economics phd job prospects

Questions about placement? Contact our placement officer Robert Townsend or placement administrator Shannon May .

Please see 2024 Placements here

Placement history.

The department plays an active role in assisting graduate students with career placement. In a typical year, every MIT Economics PhD graduate finds a job.

Over the past six years, the department has placed a total of 130 graduates in academic, research, and government jobs. Of these, 90 graduates (69%) chose positions at academic institutions and 36 graduates (28%) chose non-academic positions. Of the 90 academic placements, 35 (39%) were at top-15 US economics departments or top-10 US business schools. The tables below break out these proportions for each cohort and highlight some of our top placements.

All placements, 2018-2023

Placements to top economics departments and business schools, 2018-2023.

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Resources for Students
Preparing for graduate school

Understanding the job market

Most graduating PhDs seeking jobs in academia, government, or industry will participate in the job market for economists and may interview for positions at the ASSA Annual Meeting in early January.

The job market process

The AEA provides a guide to the job market process created by John Cawley. It details the following:

Job openings for economists

The American Economic Association provides the JOE Network (Job Openings for Economists Network) for employers and job-seekers who are participating in the annual economics job market cycle.

AEA Committee on the Job Market

The AEA's Committee on the Job Market posts information and updates in various reports and webinars on the economics job market.

Current salary and job market information

There are several sources of current salary and job market information for economists:

The Fed describes potential career opportunities for economics PhDs
The Fed describes research assistant opportunities for those without PhDs in economics
The Center for Business and Economic Research at the University of Arkansas conducts an annual " Survey of the Labor Market for New Ph.D. Hires in Economics ."
The American Economic Association publishes results of its Universal Academic Questionnaire in each May issue of AEA Papers and Proceedings .
The Bureau of Labor Statistics publishes information on economists in the Occupational Outlook Handbook .

Career earnings

The economics profession, universal academic questionnaire (uaq).

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Best Doctorates in Economics: Top PhD Programs, Career Paths, and Salaries

If you’re a graduate student and interested in pursuing an advanced study in the field of economics, you should start researching the best PhDs in Economics. By enrolling in an economics PhD program, you’ll be getting an in-depth education on past and current economic trends.

In this article, we’ll try to help you choose the right PhD in Economics by going over some of the best programs in the United States. We’ll also cover some of the highest-paying economics jobs on the market and provide an overview of the PhD in economics salary possibilities.

Find your bootcamp match

What is a phd in economics.

A PhD in Economics degree is an advanced doctoral degree program that studies the distribution and consumption of goods and services. Economics classes teach students to analyze small-scale and global-scale economic factors to make predictions for future markets.

The main goal of economics departments in PhD programs is to teach students how to help different institutions improve and optimize their economic actions. Through a mix of teaching, research, and a heavy course load, economics grad students will perfect their quantitative skills and learn to make decisions that increase the profitability of the organizations they work for.

How to Get Into an Economics PhD Program: Admission Requirements

The admission requirements to get into an economics PhD program include a bachelor’s degree in a related field and a minimum 3.0 GPA. Other admission requirements can include GRE exam scores, letters of recommendation, a statement of purpose, and a resume. Admissions counselors will look at a student’s comprehensive experience before grad school.

Different schools have other specific admission requirements for their economics PhD programs, but all international and English as a second language-speaking (ESL) students will have to submit proof of English proficiency in the form of Test of English as a Second Language (TOEFL) exam scores.

PhD in Economics Admission Requirements

Bachelor’s or master’s degree in a related field
Minimum 3.0 GPA
GRE test scores (optional for most schools)
Two to three letters of recommendation
Proof of English proficiency (for ESL and international students)
Statement of purpose
Previous knowledge in math-intensive subjects, such as economic theory, statistics, mathematics, differential and integral calculus, and linear algebra

Economics PhD Acceptance Rates: How Hard Is It to Get Into a PhD Program in Economics?

It can be very hard to get into economics PhD programs. Economics PhD acceptance rates vary between 2.4 and 7.4 percent. At Johns Hopkins University, for example, only 12 students are selected to enroll in the Economics PhD program out of more than 500 applications.

How to Get Into the Best Universities

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Best PhDs in Economics: In Brief

Best universities for economics phds: where to get a phd in economics.

The best universities for PhD economics programs include Arizona State University, John Hopkins University, Syracuse University, and Drexel University. These schools will adequately equip you with the economic knowledge and skills needed to ensure you are ready for a well-paying job in the economics career path of your dreams. Continue reading for all you need to know to prepare for grad school at one of the top Phd in Economics degree programs.

Arizona State University is a public research university founded in 1886. It is considered one of the best institutions for superior education. ASU offers more than 400 graduate degree programs led by experts and has been ranked as the nation’s most innovative university by US News & World Report .

PhD in Economics

This economics PhD program provides training in microeconomic and macroeconomic theory, applied economics, and econometrics. Classrooms are relatively small, with about 45 graduate students, to facilitate mentoring and provide greater faculty attention within the department of economics. The program prepares students for teaching and research positions in the field of economics.

PhD in Economics Overview

Program Length: 5 years
Acceptance Rate: Not stated
Tuition: $ 858/credit (in state); $1,361/credit (out of state)
PhD Funding Opportunities: National Science Foundation Graduate Research Fellowship, graduate teaching assistantships
Bachelor's or master's degree from a regionally accredited institution
Minimum cumulative GPA of 3.0
Graduate admission application and application fee
Official transcripts
Three letters of recommendation

Colorado State University was founded in 1870. It is a public land-grant research university and is considered the flagship university of the Colorado State University System. It offers several programs and certificates across many fields and has over 7,000 enrolled graduate students.

This economics doctoral program offers meticulous training and teaches research methods in the many different areas of economics. These math intensive classes include microeconomic theory, macroeconomic theory, and econometrics. This econ program requires a minimum of 72 credits and allows students to focus on different areas like environmental, international, political, Keynesian, feminist, or regional economics.

Tuition: $601.90/credit (in state); $1,475.80/credit (out of state)
PhD Funding Opportunities: Graduate assistantships, scholarships, fellowships, internships, grants
Online application and application fee
Official transcripts of all collegiate work completed post-high school
Letters of recommendation

Drexel University was founded in 1891. It is a private research university with over 8,900 enrolled graduate students. Their co-op education program sets this university apart from others, offering students the opportunity to get paid and gain real-world experience prior to graduating.

This PhD in Economics teaches a set of core courses including microeconomics, macroeconomics, and econometrics. Students are then required to specialize and demonstrate math skills in industrial organization, international economics, or macroeconomics. This PhD is an official STEM Designated Degree Program. Each class is composed of three to six doctoral students to optimize and facilitate interactions between students and faculty.

Tuition: $1,342/credit
PhD Funding Opportunities: Graduate assistantships
GRE scores from the past five years
Personal statement
Two letters of recommendation

Johns Hopkins University is a world-renowned private research university. It was founded in 1876 and is now organized into 10 campuses in Maryland and Washington, with international divisions in Italy and China. The university has over 22,000 graduate students enrolled across its social sciences, engineering, arts, and business schools.

This economics program is led by expert faculty and trains students in applied microeconomics and macroeconomics, economic theory, and econometrics. Students will receive one-on-one attention from faculty, allowing them to conduct better research and strengthen the complex analysis and quantitative skills necessary in the field of econ.

Program Length: 5-6 years
Acceptance Rate: 2.4%
Tuition: $58,720/year
PhD Funding Opportunities: Departmental fellowship (1st year), teaching or research assistantships (2nd to 5th years), Carl Christ Fellowship, Kelly Miller Fellowship, tuition fees funded by the department for enrolled students
Unofficial transcripts from all previous colleges and universities
GRE scores (quantitative scores of 160 or above)
Minimum of two letters of recommendation

Kansas State University was founded in 1863 as the first public institution of higher education in Kansas. KSU is a public land-grant research university and has over 4,500 enrolled graduate students across 73 master's and 43 doctoral degree programs.

This PhD Economics program teaches students about the latest advances in econometrics, economic theory, and computation. The program requires the completion of a minimum of 90 credits, of which 30 are designated to researching and writing a high-quality dissertation.

Tuition and Fees: $6,282/year (in state); $12,746/year (out of state)
PhD Funding Opportunities: Teaching assistantships, the Wayne Nafziger Graduate Scholarship, the Lloyd and Sally Thomas Graduate Scholarship, and Edward Bagley Graduate Scholarship; tuition fees funded by the department for enrolled students
Academic transcripts of all undergraduate and graduate coursework from each institution attended
Short statement of objectives for graduate study
GRE scores from the past five years (optional but encouraged)

Oregon State University ’s roots can be traced back to 1856 as a public land-grant research university that was founded as a primary and preparatory community school. Today, the university is the largest in Oregon. Oregon State is particularly renowned for its programs in earth, marine, and biological sciences and has over 5,668 enrolled graduate students.

PhD in Applied Economics

The 108-credit Applied Economics PhD degree program teaches students about economic theory, econometrics, development economics, and other quantitative methods. Grad school students of this program will gain the intellectual autonomy needed to examine real-world problems and apply relevant solutions regarding policy, education, trade, and the environment.

PhD in Applied Economics Overview

Program Length: 4-5 years
Acceptance Rate: 6.7%
Tuition: $498/credit (in state); $1,011/credit (out of state)
PhD Funding Opportunities: Graduate assistantship

PhD in Applied Economics Admission Requirements

Academic records from each institution attended
Letters of reference
Statement of objectives

Syracuse University is a private research university founded in 1831 with over 6,800 enrolled graduate students. Syracuse is ranked 59th on US News & World Report’s list of best national universities and features famous alum President Joe Biden.

The PhD in Economics program at Syracuse University is a research-oriented degree that requires the completion of 72 credits. The program teaches students about mathematical economics, microeconomic theory, macroeconomic theory, and econometrics. Students will specialize in a primary field in labor, international, public, urban economics, or econometrics.

Acceptance Rate: N/A
Tuition: $32,436/year
PhD Funding Opportunities: University Fellowships, graduate assistantships, Melvin Eggers Graduate Economics Scholarship for Doctoral Students, David Greytak Fellowship Fund
Transcripts from all collegiate and post-collegiate work
Three letters of recommendation

University of Maryland (UMD) at College Park was founded in 1856 and is the flagship campus of the University System of Maryland. UMD is a public, land-grant research university with 10,500 enrolled graduate students in over 230 graduate degree programs.

PhD in Economics (ECON)

This econ PhD program offers a wide range of specializations to students, including advanced macroeconomics or microeconomics, behavioral and experimental economics, econometrics, economic history, international trade, and public economics. Students who enroll directly after they finish their bachelor’s degree are also able to obtain a Master of Arts degree simultaneously.

PhD in Economics (ECON) Overview

Acceptance Rate: 4.1%
Tuition: $1,269/semester (in state); $2,496/semester (out of state)
PhD Funding Opportunities: Graduate assistantships, Fellowship in Support of Diversity and Inclusion

PhD in Economics (ECON) Admission Requirements

Transcripts from all institutions attended after high school
Description of research and work experience
GRE exam scores (optional)

University of Utah was established in 1850 as a public research university and is now considered the flagship institution of the Utah System of Higher Education. It currently has over 8,400 enrolled graduate students and offers several programs with financial assistance, academic opportunities, and postdoctoral fellows.

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This economics PhD program allows students to explore many topics, including economic theory, post-Keynesian macroeconomics, Marxian economics, the economics of gender, labor market institutions, and intensive math classes. The program focuses particularly on themes of inequality, globalization, and sustainability.

Acceptance Rate: 7.4%
Tuition and Fees: $1,271.79/credit (in state); $4,517.11/credit (out of state)
PhD Funding Opportunities: Graduate assistantships (research and teaching), fellowships, scholarships
Completion of intermediate microeconomic and macroeconomic theory prerequisite courses
Three academic reference letters
Brief statement of personal academic goals

West Virginia University was founded in 1867 as a public land-grant research university. Today, the university enrolls over 5,700 graduate students in more than 350 programs throughout 14 colleges and high-quality schools.

This 45-credit PhD program trains students to conduct original research, produce publishable articles, analyze real-world problems from economists and policymakers, and effectively communicate their results. Doctorate students must choose a specialization in health, international, monetary, public, regional, or urban economics. Classes in economics have a small number of students to facilitate and encourage interaction between students and faculty.

Program Length: 4 years
Tuition and Fees: $899/credit (in state); $2,053/credit (out of state)
PhD Funding Opportunities: Graduate assistantships, Arlen G. and Louise Stone Swiger Doctoral Fellowship, W.E.B. Du Bois Fellowship, Provost Graduate Fellowship
Minimum GRE score of, 300
Completion of statistics, intermediate micro and macro theory, and calculus prerequisite courses

Can You Get a PhD in Economics Online?

Yes, you can get a PhD in economics online. Liberty University currently offers an online PhD in Public Policy with a concentration in Economic Policy. This program focuses on teaching students how to shape economic policy across legislation, communications, politics, education, and international relations. Grad school students can complete this online program in three years.

Best Online PhD Programs in Economics

How long does it take to get a phd in economics.

It takes five years on average to get a PhD in Economics. The first two years are usually spent completing core classes in economics, and by the third year, students prepare for exams in their specialization field of choice. The final two years are for research and writing a dissertation.

Some students are able to complete their PhD program in less time. Others take up to seven years to finish their degrees, especially if they don’t already have a master’s degree in the field, or are taking courses part-time.

Is a PhD in Economics Hard?

Yes, a PhD in Economics is a hard degree to obtain. However, at this level of education, regardless of the area of study you choose, all programs are hard to complete. Doctoral programs are intended for students who wish to become true experts in their field of choice.

Economics PhD programs are hard because extensive research and practical capabilities are required of candidates. Through a heavy course load, econ grad students are expected to work hard to develop their skills to the maximum and create publishable, high-quality work.

How Much Does It Cost to Get a PhD in Economics?

It costs an average of $19,314 per year to get a PhD in Economics , according to the National Center for Education Statistics. This value is an average of the graduate tuition required in all public and private institutions between 2018 and 2019. Tuition rates will vary by school, and private universities are often more expensive than public institutions.

How to Pay for a PhD in Economics: PhD Funding Options

PhD funding options that students can use to pay for a PhD in Economics include research and teaching assistantships, and many different fellowships and scholarships. These can either be provided directly by the university or by independent institutions and organizations.

Some of these include the Provost Graduate Fellowship, the Melvin Eggers Graduate Economics Scholarship for Doctoral Students, and the National Science Foundation Graduate Research Fellowship Program.

Best Online Master’s Degrees

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What Is the Difference Between an Economics Master’s Degree and PhD?

The main difference between an economics master’s degree and a PhD is that master’s degrees are more career-oriented, while PhDs are focused on research. Since many doctorate students wish to pursue academic careers and teach in high-quality schools, they opt for a PhD program that allows them to acquire expert-level knowledge through research and assistant teaching.

Other differences between these two programs include funding options for payment, as master’s degrees don’t have as many funding options as PhD programs do, as well as the time of completion and the difference in salary between economics master’s and PhD graduates.

Master’s vs PhD in Economics Job Outlook

Employment for both economics master’s and PhD graduates is expected to grow in the next 10 years. However, the growth percentage is much higher for certain economics jobs for those with a doctoral degree. For example, employment for budget analysts, a position that requires only a Master’s Degree in Economics, is projected to grow five percent from 2020 to 2030, which is slower than the average growth for all occupations.

On the other hand, employment for postsecondary teachers, who typically need to have a PhD in Economics, is expected to grow 12 percent in the next 10 years .

Difference in Salary for Economics Master’s vs PhD

Considering the differences mentioned above, there’s a significant difference in average salaries for economics master’s and PhD graduates. While a budget analyst makes around $84,240 on average per year, a postsecondary teacher makes $124,090 on average per year.

According to PayScale, the average salary of someone with a Master’s Degree in Economics is $82,000 per year , whereas the average salary of someone with a PhD in Economics is $110,000 per year .

Related Economics Degrees

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Why You Should Get a PhD in Economics

You should get a PhD in Economics because it will allow you to learn many valuable quantitative and analytical skills in the field, improve how you communicate with peers and non-experts alike, learn from a wide variety of specializations, and put you on track for a career in research and academics.

Reasons for Getting a PhD in Economics

Wide range of specializations. A PhD in Economics allows you to specialize in an area that interests you most, such as financial, labor, international, political, business, feminist, Keynesian, environmental, or development economics.
Improve communication skills. Throughout your economics PhD program, you’ll be required to publish high-quality articles for peer review. This means that you’ll also be expected to learn how to communicate your findings to the common layman.
Learn many relevant skills. Econ students learn skills that will allow them to work for several institutions. They’re able to evaluate and calculate risk, make predictions, develop and use mathematical models, and deeply understand market dynamics.
Work in academia. Most PhD graduates desire to become professors themselves. A PhD in Economics allows students to work for all kinds of superior institutions and have a fulfilling career in research and academia.

Getting a PhD in Economics: Economics PhD Coursework

A financial advisor sitting in an office and giving finance application tips to a client taking notes, based on her monetary policy knowledge and econ background

Getting a PhD in Economics begins with core economics PhD coursework. For most programs, these courses include micro and macroeconomics, econometrics, mathematics for economists, and research design and methodology.

Microeconomics

A microeconomics course teaches decision-making when it comes to allocating resources of production, exchange, and consumption. Students learn about consumer and producer theory, general equilibrium theory, game theory, and other key applied microeconomic topics.

Macroeconomics

Macroeconomics is the area of economics that studies the economy as a whole. It accounts for the total goods and services provided, economic growth, and total income and consumption. In this course, students learn about the different macroeconomic models and current trends in macroeconomic thought.

Econometrics

In an econometrics course, students learn about probability and statistics, random variables, and hypothesis-testing procedures. Students will also be able to apply mathematical formulations to create complex economic models.

Mathematics for Economists

This core course is important to review the mathematical techniques required in economics. Students consolidate their knowledge in calculus, matrixes, algebra, differential equations, and set theory.

Research Design and Methodology

This introductory course is fundamental to guide students through conducting relevant research in economics literature for their dissertation, article publications, seminars, and any other papers they’ll need to prepare.

Best Master’s Degrees

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How to Get a PhD in Economics: Doctoral Program Requirements

If you’re wondering how to get a PhD in Economics, the answer is pretty straightforward. To successfully complete an economics PhD program, students will have to complete all of the doctoral program requirements. These include successfully concluding core economics classes, establishing a program of study, passing the qualifying exam and candidacy examination, and defending a final dissertation.

Every PhD student will have to take a common set of core courses during their first year. These courses in micro and macroeconomics, econometrics, and mathematics provide students with basic training for conducting research in their field at advanced levels.

At the end of the first year, students will take their first-year exam to prove their competence in the core course and readiness to continue with the program. Passing these exams will allow students to choose their specialization courses for the second year.

Just before the beginning of the second year, students will work with an advisor to help them figure out the specialization courses best for them. They will also facilitate the process of finding a permanent advisor and creating a program of study for the rest of the degree program.

Candidacy examinations, or field course exams, are tests that prove a student’s knowledge in the specialized fields in which they wish to pursue their dissertation research. Upon passing these examinations, students are then recognized as PhD candidates.

By the end of the fifth year, most students have already completed their research and are ready to present and defend their theses. Students defend their dissertation in a final oral examination. Upon passing the defense, students must submit a final copy of their dissertation.

Potential Careers With an Economics Degree

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PhD in Economics Salary and Job Outlook

Getting a PhD in Economics will grant you career stability and financial security. Career prospects in the economics field are great, as employment in these jobs is projected to grow faster than average. Continue reading for a list of some of the best PhD in Economics jobs available to graduates and an overview of their annual salaries.

What Can You Do With a PhD in Economics?

With a PhD in Economics, you can apply to many high-paying jobs in the field. These jobs can include financial manager, postsecondary economics teacher, economist, personal financial advisor, or even urban and regional planner roles.

Best Jobs with a PhD in Economics

Financial Manager
Postsecondary Economics Teacher
Personal Financial Advisor
Urban and Regional Planner

What Is the Average Salary for a PhD in Economics?

The average salary for someone with a PhD in Economics is $110,000 per year , according to PayScale. This value varies depending on the career path you choose, the company you work for, or even the industry you base your work in.

Highest-Paying Economics Jobs for PhD Grads

Best economics jobs with a doctorate.

In this section, we’ll cover the best economics jobs you can get with a doctoral degree. They include financial managers, postsecondary teachers, and economists. Other high-paying jobs include personal financial advisors and urban and regional planners.

Financial managers are responsible for the financial standing of a company or organization. They coordinate accounting and investing, create financial reports, and develop long-term financial goals for their company. They must have knowledge of the tax laws and regulations specific to their industry.

Salary with an Economics PhD: $153,460
Job Outlook: 17% job growth from 2020 to 2030
Number of Jobs: 681,700
Highest-Paying States: New York, Delaware, and New Jersey

Many economics PhD students are interested in teaching in postsecondary academic institutions. After being hired, these professors are placed in the school’s department of economics where they can conduct research and teach one or more courses in the field.

Salary with an Economics PhD: $124,090
Job Outlook: 12% job growth from 2020 to 2030
Number of Jobs: 1,276,900
Highest-Paying States: New Hampshire, Montana, and California

Economists apply their knowledge and skills in economic analysis within a great variety of fields. They study the cost of products, examine employment, taxes, and inflation levels, and analyze economic history trends to make predictions for the future.

Salary with an Economics PhD: $120,830
Job Outlook: 13% job growth from 2020 to 2030
Number of Jobs: 18,600
Highest-Paying States: New York, Washington DC, and California

Personal financial advisors advise clients on investments, insurance, mortgages, taxes, and other areas related to financial investment and management. They work to assess a client’s needs and help them make the best financial decisions for their future.

Salary with an Economics PhD: $119,960
Job Outlook: 5% job growth from 2020 to 2030
Number of Jobs: 275,200
Highest-Paying States: New York, Washington DC, and Washington

Urban and regional planners gather and analyze information regarding economic, population, and environmental factors to advise developers on their plans to use land. Using their analytical and data skills, they eventually have the final say on whether a land project is feasible.

Salary with an Economics PhD: $81,310
Job Outlook: 7% job growth from 2020 to 2030
Number of Jobs: 39,100
Highest-Paying States: Washington DC, California, and New York

Is a PhD in Economics Worth It?

Yes, a PhD in Economics is worth it. Getting an economics PhD is a great way to gain valuable skills for the econ job market, work on your overall communication, and guarantee financial security and stability over the course of your career.

Economics PhD graduates can choose between conducting research and teaching in superior institutions, prestigious government positions, and continuous work at some of the highest-paying private institutions.

Additional Reading About Economics

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PhD in Economics FAQ

Some of the top companies that are hiring economists in 2022 include RAND, the Federal Reserve Bank of New York, and the World Bank. Fannie Mae, the IMF, and Amazon are also top companies looking for economists.

Yes, you are expected to teach or somehow be involved in classroom experiences during your PhD program. Most students receive financial funding through teaching assistantships. These are viewed as an important component of the PhD college career.

You’ll need to have some kind of mathematics background to be admitted to an economics PhD program. All candidates must have taken intensive math classes and need proven math ability in calculus, linear algebra, and differential equations.

No, you don’t need an econ master’s degree to enroll in an economics PhD. However, only a small number of applicants are accepted into these programs and a master’s degree could be considered a competitive edge.

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Administration
Opportunities

Throughout the year, there are always many opportunities available to undergraduates to enhance your knowledge and experience in the field of Economics. Below are different types of opportunities currently available.

The Ec Department runs a Semester Undergraduate Program for Economics Research (SUPER), which pairs students with faculty for semester-long RA positions. The application and hiring cycle for Fall 2023 is now closed. The Spring 2024 cycle will accept applications starting in Dec/Jan. Please stay tuned on our website (and make sure you are signed up on our listserv to hear when SUPER is accepting applications).

Types of Opportunities:

Jobs, Research Analysts or Assistantships, Internships For Seniors Funding Opportunities Other Interesting Opportunities

Jobs, Research Analysts or Assistantships, Internships

Research Assistant : Ana Antolin, PhD Candidate in Strategy at Harvard Business School, seeks one to two undergraduate research assistants to assist with various aspects of the research process, including working on background research on state-level gaming laws and legal precedent. Deadline: none given (posted 4/10/2024)

Student Trainee (summer intern) : The Bureau of Economics of the Federal Trade Commission seek interns for Summer 2024. They are looking for advanced undergraduate economics students who are interested in exploring graduate school (such as those considering a pre-doc for the fall of 2025) or economic policy jobs after graduation. They are especially interested in students with substantive experience analyzing data in Stata, R, or Python, and excellent written and oral communication skills. Deadline: rolling basis (posted 3/28/2024)

Research Assistant: Jared Ellias, professor at Harvard Law School, seeks full-time summer research assistants for empirical research on corporate bankruptcy and financial distress. Tasks will include reading and analyzing legal documents and business and financial data. To apply, please email Professor Ellias’ assistant Alina Kilcoyne ( [email protected] ) with a resume, transcript and a short cover email detailing your familiarity with statistical analysis and Python. Prior familiarity with financial data, corporate law or bankruptcy is not necessary. Programming experience is not necessary but is helpful. Deadline: none given (posted 3/11/2024)

Research Assistant: Econometrics tutoring help needed for 10-20 hours for Visiting Fellow. Undergraduate or graduate student who is proficient in using STATA, R, and EVIEWS is desired for part time assistance. Knowledge of Python will be considered an added advantage. Pay scale negotiable. If interested, please send your resume to Prof. Richard Peiser at [email protected] . Deadline: none given (posted 2/5/2024)

Research Assistant : PhD students in the Harvard economics department (Matthew Lee Chen, Eu-Wayne Mok, and Yu-Jia Wang) seek research assistants to help with data collection for an early-stage project that explores how the Chinese diaspora in Southeast Asia conditioned political change in China over the course of the 20th century. Applicants considered on a rolling basis and should apply as soon as possible. Deadline: none given (posted 2/2/2024)

Research Assistant : PhD student in the Harvard economics department (Matthew Lee Chen) seeks part-time research assistants for a project that seeks to understand how European exploration around the world conditioned a “culture of science” and imperialism at home. Deadline: none given (posted 2/2/2024)

Summer 2024 Internship : Abdiel Capital seeks summer interns to read financial reports, interview sources, and collect and analyze data. Deadline: none given (posted 2/2/2024)

Summer 24 Internship : The D. E. Shaw group seeks students with an expected grad term of Spring 2025 to apply to their summer 2024 internship program. Deadline: none given (posted 12/27/2023)

Research Assistant : PhD student seeks a research assistant to work on an ongoing project focusing on the intersection between the peace processes and on-the-ground conflict. The role will mainly require scraping data, training a language model, and labelling data. If interested, email Emily Silcock at [email protected] . Deadline: none given (posted 12/27/2023)

Research Assistant : PhD student seeks a research assistant to work on an ongoing project focusing on the intersection between the peace processes and on-the-ground conflict. The role will mainly require combing through news reports to find details of their peace processes. If interested, email Emily Silcock at [email protected] . Deadline: none given (posted 12/27/2023)

Research Assistant : Dr. Ashley Nunes (Harvard Law) is seeking an undergraduate research assistant to work on a project on the economics of decarbonization. Deadline: none given (posted 11/21/2023)

Research Assistant : Professor Leo Bursztyn (UChicago Economics) and Aakaash Rao (Harvard Economics) seek an undergraduate research assistant to work on a project on American political campaigns. Deadline: none given (posted 10/10/2023)

Research Assistant : Professor Alisha Holland (Government, Harvard) seeks a part-time RA with a strong command of Stata to help build and analyze a dataset of international infrastructure contracts for a study of electoral cycles in infrastructure contracting in the developing world. Deadline: none given (posted 9/1/2023)

Research Assistant : Jared Ellias, a professor at Harvard Law School, seeks a Fall Semester research assistant through the Institute for Quantitative Social Science for empirical research on corporate bankruptcy and financial distress. To apply, contact Alina Kilcoyne ( [email protected] ) with necessary materials. Deadline: none given (posted 8/30/2023)

Research Assistant : The Culture, Cognition, and Coevolution lab at the Department of Human Evolutionary Biology seeks an RA for the Fall semester to work on a variety of computational and programming tasks. If interested, contact Mona Xue at [email protected] . Deadline: none given (posted 8/14/2023)

Various Summer Research Assistantships at the National Bureau of Economic Research

Pathways to Research and Doctoral Careers (PREDOC) : A one-stop place where undergraduate students from any backgrounds can find all the information they need, including available RA job positions around the country, educational material to prepare for e.g. data tests, guidance on courses to take, testimonials, and more.
NBER RA page . Aggregates RA searches by NBER fellows.

For Seniors

Analyst/Associate : Charles River Associates seeks an associate for their Antitrust and Competition Economics practice, providing economic analysis, advice, and testimony for antitrust and merger cases worldwide. Deadline: none given (posted 4/25/2024)

Post-doctoral Fellow : The Golub Capital Social Impact Lab in the Graduate School of Business at Stanford seeks fellows for a two year post-doctoral fellowship in field experiments for impact driven social science research working with The Economics of Technology professor Susan Athey and other affiliates of the GC Lab. Deadline: none given (posted 2/29/2024)

Post-doctoral Fellow : The Golub Capital Social Impact Lab in the Graduate School of Business at Stanford seeks fellows for a two year post-doctoral fellowship in applied causal inference with machine learning methods working with The Economics of Technology professor Susan Athey and other affiliates of the GC Lab. Deadline: none given (posted 2/29/2024)

Research Assistant : The Aspen Economic Strategy Group (AESG) seeks a Research Assistant to support its work promoting evidence-based economic policy and support AESG’s Director and Policy Director, both PhD Economists, by producing original economic research and editing commissioned papers. Deadline: none given (posted 2/26/2024)

Economist : Decision Economics, Inc. (DE) seeks a full-time economist to join their economic analysis and quantitative econometric model-based information system forecasting firm serving Corporations, Financial Institutions (Banks, Asset Managers and Traders), and Individuals. Part-time hours are possible for the right candidate. Deadline: none given (posted 1/22/2024)

Research Staff Associate : Columbia Business School seeks a Research Staff Associate for the Economics Division to work on empirical and theoretical research on sovereign debt, the emergence, propagation, and resolution of sovereign debt crises. Deadline: none given (posted 1/3/2024)

Pre-doctoral Researcher : Professors Tong Liu, Lira Mota, Christopher Palmer, and Kerry Siani seek full-time pre-doctoral research fellows for up to two years starting summer 2024 to collaborate on empirical projects in the fields of corporate finance, capital markets, macro-finance, entrepreneurial finance, household finance, and micro-econometrics. Deadline: none given (posted 12/13/2023)

Pre-doctoral Researcher : Professors Joseph Doyle, Alexey Makarin, and Benjamin Vatter seek full-time pre-doctoral researchers to collaborate at all stages of the research process on new and ongoing empirical projects in applied economics. Deadline: none given (posted 12/13/2023)

Pre-doctoral Researcher : Professor Mert Demirer, MIT Sloan, and Michael Rubens, UCLA, seek full-time research assistants for summer 2024 to collaborate on projects in industrial organization. Deadline: none given (posted 12/13/2023)

Pre-doctoral Researcher : David Thesmar & Emil Verner, MIT Sloan, seek fulltime Technical Associates for at least one year, ideally two, beginning in July, 2024 to collaborate in all stages of the research process on a number of new and ongoing empirical projects in the fields of financial economics and macroeconomics. Deadline: none given (posted 12/13/2023)

Pre-doctoral Researcher : Professors Charles Angelucci and Alexey Makarin at MIT Sloan School of Management seek a full-time Predoctoral Technical Associate to help conduct research for several projects in the areas of Political Economy, Economics of Media, Applied Microeconomics in Summer 2024. Deadline: none given (posted 11/22/2023)

Research Assistant : The American Enterprise Institute (AEI) seeks full-time, in-person research assistants to work with senior economists on a wide variety of economic policy issues related to the US economy, tax policy, international finance, political economy, financial services, and health care. Deadline: none given (posted 10/30/2023)

Research Fellow : Prof Marcella Alsan, Director of the Health Inequality Lab at the Harvard Kennedy School, seeks full-time predoctoral research fellows to start in Summer 2024 to support and collaborate on a series of projects related to the economics of health inequality within the U.S. and around the globe. Deadline: none given (posted 10/26/2023)

Strategy Associate : The Fidelity Foundations’ Strategy & Impact team seeks an associate for a strategy consulting role in social impact, with opportunity for learning and growth. Deadline: none given (posted 10/4/2023)

Research Professional : The Booth School of Business at University of Chicago seeks full-time research assistants for a period of at least one year starting in Summer 2024. Deadline: none given (posted 10/3/2023)

Predoctoral Research Assistants : The Julis-Rabinowitz Center for Public Policy & Finance at Princeton University seeks predoctoral research assistants interested in macroeconomics and finance, to start in summer 2024. Deadline: none given (posted 9/29/2023)

Associate : Secretariat, an international consulting firm, seeks Associates for Summer 2024 starts in its Washington, DC and San Francisco, CA offices. The Associate position is an entry-level position with opportunities for advancement. Deadline: none given (posted 9/21/2023)

Economics Consulting Analyst/Associate : Charles River Associates seeks analysts at a variety of practices and locations. Deadline: none given (9/12/2023)

Research Assistant : Economics professors Dan Benjamin (UCLA), David Cesarini (NYU), Patrick Turley (USC), statistical geneticist Alex Young (UCLA), and their co-authors seek full‐time research assistants at UCLA with start dates during the summer of 2024. Deadline: none given (posted 9/12/2023)

Director’s Financial Analyst Program : The Consumer Financial Protection Bureau (CFPB) are recruiting for the Director’s Financial Analyst (DFA) position to start in June 2024. The DFA offers two-year full-time rotational fellowships designed to engage new entry professionals in public service work. Deadline: none given (posted 9/12/2023)

Pre-Doctoral Fellowship : Economics professors David Laibson (Harvard University), James Choi (Yale University), and John Beshears (Harvard Business School) seek a full‐time predoctoral fellow for mid-June 2024, lasting until mid-July 2025, with a potential second-year renewal. This will involve work on theoretical and empirical research related to behavioral economics, decision making, household finance, and health behaviors. Deadline: none given (posted 8/31/2023)

Research Assistant : The Federal Reserve system seeks research assistants for Spring and Summer of 2024 to work closely with economists on a variety of research questions and real-world policy issues. Deadline: none given (posted 8/30/2023)

Research Assistant Program : The International Monetary Fund (IMF) seeks recent grads for their Research Assistant Program (RAP). Deadline: none given (posted 8/30/2023)

Compilation of job opportunities for graduating seniors interested in research-based careers .

Funding Opportunities

Harvard Culture Lab Innovation Fund: Funding opportunities for advancing diversity, inclusion, and belonging through technology driven solutions. All Harvard students, staff, faculty, postdoctoral researchers, and academic personnel are eligible to apply.

All Harvard Fellowships from the Office of Undergraduate Research and Fellowship
Harvard College Funding Sources Database
Harvard University CARAT ( Common Application for Funding and Travel)
Making the Most of Funding Sources at Harvard ( Powerpoint )
Various links for funding opportunities in economics
Echoing Green Fellowships for funding opportunities social entrepreneurship
Frank N. Newman Undergraduate Research Fund in Economics , rolling acceptance
The Davis Center for research related to Russia and Eurasia.
Ec Dept Undergraduate Research and Travel Fund , rolling acceptance (thesis writers only)
IQSS-OTD Entrepreneurship Program

Other Interesting Opportunities

Participedia Summer School : Participedia seeks participants for their summer school program on Transnational Democratic Innovations taking place in person at three locations from June 10-15, 2024, held in partnership with Memorial University, the University of the Western Cape, McMaster University, the Coady Institute, Federal University of Minas Gerais, Innovation for Policy Foundation, Missions Publiques, and Democracy International. Deadline: none given (posted 2/27/2024)

Zotero Workshops : Attend a Zotero class to learn how to easily save references, organize PDFs, create in-text citations & footnotes, and create bibliographies automatically.

MATLAB Boot Camp : The primary objective is to familiarize students with the MATLAB computational environment. This boot camp does not suppose any prior experience with MATLAB or computation.

Python Boot Camp : The Python Boot Camp is designed to provide an introduction to coding in Python. It assumes zero prior knowledge of Python or programming in general.

Qualitative Research Workshops : Harvard Library workshops for students interested in using qualitative data and doing interview-based research.

The Harvard Undergraduate Economics Association : HUEA is a forum for all students concentrating or interested in economics providing academic, professional, and social support through student mixers and intercollegiate networking events, career and internship panels, and topical discussions with faculty and professional economists.

Harvard Undergrads for Inclusion in Economics (HUIE) works directly with the Harvard Economics Department to create a more diverse and inclusive community within the field. Join the club to help foster a supportive Economics community, learn more about research in Economics, and/or sign-up for their peer mentorship program. You can also follow HUIE on Twitter.
Interested in Study Abroad ? Meet with Office of International Education (OIE) staff and student advisers during drop-ins Monday-Thursdays, 2-4pm to chat about the vast range of academic opportunities.
Sophomores interested in spending junior spring at Oxford or Cambridge, applications are due in January and February. View an Oxford Visiting Student panel recording to learn more!
Enjoy coffee on the OIE with one of your fellow Economics concentrators, Kate Downey and Dan Contreras , or any of the OIE Student Adviser team members! Reach out to schedule a time to connect.
It’s never too early to start planning. Summer and fall term applications are due in early spring and spring term applications are due in early fall.
Hear from fellow Economics Concentrators who are willing to share their study abroad experiences with you.
Follow the Instagram stories of students abroad this term at HarvardOIE !
Feel free to reach out to the OIE team ( [email protected] ) and Nicole Garcia ( [email protected] ) with any questions or concerns.

Harvard Community Bus Trips to the Forest : Harvard students, faculty, fellows, and staff may sign up for one of several free monthly bus trips to visit Harvard Forest, located 70 miles west of Harvard Square. Trips will be geared towards undergraduate and graduate students; faculty, fellows, and staff are also welcome to sign up at no cost. Registration is first come first served.

Interested in Development? Kiran Gajwani, part of our Ec Advising Team, is starting a casual discussion group for undergrads interested in issues facing lower-income countries. Kiran is a development economist and hopes to use this group to foster connections between development-interested students within the economics concentration and across the College more broadly. If you're interested, please fill out this super quick form! https://forms.gle/E9UpuHniH4qcJmNL7

Big Brothers Big Sisters : Big Brothers Big Sisters of Eastern Massachusetts seeks volunteers for their site based mentoring program. Volunteer a few hours a month on campus, at a local school, or out in the community. Deadline: none given (posted 9/20/2022)

HUIE Mentorship Program : Harvard Undergraduates for Inclusion in Economics (HUIE) invites you to participate in our mentorship program! You will get personal mentorship from an upperclassman/woman/person or a graduate student about concentrating and/or finding a career in economics.

Journal Calls for Undergrad Papers :

none at this time

Harvard Prize Office Prize Descriptions , for student achievements (esp. great for thesis writers: if you need to send thesis comments, contact [email protected] )

Brevia , Harvard College Undergraduate Research Associate Publication, holds competitions, interviews, and writing submissions throughout the year.
Econ RA Guide: Offers a community resource based off of current and former RAs in Economics.

Master of Health Science (MHS) in Global Health Economics

Ph.D. in Demography from the University of Pennsylvania

MSPH in Health Systems and MHS in Global Health Economics at Johns Hopkins

PhD in Insurance Economics and Actuarial Analytics at University of Wisconsin School of Business

Ph.D. in Population Studies or Population Studies and Social Policy at the Office of Population Research (OPR) in Princeton University

PhD in Political Economy at the University of Chicago

MIT Sloan Master of Business Administration

Dual Masters in Applied Economics (CUHK) and Social and Economic Policy (Northwestern) : Jointly developed by the Department of Economics at the Chinese University of Hong Kong and the School of Education and Social Policy at Northwestern University

Teaching and Teacher Leadership : The Teaching and Teacher Leadership (TTL) master’s program at the Harvard Graduate School of Education (HGSE) applications are now open.

PhD or MS degree at Michigan State University : Interested students will join a transdisciplinary and multi-institutional USDA-funded research project and pursue a PhD or MS degree at Michigan State University. This project will investigate the complex interactions and cumulative impacts of multiple shocks on the resilience and sustainability of agri-food systems in the U.S. Midwest and beyond.

MSc in Applied Economics , Nanyang Technological University (NTU Singapore)

Master of Research in Economics , European University Institute

MS program in Quantitative Economics at New York University : A new MS program to be offered jointly by the Economics Departments and the Stern School of Business.
Columbia Business School: Online classes in business
Barcelona Graduate School of Economics
Kellogg Future Leaders. MBA deferred enrollment program. This program is for undergraduate seniors and master’s students with no work experience who can apply (and be accepted) before they finish their degree.
PhD in Operations Management , NYU Stern School of Business
MA programs at the George Washington University that focus on applied economics and international economic policy
The New School : MA/MS Degree Programs in International Affairs
Silver Scholars Program , Yale School of Management
PhD in Economics at the University of Florida
Master in Finance at Princeton University
McCourt School of Public Policy , Georgetown
School of Environment and Sustainability , University of Michigan
Systems Engineering , Cornell
Top Econ Blog
The FRED Blog Visit the blog to learn more about FRED’s database, and get tips and lessons in data literacy.
COVID-19 Related Program Changes
Concentrating in Economics
Courses, Tutorials and Seminars
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61 PhD jobs in Business and Economics

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Search results (61)

Doctoral students in industrial product realisation

Join the research profile GRACE aiming at accelerating the green transition in the manufacturing industry! We like to welcome you to Jönköping University, Shool of Engineering and our department of...

Vacancy for two PhD researchers in Predictive and Prescriptive Process Modelling

You will work at the LIRIS research group of the Faculty of Economics and Business at KU Leuven. One position is hosted at KU Leuven, with an exchange period at University of Melbourne. The second ...

PhD position at the Department of Work and Organisation Studies (WOS)

The Department of Work and Organisation Studies (WOS) is an interdisciplinary group of about 50 scholars with backgrounds in economics, sociology, psychology, management, and history, bringing diff...

PhD Candidate: The Early Modern Economic and Social History Research Project ‘Business as Usual: the informal institutions of merchants in the early modern period’

Employment 0.8 - 1.0 FTEGross monthly salary € 2,770 - € 3,539Required background Research University DegreeOrganizational unit Faculty of ArtsApplication deadline 16 June 2024Are you intrigued by the world of early modern merchants? And are you w...

PhD Student - Department of Marketing, Innovation and Organisation

Last application date Jun 02, 2024 00:00Department EB23 - Department of Marketing, Innovation and OrganisationContract Limited durationDegree Master’s degree relevant for the research project and including a research-based Master’s thesis. Example...

Doctoral Researcher, Information Systems Science

The Faculty of Information Technology is seeking in the field of Information Systems ScienceDOCTORAL RESEARCHERStarting September 1, 2024 (or as agreed) until March 31, 2028Tasks and qualifications...

Assistant department of Marketing, Innovation and Organisation (27158)

→ Apply until 28/05/2024 (DD/MM/YYYY) 23:59 (Brussels time) → Faculty of Economics and Business Administration → Department EB23 - Department of Marketing, Innovation and Organisation → AAP temporary appointment - 100% → ...

Doctoral scholarship holder in the field of the history of wealth inequality, with focus on household strategies for intergenerational wealth transmission

Let’s shape the future - University of AntwerpThe University of Antwerp is a dynamic, forward-thinking, European university. We offer an innovative academic education to more than 20000 students, c...

PhD Position in Digital Identities for Regenerative Materials

PhD Position in Digital Identities for Regenerative MaterialsThe Chair of Circular Engineering for Architecture (CEA) at ETH Zurich is seeking a highly motivated and qualified individual to fill a ...

PhD on Revenue Management for Complex Stochastic Systems

Position PhD-studentIrène Curie Fellowship NoDepartment(s) Industrial Engineering and Innovation SciencesFTE 1,0Date off 09/06/2024Reference number V39.7474Job descriptionToday, many companies in various industries need to manage highly complex st...

PhD-positions in Finance

The Department of Finance at the University of Luxembourg invites students to apply for PhD-student positions in Finance.Your Role... The program follows the standard international format with rigorous coursework in the first year and for the rema...

Doctoral student in Statistics

Reference number ORU 2.1.1-03448/2024Örebro University and the School of Business are looking for a doctoral student for the doctoral programme in Statistics, concluding with a doctoral degree with a start date in Autumn 2024. The position(s) are ...

Doctoral Researcher in Modular Automation Solutions and Services (DSII)

Tampere University and Tampere University of Applied Sciences create a unique environment for multidisciplinary, inspirational and high-impact research and education. Our universities community has its competitive edges in technology, health and s...

Doctoral Researcher in Contemporary History

(Valid from 20/12/2023 to 31/05/2024) Language: English (UK) Location Belval Country: Luxembourg Organisation data: Luxembourg Center for Contemporary and Digital History Job Number: UOL06174 Contract Type: Fixed Term Contract Duration 36 Mont...

PhD on Wellbeing and justice implications of innovations and transitions

Position PhD-studentIrène Curie Fellowship NoDepartment(s) Industrial Engineering and Innovation SciencesFTE 1,0Date off 02/06/2024Reference number V39.7448Job descriptionAre you fascinated by the question of how we can transition to a circular an...

Doctoral scholarship inclusive leadership

Doctoral candidate in economic geography.

The University | About us...The University of Luxembourg is an international research university with a distinctly multilingual and interdisciplinary character. The University was founded in 2003 a...

Doctoral student (licentiate) in organising for energy efficient hospitals

Project descriptionThird-cycle subject: The Built Environment and Society: Management, Economics and LawEnergy usage is central in ensuring important properties of hospitals and in meeting the clim...

3 PhD research fellows (sociology, management, and human geography) in a research project on “Just Transition in the Circular Economy”

Short SummaryAt UCLouvain, are seeking to recruit 3 PhD research fellows in the following areasPhD1 - One doctoral fellowship in sociology and organization studies, with competences in settling of ethical conflicts in organizational settings, for ...

PhD on Circular and climate neutral pavement strategies– an assessment framework

Position PhD-studentIrène Curie Fellowship NoDepartment(s) Industrial Engineering and Innovation SciencesFTE 1,0Date off 02/06/2024Reference number V39.7456Job descriptionAre you fascinated by the question of how society can be carbon-neutral and ...

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Top 15 Highest Paying Jobs For Economics Majors 2024 (Inc Salaries)

Discover the top 15 highest paying jobs for economics majors in 2024, including salaries and potential career paths for economics degree holders.

By definition, economics focuses on efficiency in production and exchange. There's microeconomics, macroeconomics, market economy, mixed economy, command economy, etc. But why should people care about economics, much less attempt to forge a career out of it?

Well, economics is crucial for understanding and navigating the complex web of decisions that shape our societies and individual lives. At its core, economics examines how individuals, businesses, and governments allocate scarce resources to satisfy unlimited wants and needs. It provides valuable insights into the functioning of markets, the impact of policies on economic growth, and the distribution of wealth and resources. It also helps us make informed choices by analyzing trade-offs and opportunity costs, guiding individuals and policymakers in optimizing their decisions. But to make all of that happen, you need people to drive the process, which means that choosing a career in economics will offer a myriad of benefits.

A career in economics with an economics degree opens doors to diverse opportunities with the best jobs, including roles in finance, policy analysis, research, consulting, and academia. Also, economists play a crucial role in shaping public policies, influencing business strategies, and contributing to global development, so the demand for skilled economists remains robust, offering stable and potentially lucrative career paths.

Overall, forging a career in economics not only offers financial stability but also the satisfaction of making a positive impact on the world through informed analysis and decision-making.

With that being said, let's jump into the best paid jobs for economics graduates:

Top 15 Best Paying Jobs For Economics Majors 2024 (Inc Salaries

1. economist.

An Economist is a professional who studies and analyzes the production, distribution, and consumption of goods and services to understand and explain how economies function. They apply various theories, models, and statistical methods to examine economic phenomena, such as market behavior, government policies, and societal trends, and their work often involves conducting research, collecting and analyzing data, and providing insights into economic issues. Generally, they tend to work in diverse settings, including government agencies, academic institutions, financial institutions, corporations, and international organizations.

Becoming an economist typically involves a combination of education, skill development, and practical experience, but generally you will require at least a bachelor's degree in economics or a related field like finance, mathematics, or statistics. Considering advanced degrees such as a master's degree in economics, while some entry-level positions may accept candidates with a bachelor's degree, many economist roles, especially those in research or policy analysis, require a master's or Ph.D. in economics. Cultivating strong analytical skills, as economists need to analyze and interpret data, trends, and economic indicators. Mastering quantitative methods, including mathematical modeling and statistical analysis. Familiarizing yourself with relevant software tools such as R, Python, or statistical packages like Stata.

The average annual salary for an Economist in the US job market is $113,809 and is one of the best jobs for economics majors.

2. Market Research Analyst

A Market Research analyst is a professional who gathers, analyzes, and interprets data about a specific market, industry, or product to provide insights that can aid in decision-making for businesses and organizations. Analysts work and play a critical role in helping companies understand market trends, consumer preferences, and competitive landscapes, and their work involves employing various research methods, such as surveys, interviews, focus groups, and data analysis, to collect relevant information.

Becoming a market research analyst typically involves a combination of education, skill development, and practical experience, but generally you will need a bachelor's degree, as many market research analyst positions require a bachelor's degree in market research, marketing, business, statistics, economics, or a related field. Considering obtaining a master's degree, especially if you want to get into fields like market research, business analytics, or data science, Gaining proficiency in data analysis is important, as market research analysts need strong quantitative and data analysis skills. Acquiring knowledge of various research methodologies, including surveys, interviews, focus groups, and observational studies. Developing strong written and verbal communication skills is important as market research analysts need to convey their findings and insights effectively. Learning to use tools commonly used in market research, such as survey software, statistical analysis software (e.g., SPSS, R), and data visualization tools (e.g., Tableau).

The average annual salary for a Market Research Analyst in the US is $64,795 .

3. Financial Analyst

A Financial Analyst is a professional who analyzes financial data and trends to provide insights and recommendations that help businesses and individuals make informed financial decisions. They work in various industries, including finance, investment banking, corporate finance, and consulting, and their primary responsibilities include assessing the performance of investments, preparing financial reports, evaluating financial statements, and making recommendations for improving financial performance.

Becoming a financial analyst typically involves a combination of education, skill development, and practical experience, but generally you will require: A bachelor's degree in finance, accounting, business, economics, or a related field. Acquiring proficiency in financial modeling, including forecasting, budgeting, and scenario analysis. Developing strong quantitative and data analysis skills. Obtaining a master's degree in finance, business administration (MBA), or a related field can enhance your qualifications and open up more advanced career opportunities. Pursuing professional certifications such as the Chartered Financial Analyst (CFA) or Financial Risk Manager (FRM) will demonstrate expertise and enhance your marketability.

The average annual salary for a Financial Analyst in the US is $76,582 making it one of the best degree jobs.

An Actuary is a professional who applies mathematical, statistical, and financial techniques to assess and manage various forms of risk. They play a crucial role in the insurance industry, pensions, and other financial sectors, where their expertise is used to analyze and quantify the financial implications of uncertain future events, and their primary goal is to help organizations make informed decisions regarding risk and uncertainty.

Becoming an actuary involves a structured process that includes education, passing actuarial exams, gaining practical experience, and obtaining professional designations, but generally you will require: A bachelor's degree in actuarial science, mathematics, statistics, finance, or a related field. Passing a series of actuarial exams to demonstrate proficiency in various areas. These exams are typically administered by actuarial organizations such as the Society of Actuaries (SOA) or the Casualty Actuarial Society (CAS). Achieving an associate-level designation. After passing the initial series of exams, you can earn an associate-level designation from the SOA or CAS. This may include designations like Associate of the Society of Actuaries (ASA) or Associate of the Casualty Actuarial Society (ACAS). To obtain fellowship and reach the highest level of professional recognition, actuaries can pursue fellowship by completing additional exams and demonstrating relevant work experience.

The average annual salary for an Actuary in the US is $141,889 . making it one of the best economics job opportunities.

5. Business Analyst

A Business Analyst is a professional who acts as a bridge between business stakeholders and technology teams. Their primary role is to analyze business processes, identify areas for improvement, and propose solutions that align with the organization's goals and objectives. They generally work across various industries and are involved in projects related to system implementation, process improvement, and business strategy.

Becoming a business analyst typically involves a combination of education, skill development, and practical experience, but generally you will require: A bachelor's degree in business, information technology, management, or a related field. Obtaining additional training or certifications in business analysis. Organizations like the International Institute of Business Analysis (IIBA) offer certifications such as the Entry Certificate in Business Analysis (ECBA) or the Certification of Capability in Business Analysis (CCBA). Honing your ability to analyze data, identify patterns, and make informed decisions based on business needs. Familiarize yourself with tools commonly used in business analysis, such as Microsoft Excel, Visio, project management software, and requirements management tools. Considering pursuing advanced degrees or certifications as you gain more experience.

The average annual salary for a Business Analyst in the US is $93,359 making it one of the best jobs for economics degree holders.

6. Accountant

An Accountant is a professional responsible for managing financial records, preparing financial statements, and ensuring compliance with relevant financial regulations. They play a critical role in organizations by helping to maintain accurate financial records, providing insights into the financial health of the business, and supporting decision-making processes. Accountants may specialize in various areas, such as public accounting, corporate accounting, government accounting, or forensic accounting. Public accountants often work for accounting firms and serve multiple clients, while corporate accountants are employed by businesses to manage internal financial functions.

Becoming an accountant typically involves a combination of education, practical experience, and, in some cases, obtaining professional certifications, but generally, you will require: A bachelor's degree in accounting, finance, or a related field. Pursuing advanced degrees, such as a master's in accounting or an MBA, Considering obtaining professional certifications to enhance your qualifications and marketability? The Certified Public Accountant (CPA) designation is one of the most widely recognized certifications for accountants in the United States. Other certifications include Certified Management Accountant (CMA), Chartered Global Management Accountant (CGMA), and Certified Internal Auditor (CIA). Developing proficiency in accounting software and tools commonly used in the industry involves familiarizing yourself with spreadsheet software like Microsoft Excel and accounting software such as QuickBooks or SAP.

The average annual salary for an Accountant in the US is $62,501 .

7. Data Analyst

A Data Analyst is a professional who collects, processes, and analyzes data to help organizations make informed decisions. They play a crucial role in extracting meaningful insights from raw data, identifying trends, and providing actionable information to support business strategies, and work with various types of data, including numerical, textual, or visual, and use statistical and analytical techniques to interpret patterns and draw conclusions.

Becoming a Data Analyst involves a combination of education, skills development, and practical experience, but generally you will require: A bachelor's degree in a relevant field such as statistics, mathematics, computer science, economics, or a related discipline. Pursuing specialized training programs or degrees in data analytics, data science, or business analytics. Acquiring proficiency in statistical analysis techniques, hypothesis testing, and regression analysis. Learning how to clean and preprocess data to ensure its quality and accuracy for analysis. Familiarizing yourself with data visualization tools such as Tableau, Power BI, or matplotlib/seaborn in Python. Learning SQL (Structured Query Language) to retrieve and manipulate data from relational databases. Gaining proficiency in programming languages commonly used in data analysis, such as Python or R. Familiarizing yourself with popular data analysis tools and libraries, such as Pandas and NumPy in Python, or dplyr and ggplot2 in R. Considering pursuing relevant certifications to demonstrate your expertise. Certifications from organizations like Microsoft, IBM, or Google can enhance your credibility as a Data Analyst.

The average annual salary for a Data Analyst in the US is $76,698 making it a top job for a person with a good knowledge of economics.

8. Research Assistant

A Research Assistant is an individual who provides support to researchers in various fields by assisting with the planning, execution, and documentation of research projects. They play a crucial role in academic and non-academic research settings, contributing to the advancement of knowledge and the completion of research objectives, and their tasks can vary widely depending on the nature of the research project and the specific requirements of the research team.

Becoming a research assistant involves a combination of education, skill development, and actively seeking opportunities in research settings, but generally you will require: Obtaining a relevant educational background in areas such as psychology, biology, sociology, economics, or any other field with research components. Honing your research skills, including literature review, data collection, data analysis, and writing. Developing proficiency in software such as Microsoft Excel, statistical analysis tools (e.g., SPSS, R), and any other tools specific to the research area. Seeking out courses that enhance your research-related skills, such as research methods, statistics, or experimental design.

The average annual salary for a Research Assistant in the US is $39,000 .

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9. Pricing Analyst

A Pricing Analyst is a professional responsible for evaluating and setting prices for products or services within a business. Their role involves analyzing market trends, competitive landscapes, and cost structures to determine optimal pricing strategies, and they play a crucial role in helping businesses maximize revenue, achieve profitability, and stay competitive in the market.

Becoming a pricing analyst typically involves a combination of education, skill development, and practical experience, but generally you will require: A bachelor's degree in a relevant field such as business, finance, economics, or a related discipline. Honing your analytical skills, including proficiency in data analysis and statistical methods, Familiarize yourself with tools like Microsoft Excel or statistical software that pricing analysts commonly use. Developing a strong understanding of the industry or industries you are interested in is important, as different sectors may have unique pricing challenges and considerations. Familiarize yourself with pricing software and tools commonly used in the industry, which may include pricing optimization software, analytics platforms, and other relevant tools. Enhancing your proficiency in using financial modeling tools and spreadsheet software. Considering pursuing advanced degrees such as a master's in business administration (MBA) with a focus on pricing strategy or a related field? Exploring relevant certifications that demonstrate your expertise in pricing analysis. For example, certifications in financial modeling, data analytics, or pricing strategy may be beneficial.

The average annual salary for a Pricing Analyst in the US is $67,704 .

10. Compensation and Benefits Manager

A Compensation and Benefits Manager, also known as a Total Rewards Manager, is responsible for designing, implementing, and managing an organization's compensation and benefits programs. The role involves developing strategies to attract, motivate, and retain employees by offering competitive and equitable compensation and benefits packages, and generally, they work to ensure that an organization's reward systems align with its overall business objectives and support the attraction and retention of a talented workforce.

Becoming a Compensation and Benefits Manager typically involves a combination of education, relevant experience, and the development of specific skills, but generally you will require: A bachelor's degree in human resources, business administration, finance, or a related field. Doing coursework related to compensation, benefits administration, human resources management, and organizational behavior. Honing your analytical skills is important as compensation and benefits managers need to analyze market data, conduct cost-benefit analyses, and evaluate the effectiveness of compensation and benefits programs. Gaining proficiency in using tools such as Microsoft Excel for data analysis and financial modeling. Considering pursuing certifications or additional training programs related to compensation and benefits. Certifications such as Certified Compensation Professional (CCP) or Professional in Human Resources (PHR) can enhance your qualifications. Obtaining a master's degree in human resources, business administration, or a related field which can enhance your credentials and position you for more senior roles.

The average annual salary for a Compensation and Benefits Manager in the US is $133,368 making it one of the top jobs for economics majors.

11. Policy Analyst

A Policy Analyst is a professional who analyzes and evaluates public policies, providing insights and recommendations to policymakers, government agencies, non-profit organizations, or other entities. They play a crucial role in the policy development process by researching, interpreting data, and assessing the potential impact of proposed policies, and their work aims to inform decision-makers about the effectiveness, feasibility, and implications of various policy options.

Becoming a policy analyst typically involves a combination of education, relevant experience, and the development of specific skills, but generally you will require: A bachelor's degree in a relevant field such as political science, public policy, public administration, economics, sociology, or a related discipline. Pursuing a master's degree in public policy, public administration, or a related field will enhance your knowledge and qualifications. Honing your analytical skills is important, as policy analysts are often required to analyze complex data, research findings, and policy options. Developing proficiency in quantitative and qualitative research methods. Gaining experience with statistical analysis tools, data visualization tools, and spreadsheet software. Considering pursuing an advanced degree, such as a master's or a Ph.D., in public policy, public administration, or a related field? Advanced degrees may open up higher-level and more specialized opportunities in policy analysis.

The average annual salary for a Policy Analyst in the US is $81,139 making it a lucrative job for a person with an economics education in the next 10 years.

12. Business News Reporter

A Business News Reporter is an economics journalist who specializes in covering news and events related to the business world. They work for various media outlets, including newspapers, magazines, online publications, television, and radio stations, providing coverage of financial markets, corporate developments, economic trends, and other business-related topics, and play a crucial role in keeping the public informed about important business events, analyzing economic data, and reporting on the impact of business decisions on various stakeholders.

Becoming a business news reporter involves a combination of education, practical experience, and developing key skills, but generally you will require: A bachelor's degree in journalism, communications, or a related field. Taking courses that provide a strong foundation in journalism, news writing, and media ethics. Hone your writing skills by consistently producing well-researched and well-written articles. Familiarize yourself with digital tools and platforms commonly used in modern journalism. This includes content management systems, social media, and multimedia reporting. Pursuing advanced degrees in journalism or a related field is especially important if you aim for specialized reporting roles or positions in management.

The average annual salary for a Business News Reporter in the US is $45,788 .

13. Environmental Economist

An Environmental Economist is a professional who applies economic principles and methods to analyze and address environmental issues. They play a crucial role in providing insights into how economic activities affect the environment and how environmental policies can be designed to achieve both economic and environmental goals. This interdisciplinary field combines economic theories with environmental science to assess the economic impact of environmental policies, natural resource management, and sustainable development strategies.

Becoming an environmental economist involves a combination of education, specialized training, and practical experience, but generally you will require: A bachelor's degree in economics, environmental economics, environmental science, or a related field. Pursuing a master's or doctoral degree in environmental economics or a closely related discipline. Honing your analytical and quantitative skills is important, as environmental economists often use economic models and statistical methods to analyze data and evaluate policies. Familiarizing yourself with relevant software tools and programming languages commonly used in economic analysis, such as R, Python, or specialized environmental economics software. Considering obtaining professional certifications, such as those related to environmental impact assessment or economic analysis, to enhance your credentials. Acquiring additional skills that are in demand in the field, such as geographic information system (GIS) proficiency or expertise in specific economic modeling techniques.

The average annual salary for an Environmental Economist in the US is $90,489 making it one of the top 10 jobs in economics.

14. Insurance Underwriter

An Insurance Underwriter is a professional responsible for evaluating and assessing the risk associated with insuring individuals or entities. Their primary role is to analyze information provided in insurance applications, determine the level of risk involved, and decide whether to approve or deny insurance coverage. They also play a critical role in helping insurance companies maintain a balanced portfolio by making informed decisions on policy issuance and pricing.

Becoming an insurance underwriter typically involves a combination of education, relevant experience, and the development of specific skills, but generally you will require: A bachelor's degree in a relevant field such as finance, business, economics, or mathematics. Honing your analytical skills is important, as underwriters need to analyze complex information to assess risk. Acquiring a solid understanding of insurance principles, terminology, and underwriting guidelines. Familiarize yourself with different types of insurance, including property and casualty, life, health, and specialty lines. Obtaining industry-recognized certifications will enhance your qualifications. The Insurance Institute of America (IIA) offers certifications such as the Associate in Commercial Underwriting (AU) or the Associate in Personal Insurance (API).

The average annual salary for an Insurance Underwriter in the US is $76,756 making it one of the best job options for those that chose to pursue an economics degree.

15. Statistician

A Statistician is a professional who specializes in the field of statistics, which involves the collection, analysis, interpretation, presentation, and organization of data. They apply mathematical and statistical theories to design experiments, conduct surveys, and analyze data sets, helping businesses, researchers, and policymakers make evidence-based decisions, and play a crucial role in various industries and disciplines by using statistical methods to draw meaningful insights and make informed decisions based on data.

Becoming a Statistician typically involves a combination of education, practical experience, and the development of specific skills, but generally you will require: A bachelor's degree in statistics, mathematics, data science, or a related field. Taking additional courses in computer science, programming languages (such as R or Python), and data visualization to enhance your skills. Pursuing a master's or doctoral degree in statistics or a closely related field for more advanced and specialized roles, especially if you are interested in research or academia. Honing your analytical and problem-solving skills, as Statisticians need to be able to analyze complex data sets, identify patterns, and draw meaningful conclusions. Familiarizing yourself with statistical software packages commonly used in the field, such as R, Python, SAS, or SPSS. Strengthening your mathematical skills, especially in areas such as calculus, linear algebra, and probability theory, as a strong mathematical foundation is crucial for advanced statistical analysis.

The average annual salary for a Statistician in the US is $94,984 making it one of the top economist jobs.

Conclusion

Pursuing a career in the field of economics offers a multitude of benefits and opportunities. Economics serves as a dynamic and influential discipline that not only explores the fundamental principles governing resource allocation, market dynamics, and policy formulation but also plays a pivotal role in shaping the socio-economic landscape.

Engaging in economics provides individuals with a toolkit of analytical skills, including quantitative analysis, critical thinking, and problem-solving, which are highly valued across various industries, and it allows professionals to contribute meaningfully to diverse sectors such as finance, government, consulting, research, and academia. Last but not least, the demand for economists remains strong, with opportunities for both entry-level positions and advanced roles that come with competitive salaries. As global economies continue to evolve and face new challenges, the skills acquired in economics become increasingly relevant, positioning individuals for long-term career growth and adaptability.

If you're ready to take on the world of economics head-on and build a long and lucrative career as, say, a Data Scientist, Financial Manager, or Management Consultant, you'll need hard work and show dedication, but also exhibit highly specialized skills that can be obtained by attending a college or university that offers a MBA or a BBA undergraduate degree from a US accredited university like Nexford .

What is the highest paying job for economics majors in 2024?

Experts and job sites such as LinkedIn, Indeed, and Glassdoor may vary in their opinion, but across the board, the one economics position that on average seems to pay the most out of any job in the industry is that of an Actuary who can expect to earn $141,889 in the US.

What are the most in-demand skills needed to get into a high paying job in economics?

To secure a high-paying job in economics, it's essential to possess a combination of technical, analytical, and communication skills. Here are some of the most in-demand skills that can contribute to a successful career in economics: Proficiency in quantitative analysis that includes a strong foundation in statistics, econometrics, and mathematical modeling. Understanding and applying econometric modeling techniques is important for conducting empirical research and drawing meaningful conclusions from data.

Becoming familiar with regression analysis, time-series analysis, and other advanced econometric methods. Building proficiency in programming languages such as Python and R which are commonly used in economic research and analysis. Understanding economic policies and their implications is crucial, especially for roles in government, think tanks, or policy research institutions. Having a proficiency in financial analysis that includes understanding financial statements, conducting cost-benefit analysis, and evaluating investment decisions. Developing strong critical thinking skills which are necessary for analyzing economic problems, developing hypotheses, and proposing solutions.

Learn how to develop the most in-demand skills for your future career!

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How can I improve my chances of getting a high-paying economics career?

Improving your chances of securing a high-paying career in economics involves a combination of education, skill development, networking, and strategic career planning. Here are some tips to enhance your prospects: Obtain a solid educational background in economics or a related field. Consider pursuing a master's or doctoral degree for more advanced roles, particularly in research or academia. Specialize in a particular area of economics can make you more valuable. Focus on a niche such as health economics, environmental economics, financial economics, or any other area of interest.

Develop strong technical skills in quantitative analysis, econometrics, and statistical modeling. Proficiency in programming languages like Python or R, as well as data visualization tools, adds value in many economic roles. Join professional organizations such as the American Economic Association (AEA) and participate in online forums and discussions. Consider obtaining certifications that are recognized in the economics field. For example, the Chartered Financial Analyst (CFA) designation can be valuable for roles in financial economics. Stay informed about current events, economic trends, and industry-specific knowledge. Understand how economic principles apply to different sectors, and be able to communicate the implications of economic trends for businesses or policymakers.

Is a graduate degree really necessary to get the best paying economics job?

While a graduate degree can significantly enhance your qualifications and open up more advanced and specialized opportunities in the field of economics, it is not always absolutely necessary to secure a well-paying job. The importance of a graduate degree depends on several factors, including the specific role you are targeting, the industry, and your career goals.

When evaluating if you do or don't consider: For entry-level positions in economics, especially in areas such as economic analysis, research assistant roles, or certain government positions, a bachelor's degree may be sufficient. Certain high-paying roles or specialized positions, such as senior economist, econometrician, or research economist in specific industries, may require a master's or doctoral degree. Advanced degrees, such as a master's or Ph.D., are often associated with higher levels of expertise and can lead to increased responsibilities and higher-paying roles. If you aspire to work in academia, conduct independent research, or contribute to economic policy development at a higher level, a Ph.D. is typically necessary. In some cases, gaining substantial work experience and building a strong professional network can compensate for the lack of an advanced degree. Relevant experience, skills, and a robust professional network can open doors and demonstrate your capabilities to potential employers.

Mark is a college graduate with Honours in Copywriting. He is the Content Marketing Manager at Nexford, creating engaging, thought-provoking, and action-oriented content.

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Job Outlook for: Economists

SOC: 19-3011 OOH: U006

Job Outlook for Economists
Pay for Economists
What do Economists do all day
The work environment
How to become one

Employment Outlook for Economists

Employment of economists is projected to grow 6 percent from 2016 to 2026, about as fast as the average for all occupations.

Businesses and organizations across many industries use economic analysis and quantitative methods to analyze and forecast business, sales, and other economic trends. Demand for economists should come from the increasing complexity of the global economy, additional financial regulations, and a more competitive business environment.

Job Prospects

In general, job opportunities should be good. Job prospects should be best for those with a master’s degree or Ph.D., strong analytical skills, and experience using statistical analysis software.

Applicants with a bachelor’s degree may face strong competition for jobs. As a result, bachelor’s degree holders will likely find jobs in other occupations.

Typical Pay for Economists

The median annual wage for economists was $101,050 in May 2016. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $55,150, and the highest 10 percent earned more than $181,060.

In May 2016, the median annual wages for economists in the top industries in which they worked were as follows:

Most economists work full time. Some perform work that may require overtime hours. About 1 in 4 economists worked more than 40 hours per week in 2016.

What Economists Do All Day

Economists study the production and distribution of resources, goods, and services by collecting and analyzing data, researching trends, and evaluating economic issues.

Economists typically do the following:

Research economic issues
Conduct surveys and collect data
Analyze data using mathematical models, statistical techniques, and software
Present research results in reports, tables, and charts
Interpret and forecast market trends
Advise businesses, governments, and individuals on economic topics
Recommend solutions to economic problems
Write articles for academic journals and other media

Economists apply both qualitative and quantitative economic analysis to topics within a variety of fields, such as education, health, development, and the environment. Some economists study the cost of products, healthcare, or energy, while others examine employment levels, business cycles, exchange rates, taxes, inflation, or interest rates.

Economists often study historical trends and use them to make forecasts. They research and analyze data using a variety of software programs. They sometimes present their research to various audiences.

Many economists work in federal, state, and local government. Federal government economists collect and analyze data about the U.S. economy, including employment, prices, productivity, and wages, among other types of data. They also project spending needs and inform policymakers on the economic impact of laws and regulations.

Economists working for corporations help managers and decisionmakers understand how the economy will affect their business. Specifically, economists may analyze issues such as consumer demand and sales to help a company maximize its profits.

Economists also work for international organizations, research firms, and think tanks, where they study and analyze a variety of economic issues. Their analyses and forecasts are frequently published in newspapers and journals.

Many PhD economists become postsecondary teachers .

Work Environment for Economists

Economists held about 21,300 jobs in 2016. The largest employers of economists were as follows:

Economists typically work independently in an office. However, many economists collaborate with other economists and statisticians , sometimes working on teams. Some economists work from home, and others may be required to travel as part of their job or to attend conferences.

Economists spend much of their time using computers to analyze data, review research, or write findings.

In addition to working full time at a business or university, some economists consult part-time.

Work Schedules

How to become an economist.

Most economists need a master’s degree or Ph.D. However, some entry-level jobs—primarily in government—are available for workers with a bachelor’s degree.

A master’s degree or Ph.D. is required for most economist jobs. Positions in business, research, or international organizations often require a combination of graduate education and work experience. In addition, courses that introduce students to statistical analysis software are helpful.

Students can pursue an advanced degree in economics with a bachelor’s degree in a number of fields, but a strong background in mathematics is essential. A Ph.D. in economics may require several years of study after earning a bachelor’s degree, including completion of detailed research in a specialty field.

Candidates with a bachelor’s degree may qualify for some entry-level economist positions, including jobs with the federal government. An advanced degree is sometimes required for advancement to higher level positions.

Other Experience

Aspiring economists can gain valuable experience from internships where the work involves gathering and analyzing data, researching economic issues and trends, and writing reports on their findings. In addition, related experience, such as using statistical analysis software, can be advantageous.

Important Qualities

Analytical skills. Economists must be able to review data in detail, observe patterns, perform advanced calculations, and draw logical conclusions. For example, labor economists analyze the effects of labor policies on employment.

Critical-thinking skills. Economists must be able to use logic and reasoning to solve complex problems. For instance, they might identify how economic trends may affect an organization.

Speaking skills. Economists must be able to explain their work to others. They often give presentations and explain reports to clients who may not have a background in economics.

Writing skills. Economists must be able to present their findings clearly. Many economists prepare reports for colleagues or clients; others write for publication in journals or for news media.

"Economists" SOC: 19-3011 OOH Code: U006

Chris Blattman

Economics phds and the political science job market.

August 12, 2011

I hear a familiar question from economics PhD students as every August rolls around: “Should/how do I go on the political science job market?”

In the interests of saving myself future emails and phone calls, and possibly creating a public good, I’ll venture the best answer a relative newbie like me can offer. Advice is below the fold.

You can also see my generic job market advice here .

Now, to the poli sci PhDs who are thinking, “Oy! Blattman! Why are you trying to make my life even harder!?”, let me offer a few assurances:

The poli sci job market is actually pretty healthy ;
Competition is a good thing for the discipline (at least from the perspective of those inside the discipline); and
It’s harder to break into political science from economics than economists tend to think.

Food for thought (circa 2007): like many economics PhDs, I applied to roughly 150 academic jobs, including about 30 or so in political science. For my efforts, I got just one poli sci interview, and was lucky to get even that. Any one job market experience is too idiosyncratic to take seriously, but there are good reasons why my yield was low.

First, political science doesn’t really interview at their annual meetings (at least not the leading departments). They fly candidates out for a job talk straightaway, which means they meet fewer candidates, and can take fewer risks.

Second, economists are a risk. Economics PhDs typically have a preference for an economics job, and face uncertainty and costs in switching disciplines (not least of which: they can probably never go back to economics). Political science, for all its rewards and advantages, also offers lower income growth than economics, mainly because there’s less competition from biz schools and law schools and the private sector. And the poli sci market happens sooner, so much so that poli sci offers are usually arriving before the econ market even starts.

So, the average political science department thinks you will probably turn down their offer. Those scarce, costly offers. If they have just one or two slots, will they wait until March for you to decide, when it’s too late to grab their second choice from political science? Probably not. And no matter how much you tell them you prefer politics, it’s all cheap talk, and they know it.

There’s a subgame perfect equilibrium in here somewhere, and whatever it is, it does not look good for the econ PhDs.

I’m going to get more hopeful and constructive in a moment, but first a few more reasons why the political science switch is not so straightforward:

Politics is a big intellectual tent, and they don’t always get along. Now, the methodological and ideological divide that separated the quantitative from the qualitative folks, and the rationalist people from everyone else, is closing. When you look at senior scholars in the top departments, most them do one well but dabble in the other. The younger generation of scholars are also mostly comfortable in both areas, and even if they specialize, there’s an openness and a collegiality that (I think) is new. People get along. But that doesn’t mean they easily agree on the best new hire.

A caricature of economists: they only respect papers, they tend to like small questions answered ridiculously precisely, and they use a narrow set of mathematical tools for the job or simply don’t bother with the question.

The caricature of political scientists: they write books that often would have been better off as papers, they think small and precise questions are useful but rather boring, and they’ll use whatever tools they need to tackle the big questions that matter.

If you are trained in the economics culture, the politics culture is a big shift. You can make it if you want it though.

Some advice:

1. Apply if your interest in politics is sincere. Otherwise you waste your time and their time, and make the path harder for the sincere people who will follow you.

2. Send costly signals. Cheap talk is ineffective. Build relationships with political scientists in and outside your university. Attend conferences. Submit a side paper to a political science field journal. Take politics grad classes for credit. Have your advisors write tailored letters, and contact their friends in political science departments.

3. Present your work early. Economics PhDs seldom present outside their department, especially early works and side papers. It’s quite the opposite in political science, where graduate students are treated more like junior colleagues than faceless rabble. Getting you and your work out there is an important rite and (besides) a costly signal. The economists are right to be cautious–a first impression is an important one. But since norms and expectations are different, presenting draft work in political science carries fewer downside risks.

4. Read books. If you don’t know the field, why bother trying to enter it?

5. Have a respected political scientist on your committee. Ideally this is not the one economist in your political science department. You want someone who can advise you, write letters, and help shape your research agenda. It’s also a costly signal.

6. Link your research to a big question in political science. Even if you are only answering a small bit of that big question. If you can’t find articles in IO or APSR or Political Analysis that are asking simiar questions, you may not be doing as much politics as you think. Economists publish a lot of good politics papers in QJE or JPE or AER , but these are narrower, less influential, and maybe less important than you think when it comes to the big questions in political science.

7. Be prepared for more fundamental questions. In my job talk at Yale (and subsequent seminar presentations), most questions were technical and not unlike what I encountered in economics. But I also get what seem like curve-ball questions: “What exactly is this a case of?” or “On what philosophical basis do these things actually measure well-being?” The questioners were essentially asking me to justify the very basis of my research agenda, the philosophy of my methodology, and other fundamentals I had never considered. At the time I was puzzled, but over time I’ve come to see them as sublime. (That would be another blog post).

8. Know your hats. Where will you fit in political science? Are you a comparativist? A methodologist? International relations or American politics? If you’re not sure what these hats look at feel like, and the people who wear them, get moving. You need to position yourself to market yourself.

9. Hope for lots of slots. A department with a single slot may not take the risk on you. One with three or four or five openings can now start to take risks (and log roll enough in the department that one side gets their quant jock in return for the other side’s political philosopher).

10. Don’t wait to the last minute. If the application window is Aug 15 to Oct 15, avoid applying on Oct 15. There’s a good chance that the department does rolling reviews and invitations, and may even have started job talks before the application window closes. Unlike economists, who wait until after the ASSA meetings to get rolling, nothing stops a politics department from making offers to someone before they even know you exist.

Other questions I didn’t address? Ideas or ire from fellow political scientists? And by all means, remember I am a relative neophyte, and have yet to sit on a hiring committee, and so perhaps should not be taken too seriously.

6 Responses

Prospective political scientists can follow these detailed 10 steps. Either that or they can simply apply for a PhD in their desired field, political science.

Economics Lecture Notes and Parsed Questions

http://www.economicscourses.net

150 is a large number. Do you think the situation is efficient?

Perhaps a practice job talk in front of a friendly political science department might be of use? If you can get several professors in that department to sit and help you in a job talk then you’ll know that you’ve done the work that Chris recommends regarding entering a new field.

Another benefit of such a talk is that the professors will be able to offer advice about the places where you might interview (an interview at Berkeley is quite different from one at Rochester, for example).

The “I’m smarter than you” attitude is a tough one. Humble econ Ph.Ds may encounter others who expect arrogance. Econ Ph.Ds may face some prejudice. This is tough and terrible. I don’t have good advice about handling it. How to project humility and openness with the right amount of confidence?

Let me finally emphasize that one reason why political science is so much fun is that it is very diverse and uncertain. Nobody really knows the right way or right answer, and so we are free to explore and try and debate. It is not just that we study so many different things, but that we use so many different methods — even so many different statistical methods. Political science methodology, like political science, draws from many other related disciplines. Compare the journal Political Analysis or the program at the summer Political Methodology summer meetings to their counterparts in economics (?Econometrica and the Summer Meetings of the Econometric Society?). I suspect you’ll see much more attention to measurement and research design and general engagement with the fields of psychometrics and statistics (including sampling but also recently growing interest in ‘causal inference’ and ‘statistical learning’, Bayesian approaches, computational linguistics, etc…). The central concerns of political scientists involved in statistical work are not identical to the central concerns in econometrics (for example, asymptotic properties comfort us less and we often worry about the meaning of “sample” more than most economists I’ve known ). That is, it is not trivial to say, “Well, I took the econometrics sequence in my economics department so I must be able to function as a methodologist in political science.”

One solution to this problem of quantitative methodological diversity is to take some of the methods courses in political science and/or in statistics, psychology, sociology, education, linguistics, etc… Since we are so diverse no one methodologist is expected to know it all. But I think we are expected to have more exposure to more approaches from more disciplines than are our counterparts in economics.

Finally, on diversity, I would also recommend one class in political philosophy (or social theory in a sociology department). Political scientists worry about foundational questions and most have had to read and engage with Smith, Marx, Hobbes, etc… at least once. These big old books provide a kind of shared language. Don’t put this stuff in your job talk, but having taken such a class will enable you to parse questions from the political philosophers in the audience and also from folks interested in the foundational stuff.

Re-reading this post, it sounds like I’m advising you to just go get a Ph.D. in political science, doesn’t it? :)

I agree with Andrew, especially on the last point and would note that in the vast majority of departments, fieldwork is considered a necessity for comparative jobs. We consider it a rite of passage and think that context matters, so understand that it will be a tough go if you haven’t done fieldwork and want a comparative job.

Another point that may or may not be fair – drop the attitude. Some economics graduate students get a superiority complex about their field and methods (this goes for some political science students, too). Keep in mind that most political science departments are more methodologically diverse and everyone expects to be respected for what they do. If you’re a job candidate who makes snide comments about qualitative methods, your candidacy probably isn’t going to fly.

Good advice. I might add a couple of points. One, consider what classes you would teach. Economists would almost always qualify to teach methods classes, but you would need to think of substantive topics that you might teach, particularly a large lecture course for political science students. I would check course catalogs here to pick out existing courses that you could teach. Two, political scientists like to see that a candidate knows a lot of details about something – Congress, Latin America, the UN – not just that they can design a research project. This often involves either fieldwork or creating original data which I think is less common in economics.

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Consulting, Health Care, and Industry: Consulting firms, contract research organizations, pharmaceutical and medical device companies, health insurers and managed care organizations such as Healthcare Value Analytics and McKinsey & Company

Medical and Doctoral Degree Programs: Graduates go on to pursue MDs and PhDs at Johns Hopkins University and other esteemed academic institutions.

Academic and Research Institutions: University of York’s Centre for Health Economics, University of Washington in Seattle, University of Michigan School of Medicine, University of Ohio, Johns Hopkins University

Many of the research centers based in the Department of International Health , for example, offer opportunities for both students and graduates of the MHS in Global Health Economics degree program, including

International Vaccine Access Center
International Center for Maternal and Newborn Health
Global Obesity Prevention Center
Center for Humanitarian Health

Congratulations to the Economics PhD Class of 2024!

the Class of 2024 throwing their graduation caps in the air outside 28 Hillhouse Ave

The Department of Economics would like to give a heartfelt congratulations to the Class of 2024! At this week’s Commencement ceremony, the Department awarded 20 new PhDs. Welcome to the Yale alumni community and we wish you the best in what comes next!

“We are celebrating the graduation of our remarkable class of 2024. Their impressive achievements, showcased by their cutting edge theses, resulted in fantastic job placements. As they embark on their new endeavors, the Economics Department congratulates them on a job well done. Class of 2024 we are very proud of you!” — Yuichi Kitamura, Director of Graduate Studies

The Class of 2024 with Tony Smith and Yuichi Kitamura in their caps and gowns on the steps outside 28 Hillhouse Ave

The Class of 2024 with Department Chair Tony Smith and Director of Graduate Studies Yuichi Kitamura

Below we highlight the achievements and next steps of this diverse group of graduates. See here for the Economic Growth Center's article celebrating the Class of 2024, their achievements, and future plans. A full list of placement outcomes can be viewed here .

Pedro Casavilca Silva

Pedro is an economist with a policy-driven research agenda in Labor Economics and Macroeconomics. His current research seeks to enhance understanding of how labor market frictions and credit supply shocks affect informal employment prevalence, wage disparities, and firms' performance. His job market paper (Job Ladder Consequences of Employment Protection: Theory and Evidence from Peru) examines how employment protection shapes the incentives for both workers and firms to demand and supply informal employment and different types of formal labor. In addition to his policy-driven research agenda, he is passionate about teaching and mentoring, and was awarded a Teaching Fellowship Prize in 2021-22 for contributing to courses taught by Professors William Nordhaus and Kaivan Munshi. In the Summer of 2024, he will join Davidson College as an Assistant Professor in the Economics Department.

Personal website Linkedin Profile

Fernando Cordeiro

Fernando's primary field of research is industrial organization, and much of his work has focused on higher education markets and productivity differences between public and private utilities. His job market paper, “College Quality and Tuition Subsidies in Equilibrium,” uses administrative data to gauge the quality of undergraduate programs in Brazil and studies how demand-side subsidies interact with the equilibrium level of price and quality in the Brazilian higher education sector. After graduation, Fernando will join Charles River Associates as a Senior Associate in its antitrust and competition practice.

Alvaro's research interests include economic growth and development. He focuses on the role of human capital in inducing firm growth and the aggregate implications of education policies aimed at reducing the cost of access to higher education. Alvaro’s job market paper, titled “ From Classroom to Prosperity: Fostering Development Through Higher Education ,” assesses the contribution to Brazilian economic growth of the reduction in access costs to higher education with a particular focus on the implications for firms' growth as a mechanism. After Yale, Alvaro will join the University of Oslo as a Full-Time Researcher for the academic year 2024-2025; later, he will join Universidad Carlos III de Madrid as an Assistant Professor.

Personal website @Alv_Cox

Hanxiao Cui

Hanxiao’s research interests include matching and sorting in the labor market and the marriage market, particularly matching and production in teams. Her job market paper studies the complementarity of multidimensional skills in innovation and the skill composition of inventor teams, using novel data linking social security data and patent records. Her dissertation also examines how childcare policies affect marital sorting and household allocation in the long run, as well as gender disparities among investors in terms of life-cycle productivity and teamwork dynamics. She will join Capital One as a principal quantitative analyst this summer.

Linkedin Profile

Mirco Dinelli

Mirco's research interests include macroeconomics, environmental economics, and political economy. His job market paper, titled “ The Political Economy of Climate Bonds ,” investigates the interplay between government debt and climate change policy in a setting where voters from different generations have different interests. The paper finds conditions under which debt instruments can help stimulate climate change policy as well as circumstances in which debt is a hindrance to climate policy. In the 2024-2025 academic year, Mirco will be joining the economics department at St. John Fisher University as an Assistant Professor.

Personal website

Tan Gan is a microeconomic theorist with broad interests in both theoretical and applied topics. Methodologically, he is interested in principal-agent frameworks, including mechanism design, information design, and contract theory, especially with robust objectives. Topicwise, he is interested in exploring the implication of digitalization on economic behaviors. Tan's job market paper, titled “ From Doubt to Devotion Trials and Learning-Based Pricing ,” studies the dynamic mechanism design problem of an informed seller of experience goods. In the fall of 2024, Tan will join LSE as an Assistant Professor in the Management Department.

Personal website @TanGan96

Daniel Giraldo Paez

Daniel's research is in labor and public economics. His work explores the evolution in the last fifty years of labor supply among major demographic groups, with particular focus on the elderly and women. Daniel's job market paper, “ The Changing Nature of Work, Old-Age Labor Supply, and Social Security ,” evaluates the extent to which the increase in older Americans' employment rate can be attributed to changes in the nature of work and this phenomenon's implications for Social Security reforms. Daniel is joining the U.S. Department of Treasury's Office of Microeconomic Analysis as an Economist.

Personal website @WDanielGiraldoP Linkedin Profile

Rodrigo Guerrero

Rodrigo's research focuses on household behavior and education in low-income countries. In his job market paper, titled “ Parental Death and Schooling: Gendered Spheres of Production and Parental Preferences ,” he exploits variation in the timing of parental loss to estimate a structural model of household consumption and time allocation in India. He finds stark differences in the impact of parental death based on the gender of the child and the gender of the deceased parent. The strict gender division of labor in Indian households and the differences in preferences for education of mothers and fathers play a crucial role in explaining the observed effects. After graduation, Rodrigo will join Analysis Group as an Associate.

Nghiem Huynh

Nghiem's research interests lie at the intersection of development economics, international trade, and spatial economics. His job market paper, “ Place-based Policy, Migration Barriers, and Spatial Inequality ,” uses a dynamic model and data from Vietnam to analyze how place-based tax incentives and reducing migration barriers affect regional inequality. After graduation, Nghiem will join the Department of Economics at the University of Oklahoma as an Assistant Professor in July 2024.

Personal website @nghiemqhuynh Linkedin Profile

Sid Kankanala

Sid's primary field of research is Econometrics. His job market paper develops a quasi-Bayesian approach to estimate a large class of models in which observed economic behavior depends on several latent unobservables. Sid will join University of Chicago's Booth School of Business as an Assistant Professor in Econometrics and Statistics.

“This was an impressive cohort. Following Yale’s intellectual tradition of rigorous economic research, the graduating class produced rigorous and groundbreaking work across many economics topics. We look forward to seeing what they do next. Congratulations, class of 2024!” — Fabrizio Zilibotti, Tuntex Professor of International and Development Economics — John Eric Humphries, Assistant Professor of Economics

Jaewon’s research interests include Industrial Organization and Applied Econometrics. His current research focuses on proper inference in the context of demand estimation. His job market paper, titled “Computationally feasible identification-robust inference on discrete choice demand,” explores how to adapt a recent econometric method that is robust to weak identification to BLP-style demand models, in a computationally feasible way. After completing his studies at Yale, Jaewon will join Compass Lexecon as a Senior Economist.

Ryungha's research interests include macroeconomics, spatial economics, and labor economics. Her research investigates why economic activities are concentrated across space and the policy implications of this concentration. Her job market paper, titled “ Spatial Sorting of Workers and Firms ,” develops a new theory of two-sided sorting where heterogeneous workers and firms sort across space and shows that cities can become excessively congested. Ryungha will join Northwestern and Becker Friedman Institute as a post-doctoral fellow before joining the University of Chicago Booth School of Business as an Assistant Professor.

Bernardo Ribeiro

Bernardo’s research interests include economic growth and innovation. He currently focuses on the innovation life cycle of technologies and how society allocates research efforts across technologies of different maturities. In his Job Market paper, “ Embracing the Future or Building on the Past? Growth with New and Old Technologies ,” Bernardo shows that only a small fraction of innovative investment goes into new, cutting-edge technologies, compared to technologies that emerged half a century ago. He then explores the determinants of this pattern and whether policymakers should try to change it. In the academic year 2024-2025, Bernardo will join Princeton University as a Postdoctoral Associate in the Economics Department. In 2025, he will join the Einaudi Institute for Economics and Finance (EIEF) as an Assistant Professor of Economics.

Personal website @bernardo_scrib

Hiroki Saruya

Hiroki’s research interests include health economics and industrial organization, and his current research projects focus on the demand and supply of medical care and long-term care under capacity constraints. His job market paper “Congestion-Quality Tradeoff: Evidence from Japanese Long-Term Care Facilities” explores the tradeoff between nursing facilities' congestion and quality for producing desirable care outcomes, estimates users' preferences for these and other facility characteristics, and then discusses impacts of policies on outcomes and user welfare. After Yale, Hiroki will join the Economic and Social Research Institute of the Cabinet Office, Government of Japan, as a 3-year postdoc researcher.

Jihoon Sung

Jihoon’s research interests include macroeconomics, economic growth, data analysis, corporate structure, and international trade. His dissertation, titled “Business Conglomerates and Misallocation: Theory and Evidence from Chaebols” explores the role of business groups—collections of firms owned by a single family—in determining factor misallocation and aggregate productivity. After graduation, he will join Konektis Capital Management.

Anthony Tokman

Anthony uses tools from industrial organization to study the economics of cities and housing supply. His dissertation research quantifies the neighborhood-level stringency of housing density restrictions in over thirty U.S. metro areas and investigates the disparate effects of these restrictions on housing affordability and spatial mobility across the income distribution. After Yale, Anthony will join Charles River Associates as a senior associate in the antitrust and competition economics practice.

Allen’s research interests lie in economic theory, particularly game theory and its applications. His current research focuses on dynamic games and communication. His job market paper, “ Mediated Repeated Moral Hazard ,” shows how a manager uses dynamic communication with a worker, hidden from the clients, to improve this worker’s productivity in serving the clients. Allen will join the National University of Singapore as an Assistant Professor.

Siu Yuat Wong

Siu Yuat’s research interests in development economics focus on migration, both temporary and permanent, and its intersection with child development and climate change. Siu Yuat’s job market paper, titled “ Maternal and Paternal Migration and Children’s Human Capital ,” explores how maternal and paternal migration will impact a child’s human capital development, which in turn will affect future parental migration decisions. After graduating, Siu Yuat will begin a postdoctoral research position at Stanford University.

Wei’s research interests include trade, growth, and the environment. His current research investigates how globalization affects growth and the environment through technology diffusion and innovation. His job market paper, titled “ Clean Growth and Environmental Policies in the Global Economy ,” provides a dynamic framework to evaluate environmental policies in the global economy. Wei will join the Department of Economics at University of Michigan as an Assistant Professor.

Qianyao's research interests include Labor Economics and Applied Microeconomics. Her current research focuses on human capital development, particularly the determinants of the development process. Qianyao's job market paper, titled “ Child Development, Parental Investments, and Social Capital ,” explores the impacts of social capital and parental investments on child skill development. After Yale, Qianyao will join Xiamen University as an Assistant Professor.

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Is College Worth It?

1. labor market and economic trends for young adults, table of contents.

Labor force trends and economic outcomes for young adults
Economic outcomes for young men
Economic outcomes for young women
Wealth trends for households headed by a young adult
The importance of a four-year college degree
Getting a high-paying job without a college degree
Do Americans think their education prepared them for the workplace?
Is college worth the cost?
Acknowledgments
The American Trends Panel survey methodology
Current Population Survey methodology
Survey of Consumer Finances methodology

A majority of the nation’s 36 million workers ages 25 to 34 have not completed a four-year college degree. In 2023, there were 19 million young workers who had some college or less education, including those who had not finished high school.

Chart shows Number of U.S. workers without a college degree peaked around 1990

The overall number of employed young adults has grown over the decades as more young women joined the workforce. The number of employed young adults without a college degree peaked around 1990 at 25 million and then started to fall, as more young people began finishing college .

This chapter looks at the following key labor market and economic trends separately for young men and young women by their level of education:

Labor force participation

Individual earnings

Household income

Net worth 1

When looking at how young adults are doing in the job market, it generally makes the most sense to analyze men and women separately. They tend to work in different occupations and have different career patterns, and their educational paths have diverged in recent decades.

In 1970, almost all young men whose highest educational attainment was a high school diploma (98%) were in the labor force, meaning they were working or looking for work. By 2013, only 88% of high school-educated young men were in the labor force. Today, that share is 87%.

Chart shows Labor force participation has declined among young men without a college degree

Similarly, 96% of young men whose highest attainment was some college education were in the labor force in 1970. Today, the share is 89%.

By comparison, labor force participation among young men with at least a bachelor’s degree has remained relatively stable these past few decades. Today, 94% of young men with at least a bachelor’s degree are in the labor force.

The long-running decline in the labor force participation of young men without a bachelor’s degree may be due to several factors, including declining wages , the types of jobs available to this group becoming less desirable, rising incarceration rates and the opioid epidemic . 2

Looking at labor force and earnings trends over the past several decades, it’s important to keep in mind broader forces shaping the national job market.

The Great Recession officially ended in June 2009, but the national job market recovered slowly . At the beginning of the Great Recession in the fourth quarter of 2007, the national unemployment rate was 4.6%. Unemployment peaked at 10.4% in the first quarter of 2010. It was not until the fourth quarter of 2016 that unemployment finally returned to its prerecession level (4.5%).

Studies suggest that things started to look up for less-skilled workers around 2014. Among men with less education, hourly earnings began rising in 2014 after a decade of stagnation. Wage growth for low-wage workers also picked up in 2014. The tightening labor markets in the last five years of the expansion after the Great Recession improved the labor market prospects of “vulnerable workers” considerably.

The COVID-19 pandemic interrupted the tight labor market, but the COVID-19 recession and recovery were quite different from the Great Recession in their job market impact. The more recent recession was arguably more severe, as the national unemployment rate reached 12.9% in the second quarter of 2020. But it was short – officially lasting two months, compared with the 18-month Great Recession – and the labor market bounced back much quicker. Unemployment was 3.3% before the COVID-19 recession; three years later, unemployment had once again returned to that level.

Full-time, full-year employment

Chart shows Among employed young men without a college degree, the share working full time has risen significantly since the Great Recession

Since the Great Recession of 2007-09, young men without a four-year college degree have seen a significant increase in the average number of hours they work.

Today, 77% of young workers with a high school education work full time, full year, compared with 69% in 2011.
83% of young workers with some college education work full time, full year, compared with 70% in 2011.

The share of young men with a college degree who work full time, year-round has remained fairly steady in recent decades – at about 80% – and hasn’t fluctuated with good or bad economic cycles.

Annual earnings

Annual earnings for young men without a college degree were on a mostly downward path from 1973 until roughly 10 years ago (with the exception of a bump in the late 1990s). 3

Earnings have been increasing modestly over the past decade for these groups.

Chart shows Earnings of young men without a college degree have trended upward over the past 10 years

Young men with a high school education who are working full time, full year have median earnings of $45,000 today, up from $39,300 in 2014. (All figures are in 2022 dollars.)
The median earnings of young men with some college education who are working full time, full year are $50,000 today, similar to their median earnings in 2014 ($49,100).

It’s important to note that median annual earnings for both groups of noncollege men remain below their 1973 levels.

Median earnings for young men with a four-year college degree have increased over the past 10 years, from $67,500 in 2014 to $77,000 today.

Unlike young men without a college degree, the earnings of college-educated young men are now above what they were in the early 1970s. The gap in median earnings between young men with and without a college degree grew significantly from the late 1970s to 2014. In 1973, the typical young man with a degree earned 23% more than his high school-educated counterpart. By 2014, it was 72% more. Today, that gap stands at 71%. 4

Household income has also trended up for young men in the past 10 years, regardless of educational attainment.

Chart shows Household incomes of young men without a college degree have significantly increased the past 10 years

This measure takes into account the contributions of everyone in the household. For this analysis, we excluded young men who are living in their parents’ home (about 20% of 25- to 34-year-old men in 2023).

The median household income of young men with a high school education is $75,200 today, up from $63,800 in 2014. This is slightly lower than the highpoint reached around 2019.
The median household income of young men with some college education is $92,200 today, up from $81,100 in 2014. This is close to the 2022 peak of $93,800.

The median household income of young men with at least a bachelor’s degree has also increased from a low point of $118,700 in 2014 after the Great Recession to $145,000 today.

The gap in household income between young men with and without a college degree grew significantly between 1980 and 2014. In 1980, the median household income of young men with at least a bachelor’s degree was about 38% more than that of high school graduates. By 2014, that gap had widened to 86%.

Over the past 10 years, the income gap has fluctuated. In 2023, the typical college graduate’s household income was 93% more than that of the typical high school graduate.

The 2001 recession and Great Recession resulted in a large increase in poverty among young men without a college degree.

Chart shows Poverty among young men without a college degree has declined since 2014

In 2000, among young men living independently of their parents, 8% of those with a high school education were in poverty. Poverty peaked for this group at 17% around 2011 and has since declined to 12% in 2023.
Among young men with some college education, poverty peaked at 12% around 2014, up from 4% in 2000. Poverty has fallen for this group since 2014 and stands at 8% as of 2023.
Young men with a four-year college degree also experienced a slight uptick in poverty during the 2001 recession and Great Recession. In 2014, 6% of young college graduates were in poverty, up from 4% in 2000. Poverty among college graduates stands at 5% in 2023.

Labor force trends for young women are very different than for young men. There are occupational and educational differences between young women and men, and their earnings have followed different patterns.

Unlike the long-running decline for noncollege young men, young women without a college degree saw their labor force participation increase steadily from 1970 to about 1990.

Chart shows Labor force participation of young women without a college degree has risen since 2014

By 2000, about three-quarters of young women with a high school diploma and 79% of those with some college education were in the labor force.

Labor force participation has also trended upward for college-educated young women and has consistently been higher than for those with less education.

After rising for decades, labor force participation for young women without a college degree fell during the 2001 recession and the Great Recession. Their labor force participation has increased slightly since 2014.

As of 2023, 69% of young women with a high school education were in the labor force, as were 78% of young women with some college education. Today’s level of labor force participation for young women without a college degree is slightly lower than the level seen around 2000.

The decline in labor force participation for noncollege women partly reflects the declining labor force participation for mothers with children under 18 years of age . Other research has suggested that without federal paid parental and family leave benefits for parents, some women with less education may leave the labor force after having a baby.

In contrast, labor force participation for young women with a college degree has fully recovered from the recessions of the early 2000s. Today, 87% of college-educated young women are in the labor force, the highest estimate on record.

Young women without a college degree have steadily increased their work hours over the decades. The past 10 years in particular have seen a significant increase in the share of employed noncollege women working full time, full year (with the exception of 2021).

Chart shows Share of employed young women with a high school diploma working full-time is the highest it’s ever been

In 2023, 69% of employed young women with a high school education worked full time, full year, up from 56% in 2014. This share is the highest it’s ever been.
In 2023, 65% of employed women with some college worked full time, full year, up from 58% in 2014. This is among the highest levels ever.

The trend in the share working full time, full year has been similar for young women with college degrees. By 2023, 78% of these women worked full time, full year, the highest share it’s ever been.

Unlike young men, young women without a college education did not see their earnings fall between 1970 and 2000.

Chart shows Earnings of young women without a college degree have trended up in the past decade

The 2001 recession and Great Recession also did not significantly impact the earnings of noncollege young women. In the past 10 years, their median earnings have trended upward.

For young women with a high school diploma, median earnings reached $36,000 in 2023, up from $30,900 in 2014.
For those with some college, median earnings rose to $40,000 in 2023 from $37,700 in 2014.

For young women with a college degree, median earnings rose steadily from the mid-1980s until the early 2000s. By 2003, they reached $62,100, but this declined to $55,200 by 2014. In the past 10 years, the median earnings of college-educated young women have risen, reaching $65,000 in 2023.

In the mid-1980s, the typical young woman with a college degree earned about 48% more than her counterpart with a high school diploma. The pay gap among women has widened since then, and by 2014, the typical college graduate earned 79% more than the typical high school graduate. The gap has changed little over the past 10 years.

Noncollege young women living independently from their parents have experienced large household income gains over the past 10 years, measured at the median.

Chart shows Median household income of young women without a college degree has increased in the past 10 years

In 2023, young women with a high school diploma had a median household income of $61,600, up from $48,100 in 2014.
The pattern is similar for young women with some college education. Their median income rose to $75,200 in 2023 from $64,600 in 2014.

The median household income for young women with a four-year college degree is significantly higher than it is for their counterparts without a degree. College-educated young women have made substantial gains in the past 10 years.

The income gap between young women with and without a college degree has widened over the decades. In 1980, the median household income of young women with a college degree was 50% higher than that of high school-educated women. By 2014, the income gap had grown to 139%. Today, the household income advantage of college-educated women stands at 121% ($136,000 vs. $61,600).

Chart shows Poverty among young women without a college degree has steeply declined in the past 10 years

Poverty trends for young women mirror those for young men, although young women are overall more likely to be in poverty than young men. The past 10 years have resulted in a steep reduction in the share of noncollege women in poverty.

Today, 21% of young women with a high school diploma are living in poverty. This is down from 31% in 2014.
15% of young women with some college education live in poverty, compared with 21% in 2014.
Young women with a college degree are consistently far less likely than either group to be living in poverty (5% in 2023).

Along with young adults’ rising incomes over the past 10 years, there’s been a substantial increase in their wealth. This part of our analysis does not look at men and women separately due to limitations in sample size.

Chart shows The typical net worth of young adults with and without college degrees has increased over the past 10 years

In 2022, households headed by a young high school graduate had a median net worth of $30,700, up from $12,700 in 2013. Those headed by a young adult with some college education had a median net worth of $52,900, up from $15,700 in 2013.

The typical wealth level of households headed by a young college graduate was $120,200 in 2022, up from $46,600 in 2013.

There has not been any significant narrowing of the wealth gap between young high school graduate and young college graduate households since 2013.

Wealth increased for Americans across age groups over this period due to several factors. Many were able to save money during the pandemic lockdowns. In addition, home values increased, and the stock market surged.

Most of the analysis in this chapter is based on the Annual Social and Economic Supplement collected by the U.S. Census Bureau. Information on net worth is based on a Federal Reserve survey, which interviews fewer households. Due to this smaller sample size, the net worth of households headed by a young adult cannot be broken out by gender and education. ↩
Bureau of Labor Statistics data indicates that the labor force participation rate for men ages 25 to 54 has been declining since 1953. ↩
This analysis looks at the earnings of employed adults working full time, full year. This measure of earnings is not uncommon. For example, the National Center for Education Statistics publishes a series on the annual earnings of 25- to 34-year-olds working full time, full year. ↩
Other studies using hourly wages rather than annual earnings find that the college wage premium has narrowed. For example, researchers at the San Francisco Federal Reserve report that the college wage gap peaked in the mid-2010s but declined by just 4 percentage points to about 75% in 2022. ↩

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Half of Latinas Say Hispanic Women’s Situation Has Improved in the Past Decade and Expect More Gains

From businesses and banks to colleges and churches: americans’ views of u.s. institutions, fewer young men are in college, especially at 4-year schools, key facts about u.s. latinos with graduate degrees, private, selective colleges are most likely to use race, ethnicity as a factor in admissions decisions, most popular, report materials.

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Global Economics Intelligence executive summary, April 2024

Will interest rate cuts be delayed and more cautious? High levels of uncertainty are casting a shadow over economic sentiment and central bank policy (Exhibit 1). On the plus side, there is growing confidence among consumers: an upward trend among the main economies continued in March, according to the OECD global consumer confidence indicator. That said, sentiment remains below the long-term average level. Equally, consumer activity (measured by annual retail sales growth) is proving resilient, with steady growth across economies despite elevated prices and the current interest-rate environment—although the eurozone is lagging behind somewhat.

Over recent months, consumer prices have settled at levels higher than those in the prepandemic period (Exhibit 2). Moreover, inflation is proving sticky in some economies, and central banks are having to revisit their timetables for loosening monetary policy, which will disappoint hard-pressed businesses and consumers.

In the US—the world’s largest economy by nominal GDP—the Conference Board’s consumer confidence index registered 104.7 in March, essentially unchanged from a downwardly revised 104.8 in February. Retail and food service sales climbed to $709.6 billion, a 0.7% increase from February’s $704.5 billion. However, there are signs of growing financial strain among lower-income consumers in the US, with a rise in loan delinquencies among borrowers with incomes below $45,000—a trend that is prompting banks to tighten credit standards. Consumption continues to lag behind in the eurozone, where retail sales have not given any indication of a recovery in consumer spending.

Inflation is proving resistant in some advanced economies. In the US, the consumer price index was up 3.5% (annualized) in March, slightly above the 3.2% for the 12 months ending in February; core inflation rose 3.8% (annualized) in February. For a third consecutive month, median one-year-ahead inflation expectations remained unchanged at 3% (the lowest level recorded since January 2021), according to the March Survey of Consumer Expectations by the New York Fed. The UK Consumer Price Index fell by less than forecast to 3.2% in March 2024, but this was its lowest rate since September 2021. Core inflation, which excludes items such as energy, food, alcohol, and tobacco, fell to 4.2%—down from 4.8% in February. Eurozone inflation was closer to its target, with March headline inflation falling to 2.4% and core inflation to 2.9%. Even so, services inflation remained at 4% for a fifth consecutive month.

The picture is more varied among surveyed emerging economies. At one extreme, China’s six-month run of deflation ended when prices started to rise again, driven by food, beverages, and tobacco. At the other end of the scale, Russia’s unique circumstances have seen inflation continue to accelerate over recent months, with consumer prices rising by 7.7% year on year in March—a reflection of tightening capacity constraints. In India’s buoyant economy, headline inflation moderated to 4.9% in March, from 5.1% the previous month. Brazil saw inflation fall for the sixth month in a row, to 3.93% in March (4.50% in February).

Over the medium term, inflation expectations remain within the 2.0–2.5% range at 2.4%. However, given this patchy picture, markets are anticipating fewer interest rate cuts than they did at the beginning of the year. In the US, revision of Federal Open Market Committee projections indicates a slower decrease in the federal funds rate for 2025 to 2026, signaling a possible delay in cuts for 2024. It’s a similar picture in the eurozone: the European Central Bank kept interest rates unchanged at its April meeting but gave a clear signal that it’s ready to start cutting rates soon, pointing to a likely cut at its next policy meeting in June. The UK’s Bank of England Monetary Policy Committee voted to maintain the policy rate at 5.25% on March 21, while the Reserve Bank of India’s stance on the repo rate remains unchanged at 6.50%, with the reverse repo rate at 3.35%.

Meanwhile, the US saw real GDP growth (annualized) increase 1.6% quarter over quarter in the first quarter of 2024, decelerating from a rise of 3.4% in the final quarter of 2023, while real GDP growth was 3.0% year over year. Europe’s GDP growth continues to be lackluster: real GDP growth in the first quarter of 2024 reached 0.4% year on year. The divergence in performance among countries and sectors remains, with Germany and, to a lesser extent, France continuing to lag behind; in contrast, among the southern, services-intensive economies, Spain continues to outperform. Across the channel, UK real GDP is estimated to have grown by 0.2% in the three months to February 2024, compared with the three months to November 2023. China’s GDP recorded a stronger-than-expected growth rate of 5.3% year on year in the first quarter of 2024 (5.2% in the fourth quarter of 2023)—74% of this growth was driven by consumption.

Manufacturing is seeing something of a resurgence, with widespread manufacturing growth in March—the eurozone again being the exception. The JPMorgan Global Purchasing Managers’ Index (PMI) points to a performance recovery in the manufacturing sector after more than a year of contraction. March’s global manufacturing PMI edged past the neutral 50.0 mark to reach 50.6; the services PMI was also in positive territory at 52.5.

India continues to shine in manufacturing: its manufacturing PMI reached a 16-year high at 59.1 in March 2024, from 56.9 in February, backed by new orders and increasing output levels. In Brazil, the manufacturing PMI dropped to 53.6 in March from 54.1 in February, but it remained above the neutral 50.0 mark for a third consecutive month. Notably, UK’s seasonally adjusted S&P Global UK Manufacturing PMI rose to a 20-month high of 50.3 in March, up from 47.5 in February and above the earlier flash estimate of 49.9. This is the first time this PMI has posted above the neutral 50.0 mark since July 2022.

Composite PMIs for individual economies are also generally more positive, buoyed by services and an improving manufacturing posture. Returning momentum in the eurozone was reflected in the composite PMI, which, after ten months, breached the 50.0-point threshold in March (50.3), rising to 51.7 in April. The upturn was mostly driven by services, with a recovery in manufacturing yet to occur. Brazil saw business confidence increase from 94.1 in February to 94.7 in March, while the composite PMI remained unchanged at 55.1 in March, staying firmly within the expansion zone for a sixth consecutive month.

India is also currently the standout performer in the services sector, although all surveyed economies have been trending up over recent months. India’s services PMI reached 61.2 in March, buoyed by new businesses expansion and employment. Brazil’s services PMI rose slightly to 54.8 in March, from 54.6 in February. March data also pointed to a solid increase in business activity across the UK service economy, extending the current period of expansion to five months: the UK Services PMI registered 53.1 in March, down slightly from 53.8 in February.

Unemployment is mostly steady, though rates vary significantly among economies. At 3.8%, March’s unemployment rate in the US changed little from February’s 3.9%. That said, total nonfarm payroll employment rose by 303,000 net new jobs in March, the 39th straight month of growth. UK unemployment was estimated at 4.2% for the three months to February 2024. Data from the Centre for Monitoring Indian Economy shows that the all-India unemployment rate fell to 7.6% in March from 8.0% in February, with rural unemployment standing at 7.4% and urban at 8.2%. In China, the overall surveyed urban unemployment rate inched down to 5.2% in March (5.3% in February). Brazil’s three-month moving average unemployment rate rose slightly to 7.8% in February (7.6% in January), up for the second time in 12 months. Russia, again, is a special case: the unemployment rate is at an all-time low for the post-Soviet era (2.8% in February 2024).

In general, equity markets have largely flatlined in April after livelier growth in March.

Global supply chain pressures have normalized in recent months despite geopolitical uncertainty and climate events. World trade volumes expanded by 0.9% in January, mainly driven by increased flows in emerging economies. February’s Container Throughput Index rose to 129.5 points, with throughput weakening slightly in China but recovering somewhat at European ports.

US exports in February were $263.0 billion ($5.8 billion more than January), while February imports rose to $331.9 billion ($7.1 billion more than January’s imports), increasing the monthly deficit by 1.9%, to $68.9 billion. China saw moderate growth of cross-border trade in the first quarter of 2024. Both exports and imports reported growth of 1.5% year on year, up from −3.3% and 0.4%, respectively, in the final quarter of 2023. India’s merchandise exports in March were the highest for any month of 2023–24, at $41.7 billion, with non–refined petroleum product exports expanding; merchandise imports declined to $57.3 billion, with year-on-year growth of 6%. The merchandise trade deficit was at an 11-month low of $15.6 billion in March 2024 due to a decline in imports. Brazil registered a balance of trade surplus of $7.5 billion in March, with exports totaling $28.0 billion ($23.5 billion in February) and imports reaching $20.5 billion ($18.2 billion in February).

Notable from the full report

In the advanced economies, the US saw inflation rise, potentially postponing rate cuts; eurozone GDP painted a gradually improving picture; and the S&P Global UK Manufacturing Purchasing Managers’ Index (PMI) turned positive.

United States. The consumer price index increased by 3.5% (annualized) in March, a slightly higher rise than the 3.2% for the 12 months ending in February. Core inflation rose by 3.8% (annualized) in February. For the third consecutive month, median one-year-ahead inflation expectations remained unchanged at 3% (the lowest level recorded since January 2021), according to the March Survey of Consumer Expectations by the New York Fed.

Eurozone. GDP growth was positive but relatively meager: real GDP growth in the first quarter of 2024 reached 0.4% year on year. The divergence in performance among countries and sectors remains, with Germany and, to a lesser extent, France continuing to be the laggards. On the other hand, among the southern, services-intensive economies, Spain continues its outperformance.

United Kingdom. The seasonally adjusted S&P Global UK Manufacturing PMI index rose to a 20-month high of 50.3 in March, up from 47.5 in February and above the earlier flash estimate of 49.9. This was the first time the PMI has posted above the neutral 50.0 mark since July 2022. UK manufacturing showed tentative signs of recovery in March, as output and new orders increased, following year-long downturns.United Kingdom.

In emerging economies, China grew strongly in the first quarter of 2024; India’s manufacturing PMI reached a 16-year high; inflation fell in Brazil for a sixth consecutive month; and Russia’s federal budget faced a large deficit.

China. In the first quarter of 2024, China’s GDP reported a stronger-than-expected growth rate of 5.3% year on year (5.2% in the fourth quarter of 2023)—74% of this growth was driven by consumption. GDP growth in the industry sector accelerated to 6.0% year on year (5.5% in the fourth quarter of 2023), while GDP growth in the agriculture and services sectors respectively slowed to 3.3% and 5.0% year on year (4.2% and 5.3% in the fourth quarter of 2023).

India. The manufacturing PMI recorded a 16-year high at 59.1 in March 2024, up from 56.9 in February, backed by new orders and increasing output levels. The services PMI reached 61.2 in March as a result of new businesses expansion and employment. The services sector accounts for more than half of India’s GDP.

Brazil. Consumer confidence climbed 1.6 points to 91.3 in March, from 89.7 in February, while remaining below the neutral 100.0-point mark. Consumer confidence has reached its highest level so far this year and is 4.0 points higher than it was in March 2023. Business confidence increased from 94.1 in February to 94.7 in March.

Russia. Government-released data states that federal budget spending increased by 17% year on year in January to February. Driven by higher oil and gas earnings, federal budget revenues grew in February from a low base compared with a year earlier. Despite this growth in revenues, the federal budget remained in deficit to the tune of 1.5 trillion rubles ($16.5 billion, 0.8% of GDP). Under the budget framework, the total deficit for this year should be roughly 1.6 trillion rubles.

McKinsey’s Global Economics Intelligence (GEI) provides macroeconomic data and analysis of the world economy. Each monthly release includes an executive summary on global critical trends and risks , as well as focused insights on the latest national and regional developments. View the full report for April 2024 here . Detailed visualized data for the global economy, with focused reports on selected individual economies, are also provided as PDF downloads on McKinsey.com. The reports are available free to email subscribers and through the McKinsey Insights app . To add a name to our subscriber list, click here . GEI is a joint project of McKinsey’s Strategy & Corporate Finance Practice and the McKinsey Global Institute .

The data and analysis in McKinsey’s Global Economics Intelligence are developed by Sven Smit , a senior partner in McKinsey’s Amsterdam office; Jeffrey Condon , a senior expert in the Atlanta office; and Krzysztof Kwiatkowski, an expert in the Boston office.

The authors wish to thank Nick de Cent, as well as José Álvares, Cristina Barrantes, Fiorella Correa, Marta Dabrowska, Juhi Daga, Wesley Davis, Darien Ghersinich, Ricardo Huapaya, Yifei Liu, Marianthi Marouli, Tomasz Mataczynski, Frances Matamoros, Erik Rong, Nikol Vargas, and Sebastian Vargas for their contributions to this article.

The invasion of Ukraine continues to have deep human, as well as social and economic, impact across countries and sectors. The implications of the invasion are rapidly evolving and are inherently uncertain. As a result, this document and the data and analysis it sets out should be treated as a best-efforts perspective at a specific point in time, which seeks to help inform discussion and decisions taken by leaders of relevant organizations. The document does not set out economic or geopolitical forecasts and should not be treated as doing so. It also does not provide legal analysis, including but not limited to legal advice on sanctions or export control issues.

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