Those considering going into the economics line of work often wonder what the typical economist salary amounts to. How much do economists make in general? As with most vocations, there is no one, set amount offered to all professionals in this position.
In fact, the pay for this position is quite variable. Despite this variability, we can divide this field of work and its associated pay rates into three, distinct levels. With these, we can get a much better idea of overall pay rates at different levels within the economist profession. The three main levels and their typical, associated pay rates are as follows.
Economics Grad, Entry-Level
The economics grad right out of college is a valuable asset to many firms. As an entry-level economist, one will perform many of the essential analyses essential to sound business decisions. The need for workers at this level is seen in a great multitude of industries – education, production firms, investment firms, and many more. So, what exactly can one expect to make at this level? Give or take, the entry-level economist makes around $50,000 per year.
Tenured economists are those we would consider the mid-level pro for this vocation. Like the entry-level economist, the mid-level economist also handles essential analyses for a great number of diverse firms. However, at this level, these economists are often at a higher responsibility level than their fellow, entry-level co-workers. The tenured economist often acts in a supervisory role, above entry-level economists and overseeing their work. Pay at this rate climbs to plus or minus $80,000 per year.
Senior Economist, Econometrician
The top-level economist is also the highest paid and the one with the highest level of responsibility. At this level, oversight and/or positional superiority over all other economists in the organization is typical. The senior economist is often the final filter of information being provided to upper corporate decision-makers. Also at this level, the very similar econometrician uses econometrics to solve the deepest of firm questions in a deep-math format. Those working at these top levels of economics can expect to earn around $160,000 per year.
The Bureau of Labor Statistics, or BLS, often provides a great helping hand in questions of career salaries, job growth and more. A look to the bureau’s resources on economists shows a current median economist salary of $101,050 per year. This is associated with a master’s degree as an educational precursor and a job growth rate of about 6%. To review these BLS statistics on today’s economist, visit the bureau’s page dedicated to the subject.
Opportunity costs, marginal production costs, and total revenue – such is the jargon of today’s economist. This is the critical person that calculates the underlying meanings of all types of business situations, thus arming decision-making powers that be with the knowledge necessary to take the most beneficial direction at all twists in the road. Pay rates here are variable, but in general, can be gauged by the above-mentioned levels of tenure and hierarchical placement. For additional information on economist salary rates or anything else involving this vocation, the American Economic Association is an authoritative and appropriate resource to consider.