Mapping Your Future logo

Career Profile: Economists

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 and Outlook

According to the US Department of Labor, there are 18,600 people employed as economists in the United States. The median annual salary is $108,400. Entry level employees earn approximately $59,220 per year and senior employees earn approximately $198,230 per year.

Estimates do not include other potential benefits such as health insurance, overtime pay, or retirement benefits that may be offered by employers.

Job Duties

  • 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.
  • Study economic and statistical data in area of specialization, such as finance, labor, or agriculture.
  • Conduct research on economic issues, and disseminate research findings through technical reports or scientific articles in journals.
  • 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.

Career List

Job Outlook


Total Current Jobs:
18,600
Annual Openings:
1,600
Increase in Openings by 2030:
13%
Annual Salary Range:
$59,220 - $198,230
Education Requirements:
Master's degree or higher