The job description of an economic researcher might include gathering research on employment trends or collecting data to discern which retail outlets are surviving best in a downward economic time. Further, they use data to compile reports that are used by Wall Street, the U.S. Government and Corporate America. These data provide valuable insight as to what's working in the economy and what's falling short.
Other economic researchers might find themselves providing background information on any number of companies, especially those that are under investigation for fraud or other regulation shortages. They work to discover weaknesses as well as the strengths in the collective economy. They might work in the banking sector to track the way money is spent, how much is leaving the country and how bankruptcies, job losses or home foreclosures are affecting the American public.
Often, these positions can be found in non-profits and even government agencies. Their research can lead to the creation of new jobs or it can play a role in massive layoffs. By incorporating technology and the latest advances, these personnel can streamline and sort their discoveries to include a certain sector or they can incorporate graphs and tables for release to higher ups. Strong attention to detail, accuracy and the ability to quantify the results from the research and data compilations are mandatory in these positions.
Educational requirements vary, but most often companies require candidates to possess a master's degree in Economics, Business Management and sometimes Communications. The available positions are limited, regardless of whether job candidates are seeking government jobs or those in the private sector. Many of these employment opportunities offer extensive travel opportunities for the chosen candidates. Along with the formal education, background checks, including credit checks, are conducted and the ability to obtain a passport is usually mandatory as well. Furthermore, although companies like to see versatility in a job candidate's resume, they expect specialized expertise in duties. They want to ensure that there is a strength that stands out and that can serve a strong purpose in their company.
On average, the annual salary one might expect is near $77,000. Recent graduates tend to earn incomes in the $55,000 range while those in the highest ten percent earned slightly over $136,000. According to the Bureau of Labor Stats, those who find positions with the federal government and who have a bachelor's degree were offered just under $36,000 in 2007, while those with Master's degrees stood to earn $44,000 in the same year. Clearly, the private sector offers the most in terms of annual salaries, while those who work within the government arena might enjoy better benefits and retirement options. Regardless of where an Economics major finds vacancies, there are clearly opportunities that will serve him well during the course of his working life.
