Economist
An economist is responsible for researching, analyzing and interpreting economic data and market trends. He or she monitors current market conditions, forecasts future trends, and designs studies to gather necessary information. An economist utilizes particular mathematical models, sampling and econometric techniques to help forecast and explain economic conditions. Data is then prepared in spreadsheets, charts, or graphs. He or she also creates technical reports that explain the current supply versus demand situation, public sentiment, and the efficiency of current distribution of resources such as property, materials, labor, equipment, goods, and services.
Economists determine fair consumer prices for goods, services, and securities. He or she will make economic recommendations based upon the research that has been conducted and the data that has been collected. Economists stay ahead of all market changes, allowing them to quickly investigate, report, and offer possible courses of action for various scenarios. He or she may make recommendations on current economic policies; create plans to help officials interpret market conditions or economic problems; and recommend changes to domestic policies, international monetary policies, and/or regulate capital transfers.
An economist is also responsible for managing personal staff, hiring and training employees, scheduling employees, and assigning employees to specific tasks. He or she may be called upon to testify at legislative hearings or regulatory commissions.
Economists are required to hold a Master’s degree in economics. Many employers also require previous work experience and a high level of training.
The typical average salary of an experienced economist is about $82,600 per year. Starting salaries pay an average of about $67,000 per year.
