Economists salary
| Measure | Annual | Hourly |
|---|---|---|
| 10th percentile | $67,360 | $32.38 |
| Median (50th percentile) | $124,720 | $59.96 |
| Mean (average) | $142,130 | $68.33 |
| 90th percentile | $238,060 | $114.45 |
These wages describe everyone employed in the occupation, from new entrants to experienced workers. They are not starting salaries and not earnings of graduates from any particular program. Verified data
Economists pay by state and metro area
Table: median wage and employment for all 43 states and territories
| State | Median | 10th pct | 90th pct | Employment | Location quotient |
|---|---|---|---|---|---|
| Alabama | $129,960 | $74,520 | $175,170 | 40 | 0.15 |
| Alaska | $111,040 | $80,110 | $141,270 | 80 | 2.18 |
| Arizona | $79,610 | $75,000 | $138,990 | 340 | 0.9 |
| Arkansas | $91,560 | $55,130 | $136,990 | 50 | 0.31 |
| California | $119,410 | $74,030 | $207,380 | 860 | 0.41 |
| Colorado | $121,410 | $73,450 | $193,480 | 240 | 0.74 |
| Connecticut | $101,400 | $74,740 | $166,060 | 210 | 1.09 |
| Delaware | $159,120 | $74,690 | $214,000 | 70 | 1.22 |
| District of Columbia | $167,590 | $98,350 | $299,110 | 3,000 | 37.34 |
| Florida | $102,430 | $65,850 | $174,900 | 500 | 0.44 |
| Georgia | $122,570 | $78,190 | $187,330 | 260 | 0.46 |
| Hawaii | $83,050 | $66,370 | $120,270 | 50 | 0.71 |
| Idaho | $131,270 | $55,180 | $173,560 | 130 | 1.31 |
| Indiana | $80,750 | $47,350 | $163,380 | 80 | 0.21 |
| Iowa | $96,310 | $59,980 | $144,750 | 70 | 0.4 |
| Kansas | $138,790 | $67,610 | $238,990 | 80 | 0.5 |
| Kentucky | $71,400 | $59,810 | $124,380 | 100 | 0.42 |
| Louisiana | $73,050 | $60,680 | $136,970 | 140 | 0.64 |
| Maine | $91,480 | $69,140 | $132,950 | 70 | 0.9 |
| Maryland | $144,680 | $93,710 | $195,190 | 1,130 | 3.56 |
| Massachusetts | $106,380 | $74,080 | $222,610 | 1,030 | 2.48 |
| Michigan | $106,350 | $72,860 | $178,170 | 320 | 0.63 |
| Minnesota | $105,120 | $58,380 | $197,870 | 500 | 1.48 |
| Missouri | $117,010 | $73,260 | $229,510 | 280 | 0.84 |
| Montana | $89,340 | $69,850 | $116,210 | 90 | 1.58 |
| Nebraska | $75,880 | $45,000 | $135,300 | 90 | 0.74 |
| Nevada | $91,340 | $70,960 | $128,420 | 70 | 0.42 |
| New Hampshire | $86,130 | $60,080 | $157,110 | 50 | 0.69 |
| New Jersey | $167,550 | $83,990 | $195,190 | 280 | 0.57 |
| New Mexico | Data unavailable | 120 | 1.2 | ||
| New York | $136,660 | $82,130 | $292,850 | 910 | 0.82 |
| North Carolina | $136,150 | $35,460 | $224,270 | 290 | 0.52 |
| Ohio | $120,000 | $69,770 | $216,920 | 140 | 0.22 |
| Oklahoma | $89,980 | $67,490 | $171,650 | 80 | 0.4 |
| Oregon | $122,120 | $81,620 | $147,600 | 320 | 1.43 |
| Pennsylvania | $115,000 | $64,500 | $164,650 | 560 | 0.81 |
| Puerto Rico | $70,750 | $51,050 | $85,630 | 100 | 0.9 |
| Tennessee | $117,650 | $83,610 | $162,670 | 80 | 0.21 |
| Texas | $121,420 | $66,760 | $219,140 | 560 | 0.34 |
| Utah | Data unavailable | 50 | 0.26 | ||
| Virginia | $137,590 | $74,600 | $232,410 | 950 | 2.01 |
| Washington | $109,300 | $80,320 | $167,960 | 450 | 1.1 |
| Wisconsin | $84,000 | $53,340 | $132,270 | 280 | 0.83 |
A location quotient above 1 means the occupation is more concentrated in that state than in the nation overall.
Metro areas with the most jobs
Highest paying metro areas
Job outlook for economists
- Average annual openings, 2025 to 2035: 1,100. Openings include new jobs plus replacement needs when workers retire or leave the occupation. Official projection
- Share of workers who are self-employed (2025): 0.3%.
- Read the official BLS Occupational Outlook Handbook profile.
These are official BLS projections. ConnectPrep does not alter them or present its own forecasts as official statistics.
Education and training for economists
- Typical entry education
- Master's degree
- Related work experience
- None
- On-the-job training
- None
- O*NET Job Zone
- Job Zone Five: Extensive Preparation Needed
Highest education of people working in this occupation
O*NET describes this preparation level as: Most of these occupations require graduate school. For example, they may require a master's degree, and some require a Ph.D., M.D., or J.D. (law degree).
Degrees and programs that lead to this career
Programs officially mapped to this occupation in the NCES and BLS CIP to SOC crosswalk. A mapping means the program commonly prepares students for the occupation, not that every graduate works in it. Official crosswalk
- Agricultural Economics CIP 01.0103
- Environmental/Natural Resource Economics CIP 03.0204
- Financial Mathematics CIP 27.0305
- Economics and Computer Science CIP 30.3901
- Economics and Foreign Language/Literature CIP 30.4001
- Mathematical Economics CIP 30.4901
- Philosophy, Politics, and Economics CIP 30.5101
- Economics, General CIP 45.0601
- Applied Economics CIP 45.0602
- Econometrics and Quantitative Economics CIP 45.0603
- Development Economics and International Development CIP 45.0604
- International Economics CIP 45.0605
- Economics, Other CIP 45.0699
- Political Economy CIP 45.1004
- Pharmacoeconomics/Pharmaceutical Economics CIP 51.2007
- Business/Managerial Economics CIP 52.0601
Skills, knowledge, and daily work
Most important skills
Most important knowledge areas
Typical tasks
- Study economic and statistical data in area of specialization, such as finance, labor, or agriculture.
- Compile, analyze, and report data to explain economic phenomena and forecast market trends, applying mathematical models and statistical techniques.
- Study the socioeconomic impacts of new public policies, such as proposed legislation, taxes, services, and regulations.
- Explain economic impact of policies to the public.
- Review documents written by others.
- Provide advice and consultation on economic relationships to businesses, public and private agencies, and other employers.
- Formulate recommendations, policies, or plans to solve economic problems or to interpret markets.
- Supervise research projects and students' study projects.
Technology skills
- Microsoft Access (in demand)
- Microsoft Excel (in demand)
- Microsoft Office software (in demand)
- Microsoft Power BI (in demand)
- Microsoft PowerPoint (in demand)
- Python (in demand)
- R (in demand)
- SAS (in demand)
- Structured query language SQL (in demand)
- Tableau (in demand)
- StataCorp Stata (in demand)
- Statistical software (in demand)
- C++ (hot technology)
- IBM SPSS Statistics (hot technology)
- Microsoft Outlook (hot technology)
- Microsoft SQL Server (hot technology)
Transferable skills for career changers: Judgment and Decision Making, Complex Problem Solving, Instructing, Systems Evaluation, Systems Analysis, Social Perceptiveness.
Common job titles: Economic Advisor, Economic Analyst, Economic Consultant, Economic Development Specialist, Economist, Forensic Economist, Project Economist, Research Economist, Revenue Research Analyst, Tax Economist.
Is it worth it? Model the cost of getting there
Use the ROI calculator to compare the cost of the education this career usually requires against staying on your current path. It starts from the official wage distribution above, and you can change every assumption.
Frequently asked questions
How much do economists make?
The national median annual wage for economists was $124,720 in May 2025, according to the BLS Occupational Employment and Wage Statistics program. The lowest paid 10 percent earned less than $67,360 and the highest paid 10 percent earned more than $238,060. These figures cover all workers in the occupation, not only new entrants.
What education do economists need?
BLS lists master's degree as the typical education needed to enter this occupation, with none of related work experience and none on-the-job training typically needed to become competent.
Is economists a growing career?
BLS projects employment of economists to change +4.7% from 2025 to 2035, compared with +3.5% for all occupations. About 1,100 openings are projected each year on average, including openings from workers who retire or change occupations.
Which states pay economists the most?
By median annual wage in May 2025, the highest paying states were District of Columbia ($167,590), New Jersey ($167,550), Delaware ($159,120). Pay differences partly reflect differences in living costs.