Government and private industry rely on microeconomists to analyze and forecast economic trends. Microeconomists specialize in microeconomics, a branch of economic study that focuses on how and why individuals and companies decide to spend money. Typical duties include analyzing supply and demand decisions, determining price points for product and services and exploring what drives buying decisions. It takes several years of study to work as a microeconomist.
Earn a Bachelor's Degree
A bachelor's degree in economics, microeconomics, finance or a related field is the first step to becoming a microeconomist. A traditional bachelor's degree program takes four years of full-time study to complete. Accelerated programs, usually taking three years of study or less, are also available. While enrolled in an undergraduate microeconomics program, you could take courses in economics, microeconomics analysis, statistics and probability, economic decision-making and related topics.
Earn a Master's Degree
Although you can qualify for some entry-level economist jobs with just a bachelor's degree, a master's degree in economics or microeconomic theory is necessary for most microeconomist positions in business or international organizations. Master's programs usually take two years to complete, but you can finish an accelerated master of business administration program in economics in as little as one year. Topics in a master's program include econometrics, applied statistics and microeconomic theory.
Earn a Ph.D.
To work in advanced positions, conduct original research and teach at the university level, microeconomists need a Ph.D. in economics. Ph.D. programs involve a combination of coursework and detailed research in econometric methods and microeconomic and macroeconomic theory. To earn a degree, you must complete a dissertation based on original research. The length of time it takes to earn this degree varies but normally takes five to six years.
Join Economics Associations
You don't have to join economics associations to get a job as a microeconomist, but it can help. Professional organizations provide the opportunity to meet other microeconomists, network with peers, learn about continuing education opportunities and stay abreast of new industry developments. A few professional organizations that may be of interest to economists include the American Economic Association, the World Economics Association and the National Economic Association.
- Bureau of Labor Statistics: Economists: What Economists Do
- Bureau of Labor Statistics: Economists: How to Become an Economist
- Bureau of Labor Statistics: Economists: Job Outlook
- Mint.com: The Difference Between Macro and Microeconomics
- Boston University: The BA Program
- American Economic Association: General Information
- World Economics Association: World Economics Association
- National Economic Assoication: About
- New York University Department of Economics: M.A. Program
- University of California, Berkeley Department of Economics: Ph.D in Economics
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