Summary Report for:
19-3011.00 - Economists
Conduct research, prepare reports, or formulate plans to aid in solution of economic problems arising from production and distribution of goods and services. May collect and process economic and statistical data using econometric and sampling techniques.
Sample of reported job titles:
Economist, Economic Analyst, Economic Consultant, Project Economist, Forensic Economist, Health Researcher, Research Analyst, Economic Analysis Director, Economic Development Specialist, Revenue Research Analyst
Tasks | Knowledge | Skills | Abilities | Work Activities | Work Context | Job Zone | Interests | Work Styles | Work Values | Related Occupations | Wages & Employment
Tasks
- Study economic and statistical data in area of specialization, such as finance, labor, or agriculture.
- Provide advice and consultation on economic relationships to businesses, public and private agencies, and other employers.
- Compile, analyze, and report data to explain economic phenomena and forecast market trends, applying mathematical models and statistical techniques.
- 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.
- 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.
- Supervise research projects and students' study projects.
- Forecast production and consumption of renewable resources and supply, consumption and depletion of non-renewable resources.
- Teach theories, principles, and methods of economics.
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Knowledge
| English Language — Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar. |
| 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. |
| Computers and Electronics — Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming. |
| Law and Government — Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process. |
| 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. |
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Skills
| Reading Comprehension — Understanding written sentences and paragraphs in work related documents. |
| Critical Thinking — Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems. |
| Writing — Communicating effectively in writing as appropriate for the needs of the audience. |
| Mathematics — Using mathematics to solve problems. |
| Active Learning — Understanding the implications of new information for both current and future problem-solving and decision-making. |
| 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. |
| 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. |
| Time Management — Managing one's own time and the time of others. |
| Coordination — Adjusting actions in relation to others' actions. |
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Abilities
| Oral Expression — The ability to communicate information and ideas in speaking so others will understand. |
| Oral Comprehension — The ability to listen to and understand information and ideas presented through spoken words and sentences. |
| 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. |
| 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). |
| 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. |
| Mathematical Reasoning — The ability to choose the right mathematical methods or formulas to solve a problem. |
| Near Vision — The ability to see details at close range (within a few feet of the observer). |
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Work Activities
| Getting Information — Observing, receiving, and otherwise obtaining information from all relevant sources. |
| Analyzing Data or Information — Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts. |
| Interacting With Computers — Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information. |
| 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. |
| Communicating with Persons Outside Organization — Communicating with people outside the organization, representing the organization to customers, the public, government, and other external sources. This information can be exchanged in person, in writing, or by telephone or e-mail. |
| Communicating with Supervisors, Peers, or Subordinates — Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person. |
| Making Decisions and Solving Problems — Analyzing information and evaluating results to choose the best solution and solve problems. |
| Establishing and Maintaining Interpersonal Relationships — Developing constructive and cooperative working relationships with others, and maintaining them over time. |
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Work Context
| Electronic Mail — How often do you use electronic mail in this job? |
| Telephone — How often do you have telephone conversations in this job? |
| Structured versus Unstructured Work — To what extent is this job structured for the worker, rather than allowing the worker to determine tasks, priorities, and goals? |
| Freedom to Make Decisions — How much decision making freedom, without supervision, does the job offer? |
| Face-to-Face Discussions — How often do you have to have face-to-face discussions with individuals or teams in this job? |
| Importance of Being Exact or Accurate — How important is being very exact or highly accurate in performing this job? |
| Indoors, Environmentally Controlled — How often does this job require working indoors in environmentally controlled conditions? |
| Work With Work Group or Team — How important is it to work with others in a group or team in this job? |
| Impact of Decisions on Co-workers or Company Results — How do the decisions an employee makes impact the results of co-workers, clients or the company? |
| Spend Time Sitting — How much does this job require sitting? |
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Job Zone
| Title |
Job Zone Five: Extensive Preparation Needed |
| Overall 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. |
| Job 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. |
| Job Zone Examples |
These occupations often involve coordinating, training, supervising, or managing the activities of others to accomplish goals. Very advanced communication and organizational skills are required. Examples include librarians, lawyers, aerospace engineers, physicists, school psychologists, and surgeons. |
| SVP Range |
(8.0 and above) |
| Education |
A bachelor's degree is the minimum formal education required for these occupations. However, many also 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). |
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Interests
Interest code: IEC
| 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. |
| 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. |
| 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. |
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Work Styles
| 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. |
| Initiative — Job requires a willingness to take on responsibilities and challenges. |
| Dependability — Job requires being reliable, responsible, and dependable, and fulfilling obligations. |
| Achievement/Effort — Job requires establishing and maintaining personally challenging achievement goals and exerting effort toward mastering tasks. |
| Adaptability/Flexibility — Job requires being open to change (positive or negative) and to considerable variety in the workplace. |
| Integrity — Job requires being honest and ethical. |
| 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. |
| Cooperation — Job requires being pleasant with others on the job and displaying a good-natured, cooperative attitude. |
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Work Values
| Achievement — Occupations that satisfy this work value are results oriented and allow employees to use their strongest abilities, giving them a feeling of accomplishment. Corresponding needs are Ability Utilization and Achievement. |
| Independence — Occupations that satisfy this work value allow employs to work on their own and make decisions. Corresponding needs are Creativity, Responsibility and Autonomy. |
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Related Occupations
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Wages & Employment Trends
National
| Median wages (2007) |
$38.57 hourly, $80,220 annual |
| Employment (2006) |
15,000 employees |
| Projected growth (2006-2016) |
Average (7% to 13%)
|
| Projected need (2006-2016) |
5,000 additional employees |
State & National
Source: Bureau of Labor Statistics 2007 wage data
and 2006-2016 employment projections
.
"Projected growth" represents the estimated change in total employment over the projections period (2006-2016). "Projected need" represents job openings due to growth and net replacement.
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