Career Opportunities in Economics

Companies, nonprofit organizations and government agencies need the help of experts in economics to help them understand the forces that shape the marketplace and our world. Economists work in a wide range of settings and are in demand across virtually every industry, including finance, healthcare, nonprofit and academia.

An MA in Economics Opens Doors

In an era of Big Data, job opportunities are on the rise. The employment of economists is predicted to grow six percent from 2022 to 2032, according to the Bureau of Labor Statistics (BLS). Organizations across many industries are increasingly relying on economic analysis and quantitative methods to understand and forecast performance.

In the past, economist candidates with a bachelor鈥檚 degree could expect to find entry-level positions, but that is changing.听A听master's degree is the typical entry-level education required for most economists jobs.

Expand Your Earning Potential

For careers in economics, salary levels increase with your level of education. According to the BLS, the median annual economist salary in 2023 was $115,730.听


What Career Paths Are Available?

Depending on your area of interest, an economics degree will make you highly desirable听for a number of closely related careers in multiple industries. The analytical and problem-solving听skills you will develop as an economics student 鈥 or those you have already gained working in听the field of economics 鈥 will open the door to a large number of career paths and advancement听
opportunities:

Quick Career Facts
Career Path
Salary 2023 median
DC Metro / USA
USA Job Outlook
(2023-33)
DC Metro Jobs
in this field
Employment Change
(2023-33)
Market Research Analyst $91,600 / $74,680 8% increase 1.26 x US average 74,900 new positions
Financial Analyst $118,140 / $99,890 9% increase 1.53 x US average 37,900 new positions
Operations Research Analyst $125,880 / $83,640 23% increase 2.78 x US average 28,300 new positions
Data from the US Bureau of Labor Statistics (BLS).
  • Market research analysts study听market conditions and indicators to predict future sales of a product or service. Economics graduates put many of the same skills to use听such as听an in-depth understanding of the market and how supply and demand impact consumer decisions. See more BLS data for .
  • Financial analysts study market conditions and financial data to provide听guidance on investments to clients,听听for economists' skills with handling data, researching projections, and explaining findings.听See more BLS data for .
  • Operations research analysts听use advanced听analytical research and investigation methods to help organizations solve complex issues and make
    better decisions.听Operations research analysts use many of the same
    tools and research methods as economists to analyze听information and develop solutions, including听statistical analysis and predictive modeling. See more BLS data for .

Where Do Economists Work?

Companies, nonprofit organizations and government agencies need the help of experts in economics to help them understand the forces that shape the marketplace and our world. Economists work in a wide range of settings and are in demand across virtually every industry, including finance, healthcare, nonprofit and academia.

Governments at every level, from city councils to the federal government, hire graduates in economics to evaluate and analyze their operations. According to the Office of Personnel Management, 鈥淓conomists contribute to some of the most fundamental processes of government.鈥 For example, economists collect, analyze, interpret and publish data and information that helps government officials learn about the society being governed. Economists also provide crucial data that helps officials with policymaking and legislation decisions concerned with foreign policy, national defense, agricultural subsidies, social services and virtually every other major national and international issue. In addition to general research and analysis positions, Government economist positions may be classified into the following specializations:

  • Financial Economist
  • Labor Economist
  • Regional Economist
  • Industry Economist
  • International Economist
  • Agricultural Economist

Is this career path right for you? Working in the public sector offers job stability and the chance to work on important social problems, and potentially helping to improve the lives of others. Jobs in the public sector are often more secure than those in the private sector, but can be lower paying. However, compensation for public sector economists is still quite good compared to many other professional careers. As of September 1, 2015, the majority of economist positions listed on USAJOBS, the Federal government鈥檚 official job site, were listed with a salary between $75,000 and $125,000 annually.

Ask yourself these questions to help determine if this career path is the right fit?

  • Is there a problem I am passionate about working to solve?
  • Am I comfortable with the strict hierarchy that comes along with public sector work?
  • Am I comfortable making less money in order to work on something I am passionate about?

For economics majors or graduates who want to work on a diverse range of topics, working at a consulting or research firm may be the answer. Economists working in a consulting role may focus on microeconomics, while those in a research role take on more global issues, focusing on how large economies interact. Consulting firms help their clients with a wide range of problems using economic and quantitative principals to provide studies, reports, and expert testimony.

For economics graduates who want to work on public policy but aren鈥檛 a good fit for public sector work, research and think tanks may be a perfect alternative. Organizations like The Brookings Institution conduct research to help solve problems on a local, national and international scale that can have just as big of an impact as economists working in the public sector or in the field of international development.

According to IDEAS, the largest free online bibliographic economics database, the top economic think tanks in the United States are:

  • National Bureau of Economic Research (NBER)
  • Brookings Institution Resources for the Future (RFF)
  • American Enterprise Institute
  • Urban Institute
  • Cato Institute
  • Center for Economic and Policy Research (CEPR)

It鈥檚 interesting to note that of the top 50 global economic think tanks in the world according to IDEAS, seven are located in the nation鈥檚 capital. If you鈥檙e serious about pursuing a career in economic consultancy and research, consider an advanced degree from a school located in Washington, DC, among some of the best think tanks in the world.

Ask yourself these questions to help determine if this career path is the right fit:

  • Am I comfortable working on a team to produce results, rather than working independently?
  • Am I comfortable working on a great variety of topics, even those not personally important to me?
  • Do I mind doing a lot of qualitative research, collecting data and analyzing large datasets?
  • Do I need to have a personal stake in the research I perform

Economists who want to tackle large-scale problems or and who excel at seeing things on a global scale may want to consider a career in international development. The rapid pace of globalization has increased the demand for professionals who understand how market forces can be harnessed to empower developing countries to break free from long and vicious cycles of poverty. Institutions like the International Monetary Fund, The World Bank, The United Nations and organizations like the US Agency for International Development all hire economists to help generate strategies for helping specific countries and regions.

Competition for these jobs can be high, and one of the ways to break into the world of international development is through a program like the World Bank Group Analyst Program. The three-year program allows participants to work in a specific practice, region or corporate unit within The World Bank, one of the largest sources of assistance for the world鈥檚 poorest countries. Individuals who participate in the program will grow their skills in areas from analytics and data management to communications and information technology. Participants also have a leg up on starting their careers in international development and may have an opportunity to continue their career with The World Bank.

With or without an experience like the World Bank Group Analyst Program on your resume, having an advanced degree in economics will ensure you have the fundamental and practical skills necessary to help solve some of the world鈥檚 most pressing problems.

Is This Career Path Right for You?

Working for an international development agency can be a rewarding experience, allowing economics graduates the opportunity to work on solving largescale social problems. A career with an international development agency can be difficult too, sometimes involving travel to underserved and dangerous parts of the world. It can also be frustrating working towards a broad goal like reducing poverty that may not yield tangible results immediately. But for those with a passion for helping others and making a difference in the world, there are no more fulfilling destinations for economists than the field of international development.

Ask yourself these questions to help determine if this career path is the right fit:

  • Am I passionate about making a difference in the world?
  • Am I comfortable with regular travel to unfamiliar and potentially dangerous parts of the world?
  • Will the pace of work and constant travel put a strain on my relationships?
  • Can I work towards a goal knowing it may never come to fruition in my lifetime?

Another option is to become an economics professor at one of the many colleges and universities across the country. A PhD in economics is required to become a professor at a four-year college, while those who prefer to teach at two-year colleges can be eligible with a master鈥檚 degree. In addition to an advanced degree, the ideal candidate for a teaching vacancy must be able to demonstrate the ability to clearly communicate complex economic principals to the general public.

According to the American Economic Association, the number of students pursuing PhDs in economics has declined, which could mean excellent employment opportunities for those who graduate with a PhD in economics in the coming years. The Bureau of Labor Statistics projects approximately 4,700 job openings for econ teachers at colleges, universities, junior colleges and professional schools in the next decade.

Is This Career Path Right for You?

Many who choose to pursue a career in academia do so for the ability to conduct research and publish in wellknown economic journals like The Quarterly Journal of Economics. Professors of economics are also frequent presenters at industry conferences. If you want to help shape the next generation of economics professionals or even simply share your passion for applied economics with young minds who can benefit from the study and practice of economics, the academic career path is right for you. Although there are higher paying careers in the field, econ professors typically enjoy much higher job security than economists in the field.

Is this career path right for you? Working in the public sector offers job stability and the chance to work on important social problems, and potentially helping to improve the lives of others. Jobs in the public sector are often more secure than those in the private sector, but can be lower paying. However, compensation for public sector economists is still quite good compared to many other professional careers. As of September 1, 2015, the majority of economist positions listed on USAJOBS, the Federal government鈥檚 official job site, were listed with a salary between $75,000 and $125,000 annually.

Ask yourself these questions to help determine if this career path is the right fit?

  • Am I primarily interested in the research side of economics?
  • Do I want to publish and/or present my findings?
  • Am I comfortable with an extended education in order to become a professor?

People in conferring in walkway of a modern building.

Lead a Rapidly Growing Field

As a graduate of 麻豆原创鈥檚 master鈥檚 in economics program, you鈥檙e ready to step into the profitable and in-demand role of an economist.听Consider the most recent salary survey results from the National Association for Business Economics (NABE), in which 72% of respondents held a graduate degree.

NABE members reported these median base salaries:

  • All roles & experience levels, $153,500
  • Chief economist role, $250,000
  • Director role, $200,000
  • Senior economist, $150,500
  • Associate manager/director, $137,400

These are the听top three paying industries for economists:

  • Real estate,听$200,000 base salary
  • Financial & transportation sectors,听$195,000 base salary
  • Trade or professional associations,听$193,000 base salary

Where Do 麻豆原创 Economics Graduates Work?


Where do our graduates land?

  • 52 percent of graduates are working in government
  • 32 percent are working for industry (a lot in finance or the private sector)
  • 16 percent in nonprofit
  • 7 percent continue on with graduate education
  • 18 percent are working and attending grad schools


Recent post-graduation positions:

  • AARP
  • American College Health Association
  • Beacon Technology Partners LLC
  • Blumont
  • The Corporate Executive Board
  • Deloitte
  • Federal Reserve
  • Freddie Mac
  • IHS Markit
  • Institute for Women's Policy Research
  • International Monetary Fund
  • JP Morgan Chase
  • Key Investment Services LLC
  • The MITRE Corporation
  • Office of the Comptroller of the Currency
  • Sherman Credit, Inc.
  • Solovis
  • US Bureau of Labor Statistics
  • US Department of Justice
  • US Navy
  • The World Bank Group