Are you fascinated by the intricate workings of economies and how they influence policies that shape the world? If so, a career as an economist might be the right fit for you.
If this sounds appealing to you, it’s important to understand what they do and the skills and qualifications needed to become an economist.
So, What is an Economist?
Simply put, an economist is someone who studies how people, businesses and governments make decisions about scarce resources and how those decisions shape markets, industries and entire economies, said Julia Frankland, senior associate dean of business programs at Southern New Hampshire University (SNHU). As such, she oversees business courses, including economics.
Before joining SNHU, Frankland spent over 20 years in education as an economics professor and in academic leadership. She also has experience as an economist in capital planning.
“Their work helps organizations understand trends, evaluate policy impacts and make more informed decisions about the future,” she said.
In practice, economists conduct research, prepare reports and evaluate issues involving monetary and fiscal policies, according to the U.S. Bureau of Labor Statistics (BLS). Their work is essential for understanding and influencing economic systems around the world.
Economists also do a lot of other work, according to BLS, including:
- Advising businesses, governments and individuals
- Analyzing data
- Conducting surveys and collecting data
- Interpreting data and forecasting trends
- Researching economic issues
In 2025, the median salary for economists was $124,720, according to BLS.* This was more than double the average median salary of $50,980 for all roles, BLS reported.*
The demand for economists is also growing.* According to BLS, economist jobs are projected to increase 5% through 2035, which is faster than average for all occupations.* With such a complex global economy there is a need for experts who can analyze data and provide insights.*
What Are Some Economics Skills?
“Successful economists combine strong quantitative skills with curiosity and critical thinking,” Frankland said. “While data analysis is important, economists also need to ask thoughtful questions; they use the data in front of them to communicate findings in ways that help others make decisions.”
BLS identified five key skills that economists need:
- Analytical skills – must be able to review data and observe patterns to draw conclusions.
- Communication skills – need to explain work through presentations and written reports.
- Computer skills – use statistical analysis and software to analyze data.
- Critical-thinking skills – utilize sound reasoning to solve complex problems.
- Math skills – need to use mathematics, including calculus and algebra, to develop models and analyses
These skills are the building blocks of an economist’s ability to analyze data, forecast trends and provide insights.
Where Do Economists Work?
Economists typically work in an office setting, according to BLS. While they often work independently, they may collaborate with data scientists and statisticians, too. This collaborative environment can help enhance the accuracy of their research and analyses.
Frankland said one of the most appealing parts of economics is its versatility.
“Economists can apply their skills in government, healthcare, finance, consulting, education, technology and many other sectors,” she said. “The ability to analyze problems using data is valuable in almost any industry.”
Economists can work for a variety of employers, including international organizations, research firms and consulting firms. According to BLS data from 2022, there were about 17,600 economists in the workforce.* BLS reported that the largest employers of economists include:
- The federal government
- Management, scientific and tech consulting firms
- Scientific research and development services
- State governments
- Local governments
What Are the Qualifications to Become an Economist?
To start a career as an economist, certain educational and professional qualifications may be necessary — but it can depend on the level of job you want.
For example, most economists typically need a master’s degree, but some entry-level positions may require only a bachelor’s degree, according to BLS.
If you’re interested in a higher-level position, it’s possible that you may even need a doctorate degree and prior experience, according to BLS.
Gaining practical experience through internships or entry-level positions can help build up your resume. This can show employers that you know how to apply your education in real-world scenarios.
“Economics is a field that continually evolves alongside changes in technology, global markets and public policy,” Frankland said. “Staying engaged through professional organizations such as the American Economic Association (AEA), industry publications and continuing education can help economists remain informed and competitive throughout their careers.”
By combining a foundational education with hands on experience, you’ll be on the path towards becoming an economist.
*Cited job growth projections may not reflect local and/or short-term economic or job conditions and do not guarantee actual job growth. Actual salaries and/or earning potential may be the result of a combination of factors including, but not limited to: years of experience, industry of employment, geographic location, and worker skill.
Nicholas Patterson ’22 ’25MFA is a writer based in West Michigan with several years of experience as a content creator in higher education. He’s an alumnus of Southern New Hampshire University (SNHU), where he earned both his bachelor’s in English and creative writing and his Master of Fine Arts in Creative Writing. When his head’s not in novels, you can find him outside dreaming up his own stories. Connect with him on LinkedIn.