Economists
Overview
Introduction
Economists are concerned with how society uses resources such as land, labor, raw materials, and machinery to produce goods and services for consumption and production in the present and future. They study how economic systems address three basic questions: "What shall we produce?" "How shall we produce it?" and "For whom shall we produce it?" The economist then compiles, processes, and interprets the answers to these questions. There are about 17,500 economists employed in the United States.
Quick Facts
Median Salary
Employment Prospects
Minimum Education Level
Experience
Skills
Personality Traits
Earnings
Economists are among the highest-paid social scientists. The median salary for economists was $115,730 in May 2023, according to the U.S. Department of Labor. The lowest paid 10 percent made less than $62,520, and the highest paid 10 percent earned more than $216,900. Fifty percent of economists earned between $82,330 and $166,070. Economists who were employed by the state government agencies e...
Work Environment
Economists generally work in offices or classrooms. The average workweek is 40 hours, although academic and business economists schedules often can be less predictable. Economists in nonteaching positions often work alone writing reports, preparing statistical charts, and using computers to conduct research, but they may also be part of a research team. Most economists work under deadline press...
Outlook
Employment opportunities for economists are expected to grow by 5 percent (about as fast as the average for all careers) from 2023 to 2033, according to the U.S. Department of Labor (DOL). Economists who are employed by private industry—especially in management, scientific, and technical consulting services—will enjoy some of the strongest prospects. Employment in this sector is expected to inc...
