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Economists held about 16,000 jobs in 2002. Private industry employed 53 percent of salaried economists, particularly in scientific research and development firms; management, scientific, and technical consulting firms; banks and securities firms, and business, professional, labor, and political organizations. A wide range of government agencies provided the remaining jobs. The U.S. Departments of Labor, Agriculture, and State are the largest Federal employers of economists. A number of economists combine a full-time job in government, academia, or business with part-time or consulting work in another setting. A little over 11 percent of economists are self-employed.
Employment of economists is concentrated in large cities. Some work abroad for companies with major international operations, for U.S. Government agencies, and for international organizations, such as the World Bank, International Monetary fund, and United Nations.
Besides the jobs described above, many economists hold faculty positions in colleges and universities. Economics faculties have flexible work schedules, and may divide their time among teaching, research, consulting, and administration.
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Employment of economists is expected to grow about as fast as the average for all occupations through 2012. Many job openings are likely to result from the need to replace experienced workers who transfer to other occupations or who retire or leave the labor force for other reasons.
Opportunities for economists should be best in private industry, especially in scientific research and development, and consulting firms, as more companies contract out for economic research services. Rising demand for economists should stem from the growing complexity of the global economy, competition, and increased reliance on quantitative methods for analyzing and forecasting business, sales, and other economic trends. A greater need for economic analyses in virtually every industry could result in additional jobs for economists, although some corporations are eliminating some or all of their economist positions in favor of hiring economic consultants. Employment of economists in the Federal Government should decline, but not by as much as other occupations in the Federal workforce. Average employment growth is expected among economists in State and local government.
A master’s or Ph.D. degree, coupled with a strong background in economic theory, mathematics, statistics, and econometrics, provides the basis for acquiring any specialty within the economics field. Those skilled in quantitative techniques and their application to economic modeling and forecasting, and who have good communications skills, should have the best job opportunities. Like those in many other disciplines, however, Ph.D. holders are likely to face keen competition for tenured teaching positions in colleges and universities.
Bachelor’s degree holders may face competition for the limited number of economist positions for which they qualify. They will qualify for a number of other positions, however, in which they can take advantage of their economic knowledge by conducting research, developing surveys, or analyzing data. Many graduates with bachelor’s degrees will find jobs in industry and business as management or sales trainees, or as administrative assistants. Bachelor’s degree holders with good quantitative skills and a strong background in mathematics, statistics, survey design, and computer science also may be hired by private firms as researchers. Some will find jobs in government.
Candidates who meet State certification requirements may become high school economics teachers. The demand for secondary school economics teachers is expected to grow, as economics becomes an increasingly important and popular course.
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