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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, “Economists contribute to some of the most fundamental processes of government.” 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’s 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?

Economists who work in the private sector are often tasked with helping business leaders and owners understand how the economy will impact their business. They may be asked to analyze the future demands of consumers so the company can plan how to use their resources most efficiently.

Banks and other financial institutions depend on economists to help analyze the risk of loaning money to an individual or business. Social media companies use economists to evaluate the potential ad revenue of a single user or to determine how likely a user is to upgrade to a paid membership. Insurance companies hire economists to project and help write budgets, look for trends in the insurance market and evaluate the profitability of the company. Amazon.com, one of the leaders in hiring economics graduates in the private sector, even employs economists to monitor and evaluate the cost of delivering its products to customers.

Is This Career Path Right for You?

A career as an economist in the private sector comes with many benefits, including some of the highest paying jobs among practicing economists. Private sector work also allows for more flexibility or diversity than public sector work and economists in the private sector may have more freedom to work outside their specific job title or pursue projects with minimal oversight. The drawbacks to private sector work can include high-pressure work environments where deadlines are tight, as well as less job security than in the public sector. Competition for entry-level jobs can be very high, which is why applicants with a background and/or an advanced degree in economics stand out from their peers.

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

• Will I be comfortable working in high-pressure situations?
• Is a quick path to promotion or pay raise important to me?
• Do I want to work on a diverse range of projects?

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’t 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’s interesting to note that of the top 50 global economic think tanks in the world according to IDEAS, seven are located in the nation’s capital. If you’re 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’s 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’s 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’s 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’s 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?