Key takeaways
Understanding the salary landscape for economists is crucial for planning a successful career in this field. With a strong demand for analytical skills across various sectors, economists can expect competitive salaries that vary significantly based on experience, education, and industry.
- In 2025, entry-level economists can expect salaries between $68,000 and $82,000, while senior economists may earn upwards of $145,000 (source: article).
- A PhD typically leads to higher-paying roles, especially in research or academia, with some positions at the Federal Reserve exceeding $150,000.
- The U.S. Bureau of Labor Statistics projects a 6% growth in economist jobs from 2022 to 2032, indicating strong demand in consulting, finance, and tech sectors.
- Developing technical skills in programming languages like Python and R is essential, as these competencies significantly enhance an economist's marketability and earning potential.
Contents
Economics is often seen as a high-paying, intellectually rewarding career. But how much do economists really earn? Let’s try to understand the salary landscape to plan your career.
What Is the Average Salary of an Economist?
In 2025, the average salary of an economist shows the high demand for analytical skills and the variety of jobs in government, business, and education. Here’s a closer look at average salaries in different areas.
| Role Type | Average Annual Salary |
| Entry-Level Economist | $68,000-$82,000 |
| Mid-Level (5–10 years) | $95,000-$130,000 |
| Senior Economist / Lead Role | $145,000-$180,000+ |
| Ph.D. Economist (Private) | $140,000-$160,000+ |
| Academic Economist (Tenured) | $110,000-$150,000 |
| Government Economist | $90,000-$135,000 |
In the private sector economists often earn above the national average. Big firms like Amazon may offer total pay over $200,000 for experienced hires, including bonuses and stock options.
Government jobs, like at the Federal Reserve or U.S. Treasury usually offer lower base pay but come with strong benefits and job security.
How Much Do Economists Make in Different Sectors?
Here’s how economist salaries vary across industries:
| Sector | Average Annual Salary |
| Federal Government | $137,000+ |
| Finance and Insurance | $130,000+ |
| Scientific Research | $120,000+ |
| Consulting and Policy Research | $115,000+ |
| Academia (Tenured Professors) | $90,000-$150,000 |
| Tech Companies (e.g., Google) | $150,000-$220,000+ |
Private sector and consulting roles tend to pay more than academic or public-sector jobs, but they also require specialized skills and higher competition.
Factors Influencing Economist Salaries
“For college graduates, base pay will start in the 70 Ks for many of the top econ consulting shops. It’s possible to hit 100K in total compensation within two years, probable to hit it within three, and likely to hit that six digit mark within four”
Here’s a breakdown of the key elements that influence how much economists earn:
| Factor | Description | Real-World Impact Example |
| Education Level | A PhD typically leads to higher-paying roles, especially in research or academia | Economists with a PhD at the Federal Reserve often earn over $150K |
| Industry | Salaries vary across government, private sector, NGOs, and finance | Those in finance (hedge funds, banks) earn more than in public policy |
| Location | Cost of living and market demand shape regional pay | Economists in San Francisco or NYC earn $20K-$40K more on average |
| Years of Experience | More experience brings seniority and leadership roles | A senior economist at a consulting firm may earn double the entry-level |
| Technical Skills | Proficiency in software like R, Python, and Stata increases value | Employers pay more for data modeling and machine learning expertise |
| Job Title and Responsibility | Leadership or specialized research roles carry higher compensation | A Chief Economist can earn $200K+ depending on the organization |
| Employer Type | Private companies tend to pay more than government or education | Think tanks or universities may offer lower salaries but more stability |
Comparing Salaries Across Regions
Here’s a comparative table highlighting average economist salaries by region:
| Region | Average Salary (2025) | Notable Industries |
| Northeast (e.g., NY, MA) | $118,000-$145,000 | Finance, Policy Think Tanks, Academia |
| West (e.g., CA, WA) | $125,000-$155,000 | Tech, Environmental Policy, Urban Planning |
| South (e.g., TX, FL) | $95,000-$115,000 | Energy, Agriculture, State Government |
| Midwest (e.g., IL, OH) | $90,000-$108,000 | Manufacturing, Public Policy, Education |
What Is the Job Outlook for Economists?
The job outlook for economists in 2025 is strong. The U.S. Bureau of Labor Statistics expects a 6% growth in economist jobs from 2022 to 2032, which is a bit faster than average. Around 1,200 new roles will open during this time, not counting replacements. The biggest demand is in consulting, finance, public policy, healthcare, and tech.
Here’s a quick overview of growth by sector:
| Sector | Projected Demand | Notes |
| Government (federal/state) | Stable | Strong focus on policy analysis, inflation, and labor markets |
| Consulting & Think Tanks | Rising | Demand for applied research, economic modeling, and scenario testing |
| Finance & Insurance | High | Economists assess risk, pricing, markets, and investment strategies |
| Tech & Data Science | Growing fast | Firms want economists with Python/R and econometrics for big data use |
| Academia & Research | Competitive | Jobs exist, but often require a PhD and strong publication record |
How to Become an Economist?
Most economists hold at least a master’s degree in economics, though a PhD is typically required for research or academic roles. Bachelor’s holders may enter entry-level positions such as research assistant or data analyst, especially if they have strong quantitative or programming skills.
What Role Does Work Experience Play in an Economist’s Salary?
Work experience is one of the most significant salary drivers. Here’s how compensation typically changes over time:
| Experience Level | Estimated Salary Range |
| Entry-Level (0-2 years) | $60,000-$85,000 |
| Mid-Career (3-7 years) | $90,000-$130,000 |
| Senior (8-15 years) | $140,000-$180,000 |
| Executive Level (15+ yrs) | $180,000-$250,000+ |
What Job Training is Available for Aspiring Economists?
“Across the five research internship types, HR said there were probably twelve to fifteen people total … there were four other people who interviewed for the position… I imagine a pretty sizeable number [of applicants], as it’s an incredible gig…”
There are several categories of professional development opportunities that economists regularly pursue:
- Certifications and Short Courses: Programs in data science, econometrics, public finance, or predictive modeling
- Conferences and Workshops: Events like the American Economic Association (AEA) Annual Meeting
- Professional Memberships: Joining organizations such as the AEA
- Graduate Certificates
- On-the-Job Training
Importance of Quantitative Skills in Economics Training
Today’s economists need more than theory. They’re expected to code, build models, and work with large datasets. That’s why math and programming are essential. Courses in linear algebra, calculus, statistics, and computer science are must-haves. Skills in Python, R, Stata, or SQL make you more competitive.
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Top Tips from Our Expert
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Ana Lucía Torres, Senior Learning Advisor
Sources: The U.S. Bureau of Labor Statistics, Reddit
