economics phd salary

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Economics PhDs

By Roman Duda · Published June 2015

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Economics PhDs  

On this page:.

• 1 Research process
• 2 What is this career path?
• 3 Entry requirements
• 4.1 Doing high impact research
• 4.2 Advocacy potential
• 4.3 Other benefits
• 5 What are the downsides of doing an economics PhD?
• 6 Who should consider doing an economics PhD?
• 7 Next steps
• 8 Learn more
• 9 Get free, one-on-one career advice

An economics PhD is one of the most attractive graduate programs: if you get through, you have a high chance of landing an impactful research job in academia or policy. In particular, academic economics is one of the best ways of conducting and promoting global priorities research, one of our priority paths . You have back-up options in the corporate sector since the skills you learn are in-demand (unlike many PhD programs). You should especially consider an economics PhD if you want to go into research roles, are good at math (i.e. quant GRE score above 165) and have a proven interest in economics research.

• • Decent chance of entering economics academia, which has potential for highly valuable research (such as contributing to global priorities research) and the option of working on topics in related social sciences.
• • In demand by think-tanks, government departments and international organisations (e.g. IMF, World Bank).
• • Gain a broad set of tools for understanding how the social world works and evaluating causes and interventions.
• • High degree of autonomy when writing your dissertation.
• • Backup options in the corporate sector.
• • Takes a long time (5-7 years), with low pay.
• • Doing highly open-ended research provides little feedback which can be unmotivating.

Key facts on fit  

You can test your ability and interest by taking classes in economics, math and statistics either at your university or online. You don’t need an economics undergraduate degree to enter but proven math ability is required, so make sure you study quantitative subjects. See this guide to getting into an economics PhD program.

Get free, one-on-one career advice

We’ve helped hundreds of people compare between their options and introduced them to people who can help them with their career. If you’re interested in using an economics PhD to work on issues like global priorities research or artificial intelligence policy , apply for our free coaching service :

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Recommended

If you are well suited to this career, it may be the best way for you to have a social impact.

Review status

Based on a shallow investigation 

Table of Contents

Research process

For this profile, we interviewed economist Robin Hanson and read the following sources. See all our research in our wiki .

What is this career path?

In this profile we focus on doing an Economics PhD in the US, which usually takes 5-7 years. 1 In the first two years you take classes and the remaining time is spent on writing a dissertation. You usually have to teach during your PhD. More detail on what you do in each phase is here . At the end, you usually apply for jobs through the centrally organised Job Openings for Economists , which is run by the American Economic Association, or you can apply for jobs independently.

Entry requirements

An economics major isn’t required but you need proven math ability and it helps to have taken mathematical economics classes.

You also need:

• A high score on the quantitative reasoning section of the GRE – 165 (90th percentile for all individuals taking the GRE) or higher for most programs. If your score is less than 160, your chances are very low. 2
• A high GPA (3.5+), especially in economics and mathematics. 3
• Excellent letters of recommendation from academics; ideally, those that are well-known.

Can you enter from a non-quantitative background? It’s possible, but difficult. You’ll need to spend one to three years retraining. See some advice on how to meet the entry requirements if you have a non-quantitative undergraduate degree .

Why should you do an economics PhD?

Doing high impact research.

Research in economics academia is a potentially very high impact option because you can work on priority cause areas, like global priorities research or AI policy . For example, to contribute to global priorities research you might work on the economics of existential risk and long-term trajectory change, while the macroeconomics, political economy and industrial organisation of AI will be important for developing informed AI policy.

Doing such research is a realistic option because Economics professors get a lot freedom to do research across a wide range of topics and disciplines. That also gives you great option value for future research. 4 You often even get a high degree of autonomy with your dissertation and aren’t forced to specialise narrowly in your advisor’s research interests, giving you freedom to pursue research topics that you most want to work on during your PhD itself (though we’ve heard that sometimes there is pressure to choose topics with higher publication and job market value).

If you do an economics PhD, you have a decent chance of getting a job as an academic: Data indicates that more than half of economics PhD’s get jobs in academia after their PhD. 5

Non-academic research

If you don’t get a job in academia, or if you don’t want to, there are other important sectors that explicitly hire economics PhD’s, including:

• Government (e.g. Federal Reserve, Treasury, Department of Justice)
• Nonprofit research organisations and think-tanks (e.g. RAND , National Bureau of Economic Research)
• International organisations (e.g. World Bank, International Monetary Fund)

The impact you can have in these jobs tends to be more direct and focused on specific issues than in academia. Many of these jobs are advertised on the Job Openings for Economists , which means you don’t have to apply for them separately from academic jobs.

Advocacy potential

Having an economics PhD also puts you in a position to build a public platform and become a public intellectual through journalism and writing books.

You can also influence policy through your research, though some claim that most of the time economists just provide arguments for people with pre-existing views. However there could be room for outsized influence if you provide policy recommendations on issues that are orthogonal to popular disputes, 6 and our guess is that in the long-run economists can change conventional wisdom about what is good policy. You might do this by engaging directly with policy or by conducting academic research on the most pressing problems in order to shift the research priorities of the economics community. Examples of organisations working on the latter are the Global Priorities Institute and the Forethought Foundation .

Other benefits

• You gain a broad set of tools for understanding how the social world works, which is helpful for evaluating causes and interventions. This may help you better evaluate your future career options to have more impact. A notable example of this in action is the founding of GiveDirectly (one of GiveWell’s top recommended charities), which was founded by economics PhD students.
• Excellent job prospects: You are nearly guaranteed a job. The unemployment rate for economics PhD’s is very low (0.8% in 2013) and data indicates that it has the lowest unemployment rate of all science and engineering PhD’s. 7 You also get the benefit of the centrally organised Job Openings for Economists , which allows you to apply to many different jobs in a short period of time and interview for them at the same time, in the same place.
• Academic salaries for economics PhD’s tend to be higher than other PhD’s. The median pay for those who gained economics PhD’s in 2013 and were in full-time employment at a university was $108,000, which is higher than all other science PhD’s. 8 Moreover, the jobs outside of academia which economics PhD’s get are higher paid than non-academic jobs other PhD’s get. 9

What are the downsides of doing an economics PhD?

• You have a relatively low income whilst doing your PhD and have to work very long hours.
• You spend 5-7 years getting exposure only to academia, making this option less good for exploration value.
• The high degree of autonomy you get means there is little external structure on your time, which can be stressful, and you get very little feedback about how well you are doing which can be demotivating.
• Many PhD economists end up in academic jobs where they spend a large portion of their time teaching, leaving less time for research. 10

Who should consider doing an economics PhD?

Commonly given advice is that you should only do an economics PhD if you:

• Are good at math and enjoy formal models in economics
• Are willing to study 50-80 hours per week (hours are particularly long in the first year)
• Love intellectual pursuits and have a strong drive to do self-directed research. 11

If you meet those conditions, then an economics PhD may be a good option for you if you want to go into economics academia or if you want to do high-level research at think-tanks or international organisations.

To get a sense of what academic research looks like, try reading published papers in major journals, such as the American Economic Review ( here is one paper ). You can then test your ability and interest by taking classes in economics, math and statistics either at your university or online.

If you are interested in global priorities research, read our problem profile on the topic, and the research agenda of the Global Priorities Institute.

There are many guides online to getting into an economics PhD. We recommend that you start by reading this one , and then read a few of the others . If you’re applying from a non-quantitative background, see these tips by one of our users.

• Ideas for research questions in economics
• Noah Smith – If you get a PhD, get an economics PhD
• All our articles on Economics PhD’s
• Publishing and Promotion in Economics: The Tyranny of the Top Five by James J. Heckman and Sidharth Moktan
• Podcast: Dr Eva Vivalt’s research suggests social science findings don’t generalize. So evidence-based development – what is it good for?
• Podcast: David Roodman on incarceration, geomagnetic storms, & becoming a world-class researcher
• Podcast: Rachel Glennerster on how “market shaping” could help solve climate change, pandemics, and other global problems
• Podcast: Prof Yew-Kwang Ng is a visionary economist who anticipated many key ideas in effective altruism decades ago. Here’s his take on ethics and how to create a much happier world.
• Podcast: Mushtaq Khan on using institutional economics to predict effective government reforms
• Podcast: Economist Bryan Caplan on whether lazy parenting is OK, what really helps workers, and betting on beliefs

Notes and references

• See our wiki. ↩
• GRE Guide Table 1a and A Guide for UCSB Undergraduates Considering a PhD in Economics ↩
• “An overall GPA of at least 3.5 is a prerequisite. It is not uncommon to see an almost perfect GPA among top candidates.” Tips on Applying to Top Graduate Programs in Economics ↩
• “What other profession gives you so much freedom to choose your research topics? Many economists now devote their careers to studying topics which an outsider would classify as political science, psychology, or sociology. Some economists even do work that basically amounts to history or philosophy, though they probably need to work on more conventional topics until they get tenure.” Bryan Caplan – Is the Econ Ph.D. a Free Lunch? ↩
• “Among the successful job seekers, 62.8 percent found employment in academic institutions as compared to 61.0 percent in the 2013-14 year.” Center for Business and Economic Research, University of Arkansas. SURVEY OF THE LABOR MARKET FOR NEW PH.D. HIRES IN ECONOMICS 2015-2016 See also National Science Foundation. TABLE 61. Statistical profile of postgraduation plans of doctorate recipients in social sciences fields, by sex and field of study: 2013 ↩
• “Economists rarely influence policy as advisors for people who haven’t made up their minds and want advice. Instead, people who favor a certain position generally seek policy advisors who they will expect will provide arguments favoring their position. So economists, and other policy advisors, often have influence mainly by providing ammunition for advocates of the views they support. There is more room for influence if you provide policy recommendations that are orthogonal to popular disputes.” The value of economics PhDs: A conversation with Robin Hanson ↩
• National Science Foundation. Table 4-1. Unemployment rate among doctoral scientists and engineers, by field of doctorate: 2013 ↩
• National Science Foundation. Table 54. Median annual salaries of full-time employed doctoral scientists and engineers, by field of doctorate and sector of employment: 2013 ↩
• In 2013 Economics PhD’s had the highest median starting salaries of all science doctorates in government ($137,000), nonprofits ($135,000), and for-profit private companies ($148,000). National Science Foundation. Table 54. Median annual salaries of full-time employed doctoral scientists and engineers, by field of doctorate and sector of employment: 2013 ↩
• “…many econ PhDs teach college level courses while conducting very little research.” A Guide for UCSB Undergraduates Considering a PhD in Economics ↩
• A Guide for UCSB Undergraduates Considering a PhD in Economics ↩

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Best Doctorates in Economics: Top PhD Programs, Career Paths, and Salaries

If you’re a graduate student and interested in pursuing an advanced study in the field of economics, you should start researching the best PhDs in Economics. By enrolling in an economics PhD program, you’ll be getting an in-depth education on past and current economic trends.

In this article, we’ll try to help you choose the right PhD in Economics by going over some of the best programs in the United States. We’ll also cover some of the highest-paying economics jobs on the market and provide an overview of the PhD in economics salary possibilities.

Find your bootcamp match

What is a phd in economics.

A PhD in Economics degree is an advanced doctoral degree program that studies the distribution and consumption of goods and services. Economics classes teach students to analyze small-scale and global-scale economic factors to make predictions for future markets.

The main goal of economics departments in PhD programs is to teach students how to help different institutions improve and optimize their economic actions. Through a mix of teaching, research, and a heavy course load, economics grad students will perfect their quantitative skills and learn to make decisions that increase the profitability of the organizations they work for.

How to Get Into an Economics PhD Program: Admission Requirements

The admission requirements to get into an economics PhD program include a bachelor’s degree in a related field and a minimum 3.0 GPA. Other admission requirements can include GRE exam scores, letters of recommendation, a statement of purpose, and a resume. Admissions counselors will look at a student’s comprehensive experience before grad school.

Different schools have other specific admission requirements for their economics PhD programs, but all international and English as a second language-speaking (ESL) students will have to submit proof of English proficiency in the form of Test of English as a Second Language (TOEFL) exam scores.

PhD in Economics Admission Requirements

• Bachelor’s or master’s degree in a related field
• Minimum 3.0 GPA
• GRE test scores (optional for most schools)
• Two to three letters of recommendation
• Proof of English proficiency (for ESL and international students)
• Statement of purpose
• Previous knowledge in math-intensive subjects, such as economic theory, statistics, mathematics, differential and integral calculus, and linear algebra

Economics PhD Acceptance Rates: How Hard Is It to Get Into a PhD Program in Economics?

It can be very hard to get into economics PhD programs. Economics PhD acceptance rates vary between 2.4 and 7.4 percent. At Johns Hopkins University, for example, only 12 students are selected to enroll in the Economics PhD program out of more than 500 applications.

How to Get Into the Best Universities

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Best PhDs in Economics: In Brief

Best Universities for Economics PhDs: Where to Get a PhD in Economics

The best universities for PhD economics programs include Arizona State University, John Hopkins University, Syracuse University, and Drexel University. These schools will adequately equip you with the economic knowledge and skills needed to ensure you are ready for a well-paying job in the economics career path of your dreams. Continue reading for all you need to know to prepare for grad school at one of the top Phd in Economics degree programs.

Arizona State University is a public research university founded in 1886. It is considered one of the best institutions for superior education. ASU offers more than 400 graduate degree programs led by experts and has been ranked as the nation’s most innovative university by US News & World Report . 

PhD in Economics

This economics PhD program provides training in microeconomic and macroeconomic theory, applied economics, and econometrics. Classrooms are relatively small, with about 45 graduate students, to facilitate mentoring and provide greater faculty attention within the department of economics. The program prepares students for teaching and research positions in the field of economics. 

PhD in Economics Overview

• Program Length: 5 years
• Acceptance Rate: Not stated
• Tuition: $ 858/credit (in state); $1,361/credit (out of state)
• PhD Funding Opportunities: National Science Foundation Graduate Research Fellowship, graduate teaching assistantships
• Bachelor's or master's degree from a regionally accredited institution
• Minimum cumulative GPA of 3.0
• Graduate admission application and application fee
• Official transcripts
• Three letters of recommendation

Colorado State University was founded in 1870. It is a public land-grant research university and is considered the flagship university of the Colorado State University System. It offers several programs and certificates across many fields and has over 7,000 enrolled graduate students.

This economics doctoral program offers meticulous training and teaches research methods in the many different areas of economics. These math intensive classes include microeconomic theory, macroeconomic theory, and econometrics. This econ program requires a minimum of 72 credits and allows students to focus on different areas like environmental, international, political, Keynesian, feminist, or regional economics.

• Tuition: $601.90/credit (in state); $1,475.80/credit (out of state)
• PhD Funding Opportunities: Graduate assistantships, scholarships, fellowships, internships, grants
• Online application and application fee
• Official transcripts of all collegiate work completed post-high school
• Letters of recommendation

Drexel University was founded in 1891. It is a private research university with over 8,900 enrolled graduate students. Their co-op education program sets this university apart from others, offering students the opportunity to get paid and gain real-world experience prior to graduating.

This PhD in Economics teaches a set of core courses including microeconomics, macroeconomics, and econometrics. Students are then required to specialize and demonstrate math skills in industrial organization, international economics, or macroeconomics. This PhD is an official STEM Designated Degree Program. Each class is composed of three to six doctoral students to optimize and facilitate interactions between students and faculty. 

• Tuition: $1,342/credit
• PhD Funding Opportunities: Graduate assistantships
• GRE scores from the past five years
• Personal statement
• Two letters of recommendation

Johns Hopkins University is a world-renowned private research university. It was founded in 1876 and is now organized into 10 campuses in Maryland and Washington, with international divisions in Italy and China. The university has over 22,000 graduate students enrolled across its social sciences, engineering, arts, and business schools.

This economics program is led by expert faculty and trains students in applied microeconomics and macroeconomics, economic theory, and econometrics. Students will receive one-on-one attention from faculty, allowing them to conduct better research and strengthen the complex analysis and quantitative skills necessary in the field of econ. 

• Program Length: 5-6 years
• Acceptance Rate: 2.4%
• Tuition: $58,720/year 
• PhD Funding Opportunities: Departmental fellowship (1st year), teaching or research assistantships (2nd to 5th years), Carl Christ Fellowship, Kelly Miller Fellowship, tuition fees funded by the department for enrolled students
• Unofficial transcripts from all previous colleges and universities
• GRE scores (quantitative scores of 160 or above)
• Minimum of two letters of recommendation

Kansas State University was founded in 1863 as the first public institution of higher education in Kansas. KSU is a public land-grant research university and has over 4,500 enrolled graduate students across 73 master's and 43 doctoral degree programs.

This PhD Economics program teaches students about the latest advances in econometrics, economic theory, and computation. The program requires the completion of a minimum of 90 credits, of which 30 are designated to researching and writing a high-quality dissertation.

• Tuition and Fees: $6,282/year (in state); $12,746/year (out of state)
• PhD Funding Opportunities: Teaching assistantships, the Wayne Nafziger Graduate Scholarship, the Lloyd and Sally Thomas Graduate Scholarship, and Edward Bagley Graduate Scholarship; tuition fees funded by the department for enrolled students
• Academic transcripts of all undergraduate and graduate coursework from each institution attended
• Short statement of objectives for graduate study
• GRE scores from the past five years (optional but encouraged)

Oregon State University ’s roots can be traced back to 1856 as a public land-grant research university that was founded as a primary and preparatory community school. Today, the university is the largest in Oregon. Oregon State is particularly renowned for its programs in earth, marine, and biological sciences and has over 5,668 enrolled graduate students.

PhD in Applied Economics

The 108-credit Applied Economics PhD degree program teaches students about economic theory, econometrics, development economics, and other quantitative methods. Grad school students of this program will gain the intellectual autonomy needed to examine real-world problems and apply relevant solutions regarding policy, education, trade, and the environment. 

PhD in Applied Economics Overview

• Program Length: 4-5 years
• Acceptance Rate: 6.7%
• Tuition: $498/credit (in state); $1,011/credit (out of state)
• PhD Funding Opportunities: Graduate assistantship

PhD in Applied Economics Admission Requirements

• Academic records from each institution attended
• Letters of reference
• Statement of objectives

Syracuse University is a private research university founded in 1831 with over 6,800 enrolled graduate students. Syracuse is ranked 59th on US News & World Report’s list of best national universities and features famous alum President Joe Biden. 

The PhD in Economics program at Syracuse University is a research-oriented degree that requires the completion of 72 credits. The program teaches students about mathematical economics, microeconomic theory, macroeconomic theory, and econometrics. Students will specialize in a primary field in labor, international, public, urban economics, or econometrics. 

• Acceptance Rate: N/A
• Tuition: $32,436/year
• PhD Funding Opportunities: University Fellowships, graduate assistantships, Melvin Eggers Graduate Economics Scholarship for Doctoral Students, David Greytak Fellowship Fund
• Transcripts from all collegiate and post-collegiate work
• Three letters of recommendation 

University of Maryland (UMD) at College Park was founded in 1856 and is the flagship campus of the University System of Maryland. UMD is a public, land-grant research university with 10,500 enrolled graduate students in over 230 graduate degree programs.  

PhD in Economics (ECON)

This econ PhD program offers a wide range of specializations to students, including advanced macroeconomics or microeconomics, behavioral and experimental economics, econometrics, economic history, international trade, and public economics. Students who enroll directly after they finish their bachelor’s degree are also able to obtain a Master of Arts degree simultaneously. 

PhD in Economics (ECON) Overview

• Acceptance Rate: 4.1%
• Tuition: $1,269/semester (in state); $2,496/semester (out of state)
• PhD Funding Opportunities: Graduate assistantships, Fellowship in Support of Diversity and Inclusion

PhD in Economics (ECON) Admission Requirements

• Transcripts from all institutions attended after high school
• Description of research and work experience
• GRE exam scores (optional)

University of Utah was established in 1850 as a public research university and is now considered the flagship institution of the Utah System of Higher Education. It currently has over 8,400 enrolled graduate students and offers several programs with financial assistance, academic opportunities, and postdoctoral fellows.

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This economics PhD program allows students to explore many topics, including economic theory, post-Keynesian macroeconomics, Marxian economics, the economics of gender, labor market institutions, and intensive math classes. The program focuses particularly on themes of inequality, globalization, and sustainability. 

• Acceptance Rate: 7.4%
• Tuition and Fees: $1,271.79/credit (in state); $4,517.11/credit (out of state)
• PhD Funding Opportunities: Graduate assistantships (research and teaching), fellowships, scholarships
• Completion of intermediate microeconomic and macroeconomic theory prerequisite courses 
• Three academic reference letters
• Brief statement of personal academic goals

West Virginia University was founded in 1867 as a public land-grant research university. Today, the university enrolls over 5,700 graduate students in more than 350 programs throughout 14 colleges and high-quality schools.

This 45-credit PhD program trains students to conduct original research, produce publishable articles, analyze real-world problems from economists and policymakers, and effectively communicate their results. Doctorate students must choose a specialization in health, international, monetary, public, regional, or urban economics. Classes in economics have a small number of students to facilitate and encourage interaction between students and faculty.

• Program Length: 4 years
• Tuition and Fees: $899/credit (in state); $2,053/credit (out of state)
• PhD Funding Opportunities: Graduate assistantships, Arlen G. and Louise Stone Swiger Doctoral Fellowship, W.E.B. Du Bois Fellowship, Provost Graduate Fellowship
• Minimum GRE score of, 300
• Completion of statistics, intermediate micro and macro theory, and calculus prerequisite courses

Can You Get a PhD in Economics Online?

Yes, you can get a PhD in economics online. Liberty University currently offers an online PhD in Public Policy with a concentration in Economic Policy. This program focuses on teaching students how to shape economic policy across legislation, communications, politics, education, and international relations. Grad school students can complete this online program in three years.

Best Online PhD Programs in Economics

How Long Does It Take to Get a PhD in Economics?

It takes five years on average to get a PhD in Economics. The first two years are usually spent completing core classes in economics, and by the third year, students prepare for exams in their specialization field of choice. The final two years are for research and writing a dissertation.

Some students are able to complete their PhD program in less time. Others take up to seven years to finish their degrees, especially if they don’t already have a master’s degree in the field, or are taking courses part-time.

Is a PhD in Economics Hard?

Yes, a PhD in Economics is a hard degree to obtain. However, at this level of education, regardless of the area of study you choose, all programs are hard to complete. Doctoral programs are intended for students who wish to become true experts in their field of choice.

Economics PhD programs are hard because extensive research and practical capabilities are required of candidates. Through a heavy course load, econ grad students are expected to work hard to develop their skills to the maximum and create publishable, high-quality work.

How Much Does It Cost to Get a PhD in Economics?

It costs an average of $19,314 per year to get a PhD in Economics , according to the National Center for Education Statistics. This value is an average of the graduate tuition required in all public and private institutions between 2018 and 2019. Tuition rates will vary by school, and private universities are often more expensive than public institutions.

How to Pay for a PhD in Economics: PhD Funding Options

PhD funding options that students can use to pay for a PhD in Economics include research and teaching assistantships, and many different fellowships and scholarships. These can either be provided directly by the university or by independent institutions and organizations.

Some of these include the Provost Graduate Fellowship, the Melvin Eggers Graduate Economics Scholarship for Doctoral Students, and the National Science Foundation Graduate Research Fellowship Program.

Best Online Master’s Degrees

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What Is the Difference Between an Economics Master’s Degree and PhD?

The main difference between an economics master’s degree and a PhD is that master’s degrees are more career-oriented, while PhDs are focused on research. Since many doctorate students wish to pursue academic careers and teach in high-quality schools, they opt for a PhD program that allows them to acquire expert-level knowledge through research and assistant teaching.

Other differences between these two programs include funding options for payment, as master’s degrees don’t have as many funding options as PhD programs do, as well as the time of completion and the difference in salary between economics master’s and PhD graduates.

Master’s vs PhD in Economics Job Outlook

Employment for both economics master’s and PhD graduates is expected to grow in the next 10 years. However, the growth percentage is much higher for certain economics jobs for those with a doctoral degree. For example, employment for budget analysts, a position that requires only a Master’s Degree in Economics, is projected to grow five percent from 2020 to 2030, which is slower than the average growth for all occupations.

On the other hand, employment for postsecondary teachers, who typically need to have a PhD in Economics, is expected to grow 12 percent in the next 10 years .

Difference in Salary for Economics Master’s vs PhD

Considering the differences mentioned above, there’s a significant difference in average salaries for economics master’s and PhD graduates. While a budget analyst makes around $84,240 on average per year, a postsecondary teacher makes $124,090 on average per year.

According to PayScale, the average salary of someone with a Master’s Degree in Economics is $82,000 per year , whereas the average salary of someone with a PhD in Economics is $110,000 per year .

Related Economics Degrees

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Why You Should Get a PhD in Economics

You should get a PhD in Economics because it will allow you to learn many valuable quantitative and analytical skills in the field, improve how you communicate with peers and non-experts alike, learn from a wide variety of specializations, and put you on track for a career in research and academics.

Reasons for Getting a PhD in Economics

• Wide range of specializations. A PhD in Economics allows you to specialize in an area that interests you most, such as financial, labor, international, political, business, feminist, Keynesian, environmental, or development economics.
• Improve communication skills. Throughout your economics PhD program, you’ll be required to publish high-quality articles for peer review. This means that you’ll also be expected to learn how to communicate your findings to the common layman.
• Learn many relevant skills. Econ students learn skills that will allow them to work for several institutions. They’re able to evaluate and calculate risk, make predictions, develop and use mathematical models, and deeply understand market dynamics.
• Work in academia. Most PhD graduates desire to become professors themselves. A PhD in Economics allows students to work for all kinds of superior institutions and have a fulfilling career in research and academia.

Getting a PhD in Economics: Economics PhD Coursework

Getting a PhD in Economics begins with core economics PhD coursework. For most programs, these courses include micro and macroeconomics, econometrics, mathematics for economists, and research design and methodology.

Microeconomics

A microeconomics course teaches decision-making when it comes to allocating resources of production, exchange, and consumption. Students learn about consumer and producer theory, general equilibrium theory, game theory, and other key applied microeconomic topics.

Macroeconomics

Macroeconomics is the area of economics that studies the economy as a whole. It accounts for the total goods and services provided, economic growth, and total income and consumption. In this course, students learn about the different macroeconomic models and current trends in macroeconomic thought.

Econometrics

In an econometrics course, students learn about probability and statistics, random variables, and hypothesis-testing procedures. Students will also be able to apply mathematical formulations to create complex economic models.

Mathematics for Economists

This core course is important to review the mathematical techniques required in economics. Students consolidate their knowledge in calculus, matrixes, algebra, differential equations, and set theory.

Research Design and Methodology

This introductory course is fundamental to guide students through conducting relevant research in economics literature for their dissertation, article publications, seminars, and any other papers they’ll need to prepare.

Best Master’s Degrees

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How to Get a PhD in Economics: Doctoral Program Requirements

If you’re wondering how to get a PhD in Economics, the answer is pretty straightforward. To successfully complete an economics PhD program, students will have to complete all of the doctoral program requirements. These include successfully concluding core economics classes, establishing a program of study, passing the qualifying exam and candidacy examination, and defending a final dissertation.

Every PhD student will have to take a common set of core courses during their first year. These courses in micro and macroeconomics, econometrics, and mathematics provide students with basic training for conducting research in their field at advanced levels.

At the end of the first year, students will take their first-year exam to prove their competence in the core course and readiness to continue with the program. Passing these exams will allow students to choose their specialization courses for the second year.

Just before the beginning of the second year, students will work with an advisor to help them figure out the specialization courses best for them. They will also facilitate the process of finding a permanent advisor and creating a program of study for the rest of the degree program.

Candidacy examinations, or field course exams, are tests that prove a student’s knowledge in the specialized fields in which they wish to pursue their dissertation research. Upon passing these examinations, students are then recognized as PhD candidates.

By the end of the fifth year, most students have already completed their research and are ready to present and defend their theses. Students defend their dissertation in a final oral examination. Upon passing the defense, students must submit a final copy of their dissertation.

Potential Careers With an Economics Degree

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PhD in Economics Salary and Job Outlook

Getting a PhD in Economics will grant you career stability and financial security. Career prospects in the economics field are great, as employment in these jobs is projected to grow faster than average. Continue reading for a list of some of the best PhD in Economics jobs available to graduates and an overview of their annual salaries.

What Can You Do With a PhD in Economics?

With a PhD in Economics, you can apply to many high-paying jobs in the field. These jobs can include financial manager, postsecondary economics teacher, economist, personal financial advisor, or even urban and regional planner roles.

Best Jobs with a PhD in Economics

• Financial Manager
• Postsecondary Economics Teacher
• Personal Financial Advisor
• Urban and Regional Planner

What Is the Average Salary for a PhD in Economics?

The average salary for someone with a PhD in Economics is $110,000 per year , according to PayScale. This value varies depending on the career path you choose, the company you work for, or even the industry you base your work in.

Highest-Paying Economics Jobs for PhD Grads

Best Economics Jobs with a Doctorate

In this section, we’ll cover the best economics jobs you can get with a doctoral degree. They include financial managers, postsecondary teachers, and economists. Other high-paying jobs include personal financial advisors and urban and regional planners.

Financial managers are responsible for the financial standing of a company or organization. They coordinate accounting and investing, create financial reports, and develop long-term financial goals for their company. They must have knowledge of the tax laws and regulations specific to their industry.

• Salary with an Economics PhD: $153,460
• Job Outlook: 17% job growth from 2020 to 2030
• Number of Jobs: 681,700
• Highest-Paying States: New York, Delaware, and New Jersey

Many economics PhD students are interested in teaching in postsecondary academic institutions. After being hired, these professors are placed in the school’s department of economics where they can conduct research and teach one or more courses in the field.

• Salary with an Economics PhD: $124,090
• Job Outlook: 12% job growth from 2020 to 2030
• Number of Jobs: 1,276,900
• Highest-Paying States: New Hampshire, Montana, and California

Economists apply their knowledge and skills in economic analysis within a great variety of fields. They study the cost of products, examine employment, taxes, and inflation levels, and analyze economic history trends to make predictions for the future.

• Salary with an Economics PhD: $120,830
• Job Outlook: 13% job growth from 2020 to 2030
• Number of Jobs: 18,600
• Highest-Paying States: New York, Washington DC, and California

Personal financial advisors advise clients on investments, insurance, mortgages, taxes, and other areas related to financial investment and management. They work to assess a client’s needs and help them make the best financial decisions for their future.

• Salary with an Economics PhD: $119,960
• Job Outlook: 5% job growth from 2020 to 2030
• Number of Jobs: 275,200
• Highest-Paying States: New York, Washington DC, and Washington

Urban and regional planners gather and analyze information regarding economic, population, and environmental factors to advise developers on their plans to use land. Using their analytical and data skills, they eventually have the final say on whether a land project is feasible.

• Salary with an Economics PhD: $81,310
• Job Outlook: 7% job growth from 2020 to 2030
• Number of Jobs: 39,100
• Highest-Paying States: Washington DC, California, and New York

Is a PhD in Economics Worth It?

Yes, a PhD in Economics is worth it. Getting an economics PhD is a great way to gain valuable skills for the econ job market, work on your overall communication, and guarantee financial security and stability over the course of your career.

Economics PhD graduates can choose between conducting research and teaching in superior institutions, prestigious government positions, and continuous work at some of the highest-paying private institutions.

Additional Reading About Economics

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PhD in Economics FAQ

Some of the top companies that are hiring economists in 2022 include RAND, the Federal Reserve Bank of New York, and the World Bank. Fannie Mae, the IMF, and Amazon are also top companies looking for economists.

Yes, you are expected to teach or somehow be involved in classroom experiences during your PhD program. Most students receive financial funding through teaching assistantships. These are viewed as an important component of the PhD college career.

You’ll need to have some kind of mathematics background to be admitted to an economics PhD program. All candidates must have taken intensive math classes and need proven math ability in calculus, linear algebra, and differential equations.

No, you don’t need an econ master’s degree to enroll in an economics PhD. However, only a small number of applicants are accepted into these programs and a master’s degree could be considered a competitive edge.

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PhD in Economics Salary

Having PhD in economics offers some of the highest starting salaries of any field in the United States. In fact, a PhD in economics has the best starting salary of any non-STEM field, comparable to computer science or engineering.

We took a closer look at PhD in economics salaries, and here’s what we found:

• Early Career - $102,000 / year
• Mid Career - $134,000 / year
• Experienced - $150,000 / year

One problem is that PhD in economics salaries have high variance. Private industry jobs (e.g. economists working in data science) tend to have significantly higher wages than economists working in academia or the non-profit sector.

For example, PhDs in economics working in data science earn $114,000 / year on average, about 13% more than the annual average for all economics PhDs.

PhD in Economics: Salary by Job Title

Private sector jobs for economics PhDs have increased rapidly. Amazon, for example, has a Central Economics Team , which specifically hires economists to develop models to answer some of the business questions for the company.

Since most PhDs in economics tend to enter at mid- or senior-level positions, salaries tend to increase exponentially. Overall, the average yearly salary for senior economists in the U.S. is $150,000. FAANG companies tend to pay a premium for senior-level economists.

Salaries for senior economists at FAANG companies:

• Google: Up to $219,000 / year
• Amazon: Up to $171,000 / year + additional compensation of $140,000+

PhD in Economics Salary vs Other Fields

A PhD in economics salary equates to one of the top mid-career salaries in any field of study. It’s currently ranked #5, with an average mid-career salary of $134,000, behind only computer engineering, electrical engineering, chemical engineering, and biomedical engineering:

Salaries for PhD in economics rank higher than computer science ($131,000) and physics ($130,000).

PhD in Economics for Data Science

A PhD in economics has many practical applications in data science, and it remains one of the top fields of study among data scientists. According to the Burtch Works 2021 Salary survey, 6% of surveyed data scientists held an advanced degree in economics:

Similarly, the majority of FAANG companies, fintech, and consulting firms hire PhDs. Therefore, if you want to pursue a career in tech, a PhD in economics offers a path into top companies.

Economics PhDs typically enter data science and earn mid- to senior-level data science salaries .

Is a PhD in Economics Worth It?

Ultimately, pursuing a PhD requires a lot of time, about 5-7 years on average. During this time, working as a teaching assistant may only net you up to $30,000 / year. As such, delayed earnings may outweigh any potential salary increases down the line.

However, if you have a passion for economics and research, you might consider a PhD in economics if you:

• Have strong math skills and enjoy building models
• Can study for 50-80 hours per week
• Enjoy conducting research
• Are a strong self-starter and can thrive in a self-directed environment

Starting a PhD program is all about commitment. If you have the time and resources to invest and want to spend 5-7 years researching, then a PhD in economics may be a good option for you.

If your goal is a career in data science, economics is a great subject area, but you might also consider a PhD in statistics or a PhD in data science (which is becoming increasingly common).

PhD in Economics: Advice

We talked with an economics PhD candidate to learn more about PhD programs, tips for students, and how to know if you should pursue a PhD in economics. If you want to know if a PhD in economics is worth it, ask yourself these questions:

Are you interested in research?

PhD candidates conduct research and gain valuable experience in experiment design. This is becoming an increasingly desired skill in private industry, as more and more tech companies seek to measure complex processes and user experiences. If economics research excites you, you should consider a PhD program.

If not, you might consider a master’s in economics. If you’re interested in a data science career, use your electives to focus on programming and statistics, in addition to core courses in micro and macroeconomics. An applied economics program is another great option for this path.

Not sure if you’re interested in research?

Economics PhD programs typically start with actual courses, followed by a research training component. Then, you’ll conduct your own research and write a dissertation, with this final research period lasting 1-3 years.

Visit our salary page if you’re interested in learning more about various data science roles and their respective pay. Check out our blog for more insights and amazing content that you may find worthwhile.

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Phd in economics: requirements, salary, jobs, & career growth, what is phd in economics.

A PhD in Economics is a doctorate-level degree that focuses on advanced training and research in the field of economics. It is a research-oriented degree that prepares students to contribute to the field through original, in-depth research and analysis.

The program typically involves taking advanced coursework in economics, completing a research project, and writing a dissertation that presents original findings. The coursework and research topics covered in a PhD in Economics program can include microeconomics, macroeconomics, econometrics, game theory, economic history, and various specialized areas within the field.

The PhD in Economics is ideal for individuals who are interested in pursuing careers in academia, government, international organizations, or research-focused organizations. Graduates of the program are equipped with the skills and knowledge necessary to conduct independent research, analyze data, and develop innovative solutions to complex economic problems.

How much money do people make with a PhD in Economics?

The earning potential of individuals with a PhD in Economics can vary widely based on a number of factors such as their experience, location, and type of employer. On average, economists with a PhD can expect to earn a higher salary than those with a master’s degree or a bachelor’s degree in the field.

According to data from the US Bureau of Labor Statistics (BLS), the median annual salary for economists was $105,020 in May 2020. However, salaries can range from less than $60,000 for entry-level positions to over $150,000 for experienced economists in leadership positions.

In academia, assistant professors with a PhD in Economics can expect to earn a starting salary in the range of $70,000 to $90,000, while full professors can earn well over $100,000. In the government sector, economists with a PhD can earn salaries that range from $70,000 to $120,000 or more, depending on their level of experience and the type of agency they work for.

In the private sector, salaries for economists with a PhD can be even higher, particularly for those working in consulting, finance, or other high-paying industries. However, the earning potential in the private sector is highly dependent on the specific job and the location, with salaries in certain cities, such as New York or San Francisco, being significantly higher than those in other parts of the country.

It’s important to note that salaries can vary greatly based on factors such as the individual’s level of experience, the type of employer, and the location.

What is expected job growth with PhD in Economics?

The job growth for individuals with a PhD in Economics is expected to be relatively strong in the coming years. According to the US Bureau of Labor Statistics (BLS), employment of economists is projected to grow 6% from 2019 to 2029, which is about as fast as the average for all occupations.

Demand for economists is expected to remain strong, particularly in the government and private sectors, as organizations continue to seek individuals with expertise in analyzing data, developing economic models, and creating solutions to complex economic problems.

In the government sector, there is expected to be continued demand for economists who can analyze economic data and provide research and policy analysis to inform government decision-making.

In the private sector, economists with PhDs are expected to be in high demand in consulting firms, financial institutions, and other organizations that require advanced economic analysis and problem-solving skills.

In academia, opportunities for economists with PhDs are expected to remain strong, as universities continue to seek highly trained individuals to conduct research and teach the next generation of economists.

Overall, the job outlook for individuals with a PhD in Economics is positive, and they can expect to have a range of opportunities across various sectors and industries. However, as with any job market, there may be fluctuations in demand based on economic conditions and other factors.

What can you do with a PhD in Economics?

A PhD in Economics provides individuals with advanced training and research skills in the field of economics, preparing them for a variety of careers in academia, government, international organizations, the private sector, and non-profit organizations. Some of the most common career paths for individuals with a PhD in Economics include:

1. Academia: Many individuals with a PhD in Economics pursue careers in academia as university professors, where they conduct research, teach courses, and mentor students.

2. Government: Economists with a PhD can find careers in the government sector, working in agencies such as the Federal Reserve, the Department of Labor, or the Bureau of Economic Analysis.

3. International organizations: PhD economists can also find careers in international organizations such as the World Bank, the International Monetary Fund, or the United Nations.

4. Private sector: Economists with PhDs can also find careers in the private sector, working for consulting firms, financial institutions, or other businesses that require advanced economic analysis.

5. Non-profit organizations: Economists with a PhD can also find careers in non-profit organizations, where they can use their expertise to address social and economic issues.

6. Research organizations: Economists with a PhD can also find careers in research organizations, where they can conduct independent research and publish their findings. 

What are the requirements for a PhD in Economics?

The requirements for a PhD in Economics can vary slightly depending on the specific program and university, but in general, most PhD programs in Economics require the following:

1. A bachelor’s or master’s degree in economics or a related field: Most PhD programs in Economics require applicants to have a bachelor’s or master’s degree in economics or a related field, such as mathematics, statistics, or finance.

2. Coursework: PhD programs in Economics typically require students to complete advanced coursework in economics, including microeconomics, macroeconomics, econometrics, game theory, and other specialized areas of the field.

3. Examinations: Many PhD programs in Economics require students to pass written and oral comprehensive exams to demonstrate their mastery of the field.

4. Research project: PhD students in Economics are typically required to complete a research project, either independently or as part of a team, and present their findings in a written thesis or dissertation.

5. Teaching experience: Many PhD programs in Economics also require students to complete teaching experience, either as a teaching assistant in an undergraduate course or as the instructor of their own course.

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How long does it take to get a phd in economics.

The time it takes to complete a PhD in Economics can vary, but most programs take between 4 to 7 years on average. The exact duration of the program depends on a number of factors, including the specific program requirements, the student’s course load, and the amount of time they can dedicate to their studies.

Typically, the first 2 to 3 years of a PhD in Economics program are spent completing coursework and exams, while the remaining years are dedicated to research and writing a thesis or dissertation. During this time, PhD students are also typically required to complete teaching or research assistantships to gain practical experience in their field.

In some programs, students may be able to complete their PhD more quickly by taking a heavier course load, while in others, students may need to take more time to complete their research and writing.

It’s important to keep in mind that the length of a PhD program can vary significantly depending on the specific program and the student’s individual circumstances.

Some students may complete their PhD in as little as 4 years, while others may take 7 years or more. Additionally, some programs may allow students to take a leave of absence or pause their studies for personal or professional reasons, which can also impact the overall duration of the program.

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Do you need a masters in economics to get a phd in economics.

Not all PhD programs in Economics require a master’s degree, but many do. A master’s degree in economics can provide students with a strong foundation in the field and help them prepare for the more advanced coursework and research required in a PhD program.

However, some PhD programs in Economics accept applicants with only a bachelor’s degree, particularly if they have strong academic performance and relevant work experience.

In some cases, PhD programs in Economics may offer a combined master’s and PhD program, allowing students to complete both degrees in a shorter amount of time. This can be a good option for students who are interested in pursuing a career in academia or research and want to obtain both degrees as quickly as possible.

What are the Best PhD in Economics Degree programs?

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• Resources for Students
• Preparing for graduate school

Understanding the job market

Most graduating PhDs seeking jobs in academia, government, or industry will participate in the job market for economists and may interview for positions at the ASSA Annual Meeting in early January.  

The job market process

The AEA provides a  guide to the job market process  created by John Cawley. It details the following:

Job openings for economists

The American Economic Association provides the JOE Network (Job Openings for Economists Network) for employers and job-seekers who are participating in the annual economics job market cycle.

AEA Committee on the Job Market

The AEA's Committee on the Job Market posts information and updates in various reports and webinars on the economics job market.

Current salary and job market information

There are several sources of current salary and job market information for economists:

• The Fed describes potential career opportunities for economics PhDs
• The Fed describes research assistant opportunities for those without PhDs in economics
• The Center for Business and Economic Research at the University of Arkansas conducts an annual " Survey of the Labor Market for New Ph.D. Hires in Economics ."
• The American Economic Association publishes results of its Universal Academic Questionnaire in each May issue of AEA Papers and Proceedings .
• The Bureau of Labor Statistics publishes information on economists in the Occupational Outlook Handbook .

Further reading

Auerbach, Alan J., Francine D. Blau, and John B. Shoven. 2004. "The Labor Market for New Ph.D. Economists: Panel Discussion." American Economic Review , 94 (2), pp. 286-290.

Coles, Peter, John Cawley, Phillip B. Levine, Muriel Niederle, Alvin E. Roth, and John J. Siegfried (2010) "The Job Market for New Economists: a Market Design Perspective" Journal of Economic Perspectives 24(4) (Fall): 187-206.

Ehrenberg, Ronald G. 2004. "Prospects in the Academic Labor Market for Economists." Journal of Economic Perspectives , 18 (2), pp. 227-238 .

Jihui, Chen, Qihong Liu, and Sherrilyn Billger. 2012. “Where Do New Ph.D. Economists Go? Evidence from Recent Initial Job Placements.” Journal of Labor Research , 34, pp. 312-338.

Krueger, Anne O. 1999. "Implications of the Labor Market for Graduate Education in Economics." Journal of Economic Perspectives , 13 (3), pp. 153-156 .

Smeets, Valerie, Frederic Warzynski, and Tom Coupe. 2006. "Does the Academic Labor Market Initially Allocate New Graduates Efficiently?" Journal of Economic Perspectives , 20(3), pp. 161-172.

Career earnings

The economics profession, universal academic questionnaire (uaq).

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Average salary of an economics phd.

The Doctor of Philosophy (PhD) is the terminal degree in economics. Earning the degree requires years of study and culminates in the completion and defense of a dissertation of economic research. Many recipients of the PhD pursue academic careers as professors of economics, business and related fields. Others pursue careers in government or consulting. The average salary of a PhD in economics depends on the selected career path.

Academic Economists at Doctoral Institutions

Most four-year colleges and universities require a PhD for employment as a faculty member in economics. In addition, some PhD economists hold faculty positions in schools of business, law and public affairs or public policy. Salaries for economists in academia vary by whether an economist is on the faculty of a university that grants PhDs or only undergraduate and master’s degrees. The American Economic Association reported in 2007 that senior assistant professors at PhD-granting institutions earn an average of nearly $96,000 a year. Professors who earn tenure can expect to earn even more. The AEA reported that salaries for tenured associate professors average $128,600 a year, while full professors’ annual salaries average $204,800 a year.

Other Academic Economists

Economics PhDs who find employment as faculty members at universities in which the master’s is the terminal degree earn less than their counterparts at PhD-granting institutions. The AEA reported in 2007 that salaries for senior assistant professors average $80,167 a year. Tenured associate professors receive a small boost, with their salaries averaging $82,333. Full professors at colleges and universities that grant only bachelor’s and master’s degrees earn average annual salaries of $97,500, according to the AEA.

Government Economists

PhD economists with strong public policy interests find rewarding careers in government, especially at the federal level. The federal government has jobs for economists in many agencies and departments. These include the Federal Reserve Board and its regional banks, the U.S. Department of State, the Central Intelligence Agency and the U.S. Department of Labor. A PhD in economics can begin a career on GS-12 of the federal government’s pay scale, according to the American Economic Association. Starting salaries on the GS-12 grade range from $60,274 to $78,355 a year, according to the U.S. Office of Personnel Management’s 2011 pay scale for federal employees.

Business Economists

Career opportunities for PhD economists are not limited to civil service and academia. Others enter the private sector, working in consulting, financial markets, banking, manufacturing and other business sectors. The National Association of Business Economics’ 2010 salary survey reported that its members with doctoral degrees earned an average of $150,000 a year, well above the $120,000 median for all NABE members, regardless of degree. In addition, the average starting salary for a PhD was $85,000. Highlights of the NABE report indicated that respondents to the survey included government economists as well as those in business, finance and consulting.

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Shane Hall is a writer and research analyst with more than 20 years of experience. His work has appeared in "Brookings Papers on Education Policy," "Population and Development" and various Texas newspapers. Hall has a Doctor of Philosophy in political economy and is a former college instructor of economics and political science.

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Calculating ROI: Getting Your Master’s vs. PhD in Economics

No matter what field they study, prospective graduate students should always consider the value of their degree.  As a potential graduate economics student, you’re likely familiar with the term return on investment or ROI — the ratio used to calculate the efficiency of an investment or compare the efficiency of several different investments.

Though there’s no cut-and-dry way to determine the value of a graduate degree , there are some important numbers and factors to consider when determining which degree will be most valuable to you.  

The overall ROI of any graduate degree comes down to:

• the type of job you want,
• the school you attend,
• the degree you pursue,
• your program length
• and available financial assistance.

Want to know more about graduate funding opportunities at SMU? Learn how the Moody School of Graduate and Advanced Studies is reducing financial barriers to earning a graduate degree thanks to a $100 million commitment from the Moody Foundation. 

PhD in Economics Salary

The most important factor to consider first is the type of job you want. Most of the time, a Master’s degree opens the door to more advanced positions in the same types of jobs you can get with a Bachelor's degree. But, a PhD opens the door to jobs in the private sector, academia, government, think tanks and international organizations. Remember, on average, a PhD economist has a 34% higher salary than a Master’s economist.

Next, you need to consider cost. Economics PhD students, including our SMU students, have a full tuition waiver and a stipend to cover living costs. So, the only cost is lost wages from the job you would otherwise have. On the other hand, an Economics Masters's degree takes 2 years or less but the average cost of a master’s degree in the U.S. is $66,340.

You need to weigh up these costs and benefits to know the return on investment for you of pursuing an advanced degree in economics. 

What Can I Do with a PhD in Economics?

Earning a PhD in Economics means you have completed the highest level of education in the discipline, thereby creating nearly unlimited opportunities for any job in a related field. 

Economics PhDs specialize in areas like labor economics, macroeconomics,  industrial organization, or international economics and pursue careers within that specialization. For example, institutions like the World Trade Organization (WTO) — the international trade body —  the International Monetary Fund (IMF) or the World Bank might seek to hire economists who have specialized in international economics.

• The Federal Reserve Bank system hires lots of PhD macroeconomists.
• Government agencies like the Federal Trade Commission hire PhD economists specializing in industrial organization.
• The Census Bureau hires lots of PhD economists specializing in fields like labor economics.

These complex, high-profile positions are often found in the corporate sector or government and frequently involve exploring regulatory, strategic or public policies.

In addition to jobs in government and industry, academic economists play leading roles in the development of new ideas in economics and hold faculty positions in a variety of academic settings.

Explore Economics at SMU

The Department of Economics at Southern Methodist University (SMU) is highly ranked among economics departments in the United States and offers comprehensive coverage of the major fields in modern economics. For more than 55 years the department has prepared PhD candidates for careers as economists in both academic and non-academic positions.

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Top 15 Highest Paying Jobs For Economics Majors 2024 (Inc Salaries)

Discover the top 15 highest paying jobs for economics majors in 2024, including salaries and potential career paths for economics degree holders.

By definition, economics focuses on efficiency in production and exchange. There's microeconomics, macroeconomics, market economy, mixed economy, command economy, etc. But why should people care about economics, much less attempt to forge a career out of it?

Well, economics is crucial for understanding and navigating the complex web of decisions that shape our societies and individual lives. At its core, economics examines how individuals, businesses, and governments allocate scarce resources to satisfy unlimited wants and needs. It provides valuable insights into the functioning of markets, the impact of policies on economic growth, and the distribution of wealth and resources. It also helps us make informed choices by analyzing trade-offs and opportunity costs, guiding individuals and policymakers in optimizing their decisions. But to make all of that happen, you need people to drive the process, which means that choosing a career in economics will offer a myriad of benefits.

A career in economics with an economics degree opens doors to diverse opportunities with the best jobs, including roles in finance, policy analysis, research, consulting, and academia. Also, economists play a crucial role in shaping public policies, influencing business strategies, and contributing to global development, so the demand for skilled economists remains robust, offering stable and potentially lucrative career paths.

Overall, forging a career in economics not only offers financial stability but also the satisfaction of making a positive impact on the world through informed analysis and decision-making.

With that being said, let's jump into the best paid jobs for economics graduates:

Top 15 Best Paying Jobs For Economics Majors 2024 (Inc Salaries

1. economist.

An Economist is a professional who studies and analyzes the production, distribution, and consumption of goods and services to understand and explain how economies function. They apply various theories, models, and statistical methods to examine economic phenomena, such as market behavior, government policies, and societal trends, and their work often involves conducting research, collecting and analyzing data, and providing insights into economic issues. Generally, they tend to work in diverse settings, including government agencies, academic institutions, financial institutions, corporations, and international organizations.

Becoming an economist typically involves a combination of education, skill development, and practical experience, but generally you will require at least a bachelor's degree in economics or a related field like finance, mathematics, or statistics. Considering advanced degrees such as a master's degree in economics, while some entry-level positions may accept candidates with a bachelor's degree, many economist roles, especially those in research or policy analysis, require a master's or Ph.D. in economics. Cultivating strong analytical skills, as economists need to analyze and interpret data, trends, and economic indicators. Mastering quantitative methods, including mathematical modeling and statistical analysis. Familiarizing yourself with relevant software tools such as R, Python, or statistical packages like Stata.

The average annual salary for an Economist in the US job market is $113,809  and is one of the best jobs for economics majors.

2. Market Research Analyst

A Market Research analyst is a professional who gathers, analyzes, and interprets data about a specific market, industry, or product to provide insights that can aid in decision-making for businesses and organizations. Analysts work and play a critical role in helping companies understand market trends, consumer preferences, and competitive landscapes, and their work involves employing various research methods, such as surveys, interviews, focus groups, and data analysis, to collect relevant information.

Becoming a market research analyst typically involves a combination of education, skill development, and practical experience, but generally you will need a bachelor's degree, as many market research analyst positions require a bachelor's degree in market research, marketing, business, statistics, economics, or a related field. Considering obtaining a master's degree, especially if you want to get into fields like market research, business analytics, or data science, Gaining proficiency in data analysis is important, as market research analysts need strong quantitative and data analysis skills. Acquiring knowledge of various research methodologies, including surveys, interviews, focus groups, and observational studies. Developing strong written and verbal communication skills is important as market research analysts need to convey their findings and insights effectively. Learning to use tools commonly used in market research, such as survey software, statistical analysis software (e.g., SPSS, R), and data visualization tools (e.g., Tableau).

The average annual salary for a Market Research Analyst in the US is $64,795 .

3. Financial Analyst

A Financial Analyst is a professional who analyzes financial data and trends to provide insights and recommendations that help businesses and individuals make informed financial decisions. They work in various industries, including finance, investment banking, corporate finance, and consulting, and their primary responsibilities include assessing the performance of investments, preparing financial reports, evaluating financial statements, and making recommendations for improving financial performance.

Becoming a financial analyst typically involves a combination of education, skill development, and practical experience, but generally you will require: A bachelor's degree in finance, accounting, business, economics, or a related field. Acquiring proficiency in financial modeling, including forecasting, budgeting, and scenario analysis. Developing strong quantitative and data analysis skills. Obtaining a master's degree in finance, business administration (MBA), or a related field can enhance your qualifications and open up more advanced career opportunities. Pursuing professional certifications such as the Chartered Financial Analyst (CFA) or Financial Risk Manager (FRM) will demonstrate expertise and enhance your marketability. 

The average annual salary for a Financial Analyst in the US is  $76,582  making it one of the best degree jobs.

An Actuary is a professional who applies mathematical, statistical, and financial techniques to assess and manage various forms of risk. They play a crucial role in the insurance industry, pensions, and other financial sectors, where their expertise is used to analyze and quantify the financial implications of uncertain future events, and their primary goal is to help organizations make informed decisions regarding risk and uncertainty.

Becoming an actuary involves a structured process that includes education, passing actuarial exams, gaining practical experience, and obtaining professional designations, but generally you will require: A bachelor's degree in actuarial science, mathematics, statistics, finance, or a related field. Passing a series of actuarial exams to demonstrate proficiency in various areas. These exams are typically administered by actuarial organizations such as the Society of Actuaries (SOA) or the Casualty Actuarial Society (CAS). Achieving an associate-level designation. After passing the initial series of exams, you can earn an associate-level designation from the SOA or CAS. This may include designations like Associate of the Society of Actuaries (ASA) or Associate of the Casualty Actuarial Society (ACAS). To obtain fellowship and reach the highest level of professional recognition, actuaries can pursue fellowship by completing additional exams and demonstrating relevant work experience.

The average annual salary for an Actuary in the US is $141,889 . making it one of the best economics job opportunities. 

5. Business Analyst

A Business Analyst is a professional who acts as a bridge between business stakeholders and technology teams. Their primary role is to analyze business processes, identify areas for improvement, and propose solutions that align with the organization's goals and objectives. They generally work across various industries and are involved in projects related to system implementation, process improvement, and business strategy.

Becoming a business analyst typically involves a combination of education, skill development, and practical experience, but generally you will require: A bachelor's degree in business, information technology, management, or a related field. Obtaining additional training or certifications in business analysis. Organizations like the International Institute of Business Analysis (IIBA) offer certifications such as the Entry Certificate in Business Analysis (ECBA) or the Certification of Capability in Business Analysis (CCBA). Honing your ability to analyze data, identify patterns, and make informed decisions based on business needs. Familiarize yourself with tools commonly used in business analysis, such as Microsoft Excel, Visio, project management software, and requirements management tools. Considering pursuing advanced degrees or certifications as you gain more experience.

The average annual salary for a Business Analyst in the US is $93,359  making it one of the best jobs for economics degree holders.

6. Accountant

An Accountant is a professional responsible for managing financial records, preparing financial statements, and ensuring compliance with relevant financial regulations. They play a critical role in organizations by helping to maintain accurate financial records, providing insights into the financial health of the business, and supporting decision-making processes. Accountants may specialize in various areas, such as public accounting, corporate accounting, government accounting, or forensic accounting. Public accountants often work for accounting firms and serve multiple clients, while corporate accountants are employed by businesses to manage internal financial functions.

Becoming an accountant typically involves a combination of education, practical experience, and, in some cases, obtaining professional certifications, but generally, you will require: A bachelor's degree in accounting, finance, or a related field. Pursuing advanced degrees, such as a master's in accounting or an MBA, Considering obtaining professional certifications to enhance your qualifications and marketability? The Certified Public Accountant (CPA) designation is one of the most widely recognized certifications for accountants in the United States. Other certifications include Certified Management Accountant (CMA), Chartered Global Management Accountant (CGMA), and Certified Internal Auditor (CIA). Developing proficiency in accounting software and tools commonly used in the industry involves familiarizing yourself with spreadsheet software like Microsoft Excel and accounting software such as QuickBooks or SAP.

The average annual salary for an Accountant in the US is  $62,501 . 

7. Data Analyst

A Data Analyst is a professional who collects, processes, and analyzes data to help organizations make informed decisions. They play a crucial role in extracting meaningful insights from raw data, identifying trends, and providing actionable information to support business strategies, and work with various types of data, including numerical, textual, or visual, and use statistical and analytical techniques to interpret patterns and draw conclusions.

Becoming a Data Analyst involves a combination of education, skills development, and practical experience, but generally you will require: A bachelor's degree in a relevant field such as statistics, mathematics, computer science, economics, or a related discipline. Pursuing specialized training programs or degrees in data analytics, data science, or business analytics. Acquiring proficiency in statistical analysis techniques, hypothesis testing, and regression analysis. Learning how to clean and preprocess data to ensure its quality and accuracy for analysis. Familiarizing yourself with data visualization tools such as Tableau, Power BI, or matplotlib/seaborn in Python. Learning SQL (Structured Query Language) to retrieve and manipulate data from relational databases. Gaining proficiency in programming languages commonly used in data analysis, such as Python or R. Familiarizing yourself with popular data analysis tools and libraries, such as Pandas and NumPy in Python, or dplyr and ggplot2 in R. Considering pursuing relevant certifications to demonstrate your expertise. Certifications from organizations like Microsoft, IBM, or Google can enhance your credibility as a Data Analyst. 

The average annual salary for a Data Analyst in the US is  $76,698  making it a top job for a person with a good knowledge of economics.

8. Research Assistant

A Research Assistant is an individual who provides support to researchers in various fields by assisting with the planning, execution, and documentation of research projects. They play a crucial role in academic and non-academic research settings, contributing to the advancement of knowledge and the completion of research objectives, and their tasks can vary widely depending on the nature of the research project and the specific requirements of the research team.

Becoming a research assistant involves a combination of education, skill development, and actively seeking opportunities in research settings, but generally you will require: Obtaining a relevant educational background in areas such as psychology, biology, sociology, economics, or any other field with research components. Honing your research skills, including literature review, data collection, data analysis, and writing. Developing proficiency in software such as Microsoft Excel, statistical analysis tools (e.g., SPSS, R), and any other tools specific to the research area. Seeking out courses that enhance your research-related skills, such as research methods, statistics, or experimental design.

The average annual salary for a Research Assistant in the US is $39,000 .

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9. Pricing Analyst

A Pricing Analyst is a professional responsible for evaluating and setting prices for products or services within a business. Their role involves analyzing market trends, competitive landscapes, and cost structures to determine optimal pricing strategies, and they play a crucial role in helping businesses maximize revenue, achieve profitability, and stay competitive in the market.

Becoming a pricing analyst typically involves a combination of education, skill development, and practical experience, but generally you will require: A bachelor's degree in a relevant field such as business, finance, economics, or a related discipline. Honing your analytical skills, including proficiency in data analysis and statistical methods, Familiarize yourself with tools like Microsoft Excel or statistical software that pricing analysts commonly use. Developing a strong understanding of the industry or industries you are interested in is important, as different sectors may have unique pricing challenges and considerations. Familiarize yourself with pricing software and tools commonly used in the industry, which may include pricing optimization software, analytics platforms, and other relevant tools. Enhancing your proficiency in using financial modeling tools and spreadsheet software. Considering pursuing advanced degrees such as a master's in business administration (MBA) with a focus on pricing strategy or a related field? Exploring relevant certifications that demonstrate your expertise in pricing analysis. For example, certifications in financial modeling, data analytics, or pricing strategy may be beneficial.

The average annual salary for a Pricing Analyst in the US is $67,704 .

10. Compensation and Benefits Manager

A Compensation and Benefits Manager, also known as a Total Rewards Manager, is responsible for designing, implementing, and managing an organization's compensation and benefits programs. The role involves developing strategies to attract, motivate, and retain employees by offering competitive and equitable compensation and benefits packages, and generally, they work to ensure that an organization's reward systems align with its overall business objectives and support the attraction and retention of a talented workforce.

Becoming a Compensation and Benefits Manager typically involves a combination of education, relevant experience, and the development of specific skills, but generally you will require: A bachelor's degree in human resources, business administration, finance, or a related field. Doing coursework related to compensation, benefits administration, human resources management, and organizational behavior. Honing your analytical skills is important as compensation and benefits managers need to analyze market data, conduct cost-benefit analyses, and evaluate the effectiveness of compensation and benefits programs. Gaining proficiency in using tools such as Microsoft Excel for data analysis and financial modeling. Considering pursuing certifications or additional training programs related to compensation and benefits. Certifications such as Certified Compensation Professional (CCP) or Professional in Human Resources (PHR) can enhance your qualifications. Obtaining a master's degree in human resources, business administration, or a related field which can enhance your credentials and position you for more senior roles.

The average annual salary for a Compensation and Benefits Manager in the US is  $133,368  making it one of the top jobs for economics majors.

11. Policy Analyst

A Policy Analyst is a professional who analyzes and evaluates public policies, providing insights and recommendations to policymakers, government agencies, non-profit organizations, or other entities. They play a crucial role in the policy development process by researching, interpreting data, and assessing the potential impact of proposed policies, and their work aims to inform decision-makers about the effectiveness, feasibility, and implications of various policy options.

Becoming a policy analyst typically involves a combination of education, relevant experience, and the development of specific skills, but generally you will require: A bachelor's degree in a relevant field such as political science, public policy, public administration, economics, sociology, or a related discipline. Pursuing a master's degree in public policy, public administration, or a related field will enhance your knowledge and qualifications. Honing your analytical skills is important, as policy analysts are often required to analyze complex data, research findings, and policy options. Developing proficiency in quantitative and qualitative research methods. Gaining experience with statistical analysis tools, data visualization tools, and spreadsheet software. Considering pursuing an advanced degree, such as a master's or a Ph.D., in public policy, public administration, or a related field? Advanced degrees may open up higher-level and more specialized opportunities in policy analysis.

The average annual salary for a Policy Analyst in the US is $81,139 making it a lucrative job for a person with an economics education in the next 10 years.

12. Business News Reporter

A Business News Reporter is an economics journalist who specializes in covering news and events related to the business world. They work for various media outlets, including newspapers, magazines, online publications, television, and radio stations, providing coverage of financial markets, corporate developments, economic trends, and other business-related topics, and play a crucial role in keeping the public informed about important business events, analyzing economic data, and reporting on the impact of business decisions on various stakeholders.

Becoming a business news reporter involves a combination of education, practical experience, and developing key skills, but generally you will require: A bachelor's degree in journalism, communications, or a related field. Taking courses that provide a strong foundation in journalism, news writing, and media ethics. Hone your writing skills by consistently producing well-researched and well-written articles. Familiarize yourself with digital tools and platforms commonly used in modern journalism. This includes content management systems, social media, and multimedia reporting. Pursuing advanced degrees in journalism or a related field is especially important if you aim for specialized reporting roles or positions in management.

The average annual salary for a Business News Reporter in the US is $45,788 .

13. Environmental Economist

An Environmental Economist is a professional who applies economic principles and methods to analyze and address environmental issues. They play a crucial role in providing insights into how economic activities affect the environment and how environmental policies can be designed to achieve both economic and environmental goals. This interdisciplinary field combines economic theories with environmental science to assess the economic impact of environmental policies, natural resource management, and sustainable development strategies.

Becoming an environmental economist involves a combination of education, specialized training, and practical experience, but generally you will require: A bachelor's degree in economics, environmental economics, environmental science, or a related field. Pursuing a master's or doctoral degree in environmental economics or a closely related discipline. Honing your analytical and quantitative skills is important, as environmental economists often use economic models and statistical methods to analyze data and evaluate policies. Familiarizing yourself with relevant software tools and programming languages commonly used in economic analysis, such as R, Python, or specialized environmental economics software. Considering obtaining professional certifications, such as those related to environmental impact assessment or economic analysis, to enhance your credentials. Acquiring additional skills that are in demand in the field, such as geographic information system (GIS) proficiency or expertise in specific economic modeling techniques.

The average annual salary for an Environmental Economist in the US is $90,489  making it one of the top 10 jobs in economics.

14. Insurance Underwriter

An Insurance Underwriter is a professional responsible for evaluating and assessing the risk associated with insuring individuals or entities. Their primary role is to analyze information provided in insurance applications, determine the level of risk involved, and decide whether to approve or deny insurance coverage. They also play a critical role in helping insurance companies maintain a balanced portfolio by making informed decisions on policy issuance and pricing.

Becoming an insurance underwriter typically involves a combination of education, relevant experience, and the development of specific skills, but generally you will require: A bachelor's degree in a relevant field such as finance, business, economics, or mathematics. Honing your analytical skills is important, as underwriters need to analyze complex information to assess risk. Acquiring a solid understanding of insurance principles, terminology, and underwriting guidelines. Familiarize yourself with different types of insurance, including property and casualty, life, health, and specialty lines. Obtaining industry-recognized certifications will enhance your qualifications. The Insurance Institute of America (IIA) offers certifications such as the Associate in Commercial Underwriting (AU) or the Associate in Personal Insurance (API).

The average annual salary for an Insurance Underwriter in the US is $76,756  making it one of the best job options for those that chose to pursue an economics degree. 

15. Statistician 

A Statistician is a professional who specializes in the field of statistics, which involves the collection, analysis, interpretation, presentation, and organization of data. They apply mathematical and statistical theories to design experiments, conduct surveys, and analyze data sets, helping businesses, researchers, and policymakers make evidence-based decisions, and play a crucial role in various industries and disciplines by using statistical methods to draw meaningful insights and make informed decisions based on data.

Becoming a Statistician typically involves a combination of education, practical experience, and the development of specific skills, but generally you will require: A bachelor's degree in statistics, mathematics, data science, or a related field. Taking additional courses in computer science, programming languages (such as R or Python), and data visualization to enhance your skills. Pursuing a master's or doctoral degree in statistics or a closely related field for more advanced and specialized roles, especially if you are interested in research or academia. Honing your analytical and problem-solving skills, as Statisticians need to be able to analyze complex data sets, identify patterns, and draw meaningful conclusions. Familiarizing yourself with statistical software packages commonly used in the field, such as R, Python, SAS, or SPSS. Strengthening your mathematical skills, especially in areas such as calculus, linear algebra, and probability theory, as a strong mathematical foundation is crucial for advanced statistical analysis. 

The average annual salary for a Statistician in the US is  $94,984  making it one of the top economist jobs.

Conclusion 

Pursuing a career in the field of economics offers a multitude of benefits and opportunities. Economics serves as a dynamic and influential discipline that not only explores the fundamental principles governing resource allocation, market dynamics, and policy formulation but also plays a pivotal role in shaping the socio-economic landscape.

Engaging in economics provides individuals with a toolkit of analytical skills, including quantitative analysis, critical thinking, and problem-solving, which are highly valued across various industries, and it allows professionals to contribute meaningfully to diverse sectors such as finance, government, consulting, research, and academia. Last but not least, the demand for economists remains strong, with opportunities for both entry-level positions and advanced roles that come with competitive salaries. As global economies continue to evolve and face new challenges, the skills acquired in economics become increasingly relevant, positioning individuals for long-term career growth and adaptability.

If you're ready to take on the world of economics head-on and build a long and lucrative career as, say, a Data Scientist, Financial Manager, or Management Consultant, you'll need hard work and show dedication, but also exhibit highly specialized skills that can be obtained by attending a college or university that offers a  MBA or a BBA undergraduate degree from a US accredited university like  Nexford .

What is the highest paying job for economics majors in 2024?

Experts and job sites such as LinkedIn, Indeed, and Glassdoor may vary in their opinion, but across the board, the one economics position that on average seems to pay the most out of any job in the industry is that of an Actuary who can expect to earn $141,889  in the US.

What are the most in-demand skills needed to get into a high paying job in economics? 

To secure a high-paying job in economics, it's essential to possess a combination of technical, analytical, and communication skills. Here are some of the most in-demand skills that can contribute to a successful career in economics: Proficiency in quantitative analysis that includes a strong foundation in statistics, econometrics, and mathematical modeling. Understanding and applying econometric modeling techniques is important for conducting empirical research and drawing meaningful conclusions from data.

Becoming familiar with regression analysis, time-series analysis, and other advanced econometric methods. Building proficiency in programming languages such as Python and R which are commonly used in economic research and analysis. Understanding economic policies and their implications is crucial, especially for roles in government, think tanks, or policy research institutions. Having a proficiency in financial analysis that includes understanding financial statements, conducting cost-benefit analysis, and evaluating investment decisions. Developing strong critical thinking skills which are necessary for analyzing economic problems, developing hypotheses, and proposing solutions.

Learn how to develop the most in-demand skills for your future career!

Discover how you can acquire the most in-demand skills with our free report, and open the doors to a successful career. 

How can I improve my chances of getting a high-paying economics career? 

Improving your chances of securing a high-paying career in economics involves a combination of education, skill development, networking, and strategic career planning. Here are some tips to enhance your prospects: Obtain a solid educational background in economics or a related field. Consider pursuing a master's or doctoral degree for more advanced roles, particularly in research or academia. Specialize in a particular area of economics can make you more valuable. Focus on a niche such as health economics, environmental economics, financial economics, or any other area of interest.

Develop strong technical skills in quantitative analysis, econometrics, and statistical modeling. Proficiency in programming languages like Python or R, as well as data visualization tools, adds value in many economic roles. Join professional organizations such as the American Economic Association (AEA) and participate in online forums and discussions. Consider obtaining certifications that are recognized in the economics field. For example, the Chartered Financial Analyst (CFA) designation can be valuable for roles in financial economics. Stay informed about current events, economic trends, and industry-specific knowledge. Understand how economic principles apply to different sectors, and be able to communicate the implications of economic trends for businesses or policymakers.

Is a graduate degree really necessary to get the best paying economics job?

While a graduate degree can significantly enhance your qualifications and open up more advanced and specialized opportunities in the field of economics, it is not always absolutely necessary to secure a well-paying job. The importance of a graduate degree depends on several factors, including the specific role you are targeting, the industry, and your career goals.

When evaluating if you do or don't consider: For entry-level positions in economics, especially in areas such as economic analysis, research assistant roles, or certain government positions, a bachelor's degree may be sufficient. Certain high-paying roles or specialized positions, such as senior economist, econometrician, or research economist in specific industries, may require a master's or doctoral degree. Advanced degrees, such as a master's or Ph.D., are often associated with higher levels of expertise and can lead to increased responsibilities and higher-paying roles. If you aspire to work in academia, conduct independent research, or contribute to economic policy development at a higher level, a Ph.D. is typically necessary. In some cases, gaining substantial work experience and building a strong professional network can compensate for the lack of an advanced degree. Relevant experience, skills, and a robust professional network can open doors and demonstrate your capabilities to potential employers.

Mark is a college graduate with Honours in Copywriting. He is the Content Marketing Manager at Nexford, creating engaging, thought-provoking, and action-oriented content.

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PhD Salaries and Lifetime Earnings

PhDs employed across job sectors show impressive earning potential:

“…[T]here is strong evidence that advanced education levels continue to be associated with higher salaries. A study by the Georgetown Center on Education and the Workforce showed that across the fields examined, individuals with a graduate degree earned an average of 38.3% more than those with a bachelor’s degree in the same field. The expected lifetime earnings for someone without a high school degree is $973,000; with a high school diploma, $1.3 million; with a bachelor’s degree, $2.3 million; with a master’s degree, $2.7 million; and with a doctoral degree (excluding professional degrees), $3.3 million. Other data indicate that the overall unemployment rate for individuals who hold graduate degrees is far lower than for those who hold just an undergraduate degree.” - Pathways Through Graduate School and Into Careers , Council of Graduate Schools (CGS) and Educational Testing Service (ETS), pg. 3.

Average salaries by educational level and degree (data from the US Census Bureau, American Community Survey 2009-2011, courtesy of the Georgetown University Center on Education and the Workforce):

The Bureau of Labor and Statistics reports higher earnings and lower unemployment rates for doctoral degree holders in comparison to those with master’s and bachelor’s degrees:

According to national studies, more education translates not only to higher earnings, but also higher levels of job success and job satisfaction:

“Educational attainment – the number of years a person spends in school – strongly predicts adult earnings, and also predicts health and civic engagement. Moreover, individuals with higher levels of education appear to gain more knowledge and skills on the job than do those with lower levels of education and they are able, to some extent, to transfer what they learn across occupations.” - Education for Life and Work (2012), National Research Council of the National Academies, pg. 66.

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Why does everyone say that Econ PhD's are worth it only for acadamia? I'm seeing lots of private sector jobs

So I'm at a crossroads right now and I don't know whether I should pursue an econ PhD. Everyone keeps saying that you it's only worth it if you go into academia however I'm looking at the AEA job posting site here:

https://www.aeaweb.org/joe/listings ?

And I'm seeing tons of private sector jobs. Huge companies like Uber and Apple and big banks all have economist openings. The salaries on Glassdoor are pretty good to, average of $120k or so. Am I missing something here? Are these jobs mostly reserved for PhD's that come from high ranking institutions or is it for everyone?

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Economist Earnings by Job Title and Degree in 2023

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Aspiring economists may be curious to know: how much do economists earn in different types of jobs? The INOMICS Salary Report contains a wealth of data about economist pay by job title and region (among many other factors). This article takes Salary Report data on salaries by job title and analyzes it from a new angle, including highest degree earned, which will help younger economists to plan their career path.

We begin by examining the average earnings of economists by various job titles around the world.

Figure 1: global average salaries by job title (global data, PPP-adjusted)

Average salaries for economists follow a clear trend globally. Unsurprisingly, there is an increase in earnings as academic economists are promoted from Lecturer/Assistant Professor level to Associate Professor and finally full Professor status. Similarly, industry economists continue to earn more as they rise from Junior Level Positions to Middle Level Positions and finally Senior/Executive Level Positions. Consultant and Researcher/Analyst roles out-earn Middle Level Positions, and earn less than Senior/Executive positions.

Note that these numbers are slightly different than what can be found in the INOMICS Salary Report’s Figure 12 (for example). This is because Figure 1 is a simple average rather than a cross-segment average, which the Salary Report utilizes.

One surprising result from Figure 1 is that academic economists out-earn industry economists by a substantial margin. Regionally, however, this pattern does not always hold true; in the INOMICS Salary Report we find that academic economists typically earn less than industry economists until they are promoted to a full Professor of Economics, at which point they tend to earn as much as the highest-paid industry earners. This phenomenon can be seen in the Salary Report ’s “Regional Analyses of Academic and Industry Economist Salaries by Job Title” subsection. 

Here, in Figure 1, the reason academic economists out-earn their industry counterparts is due to the geographic distribution of survey respondents in worldwide data; 45% of the survey respondents in academic roles are from the high-paying “Global West” region while only 30% of industry respondents are from this same region, skewing the results downward for industry roles compared to academic (the “Global West” region is defined below). Nevertheless, this global data paints an excellent first ballpark picture of what economists can expect from their earnings.

One important consideration that aspiring economists will have to make is whether or not they ought to study for an economics PhD, as a pay increase is expected upon earning this highest level of degree. Let’s examine how Figure 1 changes when we consider economists who hold a PhD versus those with a Master’s degree.

Figure 2: Global average salaries by job title and highest degree held (global data, PPP-adjusted)

Figure 2 begins to paint a more nuanced picture of economist earnings by job title. In almost every case, holding a PhD has increased earnings by job title substantially. This is especially true for industry economist jobs globally, particularly for Middle Level and Senior/Executive positions. In both of these cases, earnings more than double for economists with a PhD compared to a Master’s.

One interesting exception is for the full Professor category, where Master’s-degree-holding Professors out-earn PhD Professors. This does not appear to be a mistake. First, the sample size for Professors of Economics with a Master’s degree is dwarfed by the sample size of PhD Professors (only 5 Professors of Economics hold a Master’s degree compared to 103 PhD holders). This speaks to the fact that in order to pursue a full professorship, economists should expect to earn a PhD as a minimum job requirement in most cases.

Further, the few Professors holding a Master’s degree and not a PhD have decades of experience in economics, which suggests that they are probably former industry economists who left industry after decades of work to become professors. These economists were likely earning high salaries in industry, and so command high salaries as Professors due to their bringing a high degree of industry expertise to their new roles as well. While this is not necessarily a typical career path, it’s interesting to note that this route into academia may exist for former industry economists, without a massive drop in salary.

This raises another interesting point: economists with a PhD are probably older on average than those with a Master’s degree. Therefore, we examine years of experience to try and determine if holding a higher degree is truly a meaningful contributing factor to the increased salaries in Figure 2, or if years of work experience is more important for the salary increase.

Figure 3: Work Experience differential in favor of PhD Economists by job title

Figure 3 lists the number of years of work experience on average for each job title category between PhD holders and Master’s degree holders. Column 3 additionally calculates the differential in favor of PhD economists as a simple subtraction. Figure 3 shows that PhD holders do have more years of work experience on average in every category.

However, the average differential is under 7 years of experience, which – while significant – is probably not enough to explain the large salary increases in Figure 2 on its own. Some of the large salary increases are likely due to the relatively higher experience level of PhD holders, but it also seems that earning a PhD greatly increases each type of economists’ earnings independently from experience.

The takeaways, then, are clear: for economists who wish to work in any role, earning a PhD is clearly worth the investment. Industry economists seem to benefit more on average from earning a PhD than academic economists, even though the latter type of economist often must earn a PhD to attain full Professor status.

But before deciding if doing a PhD is right for them, readers may be curious about how this data breaks down regionally. In the remainder of this article, we consider regions with similar levels of pay alongside each other; these are the “Global West” and the “Global South”. The former consists of North America, Western Europe & Scandinavia, and East Asia & Australasia. The latter consists of the Caribbean, South & Central America, Africa, South Asia, Central, Southern & Eastern Europe, and the Middle East, Central Asia & North Africa regions.

Using two overarching regions for the following analyses is useful to grant us a high sample size when breaking job titles down further by category, but in the INOMICS Salary Report we consider each individual region on its own. See the Salary Report 2023 section “Regional Analyses of Academic and Industry Economist Salaries by Job Title” for more information on each specific region’s breakdown.

Breakdown for the Global West

Figure 4 repeats Figure 2 but considers only economist jobs in the relatively higher-earning “Global West” region.

Figure 4: Global West average salaries by job title and highest degree held (PPP-adjusted)

Average salaries in the Global West (Figure 4) closely follow the same pattern as worldwide average salaries (Figure 2), with a few notable differences. First, among respondents from these generally richer countries there were zero survey respondents who held a PhD and were working in a “Junior Level Position”, which is sensible. Second, the massive salary increases for certain categories – particularly Middle Level and Senior/Executive Level Positions – are somewhat less than the worldwide average, though these two categories still feature very substantial salary increases.

Finally, the Professor category features a similar quirk where Master’s-degree-holding Professors out-earn PhD Professors. But again, this is likely due to industry economists who choose to become Professors later in their careers, as the sample size is quite small and the years of experience quite high (in this region, Professors with PhDs have on average about 25 years of experience compared with 38 years for Professors with Master’s degrees). Furthermore, industry economists in these world regions tend to out-earn academic economists, so an industry economist becoming a professor would likely demand a correspondingly high salary.

Figure 5: Global South average salaries by job title and highest degree held (PPP-adjusted)

The worldwide trends identified in Figure 2 remain largely true in the “Global South” countries (Figure 5) as well. In these lower-paying world regions, Master’s degree holders earn much more comparable salaries to PhD holders in most industry roles; however, in this region Consultant and Researcher/Analyst salaries increase dramatically for PhD holders. Meanwhile, Professor salaries are quite high for Master’s degree holders. In addition to the aforementioned reasons, in the Global South region it may not always be as strictly necessary for Professors of Economics to hold a PhD (although it is surely still a boon to one’s competitiveness).

Which job titles value a PhD the most?

Overall, then, this article has painted a clear picture: earning a PhD, regardless of job title, improves one’s earning potential significantly in most regions. This is especially true in industry roles, where employers offer a pay premium to compete for sought-after economics PhDs. Academic economists in many regions must earn a PhD in order to be competitive for the full Professor role, though a small portion become Professors after many years in industry.

Excluding the anomalous Professor category, where the rare Master’s degree holders earn very highly, most economist jobs yield higher pay for economists with PhDs compared to those with Master’s degrees. Judging by Figure 2, it appears that Senior/Executive, Middle Level and Consultant roles feature the largest pay increases for PhD holders. Figure 6 below examines the pay differences from Figure 2 in more detail:

Figure 6: Percentage increase in pay from earning a PhD by job title (worldwide)

Figure 6 shows clearly that economists working in a Middle Level Position stand to benefit the most from earning a PhD compared to their colleagues with a master’s degree, followed by Senior / Executive Level Position economists. Although in Figure 2 Consultants appeared to face relatively high earnings increases, percentage-wise it represents a fairly typical increase among industry roles.

Academic roles feature relatively low earnings increases from earning a PhD, but in order to advance, academic economists are expected to earn PhDs. Again, Professors actually earn less on average if they hold a PhD. But, this is due to the small amount of very high-earning Master’s degree economists who were likely given a professorship after decades of industry experience (as they have higher average years of experience than PhD Professors as well).

Overall – and particularly in industry, where earning a PhD is more of a choice – economists stand to gain a significant amount by furthering their education. Earning 60% or more than their peers without an equivalent degree is a substantial benefit. In the higher-paying world regions, salary increases from earning a PhD are smaller percentage-wise but higher in absolute terms due to high base salaries. Meanwhile in lower-paying world regions, Master’s degree holders earn more comparable salaries to PhD holders in most industry roles (excepting Consultant and Researcher / Analyst roles), though earning a PhD still increases earnings.

The results, then, are clear: in terms of potential salary, earning a PhD is a significant benefit for almost every economist regardless of job title. Of course, pay alone is not the only consideration to make when deciding to earn another degree, and some economists can find meaningful employment with a Master’s degree. But the benefits of a PhD show that aspiring economists should strongly consider planning to complete a PhD in economics at some point during their career, or have strong reasons for not doing so. Otherwise, significant earnings are being left on the table.

For an aspiring economist, the choice of job title and level of education is likely influenced by myriad other factors beyond salary expectations – personal life goals and choices matter, too. And of course, the job titles examined here are overarching categories and not individually specific. However, this data-driven insight can certainly help inform those choices. For more detail about economist earnings by job title and region, see the INOMICS Salary Report , which is available freely for download.

Header image credit: Freepik.com.

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Average graduate salaries by university and subject: Where to go and what to study to earn top dollar

By: William Turvill

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Going to university at Oxford or Cambridge pays. But it doesn’t pay as much as the London School of Economics or City University London. But it pays a lot more than going to Cardiff Metropolitan University.

And if you want to earn top dollar as a graduate it’s also worth aiming for an economics degree rather than fine arts and design.

Salary benchmarking site Emolument.com has compiled a ranking of 84 UK universities by analysing 2,400 salaries from graduates (defined as those with less than two years of experience in the workplace) with bachelor degree.

It marks the latest in a long line of graduate pay studies undertaken by Emolument, including research into which universities produce the most business leaders and which MBA courses are best for pay .

London School of Economics grads can expect to earn an average of £38,000, slightly above £36,000 at City University. Cambridge (£35,000) pips Oxford to third place (£34,000). Bath, Edinburgh and Durham, with £33,000, £32,000 and £31,000, come next in the ranking.

Cardiff Metropolitan props up the table, with an average graduate salary of £18,000, slightly behind Liverpool John Moores, Goldsmiths, Anglia Ruskin, University of Central Lancashire, Queen’s University Belfast and Aberystwyth on £19,000.

As for degree subjects, economics pays £33,000, ahead of engineering in second with £28,000. Fine arts and design is at the bottom of the table, with £19,000, just behind English literature and media, marketing and communication, both of £21,000.

Read more : Three-quarters of millennials will never pay off their student loan

And here is what you need to study…

Economics: £33,000

Engineering: £28,000

Management & Strategy: £27,000

Mathematics & Statistics: £27,000

Computer Sciences: £27,000

Accounting, Business & Finance: £27,000

Physics, Life Sciences & Healthcare: £27,000

Law: £26,000

Modern Languages: £26,000

Humanities (History, Geography, Politics…): £25,000

Chemistry & Natural Sciences: £23,000

Psychology: £23,000

Media, Marketing & Communication: £21,000

English Literature: £21,000

Fine Arts & Design: £19,000

Read more : This PE firm's slashed grad salaries – it's buying them houses instead

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