Economists Salary 2018: How Much Money Do They Make

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hourly pay for Economists
do Economists make a lot of money


Other names for this job might include Agricultural Economist, Business Economist, Econometrician, Economic Adviser, Economic Analysis Director, Economic Analyst, Economic Consultant, Economic Developer, Economic Development Specialist, Economic Research Analyst

  • $112860
  • 76%
    Job satisfaction
  • Hard
    Becoming one
  • High
    Job growth
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How Much Do Economists Make In 2018

In this salary guide, you will find out how much do Economists make.

After reading this, you will be able to make a decision if working as an Economist will suit your financial goals (e.g: buying a home, BMW or just your target salary goal).

Average salary

Annual salary
$112860 per year

Hourly wage
$54.260 per hour

One of the most popular questions we get from our readers here at OwlGuru is how much do Economists make per year and what is their hourly wage.

According to BLS, the average annual salary of Economists is $112860. Their salary can also be as low as $55150 if you’re still a newbie with no experience to over $181060 if you have a ton of experience under your belt.

The typical hourly pay is $54.260 and can range from $26.510 to $87.050 which also depends if you’re a newbie or a professional.

Just like any other job, the salary of An Economist will vary based on your education and experience level.

# = Over $100 per hour or $200,000 per year.
Salary rank

We wanted to make it easy for our readers to compare the salary of An Economist to all the other careers out there. So we created Salary Rank.

This compares the salary of all careers and we give them a rank of A, B, C or D depending on how high or low is their average salary.

After comparing how much do Economists make with other careers, they have a salary rank of A.

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Salary range

Highest (Top 10%)$87.050$181060
Senior (Top 25%)$66.400$138120
Middle (Mid 50%)$48.580$101050
Junior (Bottom 25%)$35.520$73890
No experience (Bottom 10%)$26.510$55150

Entry-level Economists who starts out at $73890 can expect to make $101050 after 3-5 years of experience in the field.

The bottom 10% makes less than $26.510 per hour while the top 10% makes over $87.050 per hour.

While the median wage is $101050 per annum or $48.580 per hour.

Depending on who you work for, you might also get overtime pay.

# = Over $100 per hour or $200,000 per year.

Highest paying industries

Industry nameHourly wageAnnual salary
Chemical Manufacturing90.82188900
Pharmaceutical and Medicine Manufacturing90.65188550
Legal Services78.9164100
Depository Credit Intermediation65.1135420
Securities and Commodity Contracts Intermediation and Brokerage64.94135080
Credit Intermediation and Related Activities64.85134890
Securities, Commodity Contracts, and Other Financial Investments and Related Activities62.1129170
Monetary Authorities-Central Bank60.61126070
Finance and Insurance60.36125550
Computer Systems Design and Related Services60.23125270
Oil and Gas Extraction58.83122370
Petroleum and Coal Products Manufacturing56.72117970
Other Financial Investment Activities55.76115980
Federal Executive Branch54.69113750
Federal government, including the US Postal Service54.67113710
All industries, private ownership only54.39113130
Employment Services53.56111390
Management, Scientific, and Technical Consulting Services53.33110920
Research and Development in the Physical, Engineering, and Life Sciences53.23110720
Professional, Scientific, and Technical Services53.16110570
Postal Service (federal government)52.95110140
Scientific Research and Development Services52.31108800
Research and Development in the Social Sciences and Humanities52.06108280
Electric Power Generation, Transmission and Distribution51.81107760
Management of Companies and Enterprises51.45107020
All industries50.62105290
Community Food and Housing, and Emergency and Other Relief Services49.34102620
Health Care and Social Assistance (including private, state, and local government hospitals)49.08102090
Architectural, Engineering, and Related Services48.91101740
Social Assistance48.75101400
Colleges, universities, and professional schools, Privately owned48.24100340
Educational Services, Privately owned48.16100160
Business, Professional, Labor, Political, and Similar Organizations48.0399910
Engineering Services47.8599530
Federal, State, and Local Government45.7295100
Federal, State, and Local Government, excluding state and local schools and hospitals, and the US Postal Service45.7295100
Federal, state, and local government, including government owned schools and hospitals, and the US Postal Service45.1193830
Other Professional, Scientific, and Technical Services42.2987960
Insurance Carriers and Related Activities39.8482880
Insurance Carriers38.6380360
Colleges, Universities, and Professional Schools (including private, state, and local government schools)36.6676250
Local Government, excluding schools and hospitals35.8274500
Local government, including schools and hospitals35.3473500
Educational Services (including private, state, and local government schools)35.273220
Colleges, universities, and professional schools, State government owned31.3265150
State Government, excluding schools and hospitals31.3265140
State government, including schools and hospitals31.3165120
Educational Services, State government owned31.2464980
Educational Services, Local government owned23.8849670
Elementary and Secondary Schools (including private, state, and local government schools)23.7349350
Elementary and Secondary Schools, Local government owned23.0547940

Not all industries pay the same for Economists.

One of the easiest way to increase your salary is to change industries and find a higher paying one.

Highest paying states


Another simple way to boost your pay as An Economist is to move to a higher paying state. However moving to a higher paying state like IN doesn’t mean you will make more overall. This is because the expenses at IN may be 2x higher than where you are currently living at right now.

According to the BLS, the highest paid / most successful Economists are in the states of IN, DC, VA, NY and TX. The average salary in IN is $179220.

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Rank: A
Salary: $102120

They teach courses in economics. Includes both teachers primarily engaged in teaching and those who do a combination of teaching and research.
Rank: A
Salary: $78810

They study human society and social behavior by examining the groups and social institutions that people form, as well as various social, religious, political, and business organizations. May study the behavior and interaction of groups, trace their origin and growth, and analyze the influence of group activities on individual members.
Rank: B+
Salary: $82940

They formulate and apply mathematical modeling and other optimizing methods to develop and interpret information that assists management with decision making, policy formulation, or other managerial functions. May collect and analyze data and develop decision support software, service, or products. May develop and supply optimal time, cost, or logistics networks for program evaluation, review, or implementation.
Rank: B+
Salary: $104000

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Rank: A
Salary: $88740

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