How to Become an Economist

Are you fascinated by the intricate workings of economies and how they influence policies that shape the world? If so, a career as an economist might be the right fit for you.

If this sounds appealing to you, it's important to understand what they do and the skills and qualifications needed to become an economist.

So, What is an Economist?

Simply put, an economist is someone who studies how goods, services and resources are produced, distributed and consumed, said Kristin Regis, senior associate dean of business programs at Southern New Hampshire University (SNHU). As such, she oversees all business courses, including economics. Before joining SNHU, Regis accumulated over a decade of experience working in corporate and municipal leadership roles.

Economists conduct research, prepare reports and evaluate issues involving monetary and fiscal policies, according to the U.S. Bureau of Labor Statistics (BLS). Their work is essential for understanding and influencing economic systems around the world.

Economists also do a lot of other work, according to BLS, including:

• Advising businesses, governments and individuals
• Analyzing data
• Conducting surveys and collecting data
• Interpreting data and forecasting trends
• Presenting research to academic journals, government publications and other media
• Researching economic issues

In 2023, the median salary for economists was $115,730, according to BLS.* This was more than double the average median salary of $48,060 for all roles, BLS reported.*

The demand for economists is also growing.* According to BLS, economist jobs are projected to increase 6% through 2032, which is faster than the 3% average for all occupations.* With such a complex global economy there is a need for experts who can analyze data and provide insights.*

What Are Some Economics Skills?

To succeed in this field a strong foundation in quantitative skills such as statistics and analytical thinking is essential, according to Regis. These skills allow economists to interpret complex data and develop accurate economic models and forecasts.

BLS identified five key skills that economists need:

1. Analytical skills - must be able to review data and observe patterns to draw conclusions.
2. Communication skills - need to explain work through presentations and written reports.
3. Computer skills - use statistical analysis and software to analyze data.
4. Critical-thinking skills - utilize sound reasoning to solve complex problems.
5. Math skills - need to use mathematics, including calculus and algebra, to develop models and analyses.

These skills are the building blocks of an economist's ability to analyze data, forecast trends and provide insights.

Where Do Economists Work?

Economists typically work in an office setting, according to BLS. While they often work independently, they may collaborate with data scientists and statisticians, too. This collaborative environment can help enhance the accuracy of their research and analyses.

"A key reward is the ability to work in a wide range of fields," Regis said.

Economists can work for a variety of employers, including international organizations, research firms and consulting firms. According to BLS data from 2022, there were about 17,600 economists in the workforce.* BLS reported that the largest employers of economists include:

• The federal government
• Management, scientific and tech consulting firms
• Scientific research and development services
• State governments
• Local governments

What Are the Qualifications to Become an Economist?

To start a career as an economist, certain educational and professional qualifications may be necessary — but it can depend on the level of job you want.

For example, most economists will typically need a master's degree, according to BLS. But some entry-level positions may only require a bachelor's degree, Regis said.

If you're interested in a higher-level position, it's possible that you may even need a doctorate degree and prior experience, according to BLS.

Gaining practical experience through internships or entry-level positions can help build up your resume. This can show employers that you know how to apply your education in real-world scenarios.

You could also join a professional organization such as the American Economic Association (AEA) to access resources and networking events, Regis said. These types of organizations can help you stay current with industry trends and expand your professional network. According to Regis, it's important for economists to stay informed about the latest economic developments, technological advancements and global market changes.

By combining a foundational education with hands-on experience, you'll be on the path towards becoming an economist.

*Cited job growth projections may not reflect local and/or short-term economic or job conditions and do not guarantee actual job growth. Actual salaries and/or earning potential may be the result of a combination of factors including, but not limited to: years of experience, industry of employment, geographic location, and worker skill.

Nicholas Patterson ’22 is a writer and alumnus of Southern New Hampshire University (SNHU), where he earned his bachelor’s degree in English and creative writing. He is currently honing his craft further as he pursues an MFA in Creative Writing from SNHU. Connect with him on LinkedIn.