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Career opportunities for economists are diverse and unique, spanning business, education, and healthcare fields. Many economists work for local, state, or federal governments, while others practice forecasting and perform research for international corporations, think tanks, and research firms.
Economists study the production and distribution of resources, goods and services and apply economic analysis regarding various issues. They earn an income by applying their knowledge in a wide variety of fields, such as business, education, health care and research.
With a projected growth rate of 6% by 2031, the job outlook for economists continues to grow as quickly as the expected rate for other occupations. This growth is driven by the increasing need for data analysis and economic expertise in a wide range of industries and organizations.
You are likely to require an undergraduate degree in economics or a related subject, such as statistics, mathematics, business studies or finance and accounting. Some employers may require you to hold a postgraduate master's degree in economics. Find out what the entry requirements are where you live.
Economics-related roles tend to offer high-paying salaries to those with a relevant degree. Economics-related roles fall within the business and finance sectors. In 2021, the BLS reported that occupations within this category pay a national average salary of $76,570 annually.
Economist Average salary (a year) £28,000 Starter. £60,000 Experienced. Typical hours (a week) 37 to 39 a week. You could work. between 8am and 6pm.
Salary: Most economists make about $80,000 to $100,000 a year, but the salary can rise well beyond that, depending on the position, Mr. Jacobson says. For example, the salary range for the Governor of the Bank of Canada is $431,800 to $507,900.
A salary is a form of periodic payment from an employer to an employee, which may be specified in an employment contract. It is contrasted with piece wages, where each job, hour or other unit is paid separately, rather than on a periodic basis.