CHICAGO—In one corner of the U.S. job market, the first weekend in January is the most important of the year.

At the annual meeting of the American Economic Association this weekend, thousands of economics graduate students were interviewed by universities, private firms and institutions like the Federal Reserve and International Monetary Fund hunting new talent.

The affair is comparable to the National Football League’s annual scouting combine every February, where players go through tests and stunts that help determine how they will fare in the NFL draft.

Instead of wearing tight uniforms and being asked to run a 40-yard dash, students here wear awkwardly fitting suits and are given five minutes to show their mastery of econometrics and prove their research could change the world.

Recruiters say they are on the hunt for students who use “big data” in research. Another hot discipline is at the intersection of macroeconomics and finance, in large part a reaction to understanding the Great Recession.