Popular Careers

Career Development

Career development resources for aspiring professionals.

Career Change Center

Career change guides, tutorials and resources for professionals in transition.

Job Search Resources

Job search resources, websites, guides and directories for job seekers.


Career and Education Opportunities for Economists in Chicago, Illinois

There is a wide variety of career and education opportunities for economists in the Chicago, Illinois area. The national trend for economists sees this job pool growing by about 5.8% over the next eight years. Economists generally conduct research, prepare reports, or formulate plans to aid in solution of economic problems arising from production and distribution of goods and services.

Economists earn approximately $41 per hour or $87,180 yearly on average in Illinois. Nationally they average about $40 per hour or $83,590 yearly. Incomes for economists are better than in the overall category of Social Sciences in Illinois, and better than the overall Social Sciences category nationally. Jobs in this field include: fiscal economist, project economist, and economic adviser.

There are eighteen schools within twenty-five miles of Chicago where you can study to be an economist, among 180 schools of higher education total in the Chicago area. The most common level of education for economists is a Master's degree. It will take about six years to learn to be an economist if you already have a high school diploma, or just 2 years starting with a Bachelor's degree.

CAREER DESCRIPTION: Economist

Economist video from the State of New Jersey Dept. of Labor and Workforce Development

In general, economists conduct research, prepare reports, or formulate plans to aid in solution of economic problems arising from production and distribution of goods and services. They also may collect and process economic and statistical data using econometric and sampling techniques.

Economists study economic and statistical data in an area of specialization, such as finance or agriculture. They also compile and report data to explain economic phenomena and forecast market trends, applying mathematical models and statistical techniques. Finally, economists furnish advice and consultation on economic relationships to businesses, public and private agencies, and other employers.

Every day, economists are expected to be able to write clearly and communicate well. They need to articulate ideas and problems. It is also important that they listen to and understand others in meetings.

It is important for economists to formulate recommendations or plans to solve economic problems or to interpret markets. They are often called upon to design economic guidelines and standards and ready points of view used in forecasting trends and formulating economic policy. Somewhat less frequently, economists are also expected to supervise research projects and students' study projects.

Economists sometimes are asked to testify at regulatory or legislative hearings concerning the estimated effects of changes in legislation or public policy and present recommendations on the basis of cost-benefit analyses. and forecast production and consumption of renewable resources and supply, consumption and depletion of non-renewable resources. And finally, they sometimes have to testify at regulatory or legislative hearings concerning the estimated effects of changes in legislation or public policy and present recommendations on the basis of cost-benefit analyses.

Like many other jobs, economists must be able to absorb the factors involved and a problem and provide a well thought out solution and be thorough and dependable.

Similar jobs with educational opportunities in Chicago include:

  • Archaeologist. Conduct research to reconstruct record of past human life and culture from human remains, artifacts, and structures recovered through excavation, underwater recovery, or other means of discovery.
  • Geographic Information Systems Analyst. Study nature and use of areas of earth's surface, relating and interpreting interactions of physical and cultural phenomena. Conduct research on physical aspects of a region, including land forms, climates, soils, plants and animals, and conduct research on the spatial implications of human activities within a given area, including social characteristics, economic activities, and political organization, as well as researching interdependence between regions at scales ranging from local to global.
  • Historian. Research, analyze, and interpret the past as recorded in sources, such as government and institutional records, newspapers and other periodicals, photographs, and unpublished manuscripts, such as personal diaries and letters.
  • Industrial Psychologist. Apply principles of psychology to personnel, administration, and marketing problems. Activities may include policy planning; employee screening, training and development; and organizational development and analysis. May work with management to reorganize the work setting to improve worker productivity.
  • Market Research Analyst. Research market conditions in local, regional, or national areas to determine potential sales of a product or service. May gather information on competitors, prices, and methods of marketing and distribution. May use survey results to create a marketing campaign based on regional preferences and buying habits.
  • Market Survey Representative. Design or conduct surveys. May supervise interviewers who conduct the survey in person or over the telephone. May present survey results to client.
  • School Psychologist. Investigate processes of learning and teaching and develop psychological principles and techniques applicable to educational problems.
  • Urban Planner. Develop comprehensive plans and programs for use of land and physical facilities of local jurisdictions, such as towns, cities, and metropolitan areas.

EDUCATIONAL OPPORTUNITIES: Economist Training

University of Illinois at Chicago - Chicago, IL

University of Illinois at Chicago, 601 S Morgan, Chicago, IL 60607. University of Illinois at Chicago is a large university located in Chicago, Illinois. It is a public school with primarily 4-year or above programs. It has 25,709 students and an admission rate of 60%. University of Illinois at Chicago has bachelor's degree, master's degree, and doctor's degree programs in Economics which graduated twenty-three, twenty-two, and six students respectively in 2008.

Northeastern Illinois University - Chicago, IL

Northeastern Illinois University, 5500 N Saint Louis Ave, Chicago, IL 60625-4699. Northeastern Illinois University is a large university located in Chicago, Illinois. It is a public school with primarily 4-year or above programs. It has 11,193 students and an admission rate of 71%. Northeastern Illinois University has a bachelor's degree program in Economics which graduated five students in 2008.

Elmhurst College - Elmhurst, IL

Elmhurst College, 190 Prospect Ave, Elmhurst, IL 60126-3096. Elmhurst College is a small college located in Elmhurst, Illinois. It is a private not-for-profit school with primarily 4-year or above programs. It has 3,315 students and an admission rate of 69%. Elmhurst College has a bachelor's degree program in Economics which graduated six students in 2008.

DePaul University - Chicago, IL

DePaul University, 55 E Jackson, Chicago, IL 60604. DePaul University is a large university located in Chicago, Illinois. It is a private not-for-profit school with primarily 4-year or above programs and has 22,554 students. DePaul University has 2 areas of study related to Economist. They are:

  • Economics, bachelor's degree and master's degree which graduated eight and three students respectively in 2008.
  • Business/Managerial Economics, bachelor's degree which graduated 35 students in 2008.

Chicago State University - Chicago, IL

Chicago State University, 9501 S. King Drive, Chicago, IL 60628-1598. Chicago State University is a medium sized university located in Chicago, Illinois. It is a public school with primarily 4-year or above programs. It has 6,820 students and an admission rate of 61%. Chicago State University has a bachelor's degree program in Economics.

Roosevelt University - Chicago, IL

Roosevelt University, 430 S Michigan Ave, Chicago, IL 60605-1394. Roosevelt University is a medium sized university located in Chicago, Illinois. It is a private not-for-profit school with primarily 4-year or above programs. It has 7,708 students and an admission rate of 43%. Roosevelt University has 2 areas of study related to Economist. They are:

  • Economics, bachelor's degree and master's degree.
  • Business/Managerial Economics, bachelor's degree.

Purdue University-Calumet Campus - Hammond, IN

Purdue University-Calumet Campus, 2200 169th St, Hammond, IN 46323-2094. Purdue University-Calumet Campus is a medium sized university located in Hammond, Indiana. It is a public school with primarily 4-year or above programs. It has 9,325 students and an admission rate of 74%. Purdue University-Calumet Campus has a bachelor's degree program in Economics which graduated one student in 2008.

North Central College - Naperville, IL

North Central College, 30 N Brainard St, Naperville, IL 60540. North Central College is a small college located in Naperville, Illinois. It is a private not-for-profit school with primarily 4-year or above programs. It has 2,726 students and an admission rate of 69%. North Central College has a bachelor's degree program in Economics which graduated fifteen students in 2008.

Dominican University - River Forest, IL

Dominican University, 7900 W Division St, River Forest, IL 60305. Dominican University is a small university located in River Forest, Illinois. It is a private not-for-profit school with primarily 4-year or above programs. It has 3,413 students and an admission rate of 85%. Dominican University has a bachelor's degree program in Economics which graduated one student in 2008.

Lake Forest College - Lake Forest, IL

Lake Forest College, 555 N Sheridan Road, Lake Forest, IL 60045-2399. Lake Forest College is a small college located in Lake Forest, Illinois. It is a private not-for-profit school with primarily 4-year or above programs. It has 1,387 students and an admission rate of 59%. Lake Forest College has a bachelor's degree program in Economics which graduated seven students in 2008.

University of Chicago - Chicago, IL

University of Chicago, 5801 S Ellis Ave, Chicago, IL 60637. University of Chicago is a large university located in Chicago, Illinois. It is a private not-for-profit school with primarily 4-year or above programs. It has 14,620 students and an admission rate of 28%. University of Chicago has bachelor's degree, master's degree, and doctor's degree programs in Economics which graduated twenty-eight, forty-two, and twenty-seven students respectively in 2008.

Benedictine University - Lisle, IL

Benedictine University, 5700 College Rd, Lisle, IL 60532-0900. Benedictine University is a medium sized university located in Lisle, Illinois. It is a private not-for-profit school with primarily 4-year or above programs. It has 5,053 students and an admission rate of 80%. Benedictine University has 2 areas of study related to Economist. They are:

  • Economics, bachelor's degree which graduated 1 student in 2008.
  • Business/Managerial Economics, bachelor's degree.

Lewis University - Romeoville, IL

Lewis University, One University Parkway, Romeoville, IL 60446-2200. Lewis University is a medium sized university located in Romeoville, Illinois. It is a private not-for-profit school with primarily 4-year or above programs. It has 5,536 students and an admission rate of 71%. Lewis University has a bachelor's degree program in Business/Managerial Economics which graduated two students in 2008.

Wheaton College - Wheaton, IL

Wheaton College, 501 College Ave, Wheaton, IL 60187-5593. Wheaton College is a small college located in Wheaton, Illinois. It is a private not-for-profit school with primarily 4-year or above programs. It has 2,915 students and an admission rate of 62%. Wheaton College has 2 areas of study related to Economist. They are:

  • Economics, bachelor's degree which graduated 6 students in 2008.
  • Business/Managerial Economics, bachelor's degree which graduated 3 students in 2008.

Northwestern University - Evanston, IL

Northwestern University, 633 Clark St, Evanston, IL 60208. Northwestern University is a large university located in Evanston, Illinois. It is a private not-for-profit school with primarily 4-year or above programs. It has 20,128 students and an admission rate of 27%. Northwestern University has 2 areas of study related to Economist. They are:

  • Economics, bachelor's degree, master's degree, and doctor's degree which graduated eighty-six, zero, and zero students respectively in 2008.
  • Business/Managerial Economics, master's degree and doctor's degree which graduated twelve and zero students respectively in 2008.

Joliet Junior College - Joliet, IL

Joliet Junior College, 1215 Houbolt Rd, Joliet, IL 60431-8938. Joliet Junior College is a large college located in Joliet, Illinois. It is a public school with primarily 2-year programs and has 14,088 students. Joliet Junior College has an associate's degree program in Agricultural Economics which graduated four students in 2008.

North Park University - Chicago, IL

North Park University, 3225 W Foster Ave, Chicago, IL 60625-4895. North Park University is a small university located in Chicago, Illinois. It is a private not-for-profit school with primarily 4-year or above programs. It has 3,255 students and an admission rate of 30%. North Park University has a bachelor's degree program in Economics.

Loyola University Chicago - Chicago, IL

Loyola University Chicago, 820 N. Michigan, Chicago, IL 60611-9810. Loyola University Chicago is a large university located in Chicago, Illinois. It is a private not-for-profit school with primarily 4-year or above programs. It has 15,670 students and an admission rate of 74%. Loyola University Chicago has 2 areas of study related to Economist. They are:

  • Economics, bachelor's degree.
  • Business/Managerial Economics, bachelor's degree which graduated 30 students in 2008.

CERTIFICATIONS

Planning and Scheduling Professional: The PSP certification is to recognize specialists who meet a demanding set of planning and scheduling criteria by a rigorous examination, experience, education and ethical qualificaion.

For more information, see the AACE International (Association for the Advancement of Cost Engineering through total cost management) website.

Certified Economic Developer: Economic development organizations need professionals who possess the expertise to combat new challenges that emerge in a constantly changing industry.

For more information, see the International Economic Development Council website.

Economic Development Finance Professional: In NDC's EDFP Certification Program you will build the capacity to translate development opportunities into results for their communities.

For more information, see the The National Development Council website.

LOCATION INFORMATION: Chicago, Illinois

Chicago, Illinois
Chicago, Illinois photo by Dschwen

Chicago is situated in Cook County, Illinois. It has a population of over 2,853,114, which has shrunk by 1.5% in the past ten years. The cost of living index in Chicago, 114, is well above the national average. New single-family homes in Chicago are valued at $200,500 on average, which is far less than the state average. In 2008, three hundred eighty-one new homes were built in Chicago, down from eight hundred seventy the previous year.

The three big industries for women in Chicago are health care, educational services, and professional, scientific, and technical services. For men, it is construction, professional, scientific, and technical services, and accommodation and food services. The average commute to work is about 35 minutes. More than 25.5% of Chicago residents have a bachelor's degree, which is lower than the state average. The percentage of residents with a graduate degree, 10.0%, is higher than the state average.

The unemployment rate in Chicago is 11.6%, which is greater than Illinois's average of 10.5%.

The percentage of Chicago residents that are affiliated with a religious congregation, 57.6%, is more than both the national and state average. Southlawn United Methodist Church, Southern Missionary Baptist Church and Lakeside Evangelical Church are all churches located in Chicago. The most common religious groups are the Catholic Church, the Muslim Estimate and the Lutheran Church.

Chicago is home to the Five Crossings and the Wrigley Field as well as Monticello Park and Wilson Playground. Shopping centers in the area include Lincoln Village Shopping Center, Market Place at Six Corners Shopping Center and Kimbark Plaza Shopping Center. Visitors to Chicago can choose from Extended Stay America, Embassy Suites Lakefront and Cottage Inn for temporary stays in the area.