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| Year | # of jobs | % of population |
|---|---|---|
| 2021 | 80 | 0.00% |
| 2020 | 90 | 0.00% |
| 2019 | 98 | 0.00% |
| 2018 | 96 | 0.00% |
| 2017 | 101 | 0.00% |
| Year | Avg. salary | Hourly rate | % Change |
|---|---|---|---|
| 2025 | $57,727 | $27.75 | +3.2% |
| 2024 | $55,953 | $26.90 | +0.7% |
| 2023 | $55,590 | $26.73 | +1.8% |
| 2022 | $54,605 | $26.25 | +1.4% |
| 2021 | $53,838 | $25.88 | +1.9% |
| Rank | State | Population | # of jobs | Employment/ 1000ppl |
|---|---|---|---|---|
| 1 | District of Columbia | 693,972 | 171 | 25% |
| 2 | Massachusetts | 6,859,819 | 392 | 6% |
| 3 | Oregon | 4,142,776 | 201 | 5% |
| 4 | Illinois | 12,802,023 | 466 | 4% |
| 5 | Washington | 7,405,743 | 304 | 4% |
| 6 | Colorado | 5,607,154 | 219 | 4% |
| 7 | Rhode Island | 1,059,639 | 41 | 4% |
| 8 | Vermont | 623,657 | 22 | 4% |
| 9 | California | 39,536,653 | 1,146 | 3% |
| 10 | Pennsylvania | 12,805,537 | 383 | 3% |
| 11 | North Carolina | 10,273,419 | 325 | 3% |
| 12 | Georgia | 10,429,379 | 294 | 3% |
| 13 | New Jersey | 9,005,644 | 254 | 3% |
| 14 | Virginia | 8,470,020 | 252 | 3% |
| 15 | Maryland | 6,052,177 | 189 | 3% |
| 16 | Minnesota | 5,576,606 | 176 | 3% |
| 17 | Nevada | 2,998,039 | 93 | 3% |
| 18 | New Hampshire | 1,342,795 | 35 | 3% |
| 19 | Montana | 1,050,493 | 31 | 3% |
| 20 | Delaware | 961,939 | 29 | 3% |
American University
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King's College
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Towson University
University of Central Arkansas
University of Detroit Mercy
New York University
Indiana University South Bend
California State University - East Bay
Susquehanna University
Dr. Pablo Troncoso: I recommend that students keep their minds open. They usually have ideas about their jobs regarding activities, duties, responsibilities, and expectations. Sometimes, the reality is different than expected. This is because economics is a wide-open field, and companies require our graduates to perform many activities, from data analysis to financial services. Thus, they can perform some duties in the first months of their job and move to something else with time. Furthermore, the first job will likely not be the last. Nowadays, people switch more often, looking for better salaries or new adventures.
Kara Reynolds Chair: Do your research. There are plenty of public databases to help you research average salaries in individual companies, sectors, and geographic regions. Understanding what your skills are worth on the market will help you negotiate your maximum salary.
Niraj Koirala: In my view, skills such as Machine Learning and Artificial Intelligence will become very popular in the field in the next 3-5 years. Therefore, I would advise new students in the field to focus more on data aspect of economics studies.
Minghao Li: I will write something up and send it to you today.
Minghao Li: Linkedin profile (if you have one), Your first and last name, Title, University website
Professor Michael Leeds: An Economics degree opens many doors. The one you open might not be the one for you. A first job is not a lifetime commitment. Take pride in your work but be open to change.
Professor Michael Leeds: I would turn this on its head and tell them that salary is not everything. Luckily, Econ majors are capable of obtaining jobs that are well-paying and meaningful. That means that our graduates have the chance - and should - strike a balance between the two. I've seen students go for high-paying jobs, only to come back after a few years to tell me how miserable they are. Students should take salary, the alignment of the job with their personal values, and the ability to balance the demands of their job with their personal and family needs. Again, not all majors allow you to do this!
Michael Altman: Understanding the basics of supply and demand is how anyone can maximize their salary potential. Occupations with high demand and few available workers with those needed skills will command higher salaries. The Bureau of Labor Statistics Occupational Outlook Handbook is one reliable source about future job growth by occupation. Graduates can increase their bargaining power with employers by casting a wide net for employment opportunities and gaining more than one job offer.
Michael Altman: In economics, being able to analyze and visualize data will become an even more valuable skill. A major in economics trains students in the ability to critically think about issues and understand cause and effect relationships. When that insight is coupled with skills in analyzing data, then those are the ingredients for a high paying and satisfying career.
University of Rhode Island
Economics
Liam Malloy: The skills that have become most relevant and will continue to be relevant will be data analysis, presentation, and communication skills. On top of that, being able to use the latest technology (whether that's data analysis software or artificial intelligence tools) will make you more productive and more employable. There's more and more economic data available and being able to find the data, analyze it, and present your findings in a clear manner will be extremely valuable.
Jason Dean PhD: From my personal experience, many economists appreciate the intellectual challenge and the significant impact their work can have on policy and business decisions. Economists often excel in roles that require thorough analysis and enjoy working with data, allowing them to thrive in areas where they can apply their skills effectively. However, the profession can also be demanding, with long hours sometimes required to meet the needs of complex projects or tight deadlines. This can be a source of stress, despite the work being interesting and related to the skills learned in school. That being said, the salaries are typically competitive. For instance, in Canada economists working in their field with a bachelor's degree earn an average salary of approximately $142,300, which significantly increases with a master's degree to around $191,100. Note, however, there is quite a bit of variation in salaries, which can range between $102,700 to a high $290,200.
Dr Eugene Pek PhD, FHEA, FCMI, SFwiSDP, .GE, CSDP: 1. Data collection and analysis
2. Economic research
3. Reporting and presentations
4. Monitoring economic indicators
5. Market analysis
6. Risk assessment
Elizabeth Engle: Economists have a broad toolkit for handling and interpreting data, combined with a foundational understanding of markets, incentives, and trade-offs. These are valuable skills for many different types of employers, and so a degree in economics can provide many and varied opportunities in fields like policy, consulting, finance, and technology. This not only makes it easier to find a job, but it also makes it easier to find a job that fits you.
Melissa Groves: First of all, economics is about decision making so we think of ourselves as showing students a tool box that they can use in a variety of fields. The skills are transferable to careers business, finance, management, or policy. As I mentioned above there are three skill areas that are important, and increasingly so in the next 3-5 years, and those are; computational skills, critical thinking, and communication. The computational skills includes statistical knowledge using regression analysis and software like STATA or R. Students that have been introduced to machine learning and data analytics will have an advantage in particular if they have the critical thinking skills to back this up. Deeper learning through critical thinking is important for students interested in doing policy work and those skills need to be well paired with solid communication skills - the capacity to talk about ideas in a clear and open-minded way.
Jeremy Horpedahl: In the field of economics, my advice is for recent graduates to think carefully about how they want to use their economics degree. While there are some jobs with the title 'economist,' most of the jobs that economics graduates are well-suited for don't have that title. This can be frustrating to some graduates, as it's not always obvious what jobs they should be looking for. But economics graduates are usually great at two things: 1.) working with data; 2). seeing the big picture of how different ideas or questions connect. These are extremely valuable skills that employers are looking for, but you have to be creative in how you present yourself to potential employers.
Jeremy Horpedahl: The ability to understand and analyze data are skills that economics graduates are already good at, but will become extremely important in the near future. The world is already awash in data, as well as software to analyze the data, but employers want workers who can make sense of all the data in the world and apply it to specific problems. Economics graduates are already good at this, but this is an area they focus on becoming even better at.
Dr. Anne York: Understanding the basics of supply and demand is how anyone can maximize their salary potential. Occupations with high demand and few available workers with those needed skills will command higher salaries. The Bureau of Labor Statistics Occupational Outlook Handbook is one reliable source about future job growth by occupation. Graduates can increase their bargaining power with employers by casting a wide net for employment opportunities and gaining more than one job offer.
Dr. Anne York: For any new graduate, I would remind them that their career is a marathon and not a sprint. While it is wonderful to get a very exciting job right out of college, that often doesn't happen but that first job is the first of many experiences that could lead to their eventual dream job. New graduates should always continue to network with others who can help propel your career and look for value in each opportunity that they are given.
Yu Lin Ph.D.: There are two skills all graduates should and must have. First is how to make logical decisions. This skill involves critical thinking with ethical sense. When a set of options present themselves, it will be great to know how to choose. Second is data understanding skill. Given the trend of big data, this skill is undoubtedly a must-have. One needs to know how to sift through mountains of data, identify the key information needed, and most importantly, make a data-driven decision.
Gian Clementi: A business economist is a life-long learner. Your college degree was only your entry ticket. To keep on earning your job and advance in your career, you need to keep on educating yourself, day in and day out. Think of it as a fitness regimen.
Onur Sapci Ph.D.: That will depend on the skills you offer. In an early career, people with more marketable skills like data analysis, financial forecasts, pricing, cost-benefit analysis, are more likely to secure a high paying job. There will be more demand for you. According to the statistics, economics has an above average starting salary compared to other fields. The mid-career earnings for economists are among the highest for economists according to the data. Also, having a master`s degree in economics significantly increases your earnings potential.
Onur Sapci Ph.D.: For economics graduates who are just starting to work, I would advise the following:
Learn the culture of the organization that you are working at. Keep learning. Every workplace has a different environment and requirements. You learn your job at the workplace.
Get to know your colleagues and build relationships.
Be humble and hardworking.
Seek feedback and don't be afraid to ask for feedback from your senior colleagues. If possible, find a good mentor.
Build Your Network and take advantage of the network tools that are available.
Take responsibility. Don't be afraid to make mistakes but learn from your mistakes and fix them.
Hong Zhuang: There is a wealth of advice available for graduates entering their careers. Personally, I have found two pieces of general advice to be particularly valuable. Firstly, embrace the concept of trials and errors. Be courageous in making mistakes and, more importantly, learn from them. In the initial stages of your career, mistakes are inevitable, but it is crucial to view them as learning opportunities. Focus on extracting lessons from errors and strive to avoid repeating them in the future.
Secondly, be open to diverse opportunities. You may encounter responsibilities that may not align directly with your major. However, consider these experiences as valuable chances to broaden your skill set. Make the most of these opportunities to develop new skills and gain a holistic perspective on your chosen field.
Hong Zhuang: To maximize your salary potential when embarking on your career, it's essential to establish a clear career plan. Envision where you see yourself in the short term (3-5 years), medium term (10 years), and long term (15-20 years). Setting such goals enables you to identify the qualifications required for promotions. If advancement necessitates an advanced degree or professional certification, consider furthering your education. Attend relevant conferences, seminars, or workshops to obtain the necessary certifications. Once you've enhanced your skills, you'll be better positioned to negotiate a higher salary.
Christian Roessler: The biggest factor that will shape future careers is most likely AI. Hal Varian, Google's chief economist, has offered this advice: Figure out which skills are going to become cheap and widely available. Then develop skills that are complementary. AI will be unbeatable at routine tasks (anything you could write down as a series of instructions, however sophisticated). But AI needs high-quality data to train on, and it needs to be given the right tasks. So you want to be an expert at things like statistics and systems design. Economics gives you the objective, methodical perspective and tools that are likely to be prized.
Christian Roessler: Think long-term and invest in yourself! Resist the temptation to pursue entry-level jobs that pay a little more, but leave you at a dead end. That's what happens with jobs which emphasize routines that you might have been taught in college - it makes you more valuable to an employer right now, but it's generally better to sacrifice some income today for new and higher-order skills you can learn on a job, using the analytical chops that you get from an economics degree. It's why economists on average earn less than business majors straight out of college, but they make significantly more than business majors when you look ten to fifteen years down the road.
Lyudmyla Ardan: Economics is a very applicable disciple that provides skills and tools that could be applied to a broad range of professions. Economics touches upon many aspects of life, as it teaches you a way of thinking. While many economists work in business and finance, there are ample opportunities for economics graduates in government, heath care, law, international organizations, medicine, non-profits, and more. Also, salaries of economics graduates tend to be higher in comparison to many other majors.
Lyudmyla Ardan: It can depend on the types of jobs held by economists, whether these jobs are in government, industry or academia. Economists who work for the government or the private sector typically analyze and gather data, make predictions based on prior trends, assess impacts of various policies and how those policies impact various constituents, prepare briefs and reports, do statistical work and run regressions, etc. They do tend to spend a lot of time in front of the computer working with various statistical software. However, they also interact with constituents, including their clients and policy makers. The list of activities can go on and on. Academic economists typically teach classes, help students, and engage in academic research by publishing in peer-reviewed academic journals.
Raja Kali: Take as many courses as you can in the areas I described above. If you can get an internship then that would be great. A Master's degree in Economic Analytics would also set you on a high growth path.