An economist is a scientist who combines knowledge about both society and geography, in order to study how various societies utilize the resources they’ve been given, concentrating on the use of limited resources which are a common point of dispute – from the basics like land and water, to the various natural materials which continue to pose problems even today. The studies of an economist may extend more broadly than that, analyzing more abstract elements such as the labor market. Economists are generally able to grasp a solid idea of why a society behaves in the way they do in relation to the spending of their resources.
The educational requirements for becoming an economist are high, and in most areas a Doctorate is required from candidates. In some cases, a Master’s degree could be enough, though that’s not so common. The specific subject of the degree should be closely related to economics, however some are also able to succeed with degrees in law. Statistics play a major role in the job of an economist, so excellent mathematics skills are an absolute must from candidates.
An economist can earn quite well as opposed to their responsibilities – the median for 2009 was $61,000 and the annual salary ranges between $51,000 – $97,000. The job is known for having some attractive bonuses and benefits as well, mostly in the form of commissions, but also from other sources (in some cases, bonuses can go as high as $10,000, providing for a substantial increase in the salary of the economist).