How Long Does It Take To Become An Economist

The articles focuses on giving you an idea about the approximate time you could consume to become an economist to gain the necessary education and skills.

Updated by Rakshitha N on 28th May 2020

Wondered how your mathematics improves your career? Having a strong knowledge in mathematics is a boon and with a combination of technology and computer science you could create a successful business and be the cause for new massive inventions. 

In the modern world, economists play a vital role by studying data, researching, analyzing, evaluating the trends and economic issues. They study trends in inflation, rates, taxes, employment, consumer trends and also forecast the future results which is much necessary for building business.

Thinking about how to become an economist? Simply, you could follow a few steps and easily reach this career if you love statistics and formulas. 

Taking an overview, according to the Bureau of Labor Statistics, the average salary offered for an economist is about $89,265 and it falls anywhere between  $75,283 and $104,967. The salaries can vary based on your education, key skills and experience in the relevant field. According to the employer's perspective, a master’s degree is the minimum requirement to qualify for an economist job. Hence, from this we can approximate how long it takes to become an economist. 

How long does it take to become an Economist?

Now you know that an economist is a skilled professional who requires certain educational requirements to meet. The academic excellence is gained by good education,this acts as a foundation for the future. 

The number of years you could take to become an economist is about 5-9 years. Let's take a look at the degree level and the time consumed,

Bachelor’s degree in Economics- 4 years

A bachelor’s degree is typically a 4 years program where you are offered up to 120 credits to complete the coursework. The initial 2 years include general courses such as English, Social Sciences, Natural Sciences, and Mathematics for 45 credits. The next two years is the time to choose your majors such as labor economics, micro and macroeconomics, statistics, and business which provides 58 credits.

Master’s Degree in Economics- 2 years

A master’s degree is the preferable minimum education to land on an economist job. To pursue this degree you may not require an undergraduate degree in economics as a major. But you must be strong with mathematics to pursue a master's degree directly. 

A master’s degree is a 2 years or lesser time consuming program that offers 33-36 credits to complete the necessary core coursework such as Microeconomic, Statistics, Econometrics, Forecasting in Organizations and other. Under this, you could choose any area of economics to gain an in-depth knowledge and specialize in that. This also required researching and thesis writing, however certain programs offer thesis as optional.  One advice we give you is, if you will 

Doctoral Degree in Economics- 3-5 years

As a potential candidate, you could choose to opt for a Ph.D. which takes about 3 to 5 years to earn this degree and typically offers about 30-35 credits to complete the coursework. The courses offered are usually advanced to implement in-depth knowledge of the courses similar to master’ degree. To name a few, study in micro and macroeconomics, quantitative analysis, and econometric. Under this program, researching is also a part of the curriculum where you could choose options such as Economic History, International Finance, Industrial Organization, Labor Economics, Development Economics and other.

One key point is, if you decide to obtain a Ph.D. you could complete an undergraduate degree and directly continue this by skipping the Master's degree. This combination could take approximately about 7 years. 


Experience & Online programs

Previously told, education is important for this career but gaining experience cannot be neglected. You could gain practical knowledge by attending seminars, learning softwares, attending conferences with industrialists, internships or on-the-job training programs. This gives vast exposure to the field you are learning in. 

Online degrees are a great option which help you gain knowledge with a diverse course offered at an affordable cost. It also offers a flexible schedule which allows you to manage other responsibilities such as training programs or jobs. By gaining knowledge on the modern world trends, also learn about the modern technology to advance your career exponentially. 


Conclusion

By the following information detailed, we can conclude that it takes about 5-9 years to become full-term and land on an economist job profile. These years are necessary to gain skills and knowledge and ensure that the time you invest is worth spending on.