Economist

What does an economist do?

• Collect and analyse economic data using statistical methods.
• Build models to forecast growth, inflation, employment or demand.
• Assess the likely effects of policies, taxes, regulations or projects.
• Write reports, briefings and research papers.
• Explain findings to policymakers, managers, clients or the media.
• Follow economic news and new research in their field.

Where do they work?

Economists work in government ministries, statistics offices, central banks and international organisations such as the International Monetary Fund, the World Bank and United Nations agencies. Others work for banks, investment firms, consultancies, think tanks, large companies and universities. Most work is office-based, and many employers offer hybrid working. Deadlines can be tight around data releases, budgets and policy decisions, and roles in international organisations may involve travel.

What skills do you need?

• Economic theory
• Econometrics and statistics
• Programming for data analysis, for example R or Python
• Mathematical modelling
• Research and critical thinking
• Clear writing
• Explaining complex findings simply
• Understanding of policy and institutions

Official skills profile (ESCO)

Essential skills listed for this occupation in ESCO, the European Commission's multilingual classification of skills and occupations.

• apply statistical analysis techniques
• apply scientific methods
• execute analytical mathematical calculations
• analyse economic trends
• provide cost benefit analysis reports
• conduct qualitative research
• conduct quantitative research
• perform scientific research

Essential knowledge: statistics · economics · tax legislation · business management principles · scientific research methodology · mathematics · commercial law

How do you become an economist?

Most economists start with a bachelor's degree in economics, or in a subject with strong economics, mathematics and statistics content. Many professional roles, especially in central banks, international organisations and research, require a master's degree, and academic and senior research posts usually need a PhD. Some governments run graduate schemes for economists, such as the UK Government Economic Service. Internships and research assistant posts are valuable first steps. Graduates in mathematics, statistics or finance can move into economics by taking a master's degree, sometimes after preparatory courses in economic theory.

1. Bachelor's degree and graduate job. A bachelor's degree in economics can lead to analyst or assistant economist roles in government, banks, consultancies and businesses. Strong results in mathematics, statistics and econometrics are important. Internships and research projects help you show that you can work with real data and explain what it means.
2. Master's degree. A one- or two-year master's in economics or a specialist field, such as development, finance or environmental economics, is expected for many professional economist jobs. It deepens your skills in theory, econometrics and research. It also helps graduates in related subjects move into economics.
3. PhD and research. A PhD usually takes three to six years, depending on the country, and leads to careers in universities, central banks, international organisations and research institutes. It suits people who want to produce original research. Competition for academic posts is strong, but technology firms and consultancies also hire PhD economists.

Degrees that lead to this career

• Economics

  An economics degree studies how people, businesses and governments make choices with limited resources, and how markets, money and policy affect jobs, prices and growth.

  6 linked careers

• Mathematics

  A mathematics degree develops advanced reasoning and problem-solving through pure mathematics, such as algebra and analysis, and applied areas, such as statistics, modelling and computing.

  6 linked careers

• Politics

  A politics degree, often called political science, studies how power works: how governments are chosen and run, how laws and policies are made, and why people and countries cooperate or come into conflict.

  6 linked careers

• Data science

  A data science degree teaches how to collect, clean, analyse and learn from data, combining statistics, programming and machine learning with knowledge of real-world problems.

  6 linked careers

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Do you need a licence to work as an economist?

Economics is not a regulated profession in most countries, so you do not need a licence, and the title economist is usually not legally protected. A few countries, for example some in Latin America, require economists to register with a professional body. In most places, employers set their own requirements, and many economist jobs ask for specific degrees. If an economist gives investment advice to the public, the rules for financial advisers apply.

How much does an economist earn?

Pay in the United States

• $124,720Median annual wage, May 2025
• $67,360–$238,060Range from the lowest-paid 10% to the highest-paid 10%
• 17.8KPeople employed in the US

US Bureau of Labor Statistics, Occupational Employment and Wage Statistics, SOC 19-3011, May 2025. National estimates across all industries; excludes the self-employed.

Earnings of Professionals around the world

Most countries do not publish pay for single job titles. The International Labour Organization collects median monthly earnings for broad occupation groups instead. This career belongs to ISCO-08 major group 2, "Professionals". The table covers the whole group, which includes economist and many other occupations.

Source: ILOSTAT, median monthly earnings of employees, latest year available. PPP$ adjusts for price differences between countries so figures can be compared. "vs all employees" compares the group's median with the median for all occupations in the same country.

Career progression

1. Research assistant or assistant economist
2. Economist
3. Senior economist
4. Principal or lead economist
5. Chief economist or head of research

Job outlook

Governments, central banks and financial firms need economists to understand growth, inflation, trade, labour markets and public spending, so demand is steady, although the profession is fairly small. Technology companies also hire economists to work on pricing, online markets and experiments. Climate change, ageing populations and AI are creating new research questions. AI tools speed up data work, and economists increasingly compete with data scientists, so strong programming and data skills improve prospects. Entry to top institutions is very competitive.

Questions about becoming an economist

Do you need a master's degree to become an economist?

Not always, but it helps a lot. Some analyst and assistant economist jobs accept a good bachelor's degree, especially in government and business. Many central banks, international organisations and research roles expect a master's, and university teaching and senior research posts usually require a PhD. The more research a role involves, the more likely you are to need postgraduate study.

What does an economist do day to day?

Most economists spend much of the day working with data: cleaning it, running models and interpreting the results. They also read research, write reports and briefings, and present findings to colleagues, clients or policymakers. In government or business, the work is often linked to real decisions, such as budgets, prices or investments.

What is the difference between an economist and a financial analyst?

Economists study the wider economy or markets, such as growth, inflation, employment and the effects of policy. Financial analysts focus on the performance and value of specific companies, investments or projects. Both use data and forecasting, and some economists work in banks and investment firms, where the two roles overlap.

Is it hard to get a job as an economist?

Entry-level jobs with the title economist are competitive, because there are fewer of them than there are economics graduates. Many graduates start as analysts in finance, consulting, government or business instead. Strong mathematics, statistics and programming skills, a relevant master's degree and internships improve your chances considerably.

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Sources

1. US Bureau of Labor Statistics — Occupational Employment and Wage Statistics — SOC 19-3011, national estimates, May 2025
2. ILOSTAT — Median monthly earnings of employees by occupation — ISCO-08 major groups, latest year per country
3. European Commission — ESCO occupation profile — ESCO code 2631.1

How to cite this page: CourseToJob (2026). How to become an economist: degrees, skills and salary. https://coursetojob.com/careers/economist/ (accessed September 26, 2026)

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