Economists

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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. They devise methods and procedures for obtaining the data they need.

Market 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. After compiling the data, market research analysts evaluate it and make recommendations to their client or employer based upon their findings.

Survey researchers design and conduct surveys in many different formats. They also may supervise interviewers who conduct surveys in person or over the telephone.

Economists and market and survey researchers 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.

Training and qualifications

Graduate education is required for many private sector economist and market and survey research jobs. 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 three hours of statistics, accounting or calculus.

Economists and market and survey researchers with bachelor's 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 for more responsible research and administrative positions. Many businesses, research and consulting firms and government agencies seek individuals with strong computer and quantitative skills and an ability to perform complex research. A Ph.D. is necessary for top economist or marketing positions.

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 because 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. They must be able to present their findings, both orally and in writing, in a clear, concise manner.

Job outlook

Employment growth of economists is expected to grow as fast as average over the projection through 2010, while growth for market research analysts and survey researchers is expected to grow faster than average. Ph.D. degree holders in economics and marketing should have good opportunities in industry and consulting firms but are likely to face keen competition for tenured teaching positions in colleges and universities.

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 demand for secondary school economics teachers is expected to grow.

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.

Opportunities for survey researchers should be strong as the demand for market and opinion research increase.

Earnings

Economists and market and survey researchers held about 134,000 jobs in 2000. Private industry provided about nine of 10 jobs for salaried workers.

Median annual earnings of economists were $64,830 in 2000. Median annual earnings of market research analysts in 2000 were $51,190. 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. 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 links

For information on careers in business economics:

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:

Marketing Research Association, 1344 Silas Deane Hwy., Suite 306, Rocky Hill, CT 06067-0230.

Council of American Survey Research Organizations, 3 Upper Devon, Port Jefferson, NY 11777.

Adapted from the Labor Department's Occupational Outlook Handbook.