Parts of this article (those related to United States) need to beupdated. The reason given is: the information about economist salaries in the United States is from 2006 and 2013. Please help update this article to reflect recent events or newly available information.(October 2024)
Economists work in many fields including[1][2][3] academia, government and in the private sector, where they may also "study data and statistics in order to spot trends in economic activity, economic confidence levels, and consumer attitudes. They assess this information using advanced methods in statistical analysis, mathematics, computer programming [and] they make recommendations about ways to improve the efficiency of a system or take advantage of trends as they begin."[4] In addition to government and academia, economists are also employed inbanking,finance,accountancy,commerce,marketing,business administration,lobbying and non- or not-for profit organizations.[5]
In many organizations, an "Economic Analyst" is a formalized role.[6] Professionals here are employed (or engaged asconsultants[7]) to conduct research, prepare reports, or formulate plans and strategies to address economic problems. Here, as outlined, the analyst provides forecasts, analysis and advice, based upon observed trends and economic principles; this entails also collecting and processing economic and statistical data using econometric methods and statistical techniques.
In thepublic sector,[12] analysts advise legislators and executives on economic policy, public works, and related;politicians often consult economists before enacting economicpolicy; and many statesmen have academic degrees in economics. A Federal Government Economic Analyst[13] conducts economic analysis of issues directly related to the function of theirfederal government agency.
In contrast to regulatedprofessions such as engineering, law or medicine, there is not a legally required educational requirement or license for economists. In academia, most economists have aPh.D. degree in Economics.[3] In the U.S. Government, on the other hand, a person can be hired as an economist provided that they have a degree that included or was supplemented by 21 semester hours in economics and three hours in statistics, accounting, or calculus.[14] In fact, a professional working inside of one of many fields of economics or having an academic degree in this subject is often considered to be an economist;[1] seeBachelor of Economics andMaster of Economics.
Economics graduates are employable in varying degrees depending on the regional economic scenario andlabour market conditions at the time for a given country. Apart from the specific understanding of the subject, employers value the skills ofnumeracy and analysis, the ability tocommunicate and the capacity to grasp broad issues which the graduates acquire at theuniversity orcollege. Whilst only a few[quantify] economics graduates may be expected to become professional economists,[citation needed] many find it a base for entry into a career infinance – including accounting, insurance, tax and banking, ormanagement.[citation needed]
A number of economics graduates from around the world have been successful in obtaining employment in a variety of major national and international firms in the financial and commercial sectors, and in manufacturing, retailing and IT, as well as in the public sector – for example, in the health and education sectors, or ingovernment andpolitics. Some graduates go on to undertakepostgraduate studies, either in economics, research, teacher training or further qualifications in specialist areas.
Unlike most nations, the economist profession inBrazil is regulated by law; specifically, Law No. 1,411, of August 13, 1951. The professional designation of an economist, according to said law, is exclusive to those who graduated with a Bachelor of Economics degree in Brazil.[15]
According to theUnited States Department of Labor, there were about 15,000 non-academic economists in the United States in 2008, with a median salary of roughly $83,000, and the top ten percent earning more than $147,040 annually.[17] Nearly 135 colleges and universities[18][verification needed] grant around 900 newPh.D.s every year. Incomes are highest for those in the private sector, followed by the federal government, with academia paying the lowest incomes. As of January 2013,PayScale.com showed Ph.D. economists' salary ranges as follows: all Ph.D. economists, $61,000 to $160,000; Ph.D. corporate economists, $71,000 to $207,000; economics full professors, $89,000 to $137,000; economics associate professors, $59,000 to $156,000, and economics assistant professors, $72,000 to $100,000.[16]
The largest single professional grouping of economists in theUK are the more than 3500 members of theGovernment Economic Service.[19]
Analysis of destination surveys for economics graduates from a number of selected top schools of economics in theUnited Kingdom (ranging fromNewcastle University to theLondon School of Economics), shows nearly 80 percent in employment six months after graduation – with a wide range of roles and employers, including regional, national and international organisations, across many sectors.[citation needed]
Jan Tinbergen, Dutch economist known for developing and applying dynamic models for the analysis of economic processes, which led to the establishment ofeconometrics. He was awarded the first Nobel Memorial Prize in Economic Sciences in 1969.
Ragnar Frisch, Norwegian economist who coined the term econometrics in 1926 for utilising statistical methods to describe economic systems. He was awarded the first Nobel Memorial Prize in Economic Sciences in 1969.
B. R. Ambedkar, Indian scholar, jurist, economist, politician and social reformer. TheReserve Bank of India was conceptualized in accordance with the guidelines presented by Ambedkar to theHilton Young Commission (also known as Royal Commission on Indian Currency and Finance) based on his book,The Problem of the Rupee – Its Origin and Its Solution.
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