Opportunities for economists should be best in private industry, especially in scientific research and development, and consulting firms, as more companies contract out for economic research services. Rising demand for economists should stem from the growing complexity of the global economy, competition, and increased reliance on quantitative methods for analyzing and forecasting business, sales, and other economic trends. A greater need for economic analyses in virtually every industry could result in additional jobs for economists, although some corporations are eliminating some or all of their economist positions in favor of hiring economic consultants. Employment of economists in the Federal Government should decline, but not by as much as other occupations in the Federal workforce. Average employment growth is expected among economists in State and local government.

A master's or Ph.D. degree, coupled with a strong background in economic theory, mathematics, statistics, and econometrics, provides the basis for acquiring any specialty within the economics field. Those skilled in quantitative techniques and their application to economic modeling and forecasting, and who have good communications skills, should have the best job opportunities. Like those in many other disciplines, however, Ph.D. holders are likely to face keen competition for tenured teaching positions in colleges and universities.

Bachelor's degree holders may face competition for the limited number of economist positions for which they qualify. They will qualify for a number of other positions, however, in which they can take advantage of their economic knowledge by conducting research, developing surveys, or analyzing data. Many graduates with bachelor's degrees will find jobs in industry and business as management or sales trainees, or as administrative assistants. Bachelor's degree holders with good quantitative skills and a strong background in mathematics, statistics, survey design, and computer science also may be hired by private firms as researchers. Some will find jobs in government.

Candidates who meet State certification requirements may become high school economics teachers. The demand for secondary school economics teachers is expected to grow, as economics becomes an increasingly important and popular course. (See the statement on teachers—preschool, kindergarten, elementary, middle, and secondary elsewhere in the Handbook.)