Economists study how society distributes scarce resources, such as land, labor, raw materials, and machinery, to produce goods and services. They conduct research, collect and analyze data, monitor economic trends, and develop forecasts. They research issues such as energy costs, inflation, interest rates, exchange rates, business cycles, taxes, or employment levels.
Economists devise methods and procedures for obtaining the data they need. For example, sampling techniques may be used to conduct a survey, and various mathematical modeling techniques may be used to develop forecasts. Preparing reports, including tables and charts, on research results is an important part of an economist’s job. Presenting economic and statistical concepts in a clear and meaningful way is particularly important for economists whose research is directed toward making policies for an organization. Some economists also might perform economic analysis for the media.
Candidates who hold a master’s or Ph.D. degree in economics will have the best employment prospects and advancement opportunities, but a bachelor’s degree in Economics or Mathematics is also worthwhile. Quantitative skills are important in all economics specialties.
According to the Bureau of Labor Statistics, the projected employment by 2016 will rise 7%, or 1,110 jobs. Slower than average job growth is expected as firms increasingly employ workers to perform more specialized tasks with titles that reflect the specific duties of the job rather than the general title of economist.