts. These professionals can work in a variety of industries including finance, healthcare, and government.
- Financial Services: Econometricians can work in financial institutions such as banks, hedge funds and trading firms. They can help assess the potential impact of policy changes in the market, forecast market trends and contribute to the development of new products.
- Healthcare: In healthcare, econometricians can help model healthcare risks and estimate the costs of medical treatments, provide information for researchers to identify cost-effective solutions, and predict outcomes of alternative treatments.
- Government: Econometricians can work for government organizations such as the Federal Reserve or the Bureau of Labor Statistics. They can help government organizations make decisions about economic policies that could impact the country, including those related to taxes and regulations.
To excel as an econometrician, professionals should possess not only strong analytical and quantitative skills, but also effective communication and problem-solving skills. Additionally, a solid understanding of economics and statistical principles is key. Econometrician roles can be highly competitive, but the rewards can be great for those who are successful in this field.
If you are interested in becoming an econometrician, consider pursuing a degree in economics, statistics, or mathematics. Many companies also require graduate degrees for econometrician roles. Gaining experience through internships or related work experience can also be highly beneficial in securing a role in this field.
| Skills Required for Econometrician Roles: |
|---|
| Strong analytical and quantitative skills |
| Effective communication skills |
| Problem-solving skills |
| Understanding of economics and statistical principles |
| Advanced degree in economics, statistics, or mathematics |
Overall, econometrician roles can provide challenging, rewarding careers for those with a passion for economics and quantitative analysis.
Economics research and academia
As an economist, you can find employment in both academic and private research settings. Many universities have economics departments that employ economists as researchers and professors. In addition, government agencies, consulting firms, and think tanks also hire economists for research roles.
- Academic research: Many universities have economics departments that conduct research in various areas of the field. If you have a PhD in economics, you can apply for tenure-track positions at various colleges and universities across the country. These positions are highly competitive and generally require a strong publication record.
- Private research: Government agencies, consulting firms, and think tanks often hire economists to conduct research on a variety of economic issues. This can include analyzing economic policy proposals, forecasting economic trends, and evaluating the impact of specific economic programs or policies.
- Research assistant: As a research assistant, you will help economists with their research projects. You may be responsible for collecting data, conducting statistical analysis, and compiling research findings. This is a great entry-level position for those interested in a career in economics research.
Below is a table outlining some of the common job titles in economics research and academia:
| Job title | Description |
|---|---|
| Professor | Teaches economics courses and conducts research in a university setting. |
| Economist | Conducts research and analysis on economic trends and policy proposals. |
| Research analyst | Assists economists with research projects by collecting data and conducting statistical analysis. |
| Policy analyst | Assesses the impact of specific economic policies or proposals and makes recommendations for change. |
Whether you choose to work in academia or private research, there are many opportunities available for economists to conduct research and contribute to the field.
FAQs: Where can I get a job as an economist?
1. What kind of companies hire economists?
Economists can work in a variety of companies, including government agencies, banks, consulting firms, non-profits, and research institutions.
2. What are some specific positions I can apply for as an economist?
Some common job titles for economists include economic analyst, policy analyst, consultant, data scientist, and research associate.
3. Do I need a graduate degree to get a job as an economist?
While some entry-level positions may only require a bachelor’s degree, many companies prefer candidates with a master’s degree or Ph.D. in economics or a related field.
4. What skills do I need to be a successful economist?
Strong analytical and quantitative skills, the ability to think critically, and excellent communication skills are essential for success as an economist.
5. How can I find job openings in my area?
You can search for job openings on job boards like Indeed, LinkedIn, and Glassdoor. It’s also a good idea to check company websites directly.
6. Should I tailor my resume and cover letter to each job application?
Yes, it’s always a good idea to tailor your resume and cover letter to each job application to highlight relevant skills and experience.
7. What can I expect during the interview process for economist positions?
Interviews for economist positions may include case study questions, behavioral questions, and technical questions related to economics and statistics.
Closing Thoughts: Thanks for Stopping By!
Thank you for taking the time to read about where you can get a job as an economist! We hope this article has been helpful in giving you some direction on where to start your job search. Remember to keep an eye out for job openings and tailor your applications to each position. Good luck with your job hunt, and feel free to visit us again for more career advice.