Career Guide: Economist
Here’s what you need to know.
Toggle Navigation
Our Enrollment Counselors are here to answer your questions and walk you through the enrollment process.
Economist Career Overview
Understanding how communities allocate resources and respond to economic change is central to decision-making in today’s society. At the center of it all are economists. These professionals study patterns in spending, employment, production, and policy to help organizations and governments understand the forces shaping the global economy.
From interest rates and tax policies to corporate strategy and international trade, the insights economists provide can drive substantial change. It’s a great role for individuals who enjoy analyzing data and interpreting complex systems because they get to influence important financial and policy decisions. This economist career guide walks through key components of this multifaceted industry.
What Is an Economist?
An economist studies how societies use limited resources to produce goods and services. As a field of social science, economics explores how individuals, businesses and governments make decisions about spending, investing and allocating resources.
At the center of this discipline is the concept of scarcity. Because resources such as labor, capital and natural materials are limited, economists analyze how people and institutions prioritize their choices. By examining these decisions, they can better understand how markets function and how financial policies affect the broader economy.
Economics is often divided into two major areas of study. Microeconomics focuses on the behavior of individual consumers, businesses and industries. Macroeconomics examines larger forces such as national productivity, inflation, unemployment and the global economy.
Using economic theory and data analysis, economists identify patterns, build economic models and interpret economic trends. Their insights help organizations, governments, and researchers anticipate changes and make informed decisions.
What Do Economists Do?
Many people exploring careers in economics ask an understandable question: What do economists do in their daily work? Generally speaking, they analyze information, interpret data and develop forecasts that help organizations make informed decisions. Let’s take a closer look:
Primary Responsibilities
Economists’ work often involves a combination of research, data analysis and policy evaluation. They will regularly assess issues such as wage growth, inflation, consumer spending and interest rates to understand how economic forces influence society. Common responsibilities include:
- Collecting data through surveys, sampling methods and statistical research
- Analyzing data to identify patterns and emerging economic trends
- Building mathematical or statistical economic models that forecast market behavior
- Advising government officials, business leaders and policymakers
- Publishing research findings in academic journals or policy reports
Specializations
Within the field, economists may specialize in several areas. For instance:
- Public finance: Studying government taxation, public spending and welfare programs
- Labor: Focusing on employment patterns, wages and workforce participation
- Econometricians: Applying statistical techniques to test economic theory and refine forecasting models.
Where Do Economists Work?
Economists work in a variety of professional settings where economic insight is valuable. One of their largest employers is the federal government, where agencies such as the Department of Labor and other similar offices rely on them to study employment data, evaluate policy and guide economic planning.
In the private sector, economists often work for consulting firms, financial institutions, technology companies and research organizations. They help businesses anticipate market shifts and better understand consumer behavior within the global economy.
Some economists also pursue careers in academia, teaching university courses while conducting research that contributes to economic scholarship and policy discussions.
Skills Needed to Be a Successful Economist
It’s important to remember that strong economist skills combine technical expertise with clear communication and research ability. Important skills include:
- Analytical thinking: Evaluating large data sets and identifying meaningful patterns
- Mathematics and statistics: Applying quantitative methods to economic models
- Research skills: Designing studies and gathering reliable economic data
- Communication and writing: Explaining complex ideas in reports and presentations
- Problem solving: Developing solutions for economic challenges organizations face
Today’s fast-moving, digital landscape has enabled economists to rely on programming and statistical tools. Software such as Python, R and Stata help economists process large datasets and build forecasting models.
Many of these approaches overlap with fields like business analytics. Professionals interested in data-driven decision-making may find value in learning more about business analysis and how it helps organizations interpret complex data.
How to Become an Economist
For those interested in how to become an economist, the path usually begins with a strong foundation in economics, mathematics and data analysis. The steps you’ll want to follow generally include:
- Earn a Bachelor’s Degree
Most economists begin with an economics degree or a degree in a related field such as finance, statistics or mathematics. A degree in economics introduces students to economic theory, quantitative analysis and policy evaluation.
Graduates often start their careers in entry-level analyst roles where they develop research and forecasting skills. Students interested in exploring business-focused career options may also benefit from understanding the range of opportunities available with a business degree. - Gain Experience
Practical experience is essential for building an economics career path. Internships, research assistantships and data analysis roles help aspiring economists gain hands-on experience working with economic data.
These opportunities also strengthen analytical skills and help professionals understand how economists apply theory in real-world settings. - Pursue Advanced Education
Many economist positions in government agencies, consulting firms and research institutions require an advanced degree. If a leadership role is your goal, a master’s degree in economics can prepare you for applied economic analysis while doctoral programs focus on advanced research and academic careers.
Is an Economist Career Right for You?
An economics career can be rewarding for individuals who enjoy analyzing complex problems and interpreting data that influences real-world decisions. People who thrive in this field often have strong curiosity about financial systems, public policy and the global economy. Additionally, they are comfortable working with quantitative data and communicating research findings to diverse audiences.
It’s important to note that, while fulfilling, the career can also be intellectually challenging. Economists often work with complex models and evolving conditions that require continuous learning and adaptability.
Related Degree Programs
- Master of Business Administration
- B.S. in Business Administration & Leadership
- M.S. in Organizational Leadership
Economist Salary and Job Outlook
According to the United States Bureau of Labor Statistics, the median annual pay for economists is approximately $115,440 as of May 2024. Salaries may vary depending on education level, industry and professional experience. Additionally, roughly 900 job openings are expected each year from 2024 to 2034.
Organizations increasingly rely on economists to interpret complex economic trends, evaluate policy decisions and guide strategic planning.
As of May 2024, the median annual pay for economists is $115,440.*
From 2024 to 2034, 900 job openings are predicted to come available annually.*
*Bureau of Labor Statistics. Accessed March 10, 2026.
FAQs
What do economists do every day?
Economists collect and analyze data, build economic models and evaluate economic trends to help organizations make informed decisions.
Is economics a good career?
Economics can be a strong career choice for individuals who enjoy data analysis, research and understanding how financial systems affect society.
Do economists make a lot of money?
Economists often earn competitive salaries, particularly those with advanced degrees or experience working in consulting or financial institutions.
How long does it take to become an economist?
Most economists complete a bachelor’s degree followed by a master’s degree or doctoral program depending on their career goals.
Invest in Your New Career with ACE
Economists play a critical role in understanding how markets function and how policies affect businesses, communities and the global economy. Their ability to analyze complex data and interpret economic trends helps organizations make informed decisions that shape the future.
If you are interested in building a career that combines analytical thinking, research and strategic insight, developing your education is an important first step. Programs at American College of Education (ACE) can help you build the leadership skills, analytical abilities and business knowledge that support careers in economics and related fields. Invest in your future today and pursue a career aligned with your goals.