Synopsis "Career as an Economist"
ECONOMISTS APPLY ECONOMIC THEORIES and knowledge to determine how best to allocate resources. Those resources may include money, but can also include anything from crops to labor to clean air. They study, research, predict, and evaluate business and revenue trends in every industry and in every level of government. The work itself involves considerable research and the collection of large amounts of data. Economists start with surveys, random samples, and statistical models. They study people's spending behavior, changing demographics, how scarce resources are distributed, and how various laws affect the economic health of individuals, organizations, and society as a whole. They also look at trends, both current and historical, prices, jobs, taxes, interest rates, and the financial markets. Sophisticated software is then used to analyze all the information they have amassed. Based on their evaluations, economists can predict future trends and recommend ways to improve outcomes in prices, productivity, employment rates, exports, and more. Their analyses and forecasts are frequently published in academic journal articles and other media sources. Many economists work for the government. Economists employed by the federal government conduct the most surveys and collect most of the economic data in the US. They work in many different agencies, from the Department of Defense to the Department of the Interior. Their common goal is to assess current economic conditions and advise policy makers on how changes in legislation or public policy will affect the economy in the future. At the state and local level, government economists deal with issues such as income and sales taxes, minimum wage requirements, expansion of schools, and strengthening infrastructure. Outside of government, economists work for all kinds of organizations and individuals. Businesses in every industry hire economists, but their advice is especially valuable to those with interests in other countries. Economists help companies determine what to sell, how much to produce, the selling price, staffing needs, what the competition is likely to do, and how consumer preferences will change over time. They also work for major international organizations such as the World Bank, International Monetary Fund, and the United Nations, where they study a variety of economic issues of global importance. There are also some economists at work in brokerage and investment firms, research firms, think tanks, and nonprofit organizations. New economists can get started with a bachelor's degree, entering the field as research assistants or management trainees, but for most economist positions, a master's degree is required. To qualify for top chief economist jobs or to join a college faculty, a PhD is necessary. No matter how you cut it, there is a substantial investment in education. Is it worth it? Most economists say yes. They are paid an average annual salary of about $110,000, and the number employed is continuously rising. With an advanced degree and a few years in the field, it is possible to earn more than $175,000. Aside from good money, economists love the work, which is creative and intellectually stimulating. Economic conditions are constantly changing, making boredom very unlikely. Economists are smart professionals with the innate ability to solve perplexing problems and pinpoint meaningful details. They are great with puzzles and are obsessed with finding patterns and trends. If this sounds like you, then you may have what it takes to be an economist.
