In the economists career, they study the ways in which the society uses the limited resources such as land, water, human labor, and raw materials, which are useful to fulfill their needs and wants.
They can be considered as the social scientists who use their knowledge of economics to develop, distribute and utilize the goods and services. Economists conduct research related to issues such as energy costs, interest rates, inflation, exchange rates, business cycles, employment levels, and taxes.
The economists can specialize in any field related to economics. The types of economists are given below.
In the career as economists, they carry out the following tasks:-
In the career as economists most of the times a Ph.D. degree or master's degree in Economics is needed for the research work and responsible positions. However, a bachelor's degree is also enough for entry-level jobs in federal government.
Economics includes many specialties at like international economics, econometrics, and labor economics. The knowledge of mathematics, statistics, sampling theory, survey design, econometrics, and computer science is also beneficial for economists.
To enter the career as economists, they should have following skills:-
In the career as economists they usually work in clean and comfortable offices. They sometimes need to travel for fieldwork or to attend the meetings. Some of them may work as teachers in colleges and institutes. Most of the economists work for 40 hours a week. However, they may sometimes need to work for longer hours.
In the career as economists they have a wide scope in different industries. They can achieve different positions like:-
The average salary in the career as economists is quite good. However, the salary also depends on different factors like education, experience, type of work and employer.
The entry-level jobs of economists may get comparatively lesser salaries, but the salary increases with years of experience, especially for those having government jobs. Those with a Ph.D. or master's degree in economics can expect handsome salary packages and benefits.
In the career as economists, they can advance to responsible positions and do independent research or enter administration. However, the promotions of economists also depend on education, experience, and skills for achieving higher positions.
Those with a Ph.D. or master's degree in economics can easily get promoted. Many professionals with a background in economics can be selected for entry-level jobs or can become teachers in postsecondary schools.
In the career as economists the employment growth is expected to grow faster than the average of all occupations. The economists are expected to be in good demand in private industries especially in management, scientific and technical consulting services.
Those with a doctoral degree or Ph.D. in economics will be in great demand for research, testing and consulting jobs related to economics. Federal, and local government agencies will also need economists in large numbers to solve problems related to housing, transportation, and human labor utilization.