Program Info
Employment of economists is expected to grow more slowly than the average for all occupations. The demand for workers who have knowledge of economics is projected to grow faster, but these workers will commonly find employment in fields outside of economics, such as business, finance, or insurance. Job prospects for economists will be best for those with graduate degrees in economics.
Employment change
Employment of economists is expected to grow 6 percent from 2008 to 2018, which is slower than the average for all occupations. Demand for economic analysis should grow, but the increase in the number of economist jobs will be tempered as firms hire workers for niche areas with specialized titles. Many workers with economic backgrounds will work in related fields with more specific job titles, such as financial analyst, market analyst, public policy consultant, researcher or research assistant, purchasing manager, or a variety of positions in business and the insurance industry. Overall employment growth also will be slowed because of the relatively high number of economists—about 53 percent—employed in declining government sectors.
Employment growth should be fastest in private industry, especially in management, scientific, and technical consulting services. Rising demand for economic analysis in virtually every industry should stem from the growing complexity of the global economy, the effects of competition on businesses, and increased reliance on quantitative methods for analyzing and forecasting business, sales, and other economic trends. Some corporations choose to hire economic consultants to fill these needs, rather than keeping an economist on staff. This practice should result in more economists being employed in consulting services.
Occupational Title
Employment, 2008
Projected Employment, 2018
Economists
14,600
15,500
Job prospects
In addition to job openings from growth, the need to replace experienced workers who retire or leave the labor force for other reasons will create openings for economists.
Individuals with a background in economics should have opportunities in various occupations. Some examples of job titles often held by those with an economics background are financial analyst, market analyst, public policy consultant, researcher or research assistant, and purchasing manager.
People who have a master's or Ph.D. degree in economics, who are skilled in quantitative techniques and their application to economic modeling and forecasting, and who also have good communications skills, should have the best job opportunities. Like those in many other disciplines, some economists leave the occupation to become professors, but competition for tenured teaching positions will remain keen.
Bachelor's degree holders will face competition for the limited number of economist positions for which they qualify. However, they will qualify for a number of other positions that can use their broad-based economic knowledge. Many graduates with bachelor's degrees will find jobs in business, finance, insurance, or related fields. Numerous positions in sales should also be available. Bachelor's degree holders with good quantitative skills and a strong background in mathematics, statistics, survey design, and computer science also may be hired as researchers. Some will find jobs in government.
"Economists."
U.S. Bureau of Labor Statistics.
09 Sept. 2010. Web. 09 Sept. 2010.
