### Bureau of Labor Statistics U.S. Bureau of Labor Statistics

Economists Summary
                        
            
                                                        
                                                                
                        
            
            
            
                            
                                                
                                                
                                                
                                                
            						
							
				                                                
                                            




            			economists imageEconomists interpret and forecast market trends.							
						Quick Facts:     Economists2023     Median Pay
            						$115,730     per year
										$55.64     per hourTypical Entry-Level Education
                                    Master's degreeWork Experience in a Related Occupation
                                    NoneOn-the-job Training
                                    NoneNumber of Jobs, 2022
                                    17,600Job Outlook, 2022-32
                                    6% (Faster than average)Employment Change, 2022-32
                                    1,100What Economists Do
                                                
                        
                        
Economists conduct research, prepare reports, and evaluate issues related to monetary and fiscal policy. They also may collect and analyze statistical data.
            
                        Work Environment
                        
Economists typically work in an office setting, either independently or collaborating with a variety of other workers. Most economists work full time, and some work more than 40 hours per week.
            
                                                How to Become an Economist
                                                
                        
Economists typically need at least a master’s degree to enter the occupation. However, some economists—primarily in government—qualify for entry-level positions with a bachelor’s degree. Others need a Ph.D.
            
                        Pay
                        												                            																				    														The median annual wage for economists was $115,730 in May 2023.									                                					
						
            
                        Job Outlook
                        						
												Employment							of economists is projected to grow							 6 percent from 2022 to 2032, faster than the average for all occupations.
						About 1,200 openings for economists are projected each year, on average, over the decade.
            			
            			 Many of those openings are expected to result from the need to replace workers who transfer to different occupations or exit the labor force, such as to retire.
						State & Area Data
                       Explore resources for employment and wages by state and area for economists.
            
            
						
                        Similar Occupations
                        
                                                    Compare the job duties, education, job growth, and pay of economists with similar occupations.
            
            
                        More Information, Including Links to O*NET
                        
                                               
                        Learn more about economists by visiting additional resources, including O*NET, a source on key characteristics of workers and occupations.
 What Economists Do 
            

			EconomistsEconomists prepare reports, tables, and charts.			
Economists conduct research, prepare reports, and evaluate issues related to monetary and fiscal policy. They also may collect and analyze statistical data.
Duties
Economists typically do the following:
Research economic issues related to education, the labor force, international trade, and other topics
Conduct surveys and collect data
Analyze data using mathematical models, statistical tools, and other software
Interpret and forecast trends, such as of financial markets
Advise businesses, governments, and individuals on problems related to fiscal policy or other economic topics
Present research in tables, graphs, and articles for academic journals, government publications, and other mediaEconomists analyze topics related to the production, distribution, and use (consumption) of goods and services. They work in or across a variety of fields, such as business, health, and the environment. For example, some economists study the cost of products, healthcare, or energy, while others examine employment levels and trends, business cycles, inflation, or interest rates.
Economists study historical trends and make forecasts, using software to analyze data. The focus of their research may vary, depending on their employer
Economists who work in federal, state, and local government may collect and analyze data about the economy, including employment, prices, productivity, and wages. For example, they may evaluate various economic policies or proposals to inform policymakers about the impact of laws and regulations.
Business economists help managers understand the economy to inform their decision making. For example, economists may analyze consumer demand and sales to help a company maximize its profits.
Economists also work for international organizations, research firms, and consulting firms. They may present their findings to a variety of audiences or publish their analyses and forecasts in newspapers, journals, or other media.
 Work Environment
			EconomistsEconomists often work independently, typically in an office setting.			

	    
				
	
	
	
	
	
	
	    					 Economists held about 17,600 jobs in 2022. The largest employers of economists were as follows:
        Federal government, excluding postal service
                27%Management, scientific, and technical consulting services
                20Scientific research and development services
                11State government, excluding education and hospitals
                10Local government, excluding education and hospitals
                7Economists typically work in an office setting. They often work independently, but they also may collaborate with data scientists, statisticians, or other specialists. Some economists may be required to travel, such as to attend conferences.
Work Schedules
Most economists work full time, and some work more than 40 hours per week.
 How to Become an Economist

			EconomistsCommunication skills are important for economists, since they sometimes present research to colleagues.			
Economists typically need at least a master’s degree to enter the occupation. However, some economists—primarily in government—qualify for positions with a bachelor’s degree. Others need a Ph.D.
Education
Economists typically need a master’s degree. Positions in business, research, or international organizations may require a master’s degree or Ph.D. and work experience.
To pursue an advanced degree in economics, program applicants may need to have completed undergraduate coursework in subjects such as economics or mathematics.
Candidates who have a bachelor’s degree with sufficient course credits in economics, statistics, or mathematics may qualify for some entry-level economist positions, including jobs with the federal government. Courses that introduce students to statistical analysis software also may be helpful. An advanced degree is sometimes required or preferred for higher level positions.
Important Qualities
***Analytical skills.*** Economists must be able to review data and observe patterns to draw logical conclusions.
***Communication**skills.*** Economists must be able to explain their work through presentations and in written reports. Their audiences may vary from colleagues and other economists to those who do not have a background in economics.
***Computer skills.*** Economists often use statistical analysis and other software to analyze data.
***Critical-thinking skills.*** Economists must use sound reasoning to solve complex problems.
***Math skills.***Economists use mathematics, including calculus and linear algebra, to develop models and analyses.
 Pay

			



	
 
                                                     
            
    
                EconomistsMedian annual wages, May 2023Economists$115,730  Social scientists and related workers$89,440  Total, all occupations$48,060Note: All Occupations includes all occupations in the U.S. Economy.Source: U.S. Bureau of Labor Statistics, Occupational Employment and Wage Statistics
 

	
	



		
	
	
	
The median annual wage for economists was $115,730 in May 2023. 


The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $62,520, and the highest 10 percent earned more than $216,900.





		
	    					 In May 2023, the median annual wages for economists in the top industries in which they worked were as follows:	
        Scientific research and development services
                $140,940Federal government, excluding postal service
                135,200Management, scientific, and technical consulting services
                110,120Local government, excluding education and hospitals
                91,980State government, excluding education and hospitals
                74,900Most economists work full time, and some work more than 40 hours per week.
 Job Outlook

   
        
    
          
        
    
                EconomistsPercent change in employment, projected 2022-32Economists6%  Social scientists and related workers5%  Total, all occupations3%Note: All Occupations includes all occupations in the U.S. Economy.Source: U.S. Bureau of Labor Statistics, Employment Projections program
            
            
			 
	
	
	

			Employment				of economists is projected to grow				 6 percent from 2022 to 2032, faster than the average for all occupations.
			
			About 1,200 openings for economists are projected each year, on average, over the decade.
			
			 Many of those openings are expected to result from the need to replace workers who transfer to different occupations or exit the labor force, such as to retire.
			Employment
	
			
Organizations across many industries use economic analysis and quantitative methods to study and forecast business, sales, and other market trends. Employment demand is expected to be strong for these workers, as organizations increasingly turn to economists to apply analysis of big data to pricing, advertising, and other areas. The increasing complexity of the global economy also is expected to support demand for economists.

			

                        Employment projections data for     economists, 2022-32
                Occupational Title
                        SOC Code
                        Employment, 2022
                        Projected Employment, 2032
                        Change, 2022-32
                        Employment by IndustryPercent
                        NumericSOURCE: U.S. Bureau of Labor Statistics, Employment Projections program**Economists**
			19-3011
			17,600
			18,700
			6
			1,100
			Get data
 State & Area Data **Occupational Employment and Wage Statistics (OEWS)** The Occupational Employment and Wage Statistics (OEWS) program produces employment and wage estimates annually for over 800 occupations. These estimates are available for the nation as a whole, for individual states, and for metropolitan and nonmetropolitan areas. The link(s) below go to OES data maps for employment and wages by state and area. Economists **Projections Central** Occupational employment projections are developed for all states by Labor Market Information (LMI) or individual state Employment Projections offices. All state projections data are available at www.projectionscentral.com. Information on this site allows projected employment growth for an occupation to be compared among states or to be compared within one state. In addition, states may produce projections for areas; there are links to each state’s websites where these data may be retrieved. **CareerOneStop** CareerOneStop includes hundreds of occupational profiles with data available by state and metro area. There are links in the left-hand side menu to compare occupational employment by state and occupational wages by local area or metro area. There is also a salary info tool to search for wages by zip code.
 Similar Occupations This table shows a list of occupations with job duties that are similar to those of economists. Occupation
                Job Duties
                ENTRY-LEVEL EDUCATION
                2023     MEDIAN PAY**Actuaries**
            Actuaries use mathematics, statistics, and financial theory to analyze the economic costs of risk and uncertainty.
            Bachelor's degree
            $120,000**Budget Analysts**
            Budget analysts help public and private organizations plan their finances.
            Bachelor's degree
            $84,940**Data Scientists**
            Data scientists use analytical tools and techniques to extract meaningful insights from data.
            Bachelor's degree
            $108,020**Financial Analysts**
            Financial analysts guide businesses and individuals in decisions about expending money to attain profit.
            Bachelor's degree
            $99,890**Market Research Analysts**
            Market research analysts study consumer preferences, business conditions, and other factors to assess potential sales of a product or service.
            Bachelor's degree
            $74,680**Mathematicians and Statisticians**
            Mathematicians and statisticians analyze data and apply computational techniques to solve problems.
            Master's degree
            $104,860**Operations Research Analysts**
            Operations research analysts use mathematics and logic to help solve complex issues.
            Bachelor's degree
            $83,640**Political Scientists**
            Political scientists study the origin, development, and operation of political systems.
            Master's degree
            $132,350**Postsecondary Teachers**
            Postsecondary teachers instruct students in a variety of academic subjects beyond the high school level.
            See How to Become One
            $84,380**Survey Researchers**
            Survey researchers design and conduct surveys and analyze data.
            Master's degree
            $60,960**Urban and Regional Planners**
            Urban and regional planners develop comprehensive plans and programs for use of land and physical facilities in cities, counties, metropolitan areas, and other jurisdictions.
            Master's degree
            $81,800
 Contacts for More Information
								
For more information about economists, visit
American Economic Association
For information about careers in business economics, visit
National Association for Business Economics
To find job openings for economists in the federal government, visit
USAJOBS

                                                
                                                        
                                                                                                    O*NET
                                        EconomistsEnvironmental Economists
 Suggested citation: Bureau of Labor Statistics, U.S.  Department of Labor, Occupational Outlook Handbook, Economists, 
        	 at https://www.bls.gov/ooh/life-physical-and-social-science/economists.htm (visited *May 21, 2024*).
 **Last Modified Date:**
                        Wednesday, April 17, 2024


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