Economists
SOC code 19-3011 · O*NET-SOC 19-3011.00 · Extensive preparation needed · Science and engineering
Economists pay
U.S. national figures, May 2025 BLS survey · How we got this number
Median pay
$124,720
a year
Hourly
$59.96
per hour
The solid band is the middle 50% of workers; the bar spans the 10th to 90th percentile.
Average pay
$142,130
$68.33 per hour
Middle 50%
$89,330 – $174,720
25th to 75th percentile
Full spread
$67,360 – $238,060
10th to 90th percentile
People employed
17,790
nationwide
National U.S. figure, May 2025. Local pay can be higher or lower.
- 10th percentile
- $67,360
- $32.38/hr
- 25th percentile
- $89,330
- $42.95/hr
- Median percentile
- $124,720
- $59.96/hr
- 75th percentile
- $174,720
- $84.00/hr
- 90th percentile
- $238,060
- $114.45/hr
Job outlook · federal projection 2024–34
+1%
Growing about as fast as average
17,600
jobs in 2024
17,800
projected for 2034
About 200 more jobs
U.S. Bureau of Labor Statistics employment projections, 2024–34. Projections describe the broader occupation group and are estimates, not guarantees.
What does an economist do?
Conduct research, prepare reports, or formulate plans to address economic problems related to the production and distribution of goods and services or monetary and fiscal policy. May collect and process economic and statistical data using sampling techniques and econometric methods.
The tasks that matter most day to day
- Study economic and statistical data in area of specialization, such as finance, labor, or agriculture.
- Compile, analyze, and report data to explain economic phenomena and forecast market trends, applying mathematical models and statistical techniques.
- Study the socioeconomic impacts of new public policies, such as proposed legislation, taxes, services, and regulations.
- Explain economic impact of policies to the public.
- Review documents written by others.
- Provide advice and consultation on economic relationships to businesses, public and private agencies, and other employers.
- Formulate recommendations, policies, or plans to solve economic problems or to interpret markets.
- Supervise research projects and students' study projects.
How to become an economist
Most people in this role hold master's degree — 50% of workers surveyed reported it as their level of education.
Preparation level: zone 5 — Extensive preparation needed
- Education
- Most of these occupations require graduate school. For example, they may require a master's degree, and some require a Ph.D., M.D., or J.D. (law degree).
- Experience
- Extensive skill, knowledge, and experience are needed for these occupations. Many require more than five years of experience. For example, surgeons must complete four years of college and an additional five to seven years of specialized medical training to be able to do their job.
- Training
- Employees may need some on-the-job training, but most of these occupations assume that the person will already have the required skills, knowledge, work-related experience, and/or training.
Education reported by people doing this job
- Master's Degree50%
- Doctoral Degree25%
- Bachelor's Degree21%
- Post-Doctoral Training4%
Common questions
How much does an economist earn?
The national median is $124,720 a year. The full range runs from $67,360 at the 10th percentile to $238,060 at the 90th — entry pay sits closer to the lower figure, and experience, licensing and specialisation move you up the range.
Can you become an economist without a degree?
Not usually — this occupation sits in preparation zone 5, where the typical entry route is most of these occupations require graduate school. For example, they may require a master's degree, and some require a Ph.D., M.D., or J.D. (law degree). The education breakdown above shows what people in the role actually reported.
Is economist in demand?
Federal projections expect employment to grow by about 1% between 2024 and 2034 — growing about as fast as average. Openings also come from people retiring or changing jobs, which the growth figure does not count.
Skills and knowledge you need
Core skills
- Reading Comprehension4.1/5
- Mathematics4.1/5
- Critical Thinking4.1/5
- Active Listening4.0/5
- Writing4.0/5
- Speaking4.0/5
- Active Learning3.8/5
Knowledge areas
- Mathematics4.5/5
- Economics and Accounting4.5/5
- English Language4.0/5
- Computers and Electronics3.8/5
- Education and Training3.1/5
- Communications and Media2.8/5
- Law and Government2.7/5
- Administration and Management2.6/5
Transferable strengths: Judgment and Decision Making, Complex Problem Solving, Instructing.