How Much Do Economists Make in 2020 (including Starting Salary)

Stan T.Career, SalaryLeave a Comment

Annual Salary, Salary Range, and Highest Paying States.

Average Salary

Annual salary
$116020 per year

Hourly wage
$56 per hour

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

Starting Salary

Entry-level annual salary
$58130 to $77270 per year

Entry-level hourly wage
$28 to $37 per hour

Entry-level Economists with little to no experience can expect to make anywhere between $58130 to $77270 per year or $28 to $37 per hour.

Just like any other job, the salary of an Economist will increase as they become more experienced.

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Salary Rank

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. We compare the salary of all careers then we give them a rank of A, B, C or D depending on where their average salary sits in comparison to other careers.

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

Salary range

Highest (Top 10%)$88$182560
Senior (Top 25%)$68$141780
Middle (Mid 50%)$50$104340
Junior (Bottom 25%)$37$77270
No experience (Bottom 10%)$28$58130

Highest paying states

DC$ 65$ 134,260
NY$ 61$ 127,520
VA$ 61$ 126,080
OH$ 60$ 125,490
CA$ 60$ 124,430
MA$ 57$ 117,680
MD$ 56$ 116,870
MO$ 54$ 112,240
GA$ 54$ 111,570
IL$ 52$ 108,690

Another simple way to increase your salary as an Economist is to move to a higher paying state. However moving to a higher paying state like DC doesn’t guarantee that you will make more because the expenses at DC might be much higher than where you are currently living at right now.

According to BLS, the highest paid Economists are in the states of DC, NY, VA, OH and CA.

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