Research Economist Job Description [Updated for 2025]

In this era of data-driven decisions, the role of research economists has never been more crucial.

As the global economy evolves, the demand for insightful minds who can analyze, interpret, and apply economic data continues to grow.

But let’s delve deeper: What’s truly expected from a research economist?

Whether you are:

• A job seeker trying to understand the depth of this role,
• A hiring manager crafting the ideal job profile,
• Or simply curious about the intricacies of economic research,

You’ve come to the right place.

Today, we present a versatile research economist job description template, designed for easy posting on job boards or career sites.

Let’s dive right in.

Research Economist Duties and Responsibilities

Research Economists apply their knowledge of economic theories and principles to carry out research, analysis and forecasting in fields such as finance, labor, or agriculture.

They collect and analyze data to evaluate existing and potential economic issues.

They have the following duties and responsibilities:

• Develop and modify theoretical or empirical economic models to identify trends, relationships, or patterns in complex data sets
• Conduct research on economic issues and disseminate research findings through technical reports or scientific articles in journals
• Formulate recommendations, policies, or plans to solve economic problems or to interpret markets
• Collect data on variables such as consumption levels, production rates, or distribution patterns, for economic analysis
• Provide advice and consultation on economic relationships to businesses, public and private agencies, and other employers
• Forecast trends and make predictions on issues such as inflation, interest rates, or employment levels
• Design surveys or experiments to collect economic data
• Present research results to academics, policymakers, or the public and translate complex findings into understandable terms

 

Research Economist Job Description Template

Job Brief

We are seeking a skilled and analytical Research Economist to join our team.

The Research Economist will be responsible for studying data and statistics in order to spot trends in economic activity, economic confidence levels, and consumer attitudes.

They will interpret and forecast market trends, advising companies on how to maximize their profits or inform government policy and economic strategy.

 

Responsibilities

• Analyze data and statistics to identify and interpret economic trends
• Conduct research on economic issues and disseminate research findings through technical reports or scientific articles in journals
• Formulate recommendations, policies, or plans to solve economic problems or to interpret markets
• Provide consultation services to businesses, government agencies, or individuals
• Develop models to predict economic behaviors or patterns
• Prepare and present economic and statistical reports for internal and external stakeholders
• Study the socioeconomic impacts of new public policies, such as proposed legislation, taxes, services, and regulations

 

Qualifications

• Proven experience as a Research Economist or in a related role
• Strong analytical and problem-solving skills
• Knowledge of statistical analysis software and databases
• Ability to interpret and analyze complex data
• Excellent written and verbal communication skills
• Ph.D. in Economics, Statistics, or a related field is highly preferred
• Proficiency in using statistical software such as SAS, Stata, or R

 

Benefits

• 401(k)
• Health insurance
• Dental insurance
• Retirement plan
• Paid time off
• Professional development opportunities

 

Additional Information

• Job Title: Research Economist
• Work Environment: Typically office-based, with the possibility of attending conferences and meetings. Some remote work may be possible.
• Reporting Structure: Reports to the Head of Research or Chief Economist.
• Salary: Salary is based upon candidate experience and qualifications, as well as market and business considerations.
• Pay Range: $70,000 minimum to $120,000 maximum
• Location: [City, State] (specify the location or indicate if remote)
• Employment Type: Full-time
• Equal Opportunity Statement: We are an equal opportunity employer and value diversity at our company. We do not discriminate on the basis of race, religion, color, national origin, gender, sexual orientation, age, marital status, veteran status, or disability status.
• Application Instructions: Please submit your resume, a cover letter outlining your qualifications and experience, and a sample of your research to [email address or application portal].

 

What Does a Research Economist Do?

Research Economists typically work for government agencies, financial institutions, think tanks, and research universities.

They can also work as consultants for private companies.

They conduct extensive research on economic issues, trends, and patterns using a variety of research methods, including mathematical models and statistical techniques.

They collect, compile, and analyze economic data and use this data to forecast market trends, economic cycles, and the potential impact of certain policies or events on the economy.

Research Economists are also responsible for developing and testing theories using economic data.

They might specialize in a specific field of economics such as labor, international trade, monetary policy, or environmental economics.

They often write reports or academic papers to present their findings and may also be required to present their research to stakeholders, policymakers, or academic audiences.

In addition, they may advise businesses, government agencies, or individuals on economic topics, helping them make informed decisions or strategies based on their research findings.

 

Research Economist Qualifications and Skills

A competent Research Economist should possess a range of skills and qualifications to effectively conduct economic research and analysis, such as:

• Expert knowledge in economic theories, principles, models, and techniques to accurately conduct research and interpret data.
• Strong analytical skills to dissect complex economic data and trends, and translate this into concise reports and forecasts.
• Proficiency in statistical analysis software, spreadsheets, and databases to collect, manage, and analyze large sets of data.
• Exceptional communication skills to present economic trends, research findings, and complex data effectively to diverse audiences.
• Critical thinking skills to evaluate economic issues, formulate research questions, and develop appropriate methods of investigation.
• Strong problem-solving skills to identify economic problems, gather relevant data, and apply economic theories and principles to reach solutions.
• Ability to work collaboratively with other economists, statisticians, and research professionals, showcasing effective interpersonal skills.
• Attention to detail to ensure accuracy of data and research findings.

 

Research Economist Experience Requirements

Research Economists typically hold a minimum of a Master’s degree in Economics, Statistics, or a related field.

During their education, they can gain research experience through thesis projects, internships, or part-time research positions.

For entry-level positions, employers may seek candidates with 1 to 2 years of experience in conducting economic research, data analysis, and presenting findings in a clear and concise manner.

This experience can be gained through internships, research assistant roles, or academic research projects.

Candidates with more than 3 years of experience often have a deeper understanding of economic theories and models, statistical software, and advanced data analysis methods.

These professionals have usually worked on several research projects and may have experience in publishing their research findings in academic journals or presenting them at conferences.

Those with more than 5 years of experience are typically experts in their field, and they may have a significant portfolio of research.

They are often entrusted with leading research projects and mentoring junior economists.

At this level, experience in securing research funding, managing research budgets, and collaborating with interdisciplinary research teams may be required.

Senior Research Economists may also have teaching experience, as they often hold positions in academic institutions where they teach economics courses alongside conducting their research.

 

Research Economist Education and Training Requirements

Research Economists generally require a master’s degree or Ph.D. in economics, statistics, or a related field.

The coursework should typically include topics such as econometrics, microeconomics, and macroeconomics.

Having a strong mathematical background is essential for this role.

Hence, courses in calculus, statistics, and linear algebra are also beneficial.

Some positions may require Research Economists to have specialized knowledge in a particular area of economics, such as labor, environmental, health, or corporate economics.

Internships and experience in research, data analysis, or related fields can provide practical experience that is often valued by employers.

Certain employers might prefer candidates with a Ph.D., which usually indicates strong research skills and a high level of expertise in the field.

Though not necessary, certifications in specific economic tools and models could enhance a candidate’s job prospects.

Moreover, effective communication skills and the ability to simplify complex concepts are also crucial for this role, as Research Economists often need to present their findings to a non-specialist audience.

A commitment to continuous learning and staying updated with the latest economic trends and theories is important in this dynamic field.

 

Research Economist Salary Expectations

A Research Economist typically earns an average salary of $102,339 (USD) per year.

However, the actual salary may vary based on factors such as years of experience, level of education, specific area of specialization, and the geographical location of the job.

 

Research Economist Job Description FAQs

What skills does a Research Economist need?

Research Economists should have strong quantitative and analytical skills to gather and interpret data.

They must possess excellent problem-solving abilities to address complex economic issues.

Proficiency in statistical software is essential.

They should also have strong written and verbal communication skills, as they often present research findings to a variety of audiences.

 

Do Research Economists need a degree?

Yes, most Research Economist positions require at least a master’s degree in Economics or a related field, with many employers preferring a Ph.D. These degrees provide the rigorous analytical and quantitative training necessary for research in economics.

Some positions may accept a bachelor’s degree with substantial experience in economic research and analysis.

 

What should you look for in a Research Economist’s resume?

In addition to educational qualifications, look for experience in conducting economic research and analysis.

Familiarity with statistical software and methods is vital, so check for evidence of these skills.

Publications in academic journals demonstrate the candidate’s research skills and their ability to contribute to the knowledge base of the field.

 

What qualities make a good Research Economist?

A good Research Economist is one who can think critically and approach problems from various angles.

They need to be detail-oriented to accurately interpret data and identify trends.

Strong communication skills are necessary to clearly convey complex economic theories and research findings.

Patience and perseverance are also key traits, as economic research often involves long-term projects that require a methodical approach.

 

What is the typical work environment for a Research Economist?

Research Economists typically work in an office setting, although some may work remotely.

They generally work full time during regular business hours, although overtime may be necessary to meet project deadlines.

Some travel may be required to attend conferences or to present research findings.

 

Conclusion

And there we have it.

Today, we’ve unveiled the true essence of being a research economist.

Surprise, surprise?

It’s not just about crunching numbers.

It’s about shaping economic policies and strategies, one data point at a time.

Armed with our comprehensive research economist job description template and practical examples, you’re ready to make your mark.

But why limit yourself?

Dig deeper with our job description generator. It’s your gateway to meticulously crafted listings or polishing your resume to perfection.

Remember:

Each data point is a part of a larger economic narrative.

Let’s shape that future. Together.

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