pay phd in economics

PhD in Economics Salary

Having PhD in economics offers some of the highest starting salaries of any field in the United States. In fact, a PhD in economics has the best starting salary of any non-STEM field, comparable to computer science or engineering.

We took a closer look at PhD in economics salaries, and here’s what we found:

• Early Career - $102,000 / year
• Mid Career - $134,000 / year
• Experienced - $150,000 / year

One problem is that PhD in economics salaries have high variance. Private industry jobs (e.g. economists working in data science) tend to have significantly higher wages than economists working in academia or the non-profit sector.

For example, PhDs in economics working in data science earn $114,000 / year on average, about 13% more than the annual average for all economics PhDs.

PhD in Economics: Salary by Job Title

Private sector jobs for economics PhDs have increased rapidly. Amazon, for example, has a Central Economics Team , which specifically hires economists to develop models to answer some of the business questions for the company.

Since most PhDs in economics tend to enter at mid- or senior-level positions, salaries tend to increase exponentially. Overall, the average yearly salary for senior economists in the U.S. is $150,000. FAANG companies tend to pay a premium for senior-level economists.

Salaries for senior economists at FAANG companies:

• Google: Up to $219,000 / year
• Amazon: Up to $171,000 / year + additional compensation of $140,000+

PhD in Economics Salary vs Other Fields

A PhD in economics salary equates to one of the top mid-career salaries in any field of study. It’s currently ranked #5, with an average mid-career salary of $134,000, behind only computer engineering, electrical engineering, chemical engineering, and biomedical engineering:

Salaries for PhD in economics rank higher than computer science ($131,000) and physics ($130,000).

PhD in Economics for Data Science

A PhD in economics has many practical applications in data science, and it remains one of the top fields of study among data scientists. According to the Burtch Works 2021 Salary survey, 6% of surveyed data scientists held an advanced degree in economics:

Similarly, the majority of FAANG companies, fintech, and consulting firms hire PhDs. Therefore, if you want to pursue a career in tech, a PhD in economics offers a path into top companies.

Economics PhDs typically enter data science and earn mid- to senior-level data science salaries .

Is a PhD in Economics Worth It?

Ultimately, pursuing a PhD requires a lot of time, about 5-7 years on average. During this time, working as a teaching assistant may only net you up to $30,000 / year. As such, delayed earnings may outweigh any potential salary increases down the line.

However, if you have a passion for economics and research, you might consider a PhD in economics if you:

• Have strong math skills and enjoy building models
• Can study for 50-80 hours per week
• Enjoy conducting research
• Are a strong self-starter and can thrive in a self-directed environment

Starting a PhD program is all about commitment. If you have the time and resources to invest and want to spend 5-7 years researching, then a PhD in economics may be a good option for you.

If your goal is a career in data science, economics is a great subject area, but you might also consider a PhD in statistics or a PhD in data science (which is becoming increasingly common).

PhD in Economics: Advice

We talked with an economics PhD candidate to learn more about PhD programs, tips for students, and how to know if you should pursue a PhD in economics. If you want to know if a PhD in economics is worth it, ask yourself these questions:

Are you interested in research?

PhD candidates conduct research and gain valuable experience in experiment design. This is becoming an increasingly desired skill in private industry, as more and more tech companies seek to measure complex processes and user experiences. If economics research excites you, you should consider a PhD program.

If not, you might consider a master’s in economics. If you’re interested in a data science career, use your electives to focus on programming and statistics, in addition to core courses in micro and macroeconomics. An applied economics program is another great option for this path.

Not sure if you’re interested in research?

Economics PhD programs typically start with actual courses, followed by a research training component. Then, you’ll conduct your own research and write a dissertation, with this final research period lasting 1-3 years.

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Is an Economics PhD Worth It? The PhD Pay Premium

Read a summary or generate practice questions using the INOMICS AI tool

Economics students may often wonder if doing a PhD is the right move for them. After all, you can still get a good job in economics with just a Master’s degree. We’ve covered different angles of this topic before with helpful advice about what degree you’ll need as an economist , asking whether you should do a PhD , and even asking what kinds of economists are paid the most . Thanks to INOMICS Salary Report 2023 data, we can look more closely at the pay benefit for an economics PhD in today’s job market. This will help you decide if doing an economics PhD will be worth it for your own career.

Perhaps unsurprisingly, the typical PhD in economics earns more than the typical economist with “only” a Master’s degree. But how much more? Is doing an economics PhD program worth it in the long term?

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The short answer: yes. INOMICS Salary Report data shows that in 2023, economics PhDs earned on average 96% more than economists with a Master’s degree. These are worldwide statistics taken from the full breadth of the INOMICS Salary Survey data.

The benefit to doing a PhD in economics varies by region. Figure 1 compares the “earnings premium” that an economics PhD has over economists with a Master’s degree across the world, using 2023 INOMICS Salary Survey data.

Figure 1: Regional Premiums in economics PhD pay compared to a Master’s

Clearly, in most regions acquiring a PhD in economics offers quite the premium. Some results may stand out as surprising, however.

First, in North America in particular, the premium for earning a PhD in economics seems smaller than expected. If a PhD only earns an economist an extra 36% increase in wages, ignoring a PhD and continuing to work might seem like a preferred option in this high-wage region.

In the Caribbean, South & Central America and Africa, PhD earnings are below Master’s earnings. This unexpected result appears to be the case due to the distribution of survey respondents. In both regions, the amount of industry economist respondents is much larger than academic respondents, and Master’s-degree-holding economists outnumber PhD economists in Government, Central & International Bank, and private business roles. These three categories of employer tend to pay more highly than others. This suggests that in these two regions, acquiring a PhD may not be necessary to have a well-compensated industry career. Further, it seems more realistic for Master’s-degree-holding economists to attain high-paying roles in these sectors without a PhD, as opposed to many other regions where a PhD would be considered a requirement.

As the previous discussion just showed, Figure 1 doesn’t account for the different sectors that economists work in. In general, economists who work in industry tend to earn very high wages, while economists who work in academia earn noticeably less until they are finally promoted to a full Professor of Economics. Then, academic economist pay catches up to industry pay. This is a trend noted in multiple editions of the INOMICS Salary Report.

This is particularly true in North America, the highest-paying region on average. Economists working in industry can earn high wages with only a Master’s degree. This is also true of Western Europe & Scandinavia and East Asia & Australasia, the second and third highest-paying regions identified by the Report.

Some other regions of the world feature much more of a premium for PhD economists. Part of the reason for this is clear. Since high-paying regions like Western Europe and Australasia pay higher salaries to begin with due to the higher cost of living, a high pay increase in these regions represents a lower percentage of overall pay.

This fact is supported by the graph; North America is the highest-paying region and features the lowest positive percentage increase in pay for PhDs. Western Europe, which pays the second most on average, features a slightly higher percentage increase. Readers should make no mistake; a 35.6% increase from a base salary of $100,833 (the average Master’s degree economist salary in North America) is a massive increase in pay. Comparably, the almost 120% increase in pay in the Middle East, Central Asia & North Africa region is an increase from an average Master’s degree salary of $17,321 to almost $40,000. In percentage terms, this is obviously enormous, but in cash terms less than the difference in North America.

Additionally, however, the high percentage premium for PhD economists in lower-paying regions may suggest that in these regions (i.e., South Asia, Middle East) there are more opportunities for economists without a PhD to find meaningful employment, so fewer individuals elect to study for a PhD. If this is true, those who do complete a PhD enjoy a high pay premium over their economist peers since economics PhDs are more rare in those regions.

Academic economists need a PhD

Economics students should keep in mind that academic jobs will almost certainly require a PhD in economics. Economics students interested in a career in academia should therefore be strongly encouraged to pursue an economics PhD, regardless of differences in pay. The following Figure 2 shows the pay premium for economists employed at universities, by region:

Figure 2: Regional Premiums in economics PhD pay compared to a Master’s (Academic only)

The pay premiums for economics PhDs tells the story quite clearly: across the board, in every world region, economics PhDs in academia earn much more than their counterparts without a PhD.

Readers might note that this graph is likely skewed because economics PhDs are probably more senior economists than economists without a PhD in academic settings, and likely hold higher-level positions; but this skewness supports the point. Economists interested in a serious career in academia must strongly consider getting a PhD, or have a specific reason to not need one. It is very difficult to earn a Professor of Economics position without a PhD in most of the world. Figure 3 below provides evidence to support this point.

Figure 3: % of Master’s degree economists in Professor roles by region

Figure 3 shows very clearly that burgeoning economists should expect to earn a PhD if they wish to work as a Professor of Economics in the future. Every world region has very few Professors with just a Master’s degree. Even in South Asia, which has by far the largest representation for Professors with a Master’s degree in our data, only 20% of Professors have a Master’s while 80% have a PhD.

Industry economist roles

It’s clear that academic economists usually need a PhD, but this isn’t necessarily the case in industry. However, readers may be curious to repeat the above breakdowns in industry roles, which can be instructive. Figure 4 thus shows the pay premium for PhD economists in industry roles by region:

Figure 4: Regional Premiums in economics PhD pay compared to a Master’s (Industry only)

Figure 4 shows that PhD economists out-earn Master’s-holding economists in industry jobs by a substantial amount in most regions. The lower industry PhD economist pay compared to Master’s degree economists was already discussed above for Africa and the Caribbean. In summary, Master’s degree holding economists outnumber PhD economists in Government, Central & International Bank, and private business roles in these two regions. Since these three categories of employer tend to pay more highly than others, it may slightly skew the graph in favor of Master’s degree holders. However, this suggests that in these two regions, acquiring a PhD may not be necessary to have a well-compensated industry career.

In North America, part of the reason for a lower than expected premium is likely the fact that in this high-paying region, high base salaries mean that salary increases will be lower percentage-wise. This was discussed above as well. Average years of experience are quite comparable for industry economists in North America (about 12 for Master’s degree holders and 15 for PhD holders), and the employer distribution is relatively balanced.

Figure 4 suggests that industry economists with a Master’s degree in North America ought to consider their career path and whether a PhD is right for them before going back to school. A PhD opens up some employment opportunities in the private sector that aren’t available to Master’s degree holders, and will increase pay, but whether or not that is necessary or desired is likely up to the individual.

Keep in mind that specific non-academic employers – especially governments, central banks like the Federal Reserve, institutions seeking economics researchers, NGOs like the World Bank, and even increasingly consulting firms – are likely to require an econ PhD for some higher-level positions. Be sure to check job listings for economics jobs that you’re interested in to see if a PhD might help you reach them in your career.

Comparing previous years: PhD earnings on the rise again

Using past years of INOMICS survey data, we can examine how the benefit to doing an economics PhD has changed over time. It appears that the premium in pay that economics PhDs enjoy is recovering after a slight dip during the pandemic years. See below Figure 5 below:

Figure 5: How much more PhD economists earn vs. Master’s economists by year, INOMICS data

Figure 5 shows that earnings for economics PhDs are once again rising relative to pay for economists without a PhD. It’s worth noting that pay for economists with both degree types has increased this year. According to the latest INOMICS Salary Report, economists with a Master’s as their highest degree experienced a 3.2% increase in pay on average since 2022, while those with a PhD have experienced a 35.9% increase. This has widened the earnings premium between the two categories from 80% in 2022 to 91% in 2023.

The dip in pay that economists experienced in 2022 may be partially due to the COVID-19 pandemic. And PhD pay is not the only factor that appears to be improving since COVID. The post-pandemic recovery of the economics jobs market has already been discussed by INOMICS, showing that earnings for economists with Master’s and Bachelor’s degrees recovered sharply after the first waves of the pandemic.

So, is doing a PhD in economics right for you? According to the data, in most cases it will be. However, you must weigh the tradeoffs yourself. You may not need a PhD to have a fulfilling career in economics, particularly if you plan to work in a non-governmental and non-central bank role in industry, and particularly in certain countries and regions.

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The complete guide to getting into an economics PhD program

Back in May, Noah wrote about the amazingly good deal that is the PhD in economics. Why? Because:

• You get a job.
• You get autonomy.
• You get intellectual fulfillment.
• The risk is low.
• Unlike an MBA, law, or medical degree, you don’t have to worry about paying the sticker price for an econ PhD:  After the first year, most schools will give you teaching assistant positions that will pay for the next several years of graduate study, and some schools will take care of your tuition and expenses even in the first year. (See Miles’s companion post  for more about costs of graduate study and how econ PhD’s future earnings makes it worthwhile, even if you can’t get a full ride.)

Of course, such a good deal won’t last long now that the story is out, so you need to act fast! Since he wrote his post , Noah has received a large number of emails asking the obvious follow-up question: “How do I get into an econ PhD program?” And Miles has been asked the same thing many times by undergraduates and other students at the University of Michigan. So here, we present together our guide for how to break into the academic Elysium called Econ PhD Land:

(Note: This guide is mainly directed toward native English speakers, or those from countries whose graduate students are typically fluent in English, such as India and most European countries. Almost all highly-ranked graduate programs teach economics in English, and we find that students learn the subtle non-mathematical skills in economics better if English is second nature. If your nationality will make admissions committees wonder about your English skills, you can either get your bachelor’s degree at a—possibly foreign—college or university where almost all classes are taught in English, or you will have to compensate by being better on other dimensions. On the bright side, if you are a native English speaker, or from a country whose graduate students are typically fluent in English, you are already ahead in your quest to get into an economics PhD.)

Here is the not-very-surprising list of things that will help you get into a good econ PhD program:

• good grades, especially in whatever math and economics classes you take,
• a good score on the math GRE,
• some math classes and a statistics class on your transcript,
• research experience, and definitely at least one letter of recommendation from a researcher,
• a demonstrable interest in the field of economics.

Chances are, if you’re asking for advice, you probably feel unprepared in one of two ways. Either you don’t have a sterling math background, or you have quantitative skills but are new to the field of econ. Fortunately, we have advice for both types of applicant.

If you’re weak in math…

Fortunately, if you’re weak in math, we have good news:  Math is something you can learn . That may sound like a crazy claim to most Americans, who are raised to believe that math ability is in the genes. It may even sound like arrogance coming from two people who have never had to struggle with math. But we’ve both taught people math for many years, and we really believe that it’s true. Genes help a bit, but math is like a foreign language or a sport: effort will result in skill.

Here are the math classes you absolutely should take to get into a good econ program:

• Linear algebra
• Multivariable calculus

Here are the classes you should take, but can probably get away with studying on your own:

• Ordinary differential equations
• Real analysis

Linear algebra (matrices, vectors, and all that) is something that you’ll use all the time in econ, especially when doing work on a computer. Multivariable calculus also will be used a lot. And stats of course is absolutely key to almost everything economists do. Differential equations are something you will use once in a while. And real analysis—by far the hardest subject of the five—is something that you will probably never use in real econ research, but which the economics field has decided to use as a sort of general intelligence signaling device.

If you took some math classes but didn’t do very well, don’t worry.  Retake the classes . If you are worried about how that will look on your transcript, take the class the first time “off the books” at a different college (many community colleges have calculus classes) or online. Or if you have already gotten a bad grade, take it a second time off the books and then a third time for your transcript. If you work hard, every time you take the class you’ll do better. You will learn the math and be able to prove it by the grade you get. Not only will this help you get into an econ PhD program, once you get in, you’ll breeze through parts of grad school that would otherwise be agony.

Here’s another useful tip:  Get a book and study math on your own before taking the corresponding class for a grade. Reading math on your own is something you’re going to have to get used to doing in grad school anyway (especially during your dissertation!), so it’s good to get used to it now. Beyond course-related books, you can either pick up a subject-specific book (Miles learned much of his math from studying books in the Schaum’s outline series ), or get a “math for economists” book; regarding the latter, Miles recommends Mathematics for Economists  by Simon and Blume, while Noah swears by Mathematical Methods and Models for Economists  by de la Fuente. When you study on your own, the most important thing is to  work through a bunch of problems . That will give you practice for test-taking, and will be more interesting than just reading through derivations.

This will take some time, of course. That’s OK. That’s what summer is for (right?). If you’re late in your college career, you can always take a fifth year, do a gap year, etc.

When you get to grad school, you will have to take an intensive math course called “math camp” that will take up a good part of your summer. For how to get through math camp itself, see this guide by Jérémie Cohen-Setton .

One more piece of advice for the math-challenged:  Be a research assistant on something non-mathy . There are lots of economists doing relatively simple empirical work that requires only some basic statistics knowledge and the ability to use software like Stata. There are more and more experimental economists around, who are always looking for research assistants. Go find a prof and get involved! (If you are still in high school or otherwise haven’t yet chosen a college, you might want to choose one where some of the professors do experiments and so need research assistants—something that is easy to figure out by studying professors’ websites carefully, or by asking about it when you visit the college.)

If you’re new to econ…

If you’re a disillusioned physicist, a bored biostatistician, or a neuroscientist looking to escape that evil  Principal Investigator, don’t worry:  An econ background is not necessary . A lot of the best economists started out in other fields, while a lot of undergrad econ majors are headed for MBAs or jobs in banks. Econ PhD programs know this. They will probably not mind if you have never taken an econ class.

That said, you may still want to  take an econ class , just to verify that you actually like the subject, to start thinking about econ, and to prepare yourself for the concepts you’ll encounter. If you feel like doing this, you can probably skip Econ 101 and 102, and head straight for an Intermediate Micro or Intermediate Macro class.

Another good thing is to  read through an econ textbook . Although economics at the PhD level is mostly about the math and statistics and computer modeling (hopefully getting back to the real world somewhere along the way when you do your own research), you may also want to get the flavor of the less mathy parts of economics from one of the well-written lower-level textbooks (either one by Paul Krugman and Robin Wells , Greg Mankiw , or Tyler Cowen and Alex Tabarrok ) and maybe one at a bit higher level as well, such as David Weil’s excellent book on economic growth ) or Varian’s Intermediate Microeconomics .

Remember to take a statistics class , if you haven’t already. Some technical fields don’t require statistics, so you may have missed this one. But to econ PhD programs, this will be a gaping hole in your resume. Go take stats!

One more thing you can do is research with an economist . Fortunately, economists are generally extremely welcoming to undergrad RAs from outside econ, who often bring extra skills. You’ll get great experience working with data if you don’t have it already. It’ll help you come up with some research ideas to put in your application essays. And of course you’ll get another all-important letter of recommendation.

And now for…

General tips for everyone

Here is the most important tip for everyone:  Don’t just apply to “top” schools . For some degrees—an MBA for example—people question whether it’s worthwhile to go to a non-top school. But for econ departments, there’s no question. Both Miles and Noah have marveled at the number of smart people working at non-top schools. That includes some well-known bloggers, by the way—Tyler Cowen teaches at George Mason University (ranked 64th ), Mark Thoma teaches at the University of Oregon (ranked 56th ), and Scott Sumner teaches at Bentley, for example. Additionally, a flood of new international students is expanding the supply of quality students. That means that the number of high-quality schools is increasing; tomorrow’s top 20 will be like today’s top 10, and tomorrow’s top 100 will be like today’s top 50.

Apply to schools outside of the top 20—any school in the top 100 is worth considering, especially if it is strong in areas you are interested in. If your classmates aren’t as elite as you would like, that just means that you will get more attention from the professors, who almost all came out of top programs themselves. When Noah said in his earlier post that econ PhD students are virtually guaranteed to get jobs in an econ-related field, that applied to schools far down in the ranking. Everyone participates in the legendary centrally managed econ job market . Very few people ever fall through the cracks.

Next—and this should go without saying— don’t be afraid to retake the GRE . If you want to get into a top 10 school, you probably need a perfect or near-perfect score on the math portion of the GRE. For schools lower down the rankings, a good GRE math score is still important. Fortunately, the GRE math section is relatively simple to study for—there are only a finite number of topics covered, and with a little work you can “overlearn” all of them, so you can do them even under time pressure and when you are nervous. In any case, you can keep retaking the test until you get a good score (especially if the early tries are practice tests from the GRE prep books and prep software), and then you’re OK!

Here’s one thing that may surprise you: Getting an econ master’s degree alone won’t help . Although master’s degrees in economics are common among international students who apply to econ PhD programs, American applicants do just fine without a master’s degree on their record. If you want that extra diploma, realize that once you are in a PhD program, you will get a master’s degree automatically after two years. And if you end up dropping out of the PhD program, that master’s degree will be worth more than a stand-alone master’s would. The one reason to get a master’s degree is if it can help you remedy a big deficiency in your record, say not having taken enough math or stats classes, not having taken any econ classes, or not having been able to get anyone whose name admissions committees would recognize to write you a letter of recommendation.

For getting into grad school, much more valuable than a master’s is a stint as a research assistant in the Federal Reserve System or at a think tank —though these days, such positions can often be as hard to get into as a PhD program!

Finally—and if you’re reading this, chances are you’re already doing this— read some econ blogs . (See Miles’s speculations about the future of the econ blogosphere here .) Econ blogs are no substitute for econ classes, but they’re a great complement. Blogs are good for picking up the lingo of academic economists, and learning to think like an economist. Don’t be afraid to  write  a blog either, even if no one ever reads it (you don’t have to be writing at the same level as Evan Soltas or Yichuan Wang );  you can still put it on your CV, or just practice writing down your thoughts. And when you write your dissertation, and do research later on in your career, you are going to have to think for yourself outside the context of a class . One way to practice thinking critically is by critiquing others’ blog posts, at least in your head.

Anyway, if you want to have intellectual stimulation and good work-life balance, and a near-guarantee of a well-paying job in your field of interest, an econ PhD could be just the thing for you. Don’t be scared of the math and the jargon. We’d love to have you.

Update:  Miles’s colleague Jeff Smith at the University of Michigan amplifies many of the things we say on his blog.  For a  complete  guide, be sure to see what Jeff has to say, too.

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The Complete Guide to Getting Into an Economics Ph.D. Program

Math challenged? Never taken an econ class? Don't worry about it. There's hope for you yet.

Back in May, Noah wrote about the amazingly good deal that is the PhD in economics. Why? Because:

• You get a job.
• You get autonomy.
• You get intellectual fulfillment.
• The risk is low.
• Unlike an MBA, law, or medical degree, you don't have to worry about paying the sticker price for an econ PhD: After the first year, most schools will give you teaching assistant positions that will pay for the next several years of graduate study, and some schools will take care of your tuition and expenses even in the first year.

Of course, such a good deal won't last long now that the story is out, so you need to act fast! Since he wrote his post , Noah has received a large number of emails asking the obvious follow-up question: "How do I get into an econ PhD program?" And Miles has been asked the same thing many times by undergraduates and other students at the University of Michigan. So here, we present together our guide for how to break into the academic Elysium called Econ Ph.D. Land:

(Note: This guide is mainly directed toward native English speakers, or those from countries whose graduate students are typically fluent in English, such as India and most European countries. Almost all highly ranked graduate programs teach economics in English, and we find that students learn the subtle non-mathematical skills in economics better if English is second nature. If your nationality will make admissions committees wonder about your English skills, you can either get your bachelor's degree at a -- possibly foreign -- college or university where almost all classes are taught in English, or you will have to compensate by being better on other dimensions. On the bright side, if you are a native English speaker, or from a country whose graduate students are typically fluent in English, you are already ahead in your quest to get into an economics Ph.D. program.)

Here is the not-very-surprising list of things that will help you get into a good econ Ph.D. program:

• good grades, especially in whatever math and economics classes you take,
• a good score on the math GRE,
• some math classes and a statistics class on your transcript,
• research experience, and definitely at least one letter of recommendation from a researcher,
• a demonstrable interest in the field of economics.

Chances are, if you're asking for advice, you probably feel unprepared in one of two ways. Either you don't have a sterling math background, or you have quantitative skills but are new to the field of econ. Fortunately, we have advice for both types of applicant.

If You're Weak in Math... Fortunately, if you're weak in math, we have good news: Math is something you can learn . That may sound like a crazy claim to most Americans, who are raised to believe that math ability is in the genes. It may even sound like arrogance coming from two people who have never had to struggle with math. But we've both taught people math for many years, and we really believe that it's true. Genes help a bit, but math is like a foreign language or a sport: effort will result in skill.

Here are the math classes you absolutely should take to get into a good econ program:

• Linear algebra
• Multivariable calculus

Here are the classes you should take, but can probably get away with studying on your own:

• Ordinary differential equations
• Real analysis

Linear algebra (matrices, vectors, and all that) is something that you'll use all the time in econ, especially when doing work on a computer. Multivariable calculus also will be used a lot. And stats of course is absolutely key to almost everything economists do. Differential equations are something you will use once in a while. And real analysis -- by far the hardest subject of the five -- is something that you will probably never use in real econ research, but which the economics field has decided to use as a sort of general intelligence signaling device.

If you took some math classes but didn't do very well, don't worry. Retake the classes. If you are worried about how that will look on your transcript, take the class the first time "off the books" at a different college (many community colleges have calculus classes) or online. Or if you have already gotten a bad grade, take it a second time off the books and then a third time for your transcript. If you work hard, every time you take the class you'll do better. You will learn the math and be able to prove it by the grade you get. Not only will this help you get into an econ Ph.D. program, once you get in, you'll breeze through parts of grad school that would otherwise be agony.

Here's another useful tip: Get a book and study math on your own before taking the corresponding class for a grade. Reading math on your own is something you're going to have to get used to doing in grad school anyway (especially during your dissertation!), so it's good to get used to it now. Beyond course-related books, you can either pick up a subject-specific book (Miles learned much of his math from studying books in the Schaum's outline series ), or get a "math for economists" book; regarding the latter, Miles recommends Mathematics for Economists by Simon and Blume, while Noah swears by Mathematical Methods and Models for Economists by de la Fuente. When you study on your own, the most important thing is to work through a bunch of problems . That will give you practice for test-taking, and will be more interesting than just reading through derivations.

This will take some time, of course. That's OK. That's what summer is for (right?). If you're late in your college career, you can always take a fifth year, do a gap year, etc.

When you get to grad school, you will have to take an intensive math course called "math camp" that will take up a good part of your summer. For how to get through math camp itself, see this guide by Jérémie Cohen-Setton .

One more piece of advice for the math-challenged: Be a research assistant on something non-mathy. There are lots of economists doing relatively simple empirical work that requires only some basic statistics knowledge and the ability to use software like Stata. There are more and more experimental economists around, who are always looking for research assistants. Go find a prof and get involved! (If you are still in high school or otherwise haven't yet chosen a college, you might want to choose one where some of the professors do experiments and so need research assistants -- something that is easy to figure out by studying professors' websites carefully, or by asking about it when you visit the college.)

If You're New to Econ... If you're a disillusioned physicist, a bored biostatistician, or a neuroscientist looking to escape that evil Principal Investigator, don't worry: An econ background is not necessary . A lot of the best economists started out in other fields, while a lot of undergrad econ majors are headed for MBAs or jobs in banks. Econ Ph.D. programs know this. They will probably not mind if you have never taken an econ class.

That said, you may still want to take an econ class, just to verify that you actually like the subject, to start thinking about econ, and to prepare yourself for the concepts you'll encounter. If you feel like doing this, you can probably skip Econ 101 and 102, and head straight for an Intermediate Micro or Intermediate Macro class.

Another good thing is to read through an econ textbook. Although economics at the Ph.D. level is mostly about the math and statistics and computer modeling (hopefully getting back to the real world somewhere along the way when you do your own research), you may also want to get the flavor of the less mathy parts of economics from one of the well-written lower-level textbooks (either one by Paul Krugman and Robin Wells , Greg Mankiw , or Tyler Cowen and Alex Tabarrok ) and maybe one at a bit higher level as well, such as David Weil's excellent book on economic growth ) or Varian's Intermediate Microeconomics .

Remember to take a statistics class, if you haven't already. Some technical fields don't require statistics, so you may have missed this one. But to econ Ph.D. programs, this will be a gaping hole in your resume. Go take stats!

One more thing you can do is research with an economist. Fortunately, economists are generally extremely welcoming to undergrad research assistants from outside econ, who often bring extra skills. You'll get great experience working with data if you don't have it already. It'll help you come up with some research ideas to put in your application essays. And of course, you'll get another all-important letter of recommendation.

And now for...

General Tips for Everyone Here is the most important tip for everyone: Don't just apply to "top" schools . For some degrees -- an MBA for example -- people question whether it's worthwhile to go to a non-top school. But for econ departments, there's no question. Both Miles and Noah have marveled at the number of smart people working at non-top schools. That includes some well-known bloggers, by the way--Tyler Cowen teaches at George Mason University (ranked 64th ), Mark Thoma teaches at the University of Oregon (ranked 56th ), and Scott Sumner teaches at Bentley, for example. Additionally, a flood of new international students is expanding the supply of quality students. That means that the number of high-quality schools is increasing; tomorrow's top 20 will be like today's top 10, and tomorrow's top 100 will be like today's top 50.

Apply to schools outside of the top 20 -- any school in the top 100 is worth considering, especially if it is strong in areas you are interested in. If your classmates aren't as elite as you would like, that just means that you will get more attention from the professors, who almost all came out of top programs themselves. When Noah said in his earlier post that econ Ph.D. students are virtually guaranteed to get jobs in an econ-related field, that applied to schools far down in the ranking. Everyone participates in the legendary centrally managed econ job market . Very few people ever fall through the cracks.

Next -- and this should go without saying -- don't be afraid to retake the GRE. If you want to get into a top 10 school, you probably need a perfect or near-perfect score on the math portion of the GRE. For schools lower down the rankings, a good GRE math score is still important. Fortunately, the GRE math section is relatively simple to study for -- there are only a finite number of topics covered, and with a little work you can "overlearn" all of them, so you can do them even under time pressure and when you are nervous. In any case, you can keep retaking the test until you get a good score (especially if the early tries are practice tests from the GRE prep books and prep software), and then you're OK!

Here's one thing that may surprise you: Getting an econ master's degree alone won't help. Although master's degrees in economics are common among international students who apply to econ PhD programs, American applicants do just fine without a master's degree on their record. If you want that extra diploma, realize that once you are in a PhD program, you will get a master's degree automatically after two years. And if you end up dropping out of the PhD program, that master's degree will be worth more than a stand-alone master's would.

For getting into grad school, much more valuable than a master's is a stint as a research assistant in the Federal Reserve System or at a think tank -- though these days, such positions can often be as hard to get into as a Ph.D. program!

Finally -- and if you're reading this, chances are you're already doing this -- read some econ blogs. (See Miles's speculations about the future of the econ blogosphere here .) Econ blogs are no substitute for econ classes, but they're a great complement. Blogs are good for picking up the lingo of academic economists, and learning to think like an economist. Don't be afraid to write a blog either, even if no one ever reads it (you don't have to be writing at the same level as Evan Soltas or Yichuan Wang ); you can still put it on your CV, or just practice writing down your thoughts. And when you write your dissertation, and do research later on in your career, you are going to have to think for yourself outside the context of a class. One way to practice thinking critically is by critiquing others' blog posts, at least in your head.

Anyway, if you want to have intellectual stimulation and good work-life balance, and a near-guarantee of a well-paying job in your field of interest, an econ PhD could be just the thing for you. Don't be scared of the math and the jargon. We'd love to have you.

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The economics profession

Becoming a professor, researcher, or educator.

The Doctor of Philosophy degree (PhD) in economics is necessary for a faculty position in economics at most four-year colleges in the US. A masters degree is the typical credential for faculty at two-year colleges. Although some students complete masters programs before entering PhD programs, many go directly from BA programs into PhD programs. Completion of a PhD requires about six years of full-time study. Holders of the PhD often also choose research careers outside of academics, including roles at the Federal Reserve, international agencies, and government policy and evaluation departments as well as in private banks, investment houses, and other for-profit ventures.

The AEA's Universal Academic Questionnaire Summary Statistics reports that average starting salaries for assistant professors at PhD granting institutions was $149,946 in 2022-2023. The table below reports the average salary of economists at each academic rank by type of institution.

Average Academic Salaries for Tenured or Tenure-Track Economists by Rank and Type of Institution, 2022-2023

Source: American Economic Association 2022–2023 Universal Academic Questionnaire Summary Statistics , AEA Papers and Proceedings 2023, 113: 688–691.

Academic economists at PhD granting institutions play leading roles in the development of new ideas in economics and publish their work in journals like those published by the AEA . As teachers, economists play an important role in supporting the undergraduate major in economics and the various graduate programs.

A number of PhD economists hold faculty positions in MBA programs, law and medical schools, public policy programs, and in a number of other fields. Economists on the faculty of leading professional schools often earn premium salaries.

A number of for-profit and not-for-profit enterprises hire research economists as do many government and international agencies. The National Association of Business Economics provides information about business careers for economists. The career sites for government and not-for-profits mentioned above also point to opportunities for researchers.

Current job openings for economists in academia and with some other employers appears in the American Economic Association's network for job seekers called  Job Openings in Economics (JOE) .

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Funding opportunities for graduate school, universal academic questionnaire (uaq).

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Calculating ROI: Getting Your Master’s vs. PhD in Economics

No matter what field they study, prospective graduate students should always consider the value of their degree.  As a potential graduate economics student, you’re likely familiar with the term return on investment or ROI — the ratio used to calculate the efficiency of an investment or compare the efficiency of several different investments.

Though there’s no cut-and-dry way to determine the value of a graduate degree , there are some important numbers and factors to consider when determining which degree will be most valuable to you.  

The overall ROI of any graduate degree comes down to:

• the type of job you want,
• the school you attend,
• the degree you pursue,
• your program length
• and available financial assistance.

Want to know more about graduate funding opportunities at SMU? Learn how the Moody School of Graduate and Advanced Studies is reducing financial barriers to earning a graduate degree thanks to a $100 million commitment from the Moody Foundation. 

PhD in Economics Salary

The most important factor to consider first is the type of job you want. Most of the time, a Master’s degree opens the door to more advanced positions in the same types of jobs you can get with a Bachelor's degree. But, a PhD opens the door to jobs in the private sector, academia, government, think tanks and international organizations. Remember, on average, a PhD economist has a 34% higher salary than a Master’s economist.

Next, you need to consider cost. Economics PhD students, including our SMU students, have a full tuition waiver and a stipend to cover living costs. So, the only cost is lost wages from the job you would otherwise have. On the other hand, an Economics Masters's degree takes 2 years or less but the average cost of a master’s degree in the U.S. is $66,340.

You need to weigh up these costs and benefits to know the return on investment for you of pursuing an advanced degree in economics. 

What Can I Do with a PhD in Economics?

Earning a PhD in Economics means you have completed the highest level of education in the discipline, thereby creating nearly unlimited opportunities for any job in a related field. 

Economics PhDs specialize in areas like labor economics, macroeconomics,  industrial organization, or international economics and pursue careers within that specialization. For example, institutions like the World Trade Organization (WTO) — the international trade body —  the International Monetary Fund (IMF) or the World Bank might seek to hire economists who have specialized in international economics.

• The Federal Reserve Bank system hires lots of PhD macroeconomists.
• Government agencies like the Federal Trade Commission hire PhD economists specializing in industrial organization.
• The Census Bureau hires lots of PhD economists specializing in fields like labor economics.

These complex, high-profile positions are often found in the corporate sector or government and frequently involve exploring regulatory, strategic or public policies.

In addition to jobs in government and industry, academic economists play leading roles in the development of new ideas in economics and hold faculty positions in a variety of academic settings.

Explore Economics at SMU

The Department of Economics at Southern Methodist University (SMU) is highly ranked among economics departments in the United States and offers comprehensive coverage of the major fields in modern economics. For more than 55 years the department has prepared PhD candidates for careers as economists in both academic and non-academic positions.

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Phd in economics: requirements, salary, jobs, & career growth, what is phd in economics.

A PhD in Economics is a doctorate-level degree that focuses on advanced training and research in the field of economics. It is a research-oriented degree that prepares students to contribute to the field through original, in-depth research and analysis.

The program typically involves taking advanced coursework in economics, completing a research project, and writing a dissertation that presents original findings. The coursework and research topics covered in a PhD in Economics program can include microeconomics, macroeconomics, econometrics, game theory, economic history, and various specialized areas within the field.

The PhD in Economics is ideal for individuals who are interested in pursuing careers in academia, government, international organizations, or research-focused organizations. Graduates of the program are equipped with the skills and knowledge necessary to conduct independent research, analyze data, and develop innovative solutions to complex economic problems.

How much money do people make with a PhD in Economics?

The earning potential of individuals with a PhD in Economics can vary widely based on a number of factors such as their experience, location, and type of employer. On average, economists with a PhD can expect to earn a higher salary than those with a master’s degree or a bachelor’s degree in the field.

According to data from the US Bureau of Labor Statistics (BLS), the median annual salary for economists was $105,020 in May 2020. However, salaries can range from less than $60,000 for entry-level positions to over $150,000 for experienced economists in leadership positions.

In academia, assistant professors with a PhD in Economics can expect to earn a starting salary in the range of $70,000 to $90,000, while full professors can earn well over $100,000. In the government sector, economists with a PhD can earn salaries that range from $70,000 to $120,000 or more, depending on their level of experience and the type of agency they work for.

In the private sector, salaries for economists with a PhD can be even higher, particularly for those working in consulting, finance, or other high-paying industries. However, the earning potential in the private sector is highly dependent on the specific job and the location, with salaries in certain cities, such as New York or San Francisco, being significantly higher than those in other parts of the country.

It’s important to note that salaries can vary greatly based on factors such as the individual’s level of experience, the type of employer, and the location.

What is expected job growth with PhD in Economics?

The job growth for individuals with a PhD in Economics is expected to be relatively strong in the coming years. According to the US Bureau of Labor Statistics (BLS), employment of economists is projected to grow 6% from 2019 to 2029, which is about as fast as the average for all occupations.

Demand for economists is expected to remain strong, particularly in the government and private sectors, as organizations continue to seek individuals with expertise in analyzing data, developing economic models, and creating solutions to complex economic problems.

In the government sector, there is expected to be continued demand for economists who can analyze economic data and provide research and policy analysis to inform government decision-making.

In the private sector, economists with PhDs are expected to be in high demand in consulting firms, financial institutions, and other organizations that require advanced economic analysis and problem-solving skills.

In academia, opportunities for economists with PhDs are expected to remain strong, as universities continue to seek highly trained individuals to conduct research and teach the next generation of economists.

Overall, the job outlook for individuals with a PhD in Economics is positive, and they can expect to have a range of opportunities across various sectors and industries. However, as with any job market, there may be fluctuations in demand based on economic conditions and other factors.

What can you do with a PhD in Economics?

A PhD in Economics provides individuals with advanced training and research skills in the field of economics, preparing them for a variety of careers in academia, government, international organizations, the private sector, and non-profit organizations. Some of the most common career paths for individuals with a PhD in Economics include:

1. Academia: Many individuals with a PhD in Economics pursue careers in academia as university professors, where they conduct research, teach courses, and mentor students.

2. Government: Economists with a PhD can find careers in the government sector, working in agencies such as the Federal Reserve, the Department of Labor, or the Bureau of Economic Analysis.

3. International organizations: PhD economists can also find careers in international organizations such as the World Bank, the International Monetary Fund, or the United Nations.

4. Private sector: Economists with PhDs can also find careers in the private sector, working for consulting firms, financial institutions, or other businesses that require advanced economic analysis.

5. Non-profit organizations: Economists with a PhD can also find careers in non-profit organizations, where they can use their expertise to address social and economic issues.

6. Research organizations: Economists with a PhD can also find careers in research organizations, where they can conduct independent research and publish their findings. 

What are the requirements for a PhD in Economics?

The requirements for a PhD in Economics can vary slightly depending on the specific program and university, but in general, most PhD programs in Economics require the following:

1. A bachelor’s or master’s degree in economics or a related field: Most PhD programs in Economics require applicants to have a bachelor’s or master’s degree in economics or a related field, such as mathematics, statistics, or finance.

2. Coursework: PhD programs in Economics typically require students to complete advanced coursework in economics, including microeconomics, macroeconomics, econometrics, game theory, and other specialized areas of the field.

3. Examinations: Many PhD programs in Economics require students to pass written and oral comprehensive exams to demonstrate their mastery of the field.

4. Research project: PhD students in Economics are typically required to complete a research project, either independently or as part of a team, and present their findings in a written thesis or dissertation.

5. Teaching experience: Many PhD programs in Economics also require students to complete teaching experience, either as a teaching assistant in an undergraduate course or as the instructor of their own course.

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

The time it takes to complete a PhD in Economics can vary, but most programs take between 4 to 7 years on average. The exact duration of the program depends on a number of factors, including the specific program requirements, the student’s course load, and the amount of time they can dedicate to their studies.

Typically, the first 2 to 3 years of a PhD in Economics program are spent completing coursework and exams, while the remaining years are dedicated to research and writing a thesis or dissertation. During this time, PhD students are also typically required to complete teaching or research assistantships to gain practical experience in their field.

In some programs, students may be able to complete their PhD more quickly by taking a heavier course load, while in others, students may need to take more time to complete their research and writing.

It’s important to keep in mind that the length of a PhD program can vary significantly depending on the specific program and the student’s individual circumstances.

Some students may complete their PhD in as little as 4 years, while others may take 7 years or more. Additionally, some programs may allow students to take a leave of absence or pause their studies for personal or professional reasons, which can also impact the overall duration of the program.

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Do you need a masters in economics to get a phd in economics.

Not all PhD programs in Economics require a master’s degree, but many do. A master’s degree in economics can provide students with a strong foundation in the field and help them prepare for the more advanced coursework and research required in a PhD program.

However, some PhD programs in Economics accept applicants with only a bachelor’s degree, particularly if they have strong academic performance and relevant work experience.

In some cases, PhD programs in Economics may offer a combined master’s and PhD program, allowing students to complete both degrees in a shorter amount of time. This can be a good option for students who are interested in pursuing a career in academia or research and want to obtain both degrees as quickly as possible.

What are the Best PhD in Economics Degree programs?

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The Ph.D. Program in the Department of Economics at Harvard is addressed to students of high promise who wish to prepare themselves in teaching and research in academia or for responsible positions in government, research organizations, or business enterprises. Students are expected to devote themselves full-time to their programs of study.

The program prepares students for productive and stimulating careers as economists. Courses and seminars offered by the department foster an intellectually active and stimulating environment. Each week, the department sponsors more than 15 different seminars on such topics as environmental economics, economic growth and development, monetary and fiscal policy, international economics, industrial organization, law and economics, behavioral economics, labor economics, and economic history. Top scholars from both domestic and international communities are often invited speakers at the seminars.  The Harvard community outside of the department functions as a strong and diverse resource. Students in the department are free to pursue research interests with scholars throughout the University. Faculty of the Harvard Law School, Kennedy School of Government, and Harvard Business School, for example, are available to students for consultation, instruction, and research guidance. As a member of the Harvard community, students in the department can register for courses in the various schools and have access to the enormous library resources available through the University. There are over 90 separate library units at Harvard, with the total collections of books and pamphlets numbering over 13 million.  Both the department and the wider University draw some of the brightest students from around the world, which makes for a student body that is culturally diverse and likely unequaled in the range of intellectual interests of its members. These factors combine to add an important dimension to the educational process. Students are able to learn from one another, collaborate on research projects and publications, and form bonds that are not broken by distance once the degree is completed and professional responsibilities lead them in different directions.

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

The best online PhD in Economics offers a broad, comprehensive knowledge of how economics affects the global landscape. An online program at the doctoral level in economics provides graduates with the advanced analytical and critical thinking skills they need to build successful careers in banking, government, politics, healthcare, insurance, and non-profit sectors.

If you are looking to get an online PhD in Economics, then this article is for you. This guide contains a list of the best schools you can earn your economics PhD online, their admission requirements and tuition, as well as the economics jobs you’ll qualify for after graduating from business school.

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Can you get a phd in economics online.

Yes, you can get a PhD in Economics online. Online degree programs offer students the opportunity to earn an economics doctoral degree without the inconvenience of taking physical classes on the university campus. Online graduate programs are a great choice for students who are restricted by geographical location or who prefer to take online classes.

Is an Online PhD Respected?

Yes, an online PhD is respected. They have the same coursework, curriculum, and degree requirements as in-person degrees. A survey by the Society for Human Resources Management on hiring practices and attitudes reported that 55 percent of organizations would not give preference to a candidate with an in-person degree over one with an online degree if both had the same job experience.

That being said, students need to ensure that they get their online degrees from an accredited online school . Accreditation demonstrates that a school meets the minimum acceptable academic standards set by an external accreditation body to be able to offer academic degrees. Checking a school’s accreditation status before beginning the application process is recommended.

What Is the Best Online PhD Program in Economics?

The best online PhD program in economics is the PhD in Public Policy – Economic Policy offered by Liberty University. Out of all the online doctoral degree programs on our list, Liberty University’s PhD in Public Policy – Economic Policy’s high-quality curriculum and faculty stand out among the others.

Why Liberty University Has the Best Online PhD Program in Economics

Liberty University has the best online economics PhD program because of its well-rounded curriculum, giving students a comprehensive understanding of national and global public and economic policies. Students take classes taught by industry leaders and experienced policymakers and take high-level courses in public and economic theory and policy, policy analysis, and research design.

Best Online Master’s Degrees

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Online PhD in Economics Admission Requirements

The typical admission requirements for an online PhD in Economics are a Master’s Degree in Economics or in a related field from an accredited institution with a minimum cumulative GPA of 3.0 on a 4.0 scale. Other common requirements include recommendation letters, an interview, your resume, a statement of purpose or personal statement, and professional work experience.

While the specific requirements will differ from one school to the next, prospective students are always required to submit their unofficial or official transcripts of all of their undergraduate and graduate coursework. Although some schools have waived this due to the pandemic, many require students to submit GMAT or GRE test scores as part of the application process.

• A Master’s Degree in Economics or in a related field from an accredited institution
• A minimum cumulative GPA of 3.0 on a 4.0 scale
• Three letters of recommendation
• A copy of your resume
• A statement of purpose or personal statement
• Professional work experience
• Your GMAT or GRE test scores
• An online interview

Best Online PhDs in Economics: Top Degree Program Details

Best online phds in economics: top university programs to get a phd in economics online.

The top university programs to get a PhD in Economics online are able to let students benefit from experiencing diverse cultures and learning from a high-quality curriculum with many research opportunities without having to relocate. It is a great option for students who want to balance school with work, family, or other personal commitments. Here are the best online PhDs in Economics.

California Baptist University was founded in 1950 and is located in the city of Riverside in Southern California. This private, Christian university offers a wide variety of bachelor’s, master’s, doctoral and associate degrees , as well as certificate programs in an in-person and online format.

Doctor of Business Administration

The online Doctor of Business Administration at California Baptist University is a 56-credit-hour doctorate program that equips students with the specialized skills and insights needed to achieve their career goals. Students will gain the tools and theoretical foundation to carry out research and develop actionable plans with the goal of solving complex business problems.

Doctor of Business Administration Overview

• Accreditation: Western Association of Schools and Colleges Senior College and University Commission
• Program Length: 3 years
• Acceptance Rate: N/A
• Tuition and Fees: $795/credit 

Doctor of Business Administration Admission Requirements

• A Master’s Degree in Business Administration from an accredited institution
• A copy of your resume with your work experience and education, and your leadership, professional and scholarly activities
• Meeting the professional guidelines set by the Accreditation Council for Business Schools and Programs (ACBSP)
• Your official transcripts

Hampton University , founded in 1861, is a dynamic institution of higher learning offering a wide range of technical, liberal, and arts degree programs at all education levels. Its 97 degree programs can be found in different fields of study, including business, engineering and technology, nursing, pharmacy, science, and liberal arts.

Doctor of Philosophy in Business Administration

This is a 60-credit-hour program for students aspiring to become consultants, researchers, and academicians in leadership roles in the industry. It is a hybrid program with two compulsory four-week summer residencies. Students take core courses in managerial economics, quantitative business analysis, and accounting.

Doctor of Philosophy in Business Administration Overview

• Accreditation: Southern Association of Colleges and Schools Commission on Colleges
• Tuition and Fees: $695/credit 

Doctor of Philosophy in Business Administration Admission Requirements

• A master’s degree from an accredited institution. Prerequisite courses may have to be taken depending on the master’s degree held
• A copy of your resume with at least three years of work experience relevant to the field of study
• A GMAT score of at least 400
• A written Statement of Career Plans or Professional Plans
• Your official transcripts 

Liberty University was founded in 1971 in Lynchburg, Virginia and is a private, Christian college offering world-class education. It has a total enrollment of over 100,000 students across its over 700 programs at all educational levels, including doctoral programs. The majority of its students are enrolled in online courses, making it one of the largest distance learning institutions in the country.

PhD in Public Policy - Economic Policy

This is a 60-credit hour program for students wanting to learn how to better serve the public interest and create actionable solutions to today’s global economic challenges. It provides the specialized knowledge that students need to land leadership job roles in government, consulting, and international organizations.

PhD in Public Policy - Economic Policy Overview

• Accreditation: Southern Association of Colleges and Schools Commission on Colleges 
• Tuition and Fees: $595/credit 

PhD in Public Policy - Economic Policy Admission Requirements

• Complete and submit an online application form
• A master’s degree with a minimum GPA of 3.0 on a 4.0 scale
• Pay a non-refundable $50 application fee
• Submit your official undergraduate and graduate transcripts

Marymount University is a private catholic university founded in 1950. Ranked 38th among the best southern regional universities by US News & World Report, it has over 4,000 students enrolled in its wide range of bachelor’s, master’s, and doctoral degree programs. Marymount combines theory with experiential learning to provide its students with valuable education, leading them to gratifying careers.

Online Doctor of Business Administration in Business Intelligence

Offered by Marymount’s College of Business, Innovation, Leadership, and Technology, this 36-credit program introduces students to real-world business intelligence tools currently used by professionals in leadership positions. Students develop analytical, higher-order thinking, and research skills and work on a doctoral research project that attempts to solve real-world issues.

Online Doctor of Business Administration in Business Intelligence Overview

• Accreditation: Southern Associations of Colleges and Schools Commission on Colleges 
• Tuition and Fees: $1,140/credit 

Online Doctor of Business Administration in Business Intelligence Admission Requirements

• A completed online application
• A master’s degree in a business or IT related field
• Five to 10 years of work experience
• A minimum GPA of 3.5
• A statement of research background and interest
• A writing sample

Founded in 1947 and headquartered in College Park, Maryland, the University of Maryland - Global Campus (UMGC) is the online division of the University System of Maryland. UMGC first began offering online courses in the mid-1990s and is now home to a wide range of bachelor’s, master’s, and doctoral programs obtainable fully online.

PhD in Business Administration

This 48-credit program provides its students with a solid foundation in economic theory and statistical methods. Offering advanced courses in data analytics, management solutions, and research methods, this terminal degree requires the completion of a 12-credit dissertation project.

PhD in Business Administration Overview

• Accreditation: Middle States Commission on Higher Education
• Acceptance Rate: NA
• Tuition and Fees: $1,087/credit 

PhD in Business Administration Admission Requirements

• Completed the Foundation of Doctoral Studies course with a minimum B grade
• Completion of UMGC’s online admission application
• A master’s degree
• Two professional references
• A personal statement
• A writing sample (optional)
• An interview, if requested by the UMGC admission committee

Online Economics PhD Graduation Rates: How Hard Is It to Complete an Online PhD Program in Economics?

It is very hard to complete an online PhD in Economics. This can be attributed to the stress students experience, as well as lack of motivation. Those that want to pursue a PhD must be certain that they are academically and financially prepared.

How Long Does It Take to Get a PhD in Economics Online?

It takes about three years to get a PhD in Economics online. Although, it can take as long as seven or eight years, depending on the school’s curriculum, learning pace, and specialization. Over these three years, students need to complete a certain number of courses, pass written or oral exams, and research and write a dissertation on their chosen research topic.

How Hard Is an Online Doctorate in Economics?

An online Doctorate in Economics is very hard. It is a broad, multidisciplinary degree that involves the study of complex business, sociology, mathematics, and accounting topics. Students in an online Doctoral Degree in Economics take advanced courses that require strong skills in critical thinking and complex mathematical models to succeed.

The overall level of difficulty of an online PhD in Economics depends on a student’s academic foundation and their chosen program’s curriculum. Programs offered at universities with a higher reputation or higher school ranking are usually more difficult. That being said, these programs will usually better prepare you for the real world and impress potential employers.

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Best PhD Programs

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What Courses Are in an Online Economics PhD Program?

An online economics PhD program includes courses such as Economic History, Economics and Public Policy, Policy Analysis and Research Design, Introduction to Economic Policy Studies, and Managerial Economics. These courses will prepare you for a long and lucrative career in the industry and equip you with the skills you need.

Main Areas of Study in an Economics PhD Program

• Economic history
• Economics and public policy
• Policy analysis and research design
• Introduction to economic policy studies
• Managerial economics

How Much Does Getting an Online Economics PhD Cost?

It costs around $19,314 per year to get an online PhD in Economics, according to the National  Center for Education Statistics. However, this is a ballpark estimate. The actual amount you will spend to get an online economics PhD largely depends on whether the school is public or private. On top of tuition costs, you also need to consider fees, study material costs, and other miscellaneous expenses.

How to Pay for an Online PhD Program in Economics

You can pay for an online PhD program in economics through an upfront payment, grants and scholarships, employer tuition reimbursement, government loans, and private loans. Students in the Peace Corps, AmeriCorps, and the US Military can also benefit from tuition reduction. For example, Liberty University offers their doctoral degree for $300 per credit for members of the military, which is an almost 50 percent discount.

How to Get an Online PhD for Free

You can’t get an online PhD for free. All legitimate PhD programs charge tuition, and there are no fully funded online PhDs in Economics. That being said, students needing financial aid can inquire about available scholarships and grants offered by their school. Online PhD students can register for the Free Application for Federal Scholarship Aid.

What Is the Most Affordable Online PhD in Economics Degree Program?

The most affordable online PhD in Economics is the PhD in Public Policy – Economic Policy offered by Liberty University. At $595 per credit, this 60-credit program costs a total of $35,700 in tuition. Compared to the most expensive program on our list, which costs approximately $52,000, you could save up to $16,300.

Most Affordable Online PhD Programs in Economics: In Brief

Why you should get an online phd in economics.

You should get an online PhD in Economics because it’ll provide you with specialized knowledge of economics and equip you with the in-demand skills you’ll need to work in leadership positions across the fields of politics, history, business administration, and finance. A PhD is the highest level of education you can get and will give you a leg up over other candidates during the hiring process.

Top Reasons for Getting a PhD in Economics

• Increased job opportunities. A PhD in Economics will make you more attractive to employers looking to fill high-level leadership positions in the industry. PhD graduates have more career options than lower-level degree holders.
• Enhanced earning potential. A PhD in Economics can improve your earning potential. The US Bureau of Labor Statistics reports that PhD holders have a median weekly salary of $1,885. This is higher than the salary for master’s and bachelor’s degree graduates.
• Higher employment rate. The skills and knowledge that economics doctoral degree holders have can qualify them for a wider range of positions. In fact, the US Bureau of Labor Statistics also reports that PhD holders have a higher employment rate than all other degree holders.
• Specialized skills. Getting a PhD will provide you with advanced technical skills in your field of study as well as transferable soft skills. Both of these hard and soft skills are things you need to succeed in the highest possible career after graduation.

Best Master’s Degree Programs

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What Is the Difference Between an On-Campus Economics PhD and an Online PhD in Economics?

The difference between an on-campus economics PhD and an online PhD in Economics is each program’s cost, flexibility, interactivity with faculty and fellow students, and availability of funding. While their course content and curricula may be alike, there are a few differences between an online economics PhD and an on-campus PhD in Economics.

Online PhD vs On-Campus PhD: Key Differences

• Cost. Online doctoral programs usually cost less than on-campus degrees. Not only is the tuition itself usually lower for an online program, but you’ll also avoid needing to pay additional fees related to transportation, student accommodation, and labs or study materials.
• Flexibility. Students in on-campus programs have to be physically present at specific times and locations on the school campus to take classes, while online PhD students can take their classes from the comfort of their homes. Many online courses are also asynchronous and can be taken when convenient.
• Interactivity. Students in an on-campus PhD program enjoy physical interaction with faculty and peers, which can help with learning and motivation. On the other hand, online students have to employ virtual platforms to contact faculty at scheduled times.
• Availability of funding. There are more funding opportunities for on-campus students than students in online programs. On-campus students usually have access to fellowships, teaching assistantships, and research assistantships.

How to Get a PhD in Economics Online: A Step-by-Step Guide

To get a PhD in Economics online, you need to gain admission into an accredited university, complete your course credit requirements, pass all examinations, get your dissertation project topic approved, research your dissertation topic, and defend what you wrote during the final stage of the dissertation process. Doctorate programs take a lot of work to complete, but knowing what to expect will help you prepare.

The first step you need to take to get a PhD in Economics online is to look for schools that offer the program and that offer the specific specialization that you want to study. Afterward, you should review each program’s admissions requirement for prospective students. Once you’ve gathered your application materials, you’re ready to apply to your desired doctorate degree programs.

All doctoral students need to complete a certain number of online courses. Some schools also have residency requirements. While these are less common for online programs, residencies do require in-person attendance. Make sure to review the delivery format of each of the doctoral programs you’re interested in before enrolling.

During your PhD program, you will have to pass certain examinations. These examinations are used by the faculty at graduate schools to track and gauge your progress and understanding of the course material. You won’t be able to graduate without passing your examinations.

As you complete your classes, you will also need to pick a dissertation topic and get it approved by the faculty. Your dissertation is a long-term research project that you must complete along the course of your PhD program. Make sure to pick a topic you’re interested in as it’ll make the research process much more enjoyable.

After getting your topic approved, you will be able to start your research, which you will work on either at the same time as or after your course requirements. You will be asked to demonstrate your progress to your dissertation supervisor many times during your studies. It’s typical for 12 of your required credits to be dedicated to your dissertation.

As you research your dissertation project, you will need to write a paper on your findings under the guidance, support, and supervision of your program’s faculty. Once you’ve completed your research and finished writing your paper, you will need to explain and defend your findings to your program’s faculty. Once you pass, you will be able to get your PhD.

Online PhD in Economics Salary and Job Outlook

Online economics PhD graduates can earn between $77,427 and $153,460 per year, depending on their job title, location, employer, and experience. An online PhD in Economics will provide you with the skillset needed to land high-paying roles in different sectors, including academia, business, finance, government, and politics.

What Can You Do With an Online Doctorate in Economics?

With an online Doctorate in Economics, you can become an economic consultant, postsecondary professor of economics, economist, financial manager, and financial analyst. Some of these roles are high-paying senior-level positions requiring applicants to hold a PhD.

Best Jobs with a PhD in Economics

• Economic Consultant
• Postsecondary Professor of Economics
• Financial Analyst
• Financial Manager

Potential Careers With an Economics Degree

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What Is the Average Salary for an Online PhD Holder in Economics?

The average salary for a PhD holder in Economics is $110,000 per year , according to PayScale. PhD graduates can qualify for a wide range of high-paying positions across many industries. Keep in mind that your actual annual salary can vary depending on factors such as location, years of experience, industry, and position.

Highest-Paying Economics Jobs for PhD Grads

Best economics jobs for online phd holders.

Knowing the best economics jobs for online PhD holders will help you decide whether or not it’s worth it for you to embark on the long journey of earning your PhD. In this section, we’ve  put together a list of the best economics jobs for online PhD holders, a description of what they do, their job outlook, the number of jobs, and the highest-paying states.

Financial managers coordinate banking, accounting, insurance, security, and other financial operations in an organization. Financial management includes ensuring good financial health, monitoring cash flow, managing an organization’s expenses, analyzing profitability, and providing accurate financial information.

• Salary with an Economics PhD: $131,710
• Job Outlook: 17% job growth from 2020 to 2030
• Number of Jobs: 681,070
• Highest-Paying States: New York, Delaware, New Jersey, Colorado, District of Columbia

Economists collect and analyze data to study the relationship between economic resources and the production and distribution of goods and services. They conduct surveys and review economic problems to find actionable solutions. They also advise businesses and organizations on economic issues.

• Salary with an Economics PhD: $105,630
• Job Outlook: 13% job growth from 2020 to 2030
• Number of Jobs: 18,600
• Highest-Paying States: New York, District of Columbia, California, New Hampshire, Illinois

Professors of economics teach in economics departments at a university. They prepare and deliver lectures, examinations, and curricula for undergraduate and graduate economics students. They also conduct research and publish their findings to contribute to the field of economics.

• Salary with an Economics PhD: $96,198
• Job Outlook: 12% growth from 2020 to 2030
• Number of Jobs: 1,276,900
• Highest-Paying States: New Hampshire, Montana, California, Indiana, District of Columbia

Financial analysts study current and past financial data and economic trends to gain a better understanding of a company’s financial health. They advise the organization on the best investments to make to help them maximize profits according to the data they’ve studied.

• Salary with an Economics PhD: $81,410
• Job Outlook: 6% job growth from 2020 to 2030
• Number of Jobs: 492,100
• Highest-Paying States: New York, Alaska, Connecticut, District of Columbia, Wyoming

Economic consultants develop plans to improve the policies and operations of the company they work for to increase their economic gains. They conduct surveys and create forecasts to discover economic trends to improve the company’s practices. They also work in the production, budgeting, and accounting department to optimize quality control practices.

• Salary with an Economics PhD: $77,427

Is It Worth It to Do a PhD in Economics Online?

Yes, it is worth it to do a PhD in Economics online because it allows you to get advanced education and expertise in economics from the comfort of your home while preparing you to land high-profile positions where you can make an impact on the world. Economics PhD graduates gain advanced knowledge in the theoretical foundations, methodology, and philosophy of economics.

Additional Reading About Economics

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Online PhD in Economics FAQ

Yes, you can do a PhD in Economics entirely at a distance. An increasing number of schools are beginning to offer completely online economics PhD programs for distance learners. Online degrees are respected by hiring managers as well and are considered as good as in-person degrees.

No, you can not get a PhD in Economics in one year. It usually takes a minimum of three years to complete the graduate degree requirements. This includes the credit requirements and dissertation paper.

Yes, it is possible to do a PhD in Economics without a master’s. Although the typical requirements for a PhD program include having an in-person or online Master’s Degree in Economics or relevant field from an accredited institution, some schools allow students to apply to their PhD program without one.

No, 50 is not too late to get a PhD. There is no age limit in the pursuit of higher education, and you can go back to college at 50 or at any time you want. Anyone can enroll in a PhD program regardless of age. All it takes is the willingness to learn and the determination to succeed. In fact, your work experience can help you get into a PhD program.

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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!

Discover how you can acquire the most in-demand skills with our free report, and open the doors to a successful career. 

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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2022 UChicago graduate selected as 2024 Paul & Daisy Soros Fellow

April 17, 2024

By Andy Brown

Assistant Director, College Communications

Russell Legate-Yang, AB’22, has been selected as a 2024 Paul & Daisy Soros Fellow, which will support him in his doctoral studies at the Massachusetts Institute of Technology (MIT).

Since 1998, the  Paul & Daisy Soros Fellowships for New Americans has honored the contributions of immigrants and children of immigrants to the United States by investing in the graduate education of 30 New Americans each year. 

Legate-Yang is one of 30  2024 Soros Fellows , who were chosen for their achievements and their potential to make significant contributions to U.S. society, culture or their academic fields. With 2,323 applicants and a 1.3% selection rate, this year’s cycle is among the most competitive in the fellowship’s 26-year history. Each Soros Fellow will receive up to $90,000 in funding to support their graduate studies at institutions across the country.

The son of Canadian and Chinese immigrants, Legate-Yang graduated from the College with an AB in Economics and Mathematics, both with Honors, in 2022.

The highly competitive fellowship will support Legate-Yang’s pursuit of a Ph.D. in economics. It will also connect him with other fellowship winners, who will gather for town halls, local meetups, campus visits and the annual Fall Conference in New York City.

Legate-Yang’s research focuses on understanding and improving K-12 public school effectiveness. He says his work is urgent, noting that the COVID-19 pandemic reversed decades of learning gains and exacerbated already large education gaps.

“Targeted recovery efforts require that we first understand what works and why: Why do learning losses persist? Which schools and programs effectively help students?” he said. “We only get a few chances to pick a new neighborhood, job, or school, and we cannot run experiments in our lives to decide. We need research to help us make effective and informed decisions.”

Legate-Yang, from Swarthmore, Pa., said he learned to apply rigorous methods to study intractable problems as a student in the College. His dual-major coursework in math and economics helped him develop an analytical mindset and build a methodological toolkit for research, while the Core Curriculum pushed him to think more broadly about social structures and approach problems from different perspectives. 

“Through diverse research projects in economics, political science and public policy, and especially my honors economics thesis, I learned to separate cause from chance in data and connect academic work to practical problems,” he said.

After graduating in 2022, Legate-Yang joined Blueprint Labs at MIT to study K-12 public school effectiveness with economists Josh Angrist and Parag Pathak. He also worked with New York City Public Schools to revamp the city’s school ratings system for its over 1,700 public schools and 1 million students. 

The revamped system considers students’ starting points before they enroll in a school, and will soon be deployed by the city for use by students, families and education policymakers.

Graduate school and the Soros Fellowship will help Legate-Yang prepare for a career committed to advancing social good and giving back to communities that he said paved the way for him to reach this point. 

“I'm incredibly thrilled and grateful to join this community of Fellows,” he said. “I would like to thank my family, Baba, Mom and Vivian, for encouraging me, allowing me, and teaching me to do what I’m passionate about every day. Thanks to my friends for having fun with me through it. And thanks to my partner Krithika, who inspires my life. I’d also like to thank my mentors and colleagues, whose investment in my work empowered me.”

In addition to being selected as a Soros Fellow, Legate-Yang was also chosen this year for the  National Science Foundation’s Graduate Research Fellowship Program , which will support his graduate studies. 

Legate-Yang received interview support from the  College Center for Research and Fellowships  (CCRF), which supports College students and alums who apply for nationally competitive fellowships.

WNBA players could earn more money, but it will take big changes to make that happen

It will take some time for the Caitlin Clark effect to be felt across the WNBA.

Clark enters the league as a budding superstar who is already widely recognized as having been the biggest figure in a sea change for women's basketball. Shortly after she helped the NCAA women's Final Four set broadcasting records, she went first overall in the WNBA draft, helping the event draw a bigger TV viewership than the most recent MLB and NHL drafts . Tickets for the Indiana Fever, who drafted Clark last weekend, are the hottest in the sport. Clark’s jersey has already sold out — though Dick's Sporting Goods intends to sell Clark name and number T-shirts in all 724 of its locations, according to a company spokesperson. Last year, it sold WNBA merch in only a fraction of its stores.

But even as women’s basketball surges broadly, Clark comes into a league that has faced steep financial shortcomings, leaving its players well short of being compensated at the levels of their male counterparts.

“It’s not good enough,” Nancy Lieberman, a Hall of Fame basketball player, Olympic gold medalist and NCAA champion, said in an interview. “It has to get better.”

It could take several years for all the crucial deals among players, the league, broadcast partners and other business interests to renegotiate the way money flows.

Right now, WNBA players remain locked into the collective bargaining agreement, or CBA, they signed in 2020, which dictates their overall pay terms.

Since the deal was signed, the revenue generated by the WNBA has grown — yet it still pales in comparison to those generated by the NBA.

Last year, a Bloomberg News report found the WNBA was projected to make $180 million to $200 million for the 2023 season.

A WNBA spokesperson declined to comment on the report, which NBC News hasn’t verified. The spokesperson also declined to discuss league financials.

The WNBA's revenue compares with about $10 billion for the NBA in the season ending in 2022, the most recent year for which data is available.

The WNBA’s lower revenue is a key reason for the pay disparity between the leagues that has now drawn national headlines, and it is why rookies, including Clark, will earn a base salary of just $76,000 this season.

Of course, Clark will earn much more than that through outside sponsorship deals. And she is eligible for a suite of performance-based bonuses and marketing arrangements with her team, the Fever, and the league itself that are worth at least $500,000.

But that would still most likely be less than the NBA’s current league minimum of about $1 million. Technically, NBA rookies make slightly more than that. Players in the NBA’s lower-level G League are the exception; they typically earn a season salary of about $40,000.

The gap between male and female basketball players isn’t only about the level of pay.

NBA players enjoy about a 50-50 split of so-called basketball-related revenues — like broadcast money and jersey sales — with owners.

The CBA that WNBA players signed allowed for revenue sharing only if certain revenue thresholds were met. And so far, they’ve fallen short, a WNBA spokesperson confirmed.

WNBA players can opt out of their CBA after this season — and it’s likely that they will, given the enormous growth the women’s game had been experiencing even before Clark captured America’s attention.

The hope is that with Clark and other young stars entering the league, there will soon be more money and better terms for its players.

In particular, the WNBA is poised to negotiate a new set of broadcasting rights that will increase the value of the league — enough to the point that the revenue sharing threshold would become moot, assuming the thresholds even remain.

Ironically, the fate of the WNBA remains in the hands of the NBA, which controls more than 40% of the women's league.

That's why Terri Carmichael Jackson, the Women’s National Basketball Players Association executive director, has called on the NBA to put the WNBA front and center.

"It’s time the NBA recognizes the indispensable role of WNBA players in shaping the league’s future success," Carmichael Jackson said in a statement to NBC News.

She continued: “They must acknowledge that valuing WNBA players and paying million-dollar salaries requires a stronger broadcast deal, one that absolutely necessitates players at the negotiating table to strengthen the business case and drive home their value."

Asked for comment, an NBA spokesperson referred NBC News to the WNBA.

In a statement, WNBA Commissioner Cathy Engelbert said: “We continue to find ways to return some of the growth we have been experiencing to the players beyond what the CBA requires," referring to the collective bargaining agreement.

We’re “increasing playoff bonuses by over 50% and providing a $4 million budgeted charter [flight] program for full playoffs, all back-to-backs requiring air travel, and the Commissioner Cup Championship Game,” Engelbert added.

WNBA players aren’t necessarily asking to be paid at the same levels as their NBA counterparts. Rather, as Las Vegas Aces star Kelsey Plum said on an episode of the Vegas-centric “ The Residency Podcast ,” “We’re asking to get paid the same percentage of revenue shared.”

Lieberman, the Hall of Famer, said there has been unwillingness to make the kinds of investments necessary to put the game front and center, on TV or elsewhere.

"Being the first, it can be very lonely," she said, adding that, in many cases, her success had come from decision-makers — mostly men — who had "taken a leap of faith."

Lieberman's comments echoed those of University of Connecticut women's coach Geno Auriemma, who was much more explicit in his criticism of the WNBA's growth efforts.

“The WNBA is going to have to do a great job of marketing these guys,” he said at a news conference this month, referring to players like Clark and Huskies star Paige Bueckers. “And the WNBA I don’t think has done a great job of marketing their individual stars.”

CORRECTION  (April 22, 2024, 9:54 a.m. ET) A previous version of this article misstated which Clark merchandise sold out at Dick’s Sporting Goods. They were T-shirts, not jerseys.

Rob Wile is a breaking business news reporter for NBC News Digital.

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