Economist Salaries

The Survey of the Labor Market for New Ph.D. Hires in Economics 2011-2012, published by the University of Arkansas Center for Business and Economic Research, found that 191 of the responding educational institutions hired 132 new PhD graduates for the 2010-2011 academic year, starting them with an average salary of $87,596.

Specialized foci among new hires were distributed as follows:

  • 16.1 percent in macro/monetary economics
  • 11.3 percent in microeconomics
  • 11.3 percent in general economics
  • 10.5 percent in math and quantitative methods
  • 9.7 percent in international economics
  • 8.9 percent in labor and demographic economics

The survey also reported the following mean salaries among economics professors for the 2010-2011 academic year:

  • Senior Assistant Professor – $102,177
  • Associate Professor –  $127,096
  • Full Professor –  $191,778

The mean annual salary for economists was $100,270, as of May 2011, according to the Bureau of Labor Statistics. The top paying industries were:

  • Depository Credit Intermediation, at an average of $141,190
  • Monetary Authorities-Central Bank, at an average of $135,120
  • Pharmaceutical and Medicine Manufacturing, at an average of $120,790

The industries that employ the most economists and the respective average salary for each are as follows:

  • The Federal Executive Branch, at an average of $109,380
  • Management, Scientific, and Technical Consulting Services, at an average of $119,180
  • State Government, at an average of $62,030
  • Local Government, at an average of $74,770
  • Scientific Research and Development Services, at an average of $105,460

The National Association for Business Economics (NABE) 2010 salary survey showed the median base salary among NABE members to be $120,000, and a median base salary of $58,000 among entry-level survey respondents. The highest base salary was in the manufacturing sector, where the median was $152,500, followed by the securities and investment sector, where the median salary was $150,000. The lowest base salaries were found among economists in non-profit research, where the median was $93,000.

By function, the survey found that the highest median base salary was for general administrative/economics positions ($155,500), followed by macroeconomic forecasting ($150,000).

The median base salary among NABE members with a master’s degree was $100,380, compared to $91,000 for the bachelor’s degree sampling, and $150,000 among PhD holders. The survey also found that the median salary for graduates of “top-ranked” economics programs was 46 percent more than what graduates of other programs earned.

Budget Analyst Salaries

Area Name
Employment
Annual mean wage
Alabama
950
73350
Alaska
340
77060
Arizona
970
65290
Arkansas
550
49420
California
10830
78510
Colorado
1210
74110
Connecticut
1000
77210
Delaware
150
65640
District of Columbia
1960
86420
Florida
2500
62960
Georgia
1670
67800
Guam
50
49410
Hawaii
340
69910
Idaho
160
65850
Illinois
1460
69630
Indiana
370
64080
Iowa
270
65830
Kansas
600
63990
Kentucky
1230
56100
Louisiana
410
61060
Maine
160
61310
Maryland
2220
79680
Massachusetts
1740
73680
Michigan
820
71470
Minnesota
510
71280
Mississippi
280
58720
Missouri
1210
66150
Montana
250
55450
Nebraska
250
63350
Nevada
320
70850
New Hampshire
150
74620
New Jersey
1470
75420
New Mexico
610
67510
New York
2590
68490
North Carolina
940
65150
North Dakota
140
62790
Ohio
1560
71300
Oklahoma
650
60100
Oregon
760
64900
Pennsylvania
1670
68840
Puerto Rico
570
45510
Rhode Island
270
59440
South Carolina
470
63810
South Dakota
120
54820
Tennessee
660
64840
Texas
3990
66520
Utah
450
69740
Vermont
90
57530
Virginia
2850
80290
Washington
2180
72650
West Virginia
160
63030
Wisconsin
560
65040
Wyoming
100
61350

Economist Salaries

Area Name
Employment
Annual mean wage
Alabama
60
94780
Alaska
90
81460
Arizona
360
141260
Arkansas
90
63500
California
2320
108000
Colorado
160
91450
Connecticut
230
92540
Delaware
30
73790
District of Columbia
3770
113440
Florida
190
85060
Georgia
250
94100
Hawaii
60
62520
Illinois
440
98020
Indiana
60
91260
Iowa
80
58710
Kansas
40
70820
Kentucky
130
61730
Louisiana
60
79690
Maine
40
Estimate Not Released
Maryland
370
106130
Massachusetts
430
90350
Michigan
180
83070
Minnesota
260
67710
Missouri
160
88480
Montana
50
78710
Nebraska
50
77100
Nevada
50
73210
New Jersey
220
95600
New Mexico
80
61380
New York
470
104240
North Carolina
210
85170
Ohio
150
98270
Oklahoma
120
65040
Oregon
230
94500
Pennsylvania
510
97210
South Carolina
100
69040
Tennessee
60
82920
Texas
860
96480
Utah
40
76790
Vermont
60
82270
Virginia
470
117700
Washington
240
81140
West Virginia
100
46440
Wisconsin
170
78400

Financial Examiner Salaries

Area Name
Employment
Annual mean wage
Alabama
240
75550
Alaska
Estimate Not Released
58300
Arizona
330
73810
Arkansas
200
69570
California
Estimate Not Released
87280
Colorado
430
85910
Connecticut
310
91300
Delaware
140
88220
District of Columbia
420
130180
Florida
670
87660
Georgia
1020
84080
Hawaii
60
72490
Idaho
60
59180
Illinois
1560
91940
Indiana
370
73870
Iowa
640
76350
Kansas
260
76650
Kentucky
220
80560
Louisiana
200
79250
Maine
90
63680
Maryland
510
70880
Massachusetts
1410
84900
Michigan
350
69080
Minnesota
780
76990
Mississippi
170
66390
Missouri
770
80460
Montana
80
62940
Nebraska
500
68160
Nevada
60
72950
New Hampshire
150
78700
New Jersey
860
94480
New Mexico
60
79940
New York
2010
102900
North Carolina
920
84730
North Dakota
80
76110
Ohio
920
75900
Oklahoma
370
75490
Oregon
270
69600
Pennsylvania
1390
79000
Puerto Rico
170
53650
Rhode Island
210
73490
South Carolina
Estimate Not Released
74180
Tennessee
450
76180
Texas
2060
83990
Utah
350
73610
Vermont
50
61750
Virginia
880
79850
Washington
640
70070
Wisconsin
340
85390

The U.S. Department of Labor, Bureau of Labor Statistics made the earnings information contained within these tables available in May 2011.

* Earnings are equal to or more than $90.00 per hour or $187,199 per year.

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