Economists analyze economic data, trends, and issues to provide insights on markets, industries, and policies. They conduct research, develop forecasts, study economic indicators, and advise businesses, governments, and organizations on various economic aspects to help them make informed decisions. Economists may specialize in areas such as macroeconomics, microeconomics, labor economics, or behavioral economics.
This income data is sourced from the May 2023 Occupational Employment and Wage Statistics (OEWS) survey. The dataset is updated annually.
Annual Pay Distribution | Salary |
|---|---|
10th percentile | $30,670.00 |
25th percentile | $67,970.00 |
median (50th percentile) | $114,340.00 |
75th percentile | $161,050.00 |
90th percentile | - |
Hourly Pay Distribution | Hourly Rate |
|---|---|
10th percentile | $14.75 |
25th percentile | $32.68 |
median (50th percentile) | $54.97 |
75th percentile | $77.43 |
90th percentile | - |
Economists typically need a master’s degree or Ph.D. in economics for most positions, although some entry-level jobs may accept candidates with a bachelor's degree in economics or a related field. High school and college education is necessary to pursue a career as an economist due to the advanced knowledge and analytical skills required for the role. The path to becoming an economist often involves completing undergraduate studies in economics, mathematics, statistics, or a related field. This is followed by pursuing a graduate degree where students focus on specialized areas such as macroeconomics, microeconomics, econometrics, or financial economics. Additionally, gaining experience through internships, research assistantships, and practical projects can greatly enhance one's prospects in the field.