Salaries in Economics

SALARIES IN ECONOMICS

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

Detailed information about careers in business economics can be found at the National Association for Business Economics’ website:

http://www.nabe.com/careers/index.html

There, you can find highlights from NABE’s 2006 survey of its members, including:

MEDIAN COMPENSATION:

Base salary: $109,000
Additional compensation: (received by 68% of survey respondents): $20,000

MEDIAN STARTING SALARIES:

With a bachelor’s: $43,000
With a master’s: $52,000
With a Ph.D.: $76,200

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 2008-2009, 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/369.asp

This survey contains actual hiring and salary information for the 2007-2008 academic year, as well as expected hiring and salary information for the 2008-2009 academic year. Following are some highlights:

Average salary actually offered to new Ph.D.s in Economics, 2007-2008:

Ph.D. Granting Institutions: $92,531
Bachelor & Master Degree Granting Institutions: $69,778

Average salary expected to be offered to new Ph.D.s in Economics, 2008-2009:

Ph.D. Granting Institutions: $94,066
Bachelor & Master Degree Granting Institutions: $67,579

Department of Economics, College of Arts & Sciences
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Western Michigan University, Kalamazoo MI 49008
Phone: (269)-387-5535 Fax: (269)-387-5637

Site Contact: Web Administrator Updated:05/01/2005