Whereas employment opportunities in the field of economics are anticipated to grow in the foreseeable future, this particular career path will likely find a more gradual than average growth rate over time. Most of these economists carrying a 4-year degree in economics will seek employment in associated professional areas.
A diversity of companies are opting to utilize specialized job titles instead of using basic job positions in their economics department. Specialized positions for economists include micro and macro economists, financial economists, labor economists, etc. All of these specializations will need a higher degree of quantitative and critical assessment abilities. Anyone who is carrying postgraduate credentials can expect the best career options for them in the field of economics.
Employment positions in economics can be sought after in public and private sectors, individual firms and consulting agencies. Most of the published economic information come from the private department when forecasts and assessments from various consultation agencies are publicized. According to surveys and reports, the most growing market for economists is the private sector.
However, the public sector including government agencies also stands as one of the major sources of work for economists. Economists in government positions typically evaluate the effects of particular newly written laws and policy modifications that occur. Economists in the public sector also recommend policymakers on topics like importation of products and the impacts of tax cuts.
Whichever sector you are planning to work in as an economist, the nature of occupation is comparable. The work of economists demand a highly structured work environment. Economists learn, cultivate, and report regarding hypotheses associated with the distribution of limited resources by individuals creating products and services. These specialists are trained to quantify such critical data through analysis of exchange rates, work rates, cost of supplies, taxation and inflation.
Using collected data, economists then attempt to predict future patterns thorough determining existing trends. Most economists work independently with tight, well defined deadlines that usually necessitate overtime. However, they may also operate as a member of research teams. Economists mostly travel for business purposes.
According to a 2009 report, economists earn an average yearly income of around $109,000 by working for public sectors. In some fields where wages were categorically higher, the mean salary for economists were relatively better. The top 10% of economists earn a yearly income of $150,000 while the bottom 10% earn roughly $45,000. From a 1-decade span starting from 2008 to 2018, economist employment opportunities are forecast to arise by 6%. A potential increase of 15,000 available employment slots will be open within 2018, making economics students at present in a good position to find stable work after they graduate.
Employment opportunities for economists are evenly divided between public and private firms. The majority of government positions are associated with the federal government, yet state and local agencies do employ a significant population of economists as well. Most economists in the private sector, on the other hand, are allocated to scientific or technical fields wherein they are tasked to work with research and development capabilities.