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Career Advice on How to Become An Economist

General Career Information

If you don’t like math, charts, graphs and numbers, then you probably don’t want to put economist on your career planning or job search list.  This is an occupation that isn’t just preoccupied with the ebbs and flows of money in its myriad of forms, but is also quite preoccupied with the actual money as well.  After all, you can’t have money without having numbers.  Economists work to understand how the complex mechanisms of modern business, national and global economic all interrelate, interconnect and work, well, at least most of the time.  This interconnecting web of transactions, differing currencies and a host of other factors mean that it can all become rather complex.  Considering that economist deals with every aspect of civilization, stating that there is diversification and specialization within the field is an understatement.
 

Career Facts:

Economist study and explore every aspect of the human exchange of resources, whether this is in the form of goods and services or in its proxy, money.  The facts are that working as an economist does not necessarily mean that you will spend your day exclusively analyzing the fluctuations in interest rates, inflation or material costs.  Depending upon where one is employed, an economist may be studying and evaluating any sorts of factors.  They collect information on economic trends, including historic economic trends and crunch these numbers to help chart the best course of action.  Chart is an appropriate word to use in association with the work of an economist. For often their work is indeed used to chart the future moves of not just companies and industries, but of entire regions, continents and nation states.  It’s safe to state that economists exercise a good deal of influence over policy decision making globally.

 

Career Opportunities and Job Outlook- Below Average:

One might think that with the ever-increasing amount of global trade that there would be a corresponding increase in the number of economists that are employed and will be employed.  However, the numbers indicate that between 2008 and 2018, there will only be a job growth rate of six percent in the United States.
 
Job Outlook is Not Good
 

A Day in The Life:

Due to the fact that the career of economist encompasses so many different fields, the workday for the average economist varies greatly.  Most of the time, however, there is the certainly that an economist’s day will be at least partially spent analyzing data and compiling charts.  In recent years, economists at all levels have become increasingly dependent upon computers for most aspects of their work.
 

Average Salary:

The average annual salary for an economist runs around $84,000 per year.  The top ten percent of economist can earn substantially more and average about $149,000 per year.

$84k

 

Career Training and Qualifications:

Graduate education is usually a given for most economist.  Master’s degrees and PhD’s are common in the field. However, those with a bachelor’s degree in related fields may still find employment.
 
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