Economists

Employment opportunities for economists are expected to grow by 5 percent (about as fast as the average for all careers) from 2023 to 2033, according to the U.S. Department of Labor (DOL). Economists who are employed by private industry—especially in management, scientific, and technical consulting services—will enjoy some of the strongest prospects. Employment in this sector is expected to increase by 13.3 percent through 2033, according to the DOL. This is much faster than the average for all careers.

The increasing availability of large amounts of data and the need to study it in order to forecast business, sales, and other market trends will create a need for economists. "Employment demand will stem from organizations that turn to economists to apply analysis of big data to pricing, advertising, and other areas," according to the DOL. "The increasing complexity of the global economy also is expected to support demand for economists." Employment with the federal government—the largest employer of economists—is expected to increase by only 1.4 percent through 2023.

Economists who have a master’s degree or Ph.D., strong analytical skills, and experience using statistical analysis software will have the best job prospects.

In the academic arena, economists with master's and doctoral degrees will face strong competition for desirable teaching jobs. Economics majors with only bachelor's degrees will experience the greatest employment difficulty, although their analytical skills can lead to positions in related fields such as management, sales, or financial analysis. Those who meet state certification requirements may wish to become secondary school economics teachers, as demand for teachers in this specialty is expected to increase.

Many openings will occur as economists retire, transfer to other job fields, or leave the profession for other reasons.