Economists
Overview
SaveJob 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, physician assistants, 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.
Yearly Salary
| High: | $198K |
| Median: | $108K |
| Low: | $59K |
Demand
Core Tasks
- 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.
- Provide advice and consultation on economic relationships to businesses, public and private agencies, and other employers.
- Review documents written by others.
- Formulate recommendations, policies, or plans to solve economic problems or to interpret markets.
- 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.
- Supervise research projects and students' study projects.
- Teach theories, principles, and methods of economics.
- 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.
- Forecast production and consumption of renewable resources and supply, consumption, and depletion of non-renewable resources.
Technology Skills
Technology
Example
Hot Technology
Tools Used
Tool
Example
Top 10 Knowledge Required
Mathematics
91%
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
81%
Knowledge of the structure and content of the English language including the meaning and spelling of words, and rules of composition and grammar.
Computers and Electronics
76%
Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
Education and Training
63%
Knowledge of principles and methods for curriculum and training design, teaching and instruction for individuals and groups, and the measurement of training effects.
Communications and Media
55%
Knowledge of media production, communication, and dissemination techniques and methods. This includes alternative ways to inform and entertain via written, oral, and visual media.
Law and Government
54%
Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
Administration and Management
53%
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
50%
Knowledge of group behavior and dynamics, societal trends and influences, human migrations, ethnicity, cultures, and their history and origins.
History and Archeology
49%
Knowledge of historical events and their causes, indicators, and effects on civilizations and cultures.
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
75%
Understanding the implications of new information for both current and future problem-solving and decision-making.
Complex Problem Solving
75%
Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
Instructing
65%
Teaching others how to do something.
Top 10 Abilities
Inductive Reasoning
83%
The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
Mathematical Reasoning
83%
The ability to choose the right mathematical methods or formulas to solve a problem.
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.
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
73%
The ability to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing that there is a problem.
Top 10 Work Activities
Analyzing Data or Information
99%
Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
Getting Information
95%
Observing, receiving, and otherwise obtaining information from all relevant sources.
Working with Computers
95%
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.
Interpreting the Meaning of Information for Others
90%
Translating or explaining what information means and how it can be used.
Updating and Using Relevant Knowledge
89%
Keeping up-to-date technically and applying new knowledge to your job.
Communicating with Supervisors, Peers, or Subordinates
86%
Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.
Communicating with People Outside the Organization
84%
Communicating with people outside the organization, representing the organization to customers, the public, government, and other external sources. This information can be exchanged in person, in writing, or by telephone or e-mail.
Making Decisions and Solving Problems
83%
Analyzing information and evaluating results to choose the best solution and solve problems.
Thinking Creatively
83%
Developing, designing, or creating new applications, ideas, relationships, systems, or products, including artistic contributions.
Detailed Work Activities
- Review professional literature to maintain professional knowledge.
- Forecast economic, political, or social trends.
- Conduct research on social issues.
- Explain regulations, policies, or procedures.
- Present information to the public.
- Review technical documents to plan work.
- Proofread documents, records, or other files to ensure accuracy.
- Advise others on business or operational matters.
- Advise others on matters of public policy.
- Supervise trainees.
- Prepare scientific or technical reports or presentations.
- Establish standards for products, processes, or procedures.
- Instruct college students in social sciences or humanities disciplines.
- Testify at legal or legislative proceedings.
Education
Interests
Investigative
100%
Work involves studying and researching non-living objects, living organisms, disease or other forms of impairment, or human behavior. Investigative occupations are often associated with physical, life, medical, or social sciences, and can be found in the fields of humanities, mathematics/statistics, information technology, or health care service.
Conventional
62%
Work involves following procedures and regulations to organize information or data, typically in a business setting. Conventional occupations are often associated with office work, accounting, mathematics/statistics, information technology, finance, or human resources.
Enterprising
55%
Work involves managing, negotiating, marketing, or selling, typically in a business setting, or leading or advising people in political and legal situations. Enterprising occupations are often associated with business initiatives, sales, marketing/advertising, finance, management/administration, professional advising, public speaking, politics, or law.
Artistic
36%
Work involves creating original visual artwork, performances, written works, food, or music for a variety of media, or applying artistic principles to the design of various objects and materials. Artistic occupations are often associated with visual arts, applied arts and design, performing arts, music, creative writing, media, or culinary art.
Social
32%
Work involves helping, teaching, advising, assisting, or providing service to others. Social occupations are often associated with social, health care, personal service, teaching/education, or religious activities.
Realistic
22%
Work involves designing, building, or repairing of equipment, materials, or structures, engaging in physical activity, or working outdoors. Realistic occupations are often associated with engineering, mechanics and electronics, construction, woodworking, transportation, machine operation, agriculture, animal services, physical or manual labor, athletics, or protective services.
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.
Majors
Colleges
SAGE Scholars Member Schools that offer majors leading to this career.
Check out the College Search to see the full list of schools with majors for this career.