Economist: One of the Top Paying Professions in the U.S.

The top 10% of Economists in the US earns $149,000 a year. This data is based on a report entitled "Occupational Handbook Outlook 2008-2009" by the Bureau of Labor Statistics. The Federal Government is the highest employer of Economists. In fact, the US government spent $320 billion in economic studies in 2008.

How does one become an Economist?

Even though Economics is considered a social science, the study of Economics requires a good grasp of mathematics. Mathematics is the language of Economics. A solid training in math, particularly in calculus, will benefit a high school student considering to be an Economist.

Reasons why Math is Necessary to be an Economist

Firstly, the academic literature that a student must read in college and graduate school is full of mathematical derivations. It will be very difficult to get through one chapter of the required reading without a solid grasp of mathematics. As an Economist, you need to read all the available literature that has relevance to the policy you are researching.

Secondly, economists test their assumptions on an economic phenomena or issue through economic models, mathematical equations using statistics and econometrics.

Thirdly, economic departments in universities are biased to those students with mathematical backgrounds since their programs are highly math-intensive. Many economic policies departments in the private and public sectors require a prospective job applicant to have a minimum of M.A. or Ph.D degrees.

What Math Courses are a "Must" in Economics

Professor Greg Mankiw of Harvard University summarized the plan of action for taking math courses in college to be a well-seasoned Economist.

1. Calculus - Calculus is the study of change. It helps a student construct simple models of change and deduce their consequences over different intervals of time. Calculus "takes the ordinary rules of algebra and geometry and tweaks them so that they can used on more complicated problems."

2. Linear Algebra is the study of linear sets of equations and their transformation properties.

3. Multivariable Calculus - Wikipidea defines Multivariable Calculus as calculus in several variables: the functions which are differentiated and integrated involve several variables rather than one variable.

4. Real Analysis - Wikipedia defines Real Analysis as a branch of mathematical analysis dealing with the set of real numbers. It deals with analytical properties of real functions and sequences.

5. Probability Theory - Wikipedia defines Probability Theory as the branch of mathematics concerned with the analysis of random phenomena.

6. Mathematical Statistics - Wikipedia states that Mathematical Statistics is the study of statistics from a mathematical standpoint using probability theory as well as linear algebra and analysis.

7. Game Theory - Wikipedia defines Game theory as attempts to mathematically capture behavior in strategic situations, in which an individual's success in making choices depend on the choices of others.

8. Differential Equations - WoframMathWorld.com defines Differential Equations as an equation that involves the derivatives of a function as well as the function itself.

Conclusion.

To be an Economist, you must have a high comfort level with mathematics. Greg Mankiw's blog entitled "Random Observations for Students of Economics" gives a candid view of the role of mathematics in aspiring to be an Economist. His blog narrated that "Economics is not for slackers. It's like boot-camp in the Army." Greg Mankiw, Professor at Harvard University mused at his blog " The average economist will sit at a higher percentile than the
average (non-economist) social scientist in GRE and SAT scores. Higher salaries in economics will tend to reinforce the "economists are smarter" phenomena."

Sources:

"Random Observations for Students of Economics", Greg Mankiw
"Occupational Handbook Outlook 2008-2009" by the Bureau of Labor Statistics.
Wikipedia.Org
WoframMathWorld.com
"How the FED bought the Economics Profession", The Huffington Post