Economists
Also called: Agricultural Economist, Business Economist, Consultant Economist, Econometrician, Economic Advisor, Economic Analyst, Economic Consultant, Economic Developer
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.
What economists do
Typical tasks
- 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.
- Conduct research on economic issues, and disseminate research findings through technical reports or scientific articles in journals.
- Develop economic guidelines and standards, and prepare points of view used in forecasting trends and formulating economic policy.
- Teach theories, principles, and methods of economics.
- Testify at regulatory or legislative hearings concerning the estimated effects of changes in legislation or public policy, and present recommendations based on cost-benefit analyses.
Typical path into the job (BLS)
Economists salary
The median annual wage for economists is $124,720 (BLS OEWS May 2025; BLS Employment Projections 2025–35, national). The lowest 10 percent earn less than $67,360 and the highest 10 percent earn more than $238,060. The mean annual wage is $142,130.
The mean hourly wage of $68.00 is 9.4× the federal minimum wage of $7.25. State minimums are higher in most large states. Minimum wage by state →
How does your pay compare with people your age?
Your numbers are not sent or stored. The comparison uses this occupation's BLS wage percentiles, adjusted for age with BLS median weekly earnings by age group (Q3 2026).
Pay by percentile
Annual wage percentiles from the BLS Occupational Employment and Wage Statistics (OEWS). Percentiles are a good proxy for pay by experience.
Projected pay for Economists (3, 5 and 10 years)est.
Today $124,720 → in 3 years $130,700 → in 5 years $134,800 → in 10 years $145,700 (10-year range $125,300–$169,100). The model assumes pay growth of +1.6% per year.
What drives the annual growth rate
Projected pay = current pay × (1 + annual growth)^years. The annual growth rate starts from a base wage-growth rate and adds or subtracts labor demand (BLS projected employment growth), wage momentum and AI replacement risk for each occupation. Projections are not guarantees. How it is calculated →
Outlook score for Economists
Each component is a percentile rank among all occupations in the same country (0–100). Weights: labor demand 25, wage momentum / openings 15, pay level 15, AI resistance 25, aging workforce 10 (Japan only), entry barrier 10.
Will AI replace Economists? AI replacement risk
How AI is changing this job
A written analysis for this occupation is being prepared.
AI replacement risk compares the parts of a job that are easy to hand to AI or software (processing information, documentation, repetitive computer work) with the parts that are hard to automate (physical work, working closely with people, judgment in unpredictable settings), using O*NET work activities, work context, skills and knowledge. The result is a relative position among all occupations in the country, scaled to 0–100%. Methodology →
Labor demand for Economists
Employment projections are from the BLS Employment Projections program (2025–35). Annual openings include both new jobs and replacement of workers who leave the occupation.
The same job in Japan
| Economists United States | エコノミスト Japan | |
|---|---|---|
| Median / average pay | $124,720 | ¥8.02M ≈ $51,002 |
| Pay in 10 years (est.) | $145,700 | ¥8.34M |
| Outlook score | 46 | 36 |
| AI replacement risk | 99% Very high | 72% High |
| Workers | 18K | — |
Matched by occupation (SOC code). Yen converted at 157.25 JPY/USD for reference; Japanese figures are averages, U.S. figures are medians, and the surveys define occupations differently.
Skills, education and requirements for Economists
Key skills
O*NET skill level ratings (0–7).
Key knowledge areas
What the work involves
Important abilities
Education of workers
Training before entry
Related work experience
Job Zone 5 — extensive preparation needed (O*NET)
Difficulty of entry: ★★★☆☆ Moderate (from education, training, experience and Job Zone)
How to become economists
A step-by-step guide for this occupation is being prepared. The education, training and experience data above show the typical path.
Career path and how to earn more as economists
Career-path guidance is being prepared. Pay by percentile is shown in the Pay section.