CareerGPS

Economists
Summary Occupational Forecast Data for Economists
Employment Employment Change Average Annual Job Openings Wage & Training Levels
2018 2023 Numerical Percent New Jobs Replacement Jobs Total Median Hourly Median Annual Training Levels
44 48 3 7.36% 1 3 4 $34.43 $71,609 Master's degree
Description: Conduct research, prepare reports, or formulate plans to aid in solution of economic problems arising from production and distribution of goods and services. May collect and process economic and statistical data using econometric and sampling techniques.
Staffing Pattern Data Forecast Data Source: EMSI (2nd Quarter 2018)

Occupation Details

The information in this section represents occupational characteristics included in O*NET which defines key features of an occupation as a standardized, measurable set of variables called "descriptors". These distinguishing characteristics of an occupation are described in greater detail in the O*NET Content Model. All items are listed in descending order of importance.

  • Study economic and statistical data in area of specialization, such as finance, labor, or agriculture.
  • Provide advice and consultation on economic relationships to businesses, public and private agencies, and other employers.
  • Compile, analyze, and report data to explain economic phenomena and forecast market trends, applying mathematical models and statistical techniques.
  • Formulate recommendations, policies, or plans to solve economic problems or to interpret markets.
  • Develop economic guidelines and standards and prepare points of view used in forecasting trends and formulating economic policy.

Knowledge

90%
English Language - Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
86%
Economics and Accounting - Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
81%
Mathematics - Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
68%
Computers and Electronics - Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
62%
Law and Government - Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
56%
Administration and Management - Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.

Skills

72%
Reading Comprehension - Understanding written sentences and paragraphs in work related documents.
72%
Speaking - Talking to others to convey information effectively.
69%
Critical Thinking - Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
69%
Writing - Communicating effectively in writing as appropriate for the needs of the audience.
69%
Active Listening - Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
69%
Complex Problem Solving - Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
65%
Mathematics - Using mathematics to solve problems.
65%
Judgment and Decision Making - Considering the relative costs and benefits of potential actions to choose the most appropriate one.
62%
Active Learning - Understanding the implications of new information for both current and future problem-solving and decision-making.
60%
Systems Analysis - Determining how a system should work and how changes in conditions, operations, and the environment will affect outcomes.
56%
Social Perceptiveness - Being aware of others' reactions and understanding why they react as they do.
56%
Monitoring - Monitoring/Assessing performance of yourself, other individuals, or organizations to make improvements or take corrective action.
53%
Service Orientation - Actively looking for ways to help people.
53%
Instructing - Teaching others how to do something.
53%
Systems Evaluation - Identifying measures or indicators of system performance and the actions needed to improve or correct performance, relative to the goals of the system.
53%
Time Management - Managing one's own time and the time of others.
50%
Operations Analysis - Analyzing needs and product requirements to create a design.

Abilities

78%
Oral Expression - The ability to communicate information and ideas in speaking so others will understand.
75%
Oral Comprehension - The ability to listen to and understand information and ideas presented through spoken words and sentences.
75%
Written Comprehension - The ability to read and understand information and ideas presented in writing.
75%
Written Expression - The ability to communicate information and ideas in writing so others will understand.
72%
Deductive Reasoning - The ability to apply general rules to specific problems to produce answers that make sense.
69%
Speech Clarity - The ability to speak clearly so others can understand you.
69%
Inductive Reasoning - The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
66%
Problem Sensitivity - The ability to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing there is a problem.
62%
Near Vision - The ability to see details at close range (within a few feet of the observer).
62%
Mathematical Reasoning - The ability to choose the right mathematical methods or formulas to solve a problem.
56%
Number Facility - The ability to add, subtract, multiply, or divide quickly and correctly.
56%
Fluency of Ideas - The ability to come up with a number of ideas about a topic (the number of ideas is important, not their quality, correctness, or creativity).
56%
Speech Recognition - The ability to identify and understand the speech of another person.
56%
Originality - The ability to come up with unusual or clever ideas about a given topic or situation, or to develop creative ways to solve a problem.
53%
Information Ordering - The ability to arrange things or actions in a certain order or pattern according to a specific rule or set of rules (e.g., patterns of numbers, letters, words, pictures, mathematical operations).

Work Activities

92%
Getting Information - Observing, receiving, and otherwise obtaining information from all relevant sources.
90%
Analyzing Data or Information - Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
89%
Interacting With Computers - Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
86%
Processing Information - Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
85%
Updating and Using Relevant Knowledge - Keeping up-to-date technically and applying new knowledge to your job.
81%
Interpreting the Meaning of Information for Others - Translating or explaining what information means and how it can be used.
80%
Communicating with Persons Outside Organization - Communicating with people outside the organization, representing the organization to customers, the public, government, and other external sources. This information can be exchanged in person, in writing, or by telephone or e-mail.
79%
Communicating with Supervisors, Peers, or Subordinates - Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.
76%
Making Decisions and Solving Problems - Analyzing information and evaluating results to choose the best solution and solve problems.
71%
Establishing and Maintaining Interpersonal Relationships - Developing constructive and cooperative working relationships with others, and maintaining them over time.
71%
Thinking Creatively - Developing, designing, or creating new applications, ideas, relationships, systems, or products, including artistic contributions.
71%
Estimating the Quantifiable Characteristics of Products, Events, or Information - Estimating sizes, distances, and quantities; or determining time, costs, resources, or materials needed to perform a work activity.
68%
Identifying Objects, Actions, and Events - Identifying information by categorizing, estimating, recognizing differences or similarities, and detecting changes in circumstances or events.
64%
Documenting/Recording Information - Entering, transcribing, recording, storing, or maintaining information in written or electronic/magnetic form.
63%
Organizing, Planning, and Prioritizing Work - Developing specific goals and plans to prioritize, organize, and accomplish your work.
59%
Provide Consultation and Advice to Others - Providing guidance and expert advice to management or other groups on technical, systems-, or process-related topics.
55%
Judging the Qualities of Things, Services, or People - Assessing the value, importance, or quality of things or people.
54%
Developing Objectives and Strategies - Establishing long-range objectives and specifying the strategies and actions to achieve them.
51%
Evaluating Information to Determine Compliance with Standards - Using relevant information and individual judgment to determine whether events or processes comply with laws, regulations, or standards.
50%
Training and Teaching Others - Identifying the educational needs of others, developing formal educational or training programs or classes, and teaching or instructing others.
Title Job Zone Five: Extensive Preparation Needed
Overall Experience Extensive skill, knowledge, and experience are needed for these occupations. Many require more than five years of experience. For example, surgeons must complete four years of college and an additional five to seven years of specialized medical training to be able to do their job.
Job Training Employees may need some on-the-job training, but most of these occupations assume that the person will already have the required skills, knowledge, work-related experience, and/or training.
Job Zone Examples These occupations often involve coordinating, training, supervising, or managing the activities of others to accomplish goals. Very advanced communication and organizational skills are required. Examples include librarians, lawyers, aerospace engineers, wildlife biologists, school psychologists, surgeons, treasurers, and controllers.
Education Most of these occupations require graduate school. For example, they may require a master's degree, and some require a Ph.D., M.D., or J.D. (law degree).

Interests

Investigative - Investigative occupations frequently involve working with ideas, and require an extensive amount of thinking. These occupations can involve searching for facts and figuring out problems mentally.
Conventional - Conventional occupations frequently involve following set procedures and routines. These occupations can include working with data and details more than with ideas. Usually there is a clear line of authority to follow.
Enterprising - Enterprising occupations frequently involve starting up and carrying out projects. These occupations can involve leading people and making many decisions. Sometimes they require risk taking and often deal with business.

Work Styles

Analytical Thinking - Job requires analyzing information and using logic to address work-related issues and problems.
Attention to Detail - Job requires being careful about detail and thorough in completing work tasks.
Initiative - Job requires a willingness to take on responsibilities and challenges.
Dependability - Job requires being reliable, responsible, and dependable, and fulfilling obligations.
Achievement/Effort - Job requires establishing and maintaining personally challenging achievement goals and exerting effort toward mastering tasks.
Integrity - Job requires being honest and ethical.
Adaptability/Flexibility - Job requires being open to change (positive or negative) and to considerable variety in the workplace.
Independence - Job requires developing one's own ways of doing things, guiding oneself with little or no supervision, and depending on oneself to get things done.
Innovation - Job requires creativity and alternative thinking to develop new ideas for and answers to work-related problems.
Cooperation - Job requires being pleasant with others on the job and displaying a good-natured, cooperative attitude.
Persistence - Job requires persistence in the face of obstacles.
Leadership - Job requires a willingness to lead, take charge, and offer opinions and direction.

Work Values

Working Conditions - Occupations that satisfy this work value offer job security and good working conditions. Corresponding needs are Activity, Compensation, Independence, Security, Variety and Working Conditions.
Independence - Occupations that satisfy this work value allow employees to work on their own and make decisions. Corresponding needs are Creativity, Responsibility and Autonomy.
Achievement - Occupations that satisfy this work value are results oriented and allow employees to use their strongest abilities, giving them a feeling of accomplishment. Corresponding needs are Ability Utilization and Achievement.
Recognition - Occupations that satisfy this work value offer advancement, potential for leadership, and are often considered prestigious. Corresponding needs are Advancement, Authority, Recognition and Social Status.