Check a dataset before trusting it
You assemble the data in spreadsheet software or a statistical program and hunt for gaps and mismatched definitions.
Career profile
Economist
Economists study how people and businesses respond when the economy changes.
Would changing a tax make shoppers buy differently? Economists turn questions like that into analysis that can help shape decisions.
A day in the life
Test an explanation with a model
Fit a statistical model linking economic factors, then change one assumption to see whether the finding survives.
Update a forecast with new numbers
First you set fresh numbers against past patterns, then adjust projections for demand, jobs, or similar economic activity.
Brief policymakers on your findings
In policy jobs, you brief policymakers, explaining the chart and which findings depend on assumptions.
Quick facts
Usually a master's degree
United States
$124,720/year
United States · May 2025
4.7% projected growth
United States · 2025–2035
Quick orientation
Preparation, pay & outlook
Preparation
Usually a master's degreeSome government positions accept a bachelor's degree; some research roles require a doctorate.
Pay
$124,720/yearMedian, equivalent to $59.96/hour, across economists, including environmental economists.
Outlook
4.7% projected growthAbout 1,100 openings annually across economists, including environmental economists.
Fit, tradeoffs & changing tools
You might like this if…
- You want to know why a pattern appears, even after you have made the chart.
- You enjoy working through math and checking your reasoning.
- You like explaining a complicated idea in ordinary words.
Things to weigh
- Expect substantial office time; some economists work more than 40 hours a week.
- Research-facing roles also involve writing and presenting findings for other people to question.
Where AI may help
Artificial intelligence (AI) tools can help write analysis code, gather data, and search research papers. These uses have been demonstrated in economic research.
What people still lead
You still need to check the data and code, decide whether the method fits the question, and explain what the result means.
What we can’t predict yet
How much of a research project these tools can complete reliably without close checking remains uncertain, especially when the data or question is unfamiliar.
Pay in context
Earnings
These national figures cover economists as a whole, including environmental economists.
The middle of the pay range
The median was $124,720 a year, equivalent to $59.96 an hour. Half earned more and half earned less; this is not a starting-salary estimate.
The national spread
The 10th-percentile wage was $67,360 a year and the 90th-percentile wage was $238,060. These mark positions in the wage distribution, not beginner and senior salaries.
Openings include replacement hiring
Employment is projected to grow 4.7%, with about 1,100 openings a year on average. Many replace people leaving the occupation. Government budgets can affect hiring.
Getting started
Build toward a master's degree
- What the route involves
- Study economics and mathematics as an undergraduate, then pursue graduate economics training.
- What it can lead to
- A master's degree meets the typical education level for entering this occupation.
- What to check
- Some business and research positions also require experience or a doctorate.
Target federal entry with a bachelor's degree
- What the route involves
- For federal economist positions, complete an economics degree with at least 21 semester hours in economics and 3 in statistics, accounting, or calculus.
- What it can lead to
- This meets the series' basic degree requirement; some entry-level federal economist jobs accept bachelor's graduates.
- What to check
- An equivalent economics course sequence plus appropriate experience or additional education is another basic route. Each vacancy has further qualification requirements.
Prepare for doctoral research roles
- What the route involves
- Pursue a Doctor of Philosophy (Ph.D.) in economics or a related field and develop original research.
- What it can lead to
- This can prepare you for economist roles combining published research with policy analysis, including at the Federal Reserve Board.
- What to check
- The Board requires a relevant doctorate or preparation to defend the dissertation, plus demonstrated research potential.
Choose coursework with the jobs you want in mind: degree requirements differ.
After entry
Career paths
This starts where the entry routes leave off: early work, growing capability, and advancement or specialization.
Get established
Learn your employer's datasets and checks so colleagues can follow your calculations.
Develop your research
Take a question through analysis and presentation. Use colleagues' feedback on work in progress to strengthen the argument.
Lead or specialize
Work toward coordinating research projects or supervising economists. Another direction is deeper expertise in a subject such as labor or banking.
Where you can work
Government agencies
You analyze economic conditions or proposed policies for public decisions. The audience needs to understand potential effects of laws and regulations.
- Indoors
- Office
Businesses
Your audience is managers making commercial decisions. Consumer demand and sales can shape the questions you investigate.
- Indoors
- Office
Federal Reserve Board
Research and policy analysis share your time. Research assistants, internal workshops, and academic conferences support work that may become a published paper.
- Indoors
- Office
- Travel
Try it
See whether the job clicks before you commit to the path.
Imagine your city lowers bus fares. Write a prediction about ridership, then name another change that could also affect it. Sketch what data you would compare before and after. Notice whether you enjoy separating a plausible explanation from evidence that could test it.
Sources
- O*NET OnLine. Economists — 19-3011.00. Accessed 2026-10-10.
- U.S. Bureau of Labor Statistics. Occupational Outlook Handbook: Economists. Accessed 2026-10-10.
- U.S. Bureau of Labor Statistics. May 2025 Occupational Employment and Wage Statistics: national estimates, SOC 19-3011. Accessed 2026-09-29.
- U.S. Bureau of Labor Statistics. Employment Projections Table 1.2, 2025–2035: SOC 19-3011. Accessed 2026-09-29.
- U.S. Office of Personnel Management. Economist Series 0110. Accessed 2026-10-10.
- Board of Governors of the Federal Reserve System. Careers: Economists. Accessed 2026-10-10.
- Board of Governors of the Federal Reserve System. Economist Careers: Frequently Asked Questions. Accessed 2026-10-10.
- National Bureau of Economic Research. AI Agents for Economic Research. Accessed 2026-10-10.
- National Bureau of Economic Research. A Practitioner's Guide to Using Large Language Models and Generative AI in Economic History. Accessed 2026-10-10.