Come on! I wouldn’t just dive into the salary of an Economist, we need to be aware of who are Economists.
Who is an Economist?
An Economist is a social scientist who studies human behavior as a relationship between ends and scarce means which have alternative uses.
Nature and Scope of Economics
Economics belongs to a group of subjects called social sciences. Other social sciences subjects include sociology, psychology, anthropology, political science, government, geography, and so on.
Social science emphasizes the various aspects of human behavior.
Economics is also concerned with the study of human behavior such as how people achieve their wants.
Man interacts with people in the process of buying and selling. Economics as a social subject is also concerned with the study of firms and the government which is responsible for the provision of goods and services for its people to satisfy their wants.
Even though economics is often regarded as a science subject, it does not assume the same level of precision and accuracy as any of the natural or pure or physical science like chemistry, physics, and biology.
This is because economics deals with human behavior which is very complex and changes from time to time depending on circumstances.
We have two branches of Economics which include;
This branch deals with a larger aggregate of the economy. It relates to the economics that considers the holistic working of a country’s economy. Such aggregate includes inflation, unemployment, the balance of payment, interest rates and taxes.
This refers to the branch of economics which deals with smaller components of the economy. It is concerned with the analysis of the basic decision making components of households, individuals, firms, etc.
It relates to cost output, production, pricing and marketing activities of households, firms, and governments.
Duties of an Economist
Economists establish the backbone of every economy in the World. They form policies that will produce the best interest of their organizations or country.
They apply economics tools in solving economic problems. Economists examine business cycles, exchange rates, interest rates, borrowing policies, employment rates, etc.
They conduct researches by collecting and analyzing data using computer software.
The research may be for academic purposes where their finding will be passed to the audience. Findings are published in academic work paperwork and journals.
An economist working for corporations helps administrators and company owners take the decision or formulate policies that would be of immense advantage to them.
Where can an Economist Work?
Economists can work in several places. We would be considering firms and agencies that employ Economists the most.
- Finance and Insurance companies.
- State Government
- Management, scientific and technical consulting services.
- Scientific Research and Development services
- The Federal Government
Skills and Experience for an Economist
Economists must have the ability to observe trends and patterns. They also must be able to calculate and come out with a logical conclusion.
An Economist must have critical thinking ability. In other words, they should be able to use logic and reasoning to solve reasoning.
Economists should also possess the attribute of self-expression. In other words, they should be able to express their thoughts well on paper and in words.
They should able to simplify and communicate economics concepts to clients who may know little or nothing about the field of Economics.
Salary of an Economist
The average annual salary of an Economist is $103, 340. This implies that more than 50% of Economist earns more than $103, 340. 50% of Economists earns less than 50%.
To have a clearer view of the salary of an Economist, we would be considering the average salaries of Economists offered by industries.
Average Salary of an Economist in Industries
|Finance and Insurance||$110, 580|
|Federal Government excluding Postal service||$106, 850|
|Scientific research and development services||$94, 630|
|Management and technical consulting state||$91, 570|
|Local government excluding education and hospitals||$63, 880|
Salary of an Economist by States (10 Highest Paying States)
|States||Median Annual Salary|
|District of Columbia||$134, 260|
|New York||$127, 520|