How Much Does An Economist Make?

Economists are actually paid very well for the work they do. Economists are employed in a variety of industries which also affect how much pay they received. They working in the federal government and even the postal service. There are those connected with the scientific research and development services industry. Economists also work in the management, scientific and technical consulting services industry. They work in state and local governments.

Economists work full-time, with some devoting long hours to meet tight deadlines. To make the most of what the profession has to offer salary-wise, having a postgraduate degree, either a master’s or doctoral degree and related work experience would be needed.

Those who only hold a bachelor’s degree will most likely not work as economists but as research assistants, market analysts, financial analysts and related occupations in the fields of business and finance.Economists who are very qualified and have already established a name for themselves also have ways to augment their income by taking on part-time consultancy work, teaching or writing.

Average Economist Annual Salary

$112,860

The average annual salary for economists is $112,860 a year. Salaries start at $55,150 a year and go up to $181,060 a year.

Average Economist Hourly Wage

$54.26

The average hourly wage for a economist is $54.26. Hourly wages were between $26.51 and $87.05 an hour.

Stats were based out of 19,380 employed economists in the United States.

Does Your Pay Depend On Your Experience?

Executive Economist

$181,060/year $87.05/hour

(Top 10% of Economists)


Senior Economist

$138,120/year $66.40/hour

(Top 25% of Economists)


Mid Level Economist

$101,050/year $48.58/hour

(Median)


Junior Economist

$73,890/year $35.52/hour

(Bottom 25% of Economists)


Entry Level Economist

$55,150/year $26.51/hour

(Bottom 10% of Economists)


Economist Average Salary Comparison

Economists
$112k / year
$54 / hour
Political Scientists
$112k / year
$53 / hour
Industrial-Organizational Psychologists
$104k / year
$50 / hour
Psychologists, All Other
$94k / year
$45 / hour
Sociologists
$86k / year
$41 / hour
Social Scientists and Related Workers, All Other
$80k / year
$38 / hour
Clinical, Counseling, and School Psychologists
$78k / year
$37 / hour
Geographers
$74k / year
$35 / hour
Urban and Regional Planners
$73k / year
$35 / hour
Anthropologists and Archeologists
$66k / year
$31 / hour

Top 10 Highest Paying States For Economists

Top 10 Highest Paying Cities For Economists

Economist Salary By State

Rank State Hourly Rate Annual Salary
#1 Virginia $60.80 $126,460
#2 Texas $60.38 $125,590
#3 District of Columbia $60.22 $125,260
#4 New York $60.09 $124,980
#5 California $57.53 $119,650
#6 Ohio $54.63 $113,640
#7 Maryland $54.29 $112,930
#8 Illinois $54.11 $112,550
#9 Louisiana $52.47 $109,130
#10 Massachusetts $51.68 $107,490
#11 Connecticut $50.36 $104,740
#12 Georgia $49.90 $103,800
#13 Missouri $49.72 $103,410
#14 Alabama $48.36 $100,590
#15 New Jersey $48.33 $100,530
#16 Idaho $47.94 $99,710
#17 Hawaii $47.64 $99,100
#18 Wisconsin $46.03 $95,740
#19 North Carolina $45.57 $94,780
#20 Colorado $45.45 $94,540
#21 Florida $45.14 $93,890
#22 Washington $43.44 $90,350
#23 Tennessee $42.80 $89,020
#24 Pennsylvania $41.52 $86,370
#25 Michigan $41.12 $85,520
#26 Alaska $40.63 $84,510
#27 Arizona $40.42 $84,060
#28 Montana $40.20 $83,610
#29 Nevada $39.72 $82,610
#30 Oregon $39.40 $81,960
#31 Utah $39.17 $81,480
#32 Iowa $39.12 $81,370
#33 Nebraska $39.05 $81,220
#34 Vermont $38.86 $80,830
#35 West Virginia $38.55 $80,190
#36 Oklahoma $38.27 $79,600
#37 Indiana $37.12 $77,200
#38 Delaware $36.36 $75,630
#39 Wyoming $35.38 $73,600
#40 New Hampshire $35.37 $73,580
#41 Minnesota $33.99 $70,700
#42 Kansas $33.13 $68,900
#43 Arkansas $32.88 $68,400
#44 South Carolina $32.10 $66,760
#45 Kentucky $31.03 $64,530
#46 New Mexico $29.75 $61,880
#47 Puerto Rico $19.93 $41,460

Data provided by the Bureau of Labor Statistics (BLS).

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