Salaries of Business Economists
A 2002 survey conducted by the National Association of Business Economists
indicated that approximately 47% of business economists have annual base salaries between
$50,000 and $100,000, while 47% report income between $100,000, and $150,000.
(Source: Careers in Business Economics, 2004, p. 55,
Washington: National Association of Business Economists.)
This survey also indicated that the largest employers of business economists were:
- governments (including central banks),
- consulting firms, and
- financial institutions and insurance firms.
The National Association of Business Economists report that business economists receive a base median annual
salary of:
- $125,000 in the securities and investment sector (and an additional average compensation from their
primary employment equal to $60,000),
- $108,000 in consulting firms (with additional compensation of $13,000), and
- $82,750 for economists in academia.
This data also indicates that education varies substantially with income. Business
economists with Ph.D. degrees receive a median annual salary of $108,000, while
business economists with master's degrees report a median annual salary of
$84,500.
Students considering careers, however, are probably more interested in starting
salaries. According to the National Association of Business Economists,
in 2002 the median starting salary for economists possessing:
- bachelor's degrees was $38,000,
- Master's degrees was $48,000, and
- Ph.D. degrees was $70,000.
Return to discussion of career opportunities for
economics and applied mathematical economics majors.
Return to economics department home page.
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