Changes In The Job Market For Economists

The Bureau of Labor Statistics (BLS) has just published its latest Job Outlook Handbook, and it's probably got news a lot of Economics majors aren't going to like. According to the BLS, job growth for economists is going to be exceedingly slow over the next decade. It's not going into the negatives, like travel agents or news reporters, but demand will be far, far slower than those pursuing careers in such hot fields as computer science or health care.



The reason for this, quite frankly, is the economy. The largest employer of economics, over half of them, is the government. The federal government employs slightly over 30%, while state governments take up the slack. With both state and national governments talking about cutbacks, economists are going to be some of the first to go.



That said, according to the BLS, there are currently 14,600 economists in the U.S. They anticipate growth in the occupation to be only an additional 900 flat, or approximately 6%. Recalling the computer science and health care fields, a large number of occupations within those fields can anticipate an increase of 30% and even more, depending on the job.



What's interesting is the BLS also reports that Economics is one of the most popular fields of study at both on campus and online colleges. Because of this, it projects that many graduates coming out shortly and hoping for that government job better think otherwise. The number of openings will not meet the number of students entering the work force. Not that the news is entirely gloomy. The Bureau, which employs its share of economists out there, has its own solution. It advises students to take one of two routes to tough out the upcoming rough times.



The first is to go on for an advance degree, such as a Master's or MBA, and use the extra academic time to ride out the storm. While you're at it, see if you can land an assistantship or internship to help defray the costs. At minimum, it will help keep the loans down as low as possible.



If you do pursue this route, another thing to think about is maybe switching majors (if you're a sophomore or freshman in particular) or going for a complimentary post-graduate degree if you are an upper classman. One thing Economics does have going for it, particularly at the Bachelor's level, is it provides a very wide and solid base which can be applied to such disciplines as Marketing, Market Research, various Managerial specialties or Accounting/Auditing.



The second path is while the government may soon be laying people off; there are other sectors of the business world that will be hiring. Yes, you'll have to go up against people with a few years experience, but many of these companies would rather have a young one they can train their way than someone who is partially set in their ways.

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