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SALARIES IN ECONOMICS


Business (i.e., non-academic) Economics:

A good source of detailed information about business economics is the National Association for Business Economics’ publication, Careers in Business Economics 2004-2005, which is available for free download at:

http://www.nabe.com/careers.htm

Following are some highlights from the NABE’s most recent survey of business economists’ salaries:*

MEDIAN COMPENSATION FOR THE PROFESSION AS A WHOLE:

  • Base salary: $94,000
  • Additional compensation: $15,000

THE HIGHEST-PAID GROUPS:

  • Median salary of economists in the securities and investments sector:
    $125,000 base plus $60,000 in additional compensation
  • Median salary of economists in consulting:
    $108,000 base plus $13,000 in additional compensation

MEDIAN STARTING SALARIES:

  • With a bachelor’s: $38,000
  • With a master’s: $48,000
  • With a Ph.D.: $70,000


Academic Economics:

To get information on academic salaries paid to people with new Ph.D.s in Economics, check out the Survey of the Labor Market for New Ph.D. Hires in Economics 2005-2006, which is published jointly by the Center for Business and Economic Research and the Department of Economics at the University of Arkansas, and is available for free download at:

http://cber.uark.edu/


This survey contains actual hiring and salary information for the 2004-2005 academic year, as well as expected hiring and salary information for the 2005-2006 academic year. Following are some highlights:

Average salary actually offered to new Ph.D.s in Economics, 2004-2005:

  • Ph.D. Granting Institutions: $78,475
  • Bachelor & Master Degree Granting Institutions: $60,821

Average salary expected to be offered to new Ph.D.s in Economics, 2005-2006:

  • Ph.D. Granting Institutions: $78,735
  • Bachelor & Master Degree Granting Institutions: $62,819

* Survey results are for 2002, and are reported in: National Association for Business Economics (NABE), Careers in Business Economics, 2004-05. No page number is available.

 

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