What it Takes to Be an Economist
An economist is a social scientist specializing in how society uses, distributes and produces resources. Economists are strong in math and communications, and have skills in computation, analysis and research. Most jobs in economics require a master's degree or sometimes a Ph.D. Some entry-level jobs may be available for those with a bachelor's degree.
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Significance
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Most economists are employed by the government according to the Bureau of Labor Statistics. Approximately 53 percent work in government, with 31 percent employed by the federal government and 22 percent in state and local government in 2008.
To work in the federal government as an economist the minimum requirements are a bachelor's degree with 21 semester-hours in economics, and 3 hours of calculus, statistics or accounting. A combination of education and experience is also accepted.
Considerations
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With a bachelor's degree a graduate can find entry-level work in the finance or marketing fields, or as a research assistant in consulting firms, research organizations, government or industry.
Those with a master's degree can qualify for jobs with more responsibility in research or administration. Those with a graduate degree can also teach at the junior or community college level.
Those possessing a Ph.D. can find work teaching at large colleges or universities. Top economist positions require a doctorate, whether working in the private sector or government.
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Types
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There are many areas of specialization within economics such as microeconomics, which is the study of individual companies or people; macroeconomics, which is the study of economy overall, particularly trends; econometrics, which is applying mathematics to all of economy; financial economics, which looks specifically at interest rates; organizational/industrial economics, which is the study of specific industries, the trends, the competition and making predictions; labor economics, which is the study of labor and wages; and international economics, which is the study of international commerce, tariffs, trade, and currency exchange.
Aspiring economists should choose a school with a strong economics department, then focus on a specialty area and participate in internships and field experiences within that particular field.
Geography
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To become a successful economist, location can be a factor. Some of the recommended locations to pursue a career in economics are cities with large government offices, huge industrial centers or those with strong financial centers. Some top options for economists include Washington D.C., New York City, Boston and Chicago.
Features
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For a career in economics, employers look at a candidate's experience. Sometimes it's helpful to have a strong hands-on business background. In fact, the more diverse the experience the better.
Gathering and analyzing data as well as conducting surveys and interviewing subjects and preparing written reports on the findings are important experiences to prepare for work as an economist.
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