how much do economists earn?

An economist is an expert in the social science of economics.[1] The individual may also study, develop, and apply theories and concepts from economics and write about economic policy. Within this field there are many sub-fields, ranging from the broad philosophical theories to the focused study of minutiae within specific markets, macroeconomic analysis, microeconomic analysis or financial analysis, involving analytical methods and tools such as econometrics, statistics, economics computational models, financial economics, financial mathematics and mathematical economics. There are economists who work as economists with designation as economists, but there are also economists who have shifted to the work of financial analysts, market researchers, asset manager, general management executives, etc. These latter group of economists may earn more.

Now, we concentrate on those who are designated as economists.

Median annual wage and salary earnings of economists were $77,010 in May 2006. The middle 50 percent earned between $55,740 and $103,500. The lowest 10 percent earned less than $42,280, and the highest 10 percent earned more than $136,550.

In the Federal Government, the starting salary for economists having a bachelor’s degree was $35,752 in 2007. Those having a master’s degree could qualify for positions with an annual salary of $43,731. Those with a Ph.D. could begin at $52,912, and some individuals with experience and an advanced degree could start at $63,417. Starting salaries were higher in selected geographical areas where the prevailing local pay was higher. The average annual salary for economists employed by the Federal Government was $94,098 a year in 2007.

According to the United States Department of Labor there were 13,000 economists in the US with a median salary of roughly $72,780 with the top ten percent earning more than US$ 129,170 annually. About 400 colleges and universities grant about 900 new Ph.D.s in economics each year. The type of academic degree, Bachelors, Masters or Doctorate degree had significant influence on an individuals job outlook and salary. While the overall expected job growth for economists remains below nation average, the demand for those with a Doctorate, especially those employed in the corporate sector, is expected to increase at a considerably faster pace. Incomes were highest for those in the private sector, followed by the federal government with academia and high schools paying the lowest incomes. Median salaries ranged from $45,000 for those with a Bachelor to $85,000 for those with a Ph.D. in economics. A recent and continuous study by PayScale.com showed Economic consultants with a Ph.D. had the overall highest median income for any group making $116,250, the median salaries for an assistant professor was $63,500, for an associate professor it lay at $67,000 and $85,000 for a full professor. The overall median income for doctorates in academia was $75,000 compared to $125,000 in consulting and $87,000 in banking.

A little earlier. A 2002 survey conducted by the National Association of Business Economists indicated that approximately 47% of business economists have annual base salaries between $50,000 and $100,000, while 47% report income between $100,000, and $150,000. (Source: Careers in Business Economics, 2004, p. 55, Washington: National Association of Business Economists.) This survey also indicated that the largest employers of business economists were:

governments (including central banks),

consulting firms, and

financial institutions and insurance firms.

The National Association of Business Economists report that business economists receive a base median annual salary of:

$125,000 in the securities and investment sector (and an additional average compensation from their primary employment equal to $60,000),

$108,000 in consulting firms (with additional compensation of $13,000), and

$82,750 for economists in academia.

This data also indicates that education varies substantially with income. Business economists with Ph.D. degrees receive a median annual salary of $108,000, while business economists with master's degrees report a median annual salary of $84,500.

Students considering careers, however, are probably more interested in starting salaries. According to the National Association of Business Economists, in 2002 the median starting salary for economists possessing:

bachelor's degrees was $38,000,

Master's degrees was $48,000, and

Ph.D. degrees was $70,000.

How Much Do Economists Make

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RE:

how much do economists earn?

in average, how much do they earn? i'm from canada but i think US and UK offer more money to economists.

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