The Salary From a Master's in Economics

Save

A master's degree in economics can open the door to career options in business, academia, research, consulting and government. Salaries for master's degree recipients vary by career path, but the National Association for Business Economics reports that starting salaries exceed $50,000 a year. The best job opportunities and salaries for economists exist for men and women with master's degrees or higher in the field, according to the U.S. Bureau of Labor Statistics (BLS).

Economist Salaries

  • Annual salaries for economists ranged from $44,720 to more than $153,000 a year, with an average of $96,320 a year, the BLS reported in 2009. BLS data indicate that economists work in consulting firms and federal, state and local government agencies. It is important to point out, however, that the information also includes economists with undergraduate and doctoral degrees and may not accurately represent salaries earned by master's degree recipients.

Beginning Salaries

  • Recipients of a master's degree in economics can expect an average starting salary of $58,000 a year, according to a 2010 salary survey by the National Association for Business Economics (NABE). This figure exceeds the average starting salary of $50,000 for a bachelor's degree recipient but trails the $85,000 average earned by a Ph.D.

Business Economist Salaries

  • Many recipients of a master's degree in economics seek careers in business, conducting economic research and forecasting for large corporations, banks, consulting firms and insurance companies. Other business economists have general administrative duties and others work in market research. NABE's 2010 salary survey reported that men and women with master's degrees in economics earned an average salary of $100,380 a year, $9,000 a year more than the average salary earned by bachelor's degree recipients.

Government Salaries

  • Government agencies, especially at the federal level, are significant employers of economists. In the federal government, economists work for such departments and agencies as the U.S. departments of State, Labor and the Treasury, as well as the Central Intelligence Agency and the Bureau of Economic Analysis. The American Economic Association reported that a man or woman with a master's degree in economics can start a government career on level 9 of the federal government's General Service (GS) salary schedule. Salaries at this level range from $41,000 to more than $54,000 a year, according to the U.S. Office of Personnel Management.

Academic Economists

  • Although many academic jobs in economics require a Ph.D., some jobs teaching economics at the college level require only a master's degree. The American Economic Association reported that senior assistant economics professors at bachelor's and master's degree granting institutions earn an average of $80,167 a year.

References

  • Photo Credit John Foxx/Stockbyte/Getty Images
Promoted By Zergnet

Comments

Resources

You May Also Like

  • What Is the Average Starting Salary for an Economics Major?

    Economist jobs usually require graduate study, except for some entry-level government positions. However, a bachelor's degree in economics can be your ticket...

  • Economics Vs. Finance

    Economics is a social science that examines the ways in which individuals, families and entire societies allocate resources that are scarce by...

  • Average Salary for a Health Economist

    Health economists apply economic knowledge and research skills to help resolve problems related to the allocation of resources in the areas of...

  • Average Salary of an Economics PhD

    The Doctor of Philosophy (PhD) is the terminal degree in economics. Earning the degree requires years of study and culminates in the...

  • Why Get a Master's in Economics?

    The study of economics blends logic, statistical analysis and creativity. Obtaining a master's degree in the field sharpens these skills and makes...

  • Jobs for a Masters of Economics

    An economics degree can open a wide variety of career doors, from business and finance to government and consulting. The U.S. government,...

Related Searches

Check It Out

Are You Really Getting A Deal From Discount Stores?

M
Is DIY in your DNA? Become part of our maker community.
Submit Your Work!