Economist

What an Economist Does

A popular career path for math majors is economics. Economics conduct research and consult with managers and planners in all industries, including government, the social sciences, finance and business after collecting data about how society spends money, acquires and uses land, uses credit, sets interest rates, impacts exchange rates and currencies, pays taxes, and more. Economists study virtually every aspect of society and how we use money and property. Macroeconomists consider these activities all throughout history and forecast possible trends for how our society will fare in the future. Microeconomists focus more on supply and demand for specific firms, helping businesses maximize profits and minimize risk, based on many factors. Organizational economists and industrial economists study whole industries and forecast trends based on mergers, competition, monopolies and related factors. Other concentration areas in economics include public finance, demographics, monetary, and econometricians. Most economists pick one specialty, although many of them overlap.

How to Become an Economist

If you want to become an economist, you should be prepared to go to graduate school, perhaps even getting your Ph.D., as doctorate degree-holders tend to have the best job prospects. Economists working for the federal government only need a bachelor's degree for entry-level work, but when the job market is competitive, getting a master's degree could help give you an edge. If you intend to go to graduate school and earn a degree in economics or one of its specialties, you do not need to earn a bachelor's degree in economics. Take lots of courses in the field, but degrees in mathematics, statistics, business, and even philosophy will prepare you for graduate work in economics. You can also start your career by earning a bachelor's degree economics and then working as a research assistant while you continue your education or work your way up in the field. To become a higher ranking economist who is responsible for consulting work or managing projects, you may still need to have a Ph.D.

Career Outlook for Economists

The career outlook for economists is a little slower than the national average. About 900 new jobs are expected to be added to the industry, which amounts to 9%, vs. the national average which is about 11%. Economists who specialize in niche subject areas and disciplines should have the best opportunities for finding a career, and those with higher degrees will also fare better in the job market. If you have good practice and educational preparation in quantitative skills and computer skills, you will also have a better chance at competing against other economists. The Bureau of Labor Statistics notes that the median annual salary for economists was $83,590 in May 2008. The middle 50% earned between $59,390 and $113,590, but the highest 10% earned over $149,000. Those economists who worked for the federal government earned an average annual salary of $108,010.