Economists
Economists conduct research, prepare reports, and evaluate issues related to monetary and fiscal policy. They also may collect and analyze statistical data.
Is economists a good career?
It scores 24/100 and ranks #240 of 825 occupations on pay, growth, employment and openings. Here's what the federal data says, with no editorializing.
Advantages
- Pays well above the U.S. median wage ($124,720 vs $61,390)
Possible tradeoffs
- Slower-than-average projected growth (+1.2%)
- Typically requires a master's degree
What economists earn
Wages: BLS OEWS May 2025Pay is a range, not a number. Half of U.S. economists earn between $89,330 and $174,720 a year.
Best-paying states
Best-paying metros
Strongest employment concentration
Live economists jobs
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- Typical education
- Master's degree
- Work experience
- None
- On-the-job training
- None
- Outlook
- Employment is projected to grow slower than average through 2034.
Education
Economists typically need a master’s degree. Positions in business, research, or international organizations may require a master’s degree or Ph.D. and work experience.
To pursue an advanced degree in economics, program applicants may need to have completed undergraduate coursework in subjects such as economics or mathematics.
Candidates who have a bachelor’s degree with sufficient course credits in economics, statistics, or mathematics may qualify for some entry-level economist positions, including jobs with the federal government. Courses that introduce students to statistical analysis software also may be helpful. An advanced degree is sometimes required or preferred for higher level positions.
Important qualities
Analytical skills. Economists must be able to review data and observe patterns to draw logical conclusions.
Communication skills. Economists must be able to explain their work through presentations and in written reports. Their audiences may vary from colleagues and other economists to those who do not have a background in economics.
Computer skills. Economists often use statistical analysis and other software to analyze data.
Critical-thinking skills. Economists must use sound reasoning to solve complex problems.
Math skills. Economists use mathematics, including calculus and linear algebra, to develop models and analyses.
Related occupations
How much do economists make?
The national median wage is $124,720 a year, with the middle half earning between $89,330 and $174,720 (BLS OEWS May 2025).
Is economists a good career?
On the Jobs.best index it scores 24 of 100 and ranks #240 of 825 occupations, weighing pay, growth, employment and openings. Employment is projected to change +1.2% through 2034.
What education do you need to become a economist?
The typical entry-level education is master's degree.
Where do economists earn the most?
Among states, District of Columbia pays the highest median ($167,590). Local pay for every state and metro is below.