Statistician
Design studies and analyze data to answer questions in health, business and science.
- $105,650
- 2 years after a bachelor’s
Business & Office career
Economist
Also called: Research Economist · Policy Economist · Business Economist · Labor Economist
What economists do, what they earn, how long training takes and how to get started, with official BLS pay data and practical, job-level detail.
What does an economist do?
Economists conduct research, prepare reports and formulate plans to address economic problems related to the production and distribution of goods and services or monetary and fiscal policy. The median pay is $124,720 per year (BLS, May 2025), most people train for about 2–6 years after a bachelor’s, and employment is projected to grow +4.7% from 2025–35.
Pay data: BLS OEWS, May 2025 · Outlook: BLS 2025–35 · Checked October 15, 2026
- Median pay$124,720$59.96/hour · May 2025
- Job growth+4.7%2025–35, about as fast as average
- Openings per year1,100Average, 2025–35
- Typical entry educationMaster's degreeBLS classification
- Time to train2–6 years after a bachelor’sTypical program length
- U.S. jobs18,600Employment, 2025
What economists do
Economists study how economies work. They collect and analyze data on prices, jobs, trade and growth, build models and forecasts, evaluate policies and write reports. They work for government agencies, banks, consulting firms, think tanks and businesses.
Most need a master’s degree or Ph.D.; some entry-level government jobs accept a bachelor’s.
Typical duties
- Collect economic data
- Build models and forecasts
- Analyze policies
- Write reports
- Present findings
- Advise leaders
- Track economic trends
Work environment and schedule
Economists work in offices for governments, firms and research institutions.
Schedule: Full-time business hours.
A day in the life
- Read the jobs report.
- Update a forecast model.
- Analyze survey data.
- Write a policy brief.
See a full day in the life of an economist →
Economist salary
Half of economists earned more than $124,720 and half earned less in May 2025. Pay ranged from about $67,360 for the lowest 10% to $238,060 for the top 10%.
Full economist pay scale and hourly rates →
How to become an economist
- Earn an economics bachelor’s
- Work as a research assistant
- Earn a master’s or Ph.D.
- Publish or build portfolio
- Get hired
A master’s degree or Ph.D. in economics is typical.
Step-by-step guide to becoming an economist →
Skills and tools
Technical skills
- Econometrics
- Statistics
- Economic theory
- Programming
- Writing
People skills
- Critical thinking
- Communication
- Curiosity
- Objectivity
All economist skills and tools →
Pros and cons
Pros
- High pay
- Influence on policy
- Intellectual work
- Varied employers
Cons
- Advanced degree usually required
- Competitive jobs
- Forecasts can be wrong
- Desk-heavy
Certifications and licenses
- Master’s or Ph.D. in economics: Typical.
- Certified Business Economist: NABE credential.
- CFA: Optional for finance.
- Programming certificates: Helpful.
Career path
- Research Assistant: Entry.
- Economist: Analyze.
- Senior Economist: Lead research.
- Chief Economist: Lead economics.
Learn the job before day one
Our Economist training (10 hours, $89.99) covers the role, 15+ key terms, step-by-step procedures such as write an economic policy brief and run a regression for policy analysis, safety and how to land your first job.
Related careers
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Economics Professor
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Compare: Economist vs. Statistician · Economist vs. Financial Analyst · Economist vs. Survey Researcher · Economist vs. Economics Professor
Economist FAQ
Do economists need a Ph.D.?
Often, especially for research; some roles accept a master’s.
Where do economists work?
Governments, banks, consultancies, think tanks and businesses.
Is the field growing?
BLS projects about average growth.
How much does an economist make?
The median annual wage for economists was $124,720 ($59.96 per hour) in May 2025, according to the U.S. Bureau of Labor Statistics. The lowest 10% earned less than $67,360 and the highest 10% earned more than $238,060.
How long does it take to become an economist?
Most people need about 2–6 years after a bachelor’s of training. A master’s degree or Ph.D. in economics is typical.
Do you need a degree to be an economist?
Yes. BLS lists a master's degree as the typical entry-level education.
Sources
- U.S. Bureau of Labor Statistics, BLS Occupational Employment and Wage Statistics (OEWS), May 2025, SOC 19-3011 (Economists).
- U.S. Bureau of Labor Statistics, BLS Employment Projections, Table 1.2 (2025–35).
- O*NET OnLine summary for Economists (U.S. Department of Labor).
- BLS Occupational Outlook Handbook.
Reviewed by the Career Education Institute Curriculum Team. Pay figures are national estimates; local pay varies. See our editorial policy.