| |
Where
to Find Colleges
and Univesities for: Economics
|
|
About:
Economics
Significant Points
Demand for qualified market and survey researchers should
be strong.
Candidates who hold an advanced degree will have the
best employment prospects and advancement opportunities.
Nature of the Work
Economists. Economists study how society distributes
scarce resources such as land, labor, raw materials,
and machinery to produce goods and services. They conduct
research, collect and analyze data, monitor economic
trends, and develop forecasts. They research issues
such as energy costs, inflation, interest rates, imports,
or employment levels.
Most economists are concerned with practical applications
of economic policy. They use their understanding of
economic relationships to advise businesses and other
organizations, including insurance companies, banks,
securities firms, industry and trade associations, labor
unions, and government agencies. Economists use mathematical
models to help predict answers to questions such as
the nature and length of business cycles, the effects
of a specific rate of inflation on the economy, or the
effects of tax legislation on unemployment levels.
Economists devise methods and procedures for obtaining
the data they need. For example, sampling techniques
may be used to conduct a survey, and various mathematical
modeling techniques may be used to develop forecasts.
Preparing reports, including tables and charts, on research
results is an important part of an economist's job.
Presenting economic and statistical concepts in a clear
and meaningful way is particularly important for economists
whose research is directed toward making policies for
an organization.
Economists who work for government agencies may assess
economic conditions in the United States or abroad,
in order to estimate the economic effects of specific
changes in legislation or public policy. They may study
areas such as how the dollar's fluctuation against foreign
currencies affects import and export levels. The majority
of government economists work in the area of agriculture,
labor, or quantitative analysis; however, economists
work in almost every area of government. For example,
economists in the U.S. Department of Commerce study
production, distribution, and consumption of commodities
produced overseas, while economists employed with the
U.S. Bureau of Labor Statistics analyze data on the
domestic economy such as prices, wages, employment,
productivity, and safety and health. An economist working
in State or local government might analyze data on the
growth of school-aged populations, prison growth, and
employment and unemployment rates, in order to project
future spending needs.
Market Research Analysts. Market, or marketing, research
analysts are concerned with the potential sales of a
product or service. They analyze statistical data on
past sales to predict future sales. They gather data
on competitors and analyze prices, sales, and methods
of marketing and distribution. Like economists, market
research analysts devise methods and procedures for
obtaining the data they need. They often design telephone,
personal, or mail interview surveys to assess consumer
preferences. Trained interviewers, under the market
research analyst's direction, usually conduct the surveys.
After compiling the data, market research analysts
evaluate it and make recommendations to their client
or employer based upon their findings. They provide
a company's management with information needed to make
decisions on the promotion, distribution, design, and
pricing of products or services. The information may
also be used to determine the advisability of adding
new lines of merchandise, opening new branches, or otherwise
diversifying the company's operations. Analysts may
conduct opinion research to determine public attitudes
on various issues, which may help political or business
leaders and others assess public support for their electoral
prospects or advertising policies.
Survey Researchers. Survey researchers design and conduct
surveys. They use surveys to collect information that
is used for research, making fiscal or policy decisions,
and measuring policy effectiveness, for example. As
with market research analysts, survey researchers may
use a variety of mediums to conduct surveys, such as
the Internet, personal or telephone interviews, or mail
questionnaires. They also may supervise interviewers
who conduct surveys in person or over the telephone.
Survey researchers design surveys in many different
formats, depending upon the scope of research and method
of collection. Interview surveys, for example, are common
because they can increase survey participation rates.
Survey researchers may consult with economists, statisticians,
market research analysts, or other data users in order
to design surveys. They also may present survey results
to clients.
Working Conditions
Economists and market and survey researchers have structured
work schedules. They often work alone, writing reports,
preparing statistical charts, and using computers, but
they also may be an integral part of a research team.
Most work under pressure of deadlines and tight schedules,
which may require overtime. Their routine may be interrupted
by special requests for data, as well as by the need
to attend meetings or conferences. Frequent travel may
be necessary.
Employment
Economists and market and survey researchers
held about 134,000 jobs in 2000. Private industry provided
about 9 out of 10 jobs for salaried workers, particularly
economic and marketing research firms, management consulting
firms, banks, securities and commodities brokers, and
computer and data processing companies. A wide range
of government agencies provided the remaining jobs,
primarily for economists. The U.S. Departments of Labor,
Agriculture, and Commerce are the largest Federal employers
of economists. A number of economists and market and
survey researchers combine a full-time job in government,
academia, or business with part-time or consulting work
in another setting.
Employment of economists and market
and survey researchers is concentrated in large cities.
Some work abroad for companies with major international
operations, for U.S. Government agencies, and for international
organizations like the World Bank and the United Nations.
Besides the jobs described above, many
economists and market and survey researchers held faculty
positions in colleges and universities. Economics and
marketing faculties have flexible work schedules, and
may divide their time among teaching, research, consulting,
and administration. (See the statement on teachers-postsecondary
elsewhere in the Handbook.)
Training, Other Qualifications,
and Advancement
Graduate education is required
for many private sector economist and market and survey
research jobs, and for advancement to more responsible
positions. Economics includes many specialties at the
graduate level, such as advanced economic theory, econometrics,
international economics, and labor economics. Students
should select graduate schools strong in specialties
in which they are interested. Undergraduate economics
majors can choose from a variety of courses, ranging
from microeconomics, macroeconomics, and econometrics,
to more philosophical courses, such as the history of
economic thought.
In the Federal Government, candidates
for entry-level economist positions must have a bachelor's
degree with a minimum of 21 semester hours of economics
and 3 hours of statistics, accounting, or calculus.
Market and survey researchers may earn
advanced degrees in economics, business administration,
marketing, statistics, or some closely related discipline.
Some schools help graduate students find internships
or part-time employment in government agencies, economic
consulting firms, financial institutions, or marketing
research firms prior to graduation.
In addition to courses in business,
marketing, and consumer behavior, marketing majors should
take other liberal arts and social science courses,
including economics, psychology, English, and sociology.
Because of the importance of quantitative skills to
economists and market and survey researchers, courses
in mathematics, statistics, econometrics, sampling theory
and survey design, and computer science are extremely
helpful.
Whether working in government, industry,
research organizations, marketing, or consulting firms,
economists and market and survey researchers with bachelor
degrees usually qualify for most entry-level positions
as a research assistant, administrative or management
trainee, marketing interviewer, or any of a number of
professional sales jobs. A master's degree usually is
required to qualify for more responsible research and
administrative positions. Many businesses, research
and consulting firms, and government agencies seek individuals
who have strong computer and quantitative skills and
can perform complex research. A Ph.D. is necessary for
top economist or marketing positions in many organizations.
Many corporation and government executives have a strong
background in economics or marketing.
A master's degree is usually the minimum
requirement for a job as an instructor in junior and
community colleges. In most colleges and universities,
however, a Ph.D. is necessary for appointment as an
instructor. A Ph.D. and extensive publications in academic
journals are required for a professorship, tenure, and
promotion.
Aspiring economists and market and survey
researchers should gain experience gathering and analyzing
data, conducting interviews or surveys, and writing
reports on their findings while in college. This experience
can prove invaluable later in obtaining a full-time
position in the field, since much of their work, in
the beginning, may center on these duties. With experience,
economists and market and survey researchers eventually
are assigned their own research projects.
Those considering careers as economists
or market and survey researchers should be able to pay
attention to details because much time is spent on precise
data analysis. Patience and persistence are necessary
qualities since economists and market and survey researchers
must spend long hours on independent study and problem
solving. At the same time, they must work well with
others, especially market and survey researchers, who
often oversee interviews for a wide variety of individuals.
Economists and market and survey researchers must be
able to present their findings, both orally and in writing,
in a clear, concise manner.
Job Outlook
Employment of economists and
market and survey researchers is expected to grow faster
than the average for all occupations through 2010. Many
job openings are likely to result from the need to replace
experienced workers who transfer to other occupations,
retire, or leave the labor force for other reasons.
Employment growth of economists is expected to be as
fast as average over the projection period, while growth
for market research analysts and survey researchers
is expected to be faster than average.
Opportunities for economists should
be best in private industry, especially in research,
testing, and consulting firms, as more companies contract
out for economic research services. The growing complexity
of the global economy, competition, and increased reliance
on quantitative methods for analyzing the current value
of future funds, business trends, sales, and purchasing
should spur demand for economists. The growing need
for economic analyses in virtually every industry should
result in additional jobs for economists. Employment
of economists in the Federal Government should decline
more slowly than other occupations in the Federal workforce.
Slow employment growth is expected among economists
in State and local government.
Candidates who meet State certification
requirements may become high school economics teachers.
The demand for secondary school economics teachers is
expected to grow, as economics becomes an increasingly
important and popular course. (See the statement on
teachers-preschool, kindergarten, elementary, middle,
and secondary elsewhere in the Handbook.)
Demand for qualified market research
analysts should be healthy because of an increasingly
competitive economy. Marketing research provides organizations
valuable feedback from purchasers, allowing companies
to evaluate consumer satisfaction and more effectively
plan for the future. As companies seek to expand their
market and consumers become better informed, the need
for marketing professionals will increase.
Opportunities for market research analysts
with graduate degrees should be good in a wide range
of employment settings, particularly in marketing research
firms, as companies find it more profitable to contract
out for marketing research services rather than support
their own marketing department. Other organizations,
including financial services organizations, healthcare
institutions, advertising firms, manufacturing firms
producing consumer goods, and insurance companies may
offer job opportunities for market research analysts.
Opportunities for survey researchers
should be strong as the demand for market and opinion
research increase. Employment opportunities will be
especially favorable in commercial market and opinion
research as an increasingly competitive economy requires
businesses to more effectively and efficiently allocate
advertising funds.
An advanced degree coupled with a strong
background in economic theory, mathematics, statistics,
and econometrics provides the basis for acquiring any
specialty within the economics and market and survey
research field. Those skilled in quantitative techniques
and their application to economic modeling and forecasting,
coupled with good communications skills, should have
the best job opportunities.
Bachelor's degree holders may face competition
for the limited number of positions for which they qualify.
They will qualify for a number of other positions, however,
where they can take advantage of their economic knowledge
in conducting research, developing surveys, or analyzing
data. Many graduates with bachelor's degrees will find
good jobs in industry and business as management or
sales trainees, or administrative assistants. Bachelor's
degree holders with good quantitative skills and a strong
background in mathematics, statistics, survey design,
and computer science also may be hired by private firms
as research assistants or interviewers.
Ph.D. degree holders in economics and
marketing should have good opportunities in most areas
such as industry and consulting firms. However, Ph.D.
holders are likely to face keen competition for tenured
teaching positions in colleges and universities.
Earnings
Median annual earnings of economists
were $64,830 in 2000. The middle 50 percent earned between
$47,370 and $87,890. The lowest 10 percent earned less
than $35,690, and the highest 10 percent earned more
than $114,580.
The Federal Government recognizes education
and experience in certifying applicants for entry-level
positions. The entrance salary for economists having
a bachelor's degree was about $21,900 a year in 2001;
however, those with superior academic records could
begin at $27,200. Those having a master's degree could
qualify for positions at an annual salary of $33,300.
Those with a Ph.D. could begin at $40,200, while some
individuals with experience and an advanced degree could
start at $48,200. Starting salaries were slightly higher
in selected areas where the prevailing local pay was
higher. The average annual salary for economists employed
by the Federal Government was $74,090 a year in 2001.
Median annual earnings of market research
analysts in 2000 were $51,190. The middle 50 percent
earned between $37,030 and $71,660. The lowest 10 percent
earned less than $27,570, and the highest 10 percent
earned more than $96,360. Median annual earnings in
the industries employing the largest numbers of market
research analysts in 2000 were as follows:
Computer and data processing services
$61,320
Management and public relations 44,580
Research and testing services 43,660
Median annual earnings of survey researchers
in 2000 were $26,200. The middle 50 percent earned between
$17,330 and $47,820. The lowest 10 percent earned less
than $15,050, and the highest 10 percent earned more
than $71,790. Median annual earnings of survey researchers
in 2000 were $52,470 in computer and data processing
services and $18,780 in research and testing services.
Related Occupations
Economists are concerned with understanding
and interpreting financial matters, among other subjects.
Other jobs in this area include actuaries; budget analysts;
financial analysts and personal financial advisors;
financial managers; insurance underwriters; loan counselors
and officers; and purchasing managers, buyers, and purchasing
agents.
Market research analysts do research
to find out how well the market receives products or
services. This may include planning, implementation,
and analysis of surveys to determine people's needs
and preferences. Other jobs using these skills include
psychologists, sociologists, and urban and regional
planners.
Sources of Additional Information
Disclaimer:Links to non-BLS Internet
sites are provided for your convenience and do not constitute
an endorsement.
For information on careers in business economics, contact:
National Association for Business Economics,
1233 20th St. NW., Suite 505, Washington, DC 20036.
For information about careers and salaries in market
and survey research, contact:
Marketing Research Association, 1344
Silas Deane Hwy., Suite 306, Rocky Hill, CT 06067-0230.
Internet: http://www.mra-net.org
Council of American Survey Research Organizations, 3
Upper Devon, Port Jefferson, NY 11777.
Internet: http://www.casro.org
Information on obtaining a position as an economist
with the Federal Government is available from the Office
of Personnel Management (OPM) through a telephone-based
system. Consult your telephone directory under U.S.
Government for a local number or call (912) 757-3000;
Federal Relay Service: (800) 877-8339. The first number
is not tollfree, and charges may result. Information
also is available from the OPM Internet site: http://www.usajobs.opm.gov.
|