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Economics Professionals Job Overview

Economics professionals research the distribution of resources like land, raw materials, labor and machinery in a society. This kind of research is essential for the production of goods and services. These professionals have to collect and analyze of data and research, forecast and observing current economic trends. Preparing tables and charts based on research results is an important part of an economic professional’s job.

Economics Professionals Schools and Degrees

A bachelor’s or master’s degree in economics is required for this field. Some jobs may also even require a Ph.D. degree in the subject. These are mostly 2 or 4-year courses. Many universities offer special courses in subjects like international economics, econometrics and labor economics. Colleges also offer degree programs in macroeconomics, econometrics and microeconomics. Background knowledge in mathematics, sampling theory and survey design, statistics and computer science are of added advantage to an economics professional.

Job Requirements

A bachelor’s degree in economics is necessary for a research assistant or for a job in sales. A master’s degree is essential for more responsible economics professional positions, such as senior positions in research and administrative areas. A doctoral degree is required to reach the highest levels in certain high profile governmental and private organizations.

Employers look for individuals with experience conducting interviews and surveys. This kind of experience can also help economics professionals conduct their own research projects.

Apart from educational qualifications, the candidate must also be attentive to detail. Economics professionals must also possess strong quantitative and computer skills. They must have the capacity to perform complex research with deftness. Persistence and patience are among the other requirement for an economics professional. Good communication and problem solving skills also prove to be useful for people pursuing this profession.

Nature of Work

Economics professionals are focused on the development of various methods for obtaining the data that they need to do their job. Their work involves dealing with economical and statistical concepts, and preparing presentations for managers and other industry professionals.

Economics professionals work in structured schedules, preparing statistical charts and writing reports. Though they mostly work regular hours, they may occasionally have to extend their work hours in order to meet deadlines. Since economics professionals have to attend meetings and conferences, they end up traveling frequently.

Economics Professionals Jobs and Outlook

According to recent research conducted by the US Department of Labor, economics professionals held about 15,000 jobs in the US. Employment is highest in the following industries:

• Federal Executive Branch
• Local Government
• Management, Scientific, and Technical Consulting Services
• Scientific Research and Development Services
• State Government

The mean hourly wage for economics professionals in the US is about $41.68, while the mean annual salary is approximately $86,700.

Job Numbers and Growth

About 15,000 economics professionals can be found working in the US. A low unemployment level has been the case recently. Employees without jobs were about 4%.

Area Job Conditions

Finding workers is easiest in Washington (District of Columbia), Little Rock (Arkansas), and Tallahassee (Florida), and by comparison more challenging in St. Louis (Missouri), Santa Ana (California), and Tampa (Florida).

The pay is best in Bethesda (Maryland), Washington (District of Columbia), and New York (New York) and worst in Fort Worth (Texas), San Diego (California), and Little Rock (Arkansas).

Training and Education

You'll generally want a master's degree for this career path. Of current economics professionals, 100% graduated from college with degrees. Recommended schools are shown in the column to the right; request information from them to help you decide which if any could help you with this career.

Part-Time Work and Self-Employment

Economics professionals working part-time accounted for 3% of those employed in 2008. Self-employed workers represent an estimated 7% of the total.

Economics Professionals by Metropolitan Area (city and its surroundings)

In the table below, a Job Density near 0% means the area has an average number of people in this occupation, for its population. A higher or lower Job Density (e.g., +22% or -45%) tells you there are that many more or fewer workers of that type there than in the average US metro area. So, the higher the number, the more common the occupation.

Arizona

Arkansas

California

Colorado

Connecticut

Delaware

District of Columbia

Florida

Georgia

Hawaii

Illinois

Kentucky

Maryland

Massachusetts

Minnesota

Missouri

New York

North Carolina

Ohio

Oregon

Pennsylvania

South Carolina

Texas

Utah

Virginia

Washington