Economists
Overview
Salary
Demand
Core Tasks
Technology Skills
Tools Used
Top 10 Knowledge Required
Top 10 Skills
Top 10 Abilities
Top 10 Work Activities
Detailed Work Activities
Work Context
Education
Majors
Interests
Top 10 Work Styles
Work Values
Related Careers
Overview
Job Zone Five: Extensive Preparation Needed
Experience
Extensive skill, knowledge, and experience are needed for these occupations. Many require more than five years of experience. For example, surgeons must complete four years of college and an additional five to seven years of specialized medical training to be able to do their job.
Education
Most of these occupations require graduate school. For example, they may require a master's degree, and some require a Ph.D., M.D., or J.D. (law degree).
Job Training
Employees may need some on-the-job training, but most of these occupations assume that the person will already have the required skills, knowledge, work-related experience, and/or training.
Examples
These occupations often involve coordinating, training, supervising, or managing the activities of others to accomplish goals. Very advanced communication and organizational skills are required. Examples include pharmacists, lawyers, astronomers, biologists, clergy, neurologists, and veterinarians.
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.
Salary Salary
Salary at 10th Percentile: $59K
Salary at 25th Percentile: $79K
Median Salary: $108K
Salary at 75th Percentile: $151K
Salary at 90th Percentile: $198K
Demand
Core Tasks
Conduct research on economic issues, and disseminate research findings through technical reports or scientific articles in journals.
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.
Supervise research projects and students' study projects.
Teach theories, principles, and methods of economics.
Study the socioeconomic impacts of new public policies, such as proposed legislation, taxes, services, and regulations.
Formulate recommendations, policies, or plans to solve economic problems or to interpret markets.
Explain economic impact of policies to the public.
Provide advice and consultation on economic relationships to businesses, public and private agencies, and other employers.
Forecast production and consumption of renewable resources and supply, consumption, and depletion of non-renewable resources.
Develop economic guidelines and standards, and prepare points of view used in forecasting trends and formulating economic policy.
Testify at regulatory or legislative hearings concerning the estimated effects of changes in legislation or public policy, and present recommendations based on cost-benefit analyses.
Provide litigation support, such as writing reports for expert testimony or testifying as an expert witness.
Technology Skills
Technology
Example
Hot Technology
Tools Used
Tool
Example
Top 10 Knowledge Required
Mathematics
92%
Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
Economics and Accounting
90%
Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
English Language
86%
Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
Computers and Electronics
72%
Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
Education and Training
61%
Knowledge of principles and methods for curriculum and training design, teaching and instruction for individuals and groups, and the measurement of training effects.
Law and Government
56%
Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
Administration and Management
52%
Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.
Sociology and Anthropology
49%
Knowledge of group behavior and dynamics, societal trends and influences, human migrations, ethnicity, cultures and their history and origins.
Geography
48%
Knowledge of principles and methods for describing the features of land, sea, and air masses, including their physical characteristics, locations, interrelationships, and distribution of plant, animal, and human life.
Psychology
48%
Knowledge of human behavior and performance; individual differences in ability, personality, and interests; learning and motivation; psychological research methods; and the assessment and treatment of behavioral and affective disorders.
Top 10 Skills
Critical Thinking
83%
Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Mathematics
83%
Using mathematics to solve problems.
Reading Comprehension
83%
Understanding written sentences and paragraphs in work related documents.
Active Listening
80%
Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
Judgment and Decision Making
80%
Considering the relative costs and benefits of potential actions to choose the most appropriate one.
Speaking
80%
Talking to others to convey information effectively.
Writing
80%
Communicating effectively in writing as appropriate for the needs of the audience.
Active Learning
78%
Understanding the implications of new information for both current and future problem-solving and decision-making.
Complex Problem Solving
78%
Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
Instructing
70%
Teaching others how to do something.
Top 10 Abilities
Written Comprehension
83%
The ability to read and understand information and ideas presented in writing.
Deductive Reasoning
80%
The ability to apply general rules to specific problems to produce answers that make sense.
Inductive Reasoning
80%
The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
Mathematical Reasoning
80%
The ability to choose the right mathematical methods or formulas to solve a problem.
Oral Comprehension
80%
The ability to listen to and understand information and ideas presented through spoken words and sentences.
Oral Expression
80%
The ability to communicate information and ideas in speaking so others will understand.
Speech Clarity
80%
The ability to speak clearly so others can understand you.
Written Expression
80%
The ability to communicate information and ideas in writing so others will understand.
Fluency of Ideas
78%
The ability to come up with a number of ideas about a topic (the number of ideas is important, not their quality, correctness, or creativity).
Problem Sensitivity
78%
The ability to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing there is a problem.
Top 10 Work Activities
Analyzing Data or Information
96%
Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
Getting Information
93%
Observing, receiving, and otherwise obtaining information from all relevant sources.
Interacting With Computers
93%
Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
Processing Information
93%
Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
Making Decisions and Solving Problems
87%
Analyzing information and evaluating results to choose the best solution and solve problems.
Thinking Creatively
84%
Developing, designing, or creating new applications, ideas, relationships, systems, or products, including artistic contributions.
Updating and Using Relevant Knowledge
83%
Keeping up-to-date technically and applying new knowledge to your job.
Identifying Objects, Actions, and Events
81%
Identifying information by categorizing, estimating, recognizing differences or similarities, and detecting changes in circumstances or events.
Communicating with Supervisors, Peers, or Subordinates
79%
Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.
Interpreting the Meaning of Information for Others
79%
Translating or explaining what information means and how it can be used.
Detailed Work Activities
Review professional literature to maintain professional knowledge.
Prepare scientific or technical reports or presentations.
Forecast economic, political, or social trends.
Supervise trainees.
Instruct college students in social sciences or humanities disciplines.
Conduct research on social issues.
Advise others on matters of public policy.
Explain regulations, policies, or procedures.
Present information to the public.
Advise others on business or operational matters.
Establish standards for products, processes, or procedures.
Testify at legal or legislative proceedings.
Work Context
Electronic Mail
How often do you use electronic mail in this job?
Indoors, Environmentally Controlled
How often does this job require working indoors in environmentally controlled conditions?
Freedom to Make Decisions
How much decision making freedom, without supervision, does the job offer?
Structured versus Unstructured Work
To what extent is this job structured for the worker, rather than allowing the worker to determine tasks, priorities, and goals?
Face-to-Face Discussions
How often do you have to have face-to-face discussions with individuals or teams in this job?
Importance of Being Exact or Accurate
How important is being very exact or highly accurate in performing this job?
Spend Time Sitting
How much does this job require sitting?
Telephone
How often do you have telephone conversations in this job?
Level of Competition
To what extent does this job require the worker to compete or to be aware of competitive pressures?
Consequence of Error
How serious would the result usually be if the worker made a mistake that was not readily correctable?
Education
Majors
Major
Interests
Investigative
100%
Investigative occupations frequently involve working with ideas, and require an extensive amount of thinking. These occupations can involve searching for facts and figuring out problems mentally.
Conventional
67%
Conventional occupations frequently involve following set procedures and routines. These occupations can include working with data and details more than with ideas. Usually there is a clear line of authority to follow.
Enterprising
58%
Enterprising occupations frequently involve starting up and carrying out projects. These occupations can involve leading people and making many decisions. Sometimes they require risk taking and often deal with business.
Artistic
39%
Artistic occupations frequently involve working with forms, designs and patterns. They often require self-expression and the work can be done without following a clear set of rules.
Realistic
34%
Realistic occupations frequently involve work activities that include practical, hands-on problems and solutions. They often deal with plants, animals, and real-world materials like wood, tools, and machinery. Many of the occupations require working outside, and do not involve a lot of paperwork or working closely with others.
Social
24%
Social occupations frequently involve working with, communicating with, and teaching people. These occupations often involve helping or providing service to others.
Top 10 Work Styles
Analytical Thinking
93%
Job requires analyzing information and using logic to address work-related issues and problems.
Achievement/Effort
91%
Job requires establishing and maintaining personally challenging achievement goals and exerting effort toward mastering tasks.
Persistence
91%
Job requires persistence in the face of obstacles.
Initiative
89%
Job requires a willingness to take on responsibilities and challenges.
Integrity
85%
Job requires being honest and ethical.
Independence
83%
Job requires developing one's own ways of doing things, guiding oneself with little or no supervision, and depending on oneself to get things done.
Attention to Detail
82%
Job requires being careful about detail and thorough in completing work tasks.
Innovation
79%
Job requires creativity and alternative thinking to develop new ideas for and answers to work-related problems.
Dependability
74%
Job requires being reliable, responsible, and dependable, and fulfilling obligations.
Stress Tolerance
72%
Job requires accepting criticism and dealing calmly and effectively with high stress situations.
Work Values
Working Conditions
81%
Occupations that satisfy this work value offer job security and good working conditions. Corresponding needs are Activity, Compensation, Independence, Security, Variety and Working Conditions.
Independence
77%
Occupations that satisfy this work value allow employees to work on their own and make decisions. Corresponding needs are Creativity, Responsibility and Autonomy.
Achievement
72%
Occupations that satisfy this work value are results oriented and allow employees to use their strongest abilities, giving them a feeling of accomplishment. Corresponding needs are Ability Utilization and Achievement.
Recognition
72%
Occupations that satisfy this work value offer advancement, potential for leadership, and are often considered prestigious. Corresponding needs are Advancement, Authority, Recognition and Social Status.
Support
48%
Occupations that satisfy this work value offer supportive management that stands behind employees. Corresponding needs are Company Policies, Supervision: Human Relations and Supervision: Technical.
Relationships
34%
Occupations that satisfy this work value allow employees to provide service to others and work with co-workers in a friendly non-competitive environment. Corresponding needs are Co-workers, Moral Values and Social Service.
