According to the Bureau of Labor Statistics, the average annual salary for economists is $110,000. While there are different types of economists, all economists design and conduct research that allows organizations to make financial and business decisions. They also use their research skills to help organizations forecast future events such as economic changes and trends.
The average salary for a Economics major is around $55,000 + per year.
Average salary for economics major
Economists and economics majors often earn salaries in the high five figures, even as entry-level employees. According to PayScale, the average salary for someone with a bachelor’s degree in economics is $72,150. For those with master’s degrees, that number rises to $99,880 per year. As you might expect, those who go on to earn PhDs generally earn far higher salaries than people with other degrees in the field: an average of $105,360 per year for professors and post-secondary teachers, according to the U.S. Bureau of Labor Statistics (BLS).
$72,150 (Bachelor’s)
The average salary for an economics major with a bachelor’s degree in the United States is $72,150. This figure includes all types of jobs, from entry-level positions to management roles. In fact, most college graduates who have an economics degree can expect to start their careers in one of those higher-up positions and earn an annual salary within the $72k range.
If you’re interested in becoming an economist, but don’t have time for four more years of study and research after high school (or if you’re not sure whether it’s the right career path), there are plenty of other ways to get involved with this field. You could work as a financial analyst or even consult part-time on various projects while still enjoying your full-time day job or continuing your education at night school. Most employers are willing to take on interns or apprentices during summer breaks—this way they get some extra help without having to pay them much money up front!
$99,880 (Master’s)
A master’s degree in economics is a good choice for those who want to teach at college level, work in government or non-profit organizations and/or hold a leadership role in the private sector. The median annual wage for economists was $99,880, according to the BLS (2017).
Salary information for economics graduates.
According to the National Association of Colleges and Employers (NACE), the average salary for economics graduates is $60,000 per year. A master’s degree in economics will increase your salary by a few thousand dollars per year, while a PhD adds even more to your annual income: $75,000 according to NACE.
If you want to teach economics at a college or university, the best way to increase your pay is by earning an advanced degree in education or business administration; however, research shows that these fields don’t offer much higher salaries than those for people who have only undergraduate degrees in other subjects such as mathematics or sciences. The average annual salary for teachers with master’s degrees was $74K according to Glassdoor data from 2017; however, that number fell below $50K when considering only those working full-time jobs instead of part-time ones.
Conclusion
This was only a brief overview of some of the careers in Economics. If you’re interested in learning more about the Economics major, please reach out to us at [email protected] and we’ll be happy to help!
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