Career opportunities for those with graduate degrees in economics abound in Maryland. Of 14,270 economists employed nationwide, 370 work in Maryland, according to the Bureau of Labor and Statistics (BLS) of the United States Department of Labor. An additional 3,770 economists are employed in nearby Washington, D.C.
Economics Jobs in Maryland’s Academic and Government Sectors
Most economist jobs in Maryland are clustered in the Baltimore, Bethesda, and District of Columbia metropolitan areas. Growth in employment opportunities for economists in Maryland is expected to be steady and strong through the rest of the decade. According to the Maryland Department of Labor, Licensing, and Regulation, the number of positions for economists will grow by ten percent with a replacement rate of 6 ¼ percent for a total increase in available positions for economists of slightly more than 16 percent by 2013. Prospects for growth will be even greater toward the decade’s end as demand for skilled economic analysts grow and more working economists retire, with an anticipated increase of 50% in available positions for economists by 2020.
Students who earn master’s degrees in economics in Maryland go on to find jobs locally at academic and research institutions such as Johns Hopkins University, the University of Maryland, and the College of William and Mary; agencies and organizations such as the World Bank, the International Monetary Fund, the Food and Drug Administration, the Congressional Budget Office, the Federal Trade Commission, the American Institute for Research, and the Inter-American Development Bank; and private consulting firms, such as Ernst and Young and PriceWaterhouseCoopers.
Economics Salaries in Maryland
The BLS also reports that the annual mean wage for economists working in Maryland is $106,130, which makes Maryland the fifth highest-paying state in the nation for economists.