| Careers - Economist |
Local Programs:Gonzaga University Nature of the work:Economists study how society distributes resources, such as land, labor, raw materials, and machinery, to produce goods and services. They may conduct research, collect and analyze data, monitor economic trends, or develop forecasts. Economists research a wide variety of issues including energy costs, inflation, interest rates, exchange rates, business cycles, taxes, and employment levels, among others. Economists develop methods 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 also 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 intended for managers and others who do not have a background in economics. Employment Environment:Economists have structured work schedules. They often work alone, writing reports, preparing statistical charts, and using computers, but they also may be an integral part of a research team. Most work under pressure of deadlines and tight schedules, which may require overtime. Their routine may be interrupted by special requests for data and by the need to attend meetings or conferences. Frequent travel may be necessary. Training, Education and Licensing:A master's or Ph.D. degree in economics is required for many private sector economist jobs and for advancement to more responsible positions. In the Federal Government, candidates for entry-level economist positions must have a bachelor's degree with a minimum of 21 semester hours of economics and 3 hours of statistics, accounting, or calculus. Economics includes numerous specialties at the graduate level, such as econometrics, international economics, and labor economics. Students should select graduate schools that are strong in the specialties that interest them. Some schools help graduate students find internships or part-time employment in government agencies, economic consulting or research firms, or financial institutions before graduation. Undergraduate economics majors can choose from a variety of courses, ranging from microeconomics, macroeconomics, and econometrics to more philosophical courses, such as the history of economic thought. Because of the importance of quantitative skills to economists, courses in mathematics, statistics, econometrics, sampling theory and survey design, and computer science are extremely helpful. Advancement:With experience or an advanced degree, economists may advance into positions of greater responsibility, including administration and independent research. Many people with an economics background become teachers. Job Outlook:Employment of economists is expected to grow seven percent from 2006 to 2016. Salary:Median annual wage and salary earnings of economists were $77,010 in May 2006. The middle 50 percent earned between $55,740 and $103,500. The lowest 10 percent earned less than $42,280, and the highest 10 percent earned more than $136,550. Sources:Occupation Handbook (OOH), 2008-2009 Edition, U.S. Department of Labor Bureau of Labor Statistics For More Information:Gonzaga University |