Careers in Economics
The college degree necessary for an economics job depends on the type of work that you want to do. Undergraduate degrees in economics usually require a combination of economics, political science and advanced math courses and will get you in the door for some entry-level positions. According to the Bureau of Labor Statistics, entry-level economic positions in the federal government require at least 21 course credits in economics and three credits in higher level math. Advanced positions require at least a master's if not a doctorate in economics.
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Econometricians
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Econometricians are the statisticians of economics. They find work in various branches of economics using math to explain economic events. Using regression analysis and game theory, they may also attempt to predict how the economy will change in the future, as well as the different effects that changes in economic policy will have. For example, an econometrician may attempt to predict how a tax credit for hybrid cars might affect both the hybrid car market and government revenues.
Labor Economists
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Labor economists study trends in the economy and how they relate to employment. Some specialize in worker compensation, studying how much people are paid and what forms that payments takes, such as salary, stock options and other benefits. Others might study what causes low employment and how demographic changes like an aging population affect the unemployment rate.
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Economic Consulting
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A number of economic degree holders go into economic consulting for private companies. They may work as freelancers or as consultants for single companies. The work primarily consists of improving business strategies and serving as advisers for economics-related legal proceedings.
Policy Advisors
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Economic policy advisers work for various branches of government to advise politicians on what laws to pass to improve the economy. They may do research on proposed legislation to determine how it would affect the constituents of a congressional representative or propose policy initiatives themselves. They may also advise the government on how certain economic policies will affect tax revenues.
Future Job Prospects
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In 2006 there were 15,000 people working as economists in the United States with just over half working for the government. The profession is expected to grow at about the same rate as other occupations. There will be faster than average growth for economic-related positions like financial or market analysts. The most competitive applicants for economist positions will be those who have at least a master's degree.
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