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Economists

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.   (O'Net 19-3011.00)

 
Reported job titles:   Agricultural Economist, Business Economist, Econometrician, Economic Adviser, Economic Analysis Director, Economic Analyst   (view all job titles)
 
This title represents a group of more specific occupations. For additional information, please select one of the specific occupations below.
Environmental Economists
 
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    Career Video
    related to Economists
    Economists photo Economists
    Science, Technology, Engineering and Mathematics photo Science, Technology, Engineering and Mathematics
    Additional videos and more information available at
     


    Wages
    for Economists
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     Location Pay
    Period
    2016
    Percentile Wages Average
    Wage
    10% 25% 50%
    Median
    75% 90%
     Vermont Hourly $ 20.49   $ 28.64   $ 35.30   $ 41.56   $ 64.61   $ 38.86  
    Yearly $42,620   $59,560   $73,420   $86,440   $134,380   $80,830  
     
     Southern Vermont Balance of State Hourly $ 23.14   $ 31.54   $ 35.16   $ 38.79   $ 47.71   $ 36.80  
    Yearly $48,130   $65,590   $73,140   $80,680   $99,230   $76,550  
     
     Northern Vermont Balance of State Hourly $ 27.07   $ 31.52   $ 37.60   $ 60.96   $ 93.98   $ 48.50  
    Yearly $56,310   $65,560   $78,210   $126,800   $195,470   $100,880  
     
    What are Percentile Wages?
    source: Occupational Employment Statistics, Vermont Labor Market Information, U.S. Bureau of Labor Statistics, released April 2017.
     


    Employment Trends
    for Economists
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    Location Employment Annual % change
    (compounded)
    Annual job openings
    (due to growth and
    net replacements)
    2014 2024
    Vermont 77 84 0.9% 3
    source: Employment Projections, Vermont Economic & Labor Market Information, in cooperation with U.S. Bureau of Labor Statistics, statewide estimates released July 2016.
     


    Industries of Employment
    for Economists
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    Industry Percent of Total
    2014
    Federal government, all industries 21.5%
    Management, scientific, and technical consulting services 17.8%
    Scientific research and development services 15.0%
    State government, excluding education and hospitals 9.2%
    Self-employed workers, all industries 8.3%
    source: Employment Projections, U.S. Bureau of Labor Statistics, National Employment Matrix, released July 2016.
     


    Tasks
    for Economists
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  • Teach theories, principles, and methods of economics.
     
  • Study economic and statistical data in area of specialization, such as finance, labor, or agriculture.
     
  • Conduct research on economic issues and disseminate research findings through technical reports or scientific articles in journals.
     
  • 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.
     
  • Supervise research projects and students' study projects.
     
  • Formulate recommendations, policies, or plans to solve economic problems or to interpret markets.
     
  • Develop economic guidelines and standards and prepare points of view used in forecasting trends and formulating economic policy.
     
  • Provide advice and consultation on economic relationships to businesses, public and private agencies, and other employers.
     
  • Forecast production and consumption of renewable resources and supply, consumption and depletion of non-renewable resources.
     
    source: Occupational Information Network: Economists  updated July 2011
     


    Knowledge
    for Economists
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  • Economics and Accounting - Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
     
  • Mathematics - Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
     
  • English Language - Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
     
  • Administration and Management - Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.
     
  • Computers and Electronics - Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
     
  • Education and Training - Knowledge of principles and methods for curriculum and training design, teaching and instruction for individuals and groups, and the measurement of training effects.
     
  • Law and Government - Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
     
  • Sociology and Anthropology - Knowledge of group behavior and dynamics, societal trends and influences, human migrations, ethnicity, cultures and their history and origins.
     
    source: Occupational Information Network: Economists  updated July 2011
     


    Skills
    for Economists
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  • Active Listening - Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
     
  • Critical Thinking - Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
     
  • Mathematics - Using mathematics to solve problems.
     
  • Speaking - Talking to others to convey information effectively.
     
  • Writing - Communicating effectively in writing as appropriate for the needs of the audience.
     
  • Complex Problem Solving - Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
     
  • Judgment and Decision Making - Considering the relative costs and benefits of potential actions to choose the most appropriate one.
     
  • Reading Comprehension - Understanding written sentences and paragraphs in work related documents.
     
  • Active Learning - Understanding the implications of new information for both current and future problem-solving and decision-making.
     
  • Instructing - Teaching others how to do something.
     
    source: Occupational Information Network: Economists  updated July 2011
     


    Abilities
    for Economists
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  • Deductive Reasoning - The ability to apply general rules to specific problems to produce answers that make sense.
     
  • Inductive Reasoning - The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
     
  • Written Comprehension - The ability to read and understand information and ideas presented in writing.
     
  • Written Expression - The ability to communicate information and ideas in writing so others will understand.
     
  • Mathematical Reasoning - The ability to choose the right mathematical methods or formulas to solve a problem.
     
  • Oral Comprehension - The ability to listen to and understand information and ideas presented through spoken words and sentences.
     
  • Oral Expression - The ability to communicate information and ideas in speaking so others will understand.
     
  • Speech Clarity - The ability to speak clearly so others can understand you.
     
  • Problem Sensitivity - The ability to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing there is a problem.
     
  • Fluency of Ideas - The ability to come up with a number of ideas about a topic (the number of ideas is important, not their quality, correctness, or creativity).
     
    source: Occupational Information Network: Economists  updated July 2011
     


    Work Activities
    for Economists
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  • Analyzing Data or Information - Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
     
  • Getting Information - Observing, receiving, and otherwise obtaining information from all relevant sources.
     
  • Interacting With Computers - Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
     
  • Making Decisions and Solving Problems - Analyzing information and evaluating results to choose the best solution and solve problems.
     
  • Processing Information - Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
     
  • Updating and Using Relevant Knowledge - Keeping up-to-date technically and applying new knowledge to your job.
     
  • Interpreting the Meaning of Information for Others - Translating or explaining what information means and how it can be used.
     
  • Thinking Creatively - Developing, designing, or creating new applications, ideas, relationships, systems, or products, including artistic contributions.
     
  • Identifying Objects, Actions, and Events - Identifying information by categorizing, estimating, recognizing differences or similarities, and detecting changes in circumstances or events.
     
  • Training and Teaching Others - Identifying the educational needs of others, developing formal educational or training programs or classes, and teaching or instructing others.
     
    source: Occupational Information Network: Economists  updated July 2011
     


    Interests
    for Economists
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  • Investigative - Investigative occupations frequently involve working with ideas, and require an extensive amount of thinking. These occupations can involve searching for facts and figuring out problems mentally.
     
  • Conventional - Conventional occupations frequently involve following set procedures and routines. These occupations can include working with data and details more than with ideas. Usually there is a clear line of authority to follow.
     
  • Enterprising - Enterprising occupations frequently involve starting up and carrying out projects. These occupations can involve leading people and making many decisions. Sometimes they require risk taking and often deal with business.
     
    source: Occupational Information Network: Economists  updated June 2008
     


    Work Styles
    for Economists
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  • Analytical Thinking - Job requires analyzing information and using logic to address work-related issues and problems.
     
  • Attention to Detail - Job requires being careful about detail and thorough in completing work tasks.
     
  • Achievement/Effort - Job requires establishing and maintaining personally challenging achievement goals and exerting effort toward mastering tasks.
     
  • Integrity - Job requires being honest and ethical.
     
  • Initiative - Job requires a willingness to take on responsibilities and challenges.
     
  • Persistence - Job requires persistence in the face of obstacles.
     
  • Independence - Job requires developing one's own ways of doing things, guiding oneself with little or no supervision, and depending on oneself to get things done.
     
  • Innovation - Job requires creativity and alternative thinking to develop new ideas for and answers to work-related problems.
     
  • Dependability - Job requires being reliable, responsible, and dependable, and fulfilling obligations.
     
  • Adaptability/Flexibility - Job requires being open to change (positive or negative) and to considerable variety in the workplace.
     
    source: Occupational Information Network: Economists  updated July 2011
     


    State of Vermont License Information
    that may be required for Economists
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    No state licenses listed for this occupation.
     


    Education and Training Requirements
    for Economists
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  • Job Zone Five: 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).
  •  
  • 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.
  •  
  • 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.
  •  
    source: Occupational Information Network: Economists  updated July 2011
     


    Schools
    offering instructional programs related to Economists
    Back to Top
     
      Related Instructional Programs
     
    • Agricultural Economics.
     
    • Applied Economics.
     
    • Business/Managerial Economics.
     
    • Development Economics and International Development.
     
    • Econometrics and Quantitative Economics.
     
    • Economics, General.
     
    • Economics, Other.
     
    • Financial Mathematics. (NEW)
     
    • International Economics.
     
    • Political Economy. (NEW)
     
     Search for schools offering these programs at
     
     
     
    source: National Center for Education Statistics 2000 Classification of Instructional Programs .
     


    Other Resources
    for Economists
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  • Labor Exchange Information
  • A source for occupational characteristics, such as age, gender, race, and years of education and an alternative source for occupational wage rates. Limited to people looking for jobs and the jobs advertised through VDOL Vermont Job Link.
  • Look for statewide information over the latest 12 months for Economists.
  •  
  • Occupational Outlook Handbook
  • The Occupational Outlook Handbook is a nationally recognized source of career information, designed to provide valuable assistance to individuals making decisions about their future work lives. Revised every two years, the Handbook describes what workers do on the job, working conditions, the training and education needed, earnings, and expected job prospects in a wide range of occupations.
    Go to Occupational Outlook Handbook
    Handbook occupations related to Economists :
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    Related Occupations
    Occupations with skill requirements similar to Economists
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  • Economics Teachers, Postsecondary
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  • Operations Research Analysts
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    source: Occupational Information Network: Economists 
     

     
     
     
    Vermont.gov State of Vermont Department of Labor