Economists
May 2005 employment and annual earnings distribution, wage and salary workers
Economists: Conduct research, prepare reports, or formulate plans to aid in solution of economic problems arising from production and distribution of goods and services. May collect and process economic and statistical data using econometric and sampling techniques.
Economists held about 13,000 jobs in 2004. Government employed 58 percent of economists, in a wide range of government agencies, with 34 percent in Federal government and 24 percent in State and local government. The U.S. Departments of Labor, Agriculture, and State are the largest Federal employers of economists. The remaining jobs were spread throughout private industry, particularly in scientific research and development services and management, scientific, and technical consulting services. A number of economists combine a full-time job in government, academia, or business with part-time or consulting work in another setting.
Employment of economists is concentrated in large cities. Some work abroad for companies with major international operations, for U.S. Government agencies, and for international organizations, such as the World Bank, International Monetary Fund, and United Nations.
In addition to the previously mentioned jobs, economists hold faculty positions in colleges and universities. Economics faculties have flexible work schedules and may divide their time among teaching, research, consulting, and administration. (See the statement on teachers—postsecondary elsewhere in the Handbook.)
Median annual wage and salary earnings of economists were $72,780 in May 2004. The middle 50 percent earned between $53,650 and $96,240. The lowest 10 percent earned less than $41,040, and the highest 10 percent earned more than $129,170.
The Federal Government recognizes education and experience in certifying applicants for entry-level positions. The starting salary for economists having a bachelor's degree was about $24,667 a year in 2005; however, those with superior academic records could begin at $30,567. Those having a master's degree could qualify for positions at an annual salary of $37,390. Those with a Ph.D. could begin at $45,239, while some individuals with experience and an advanced degree could start at $54,221. Starting salaries were slightly higher in selected geographical areas where the prevailing local pay was higher. The average annual salary for economists employed by the Federal Government was $89,441 a year in 2005.
(from the Occupational Outlook Handbook: Economists)
See more recent statistics for employed workers below.
May 2005 employment and annual earnings distribution, wage and salary workers
National Occupational Employment and Earnings by Industry (NAICS sector and 3-digit industry group)
| Economists | |||||
| Percentile earnings distribution | |||||
| 10th | 25th | 50th | 75th | 90th | |
| Utilities employment: 100 mean earnings: $75,930 (EC) (def) (IG) | $48,600 | $61,410 | $74,090 | $89,650 | $109,210 |
| Utilities employment: 100 mean earnings: $75,930 | $48,600 | $61,410 | $74,090 | $89,650 | $109,210 |
| Manufacturing employment: 80 mean earnings: $83,420 (EC) (def) (IG) | $52,150 | $64,220 | $78,170 | $96,010 | $125,450 |
| Chemical Manufacturing employment: 50 mean earnings: $86,490 | $51,970 | $63,950 | $79,650 | $102,890 | $134,320 |
| Wholesale Trade employment: 40 mean earnings: $81,030 (EC) (def) (IG) | $40,800 | $58,740 | $75,760 | $89,900 | $135,140 |
| Transportation and Warehousing employment: 120 mean earnings: $76,050 (EC) (def) (IG) | $50,480 | $61,060 | $74,470 | $91,920 | $106,480 |
| Postal Service employment: 40 mean earnings: $87,840 | $64,220 | $76,570 | $92,160 | $103,800 | $110,790 |
| Information employment: n.a. mean earnings: $58,920 (EC) (def) (IG) | $38,670 | $41,530 | $46,320 | $65,910 | $89,650 |
| Telecommunications employment: n.a. mean earnings: $50,950 | $38,370 | $40,790 | $44,830 | $55,350 | $76,430 |
| Finance and Insurance employment: 710 mean earnings: $89,060 (EC) (def) (IG) | $48,310 | $60,780 | $82,960 | $111,010 | $140,470 |
| Monetary Authorities - Central Bank employment: 250 mean earnings: $95,790 | $44,450 | $60,750 | $96,930 | $124,120 | $145,480 |
| Credit Intermediation and Related Activities employment: 110 mean earnings: n.a. | n.a. | n.a. | n.a. | n.a. | n.a. |
| Securities, Commodity Contracts, and Other Financial Investments and Related Activities employment: 230 mean earnings: $93,270 | $57,290 | $68,250 | $84,880 | $109,070 | $145,010 |
| Insurance Carriers and Related Activities employment: 80 mean earnings: $68,570 | $46,790 | $53,760 | $66,260 | $81,600 | $97,160 |
| Funds, Trusts, and Other Financial Vehicles employment: 40 mean earnings: $77,520 | $41,640 | $57,780 | $80,080 | $100,310 | $111,390 |
| Professional, Scientific, and Technical Services employment: 3,150 mean earnings: $96,670 (EC) (def) (IG) | $41,610 | $55,800 | $82,490 | $125,610 | >$145K |
| Professional, Scientific, and Technical Services employment: 3,150 mean earnings: $96,670 | $41,610 | $55,800 | $82,490 | $125,610 | >$145K |
| Management of Companies and Enterprises employment: 280 mean earnings: $81,110 (EC) (def) (IG) | $44,340 | $54,250 | $77,190 | $100,320 | $116,340 |
| Management of Companies and Enterprises employment: 280 mean earnings: $81,110 | $44,340 | $54,250 | $77,190 | $100,320 | $116,340 |
| Administrative and Support and Waste Management and Remediation Services employment: 120 mean earnings: $78,840 (EC) (def) (IG) | $51,710 | $64,220 | $77,700 | $95,090 | $111,790 |
| Administrative and Support Services employment: 120 mean earnings: $78,840 | $51,710 | $64,220 | $77,700 | $95,090 | $111,790 |
| Educational Services employment: 320 mean earnings: $55,700 (EC) (def) (IG) | $33,710 | $39,660 | $50,340 | $67,810 | $85,700 |
| Educational Services employment: 320 mean earnings: $55,700 | $33,710 | $39,660 | $50,340 | $67,810 | $85,700 |
| Other Services (except Public Administration) employment: 510 mean earnings: $76,010 (EC) (def) (IG) | $40,700 | $53,250 | $73,380 | $91,740 | $119,960 |
| Religious, Grantmaking, Civic, Professional, and Similar Organizations employment: 510 mean earnings: $76,010 | $40,700 | $53,250 | $73,380 | $91,740 | $119,960 |
| Federal, State, and Local Government (OES Designation) employment: 6,860 mean earnings: $74,810 (def) (IG) | $40,370 | $51,980 | $71,270 | $94,490 | $114,820 |
| Federal, State, and Local Government (OES Designation) employment: 6,860 mean earnings: $74,810 | $40,370 | $51,980 | $71,270 | $94,490 | $114,820 |
source: Occupational Employment Statistics Program; about these estimates
The (EC) links lead to data from the Economic Census from the Census Bureau.
The (def) links lead to 2002 NAICS industry definitions from the Census Bureau.
The (IG) links lead to Industry at a Glance industry profiles from the Bureau of Labor Statistics.