The median pay for Economists is $124,720 a year ($59.96/hr), according to BLS OEWS, May 2025. Employment is projected to grow 4.7% through 2035, with about 1,100 openings a year (BLS EP, 2025–2035). Typical entry-level education: Master's degree.
- SOC 19-3011
- Life, Physical, and Social Science
- Last updated October 9, 2026
At a glance
Economist in four numbers
- Median pay
- $124,720a year, or $59.96/hrBLS OEWS, May 2025Lowest 10% $67KTop 10% $238K
US median, all jobs: $50,980
- Projected growth
- +4.7%Faster than averageBLS EP, 2025–2035This career+4.7%All jobs+3.5%
Projected employment change, 2025–2035 Item Value This career +4.7% All jobs +3.5% - Openings a year
- 1,10018,600 jobs todayBLS EP, 2025–2035
- Jobs in 202518.6K
- Projected 203519.5K
Employment, 2025–2035 Item Value Jobs in 2025 18.6K Projected 2035 19.5K - Typical education
- Master'sneeded to enterBLS EP, 2025–2035; mix: O*NET
- Bachelor's20.8%
- Master's50%
- Doctorate25%
- Post-doctoral training4.2%
Highest education held by economists Segment Value Bachelor's 20.8% Master's 50% Doctorate 25% Post-doctoral training 4.2%
Also advertised as: Economic Advisor, Economic Analyst, Economic Consultant, Economic Development Specialist, Economist, Forensic Economist.
Pay
How much do Economists make?
Every economist in the US, by percentile of annual wage
Median
$124,720
Middle half earn $89,330 to $174,720
- 10th
- $67,360
- 25th
- $89,330
- 75th
- $174,720
- 90th
- $238,060
All US occupations: $50,980
| Percentile | Value |
|---|---|
| 10th | $67,360 |
| 25th | $89,330 |
| Median | $124,720 |
| 75th | $174,720 |
| 90th | $238,060 |
| All US occupations | $50,980 |
Source: BLS OEWS, May 2025
- Median annual wage
- $124,720
- Median hourly wage
- $59.96/hr
- Mean annual wage
- $142,130
- People employed
- 17,790
Versus all US occupations
At $124,720, Economists earn 145% above the $50,980 median across all US occupations, a difference of $73,740 a year.
Versus life, physical, and social science occupations
Inside the Life, Physical, and Social Science group, where the middle occupation pays $82,220, this is 52% above the group median.
Pay range
The top 10% earn $238,060 or more while the bottom 10% earn $67,360, a gap of 3.5×. That is an unusually wide spread, which usually tracks specialisation, employer type and years of experience.
Rank in the bank
This median pays more than 86% of the 1,741 occupations in the NueCareer career bank.
Cost of living
District of Columbia posts the highest raw median ($167,590), but once local prices are taken into account Delaware leads at $159,426 in national-average dollars.
Pay by state
Which states pay Economists the most?
State medians come from the same OEWS release as the national figures. The cost-of-living column divides each state median by that state's BEA Regional Price Parity, restating pay in national-average dollars so a high-cost state and a low-cost one can be compared directly.
| State | Median | COL-adjusted | Employed |
|---|---|---|---|
| 1District of Columbia | $167,590 | $152,492 | 3,000 |
| 2New Jersey | $167,550 | $153,991 | 280 |
| 3Delaware | $159,120 | $159,426 | 70 |
| 4Maryland | $144,680 | $137,844 | 1,130 |
| 5Kansas | $138,790 | $154,095 | 80 |
| 6Virginia | $137,590 | $136,088 | 950 |
| 7New York | $136,660 | $126,630 | 910 |
| 8North Carolina | $136,150 | $144,340 | 290 |
| 9Idaho | $131,270 | $137,464 | 130 |
| 10Alabama | $129,960 | $146,313 | 40 |
Job outlook
Is Economist a growing career?
Employment change over 2025–2035, against every US occupation
Faster than average. +4.7% projected growth vs 3.5% for all occupations.
| Item | Value |
|---|---|
| Economists | +4.7% |
| All US occupations | +3.5% |
Source: BLS EP, 2025–2035
Faster than average
BLS projects employment of Economists to change 4.7% over 2025–2035, against 3.5% projected for all occupations. That is 900 more jobs.
Annual openings
About 1,100 openings are projected each year, 5.9% of the 18,600 jobs that existed in 2025. Most come from workers leaving the occupation, not from growth alone.
Many of those openings are expected to result from the need to replace workers who transfer to different occupations or exit the labor force, such as to retire.
Organizations across many industries use economic analysis and quantitative methods to study and forecast business, sales, and other market trends. Employment demand will stem from organizations that turn to economists to apply analysis of big data to pricing, advertising, and other areas. The increasing complexity of the global economy also is expected to support demand for economists. However, employment of these workers will depend, in part, on future changes to federal, state, and local government budgets.
Getting in
How to become an Economist
Economists typically need at least a master’s degree to enter the occupation. However, some economists, primarily in government, qualify for positions with a bachelor’s degree. Others need a Ph.D.
- 1
Typical entry-level education
Master's degree
- 2
Work experience in a related occupation
None
- 3
Typical on-the-job training
None
- 4
Preparation needed (O*NET job zone)
Considerable preparation
BLS Employment Projections, 2025–2035; job zone from O*NET 31.0 Database.
What education people in the job have
O*NET incumbent survey: the highest level of education reported by people already working as economists.
- Master's Degree50%
- Doctoral Degree25%
- Bachelor's Degree20.8%
- Post-Doctoral Training4.2%
| Item | Value |
|---|---|
| Master's Degree | 50% |
| Doctoral Degree | 25% |
| Bachelor's Degree | 20.8% |
| Post-Doctoral Training | 4.2% |
Source: O*NET 31.0 Database
The work
What does an Economist do?
Conduct research, prepare reports, or formulate plans to address economic problems related to the production and distribution of goods and services or monetary and fiscal policy. May collect and process economic and statistical data using sampling techniques and econometric methods.
Economists conduct research, prepare reports, and evaluate issues related to monetary and fiscal policy. They also may collect and analyze statistical data.
Day-to-day tasks
- Study economic and statistical data in area of specialization, such as finance, labor, or agriculture.
- Compile, analyze, and report data to explain economic phenomena and forecast market trends, applying mathematical models and statistical techniques.
- Provide advice and consultation on economic relationships to businesses, public and private agencies, and other employers.
- Formulate recommendations, policies, or plans to solve economic problems or to interpret markets.
- Supervise research projects and students' study projects.
- Study the socioeconomic impacts of new public policies, such as proposed legislation, taxes, services, and regulations.
- Explain economic impact of policies to the public.
- Review documents written by others.
O*NET core tasks, ordered by reported importance.
Working conditions and hours
Most economists work full time, and some work more than 40 hours per week.
Where the work happens
Indoors, climate-controlled
NeverEvery dayOutdoors in all weather
NeverEvery dayAlmost never works outdoors.
Physical demands
Sitting
NeverAlmost all the timeSeated for more than half the working day.
Standing
NeverAlmost all the timeBending or twisting
NeverAlmost all the time
Working with people
Contact with other people
NoneConstantFace-to-face discussions
NeverEvery dayDealing with the public
Not importantExtremely important
Pressure and stakes
Strict deadlines
NeverEvery dayConflict situations
NeverEvery dayCost of a mistake
Not seriousExtremely serious
Autonomy
Freedom to decide
NoneA lotA lot of freedom to make decisions without checking first.
Schedules: BLS Occupational Outlook Handbook, 2025–2035 edition. Conditions: O*NET Work Context survey. Each item has its own scale, so each dot is read against the two answers that end its own line.
Where economists work
Share of jobs by employer type
- Federal government, excluding postal service26%
- Management, scientific, and technical consulting services22%
- State government, excluding education and hospitals14%
- Local government, excluding education and hospitals9%
- Scientific research and development services6%
| Item | Value |
|---|---|
| Federal government, excluding postal service | 26% |
| Management, scientific, and technical consulting services | 22% |
| State government, excluding education and hospitals | 14% |
| Local government, excluding education and hospitals | 9% |
| Scientific research and development services | 6% |
Source: BLS Occupational Outlook Handbook, 2025–2035 edition
Core skills
O*NET importance, 1 to 5
- Reading Comprehension4.1
- Mathematics4.1
- Critical Thinking4.1
- Active Listening4.0
- Writing4.0
- Speaking4.0
- Active Learning3.8
- Learning Strategies3.1
| Item | Value |
|---|---|
| Reading Comprehension | 4.1 |
| Mathematics | 4.1 |
| Critical Thinking | 4.1 |
| Active Listening | 4.0 |
| Writing | 4.0 |
| Speaking | 4.0 |
| Active Learning | 3.8 |
| Learning Strategies | 3.1 |
Source: O*NET 31.0 Database
Transferable skills
O*NET importance, 1 to 5
- Judgment and Decision Making4.0
- Complex Problem Solving3.8
- Instructing3.3
- Systems Evaluation3.3
- Systems Analysis3.1
- Social Perceptiveness3.0
- Coordination3.0
- Persuasion3.0
| Item | Value |
|---|---|
| Judgment and Decision Making | 4.0 |
| Complex Problem Solving | 3.8 |
| Instructing | 3.3 |
| Systems Evaluation | 3.3 |
| Systems Analysis | 3.1 |
| Social Perceptiveness | 3.0 |
| Coordination | 3.0 |
| Persuasion | 3.0 |
Source: O*NET 31.0 Database
Tools and software
- Analytical or scientific software · in demand
- Business intelligence and data analysis software · in demand
- Data base management system software · in demand
- Data base user interface and query software · in demand
- Development environment software · in demand
- Electronic mail software · in demand
- Internet browser software · in demand
- Object or component oriented development software · in demand
- Office suite software · in demand
- Operating system software · in demand
- Presentation software · in demand
- Spreadsheet software · in demand
“In demand” marks an O*NET Employer-Based Hot Technology, software named in real job postings for this occupation.
Personality fit
What personality type suits an Economist?
O*NET Occupational Interests (RIASEC), scored 1 to 7
| Axis | Economist |
|---|---|
| Realistic | 1 |
| Investigative | 7 |
| Artistic | 2 |
| Social | 2 |
| Enterprising | 4 |
| Conventional | 5 |
Source: O*NET 31.0 Database
What the work is built around
Day to day this is work built around investigating, analysing and solving problems with ideas and data, combined with organising, following procedures and working precisely with data.
- Investigative7.0
- Conventional4.5
- Enterprising3.9
- Artistic2.4
- Social2.4
- Realistic1.4
Closest MBTI types
NueCareer fit scores: cosine similarity between each MBTI type's interest vector and this occupation's O*NET interest profile. Not a BLS or O*NET figure; the method is documented on our methodology page.
Explore further
Careers related to Economist
O*NET related occupations
- Life, Physical, and Social Science
- Educational Instruction and Library
- Business and Financial Operations
- Life, Physical, and Social Science
- Educational Instruction and Library
- Business and Financial Operations
More life, physical, and social science careers
Median annual pay, with economists highlighted
- Industrial-Organizational Psychologist$193,950
- Physicist$172,250
- Economist$124,720
- Medical Scientist, Except Epidemiologists$103,410
- Chemist$91,240
- Environmental Scientist and Specialist, Including Health$82,220
- Conservation Scientist$73,010
- Chemical Technician$60,390
- Biological Technician$57,510
| Item | Value |
|---|---|
| Industrial-Organizational Psychologist | $193,950 |
| Physicist | $172,250 |
| Economist | $124,720 |
| Medical Scientist, Except Epidemiologists | $103,410 |
| Chemist | $91,240 |
| Environmental Scientist and Specialist, Including Health | $82,220 |
| Conservation Scientist | $73,010 |
| Chemical Technician | $60,390 |
| Biological Technician | $57,510 |
Source: BLS OEWS, May 2025
Lists Economist appears on
Questions
Economist: frequently asked questions
How much do Economists make?
Economists earn a median of $124,720 a year (BLS OEWS, May 2025). That is 145% above the $50,980 median for all US occupations. That works out at $59.96/hr. The middle half earn between $89,330 and $174,720. The top 10% earn $238,060 or more.
Do you need a degree to become an Economist?
Yes. BLS reports a master's degree as the typical entry-level education for Economists, and O*NET rates the preparation needed as considerable preparation. In O*NET's survey of people already doing the job, 50.0% hold master's degree.
Is Economist a growing career?
Yes. Employment is projected to grow 4.7% over 2025–2035, faster than the 3.5% average for all occupations (BLS EP, 2025–2035). BLS still projects about 1,100 openings a year, mostly from workers retiring or moving to other work.
What does an Economist do?
Economists conduct research, prepare reports, and evaluate issues related to monetary and fiscal policy. A core O*NET task: study economic and statistical data in area of specialization, such as finance, labor, or agriculture. Employers most often ask for Analytical or scientific software, Business intelligence and data analysis software, Data base management system software.
Which states pay Economists the most?
The highest state medians for Economists are District of Columbia ($167,590), New Jersey ($167,550), Delaware ($159,120) (BLS OEWS, May 2025). Adjusted for local prices using BEA Regional Price Parities, Delaware moves to the top at $159,426.
What personality type suits an Economist?
O*NET scores Economists highest on the Investigative, Conventional and Enterprising interest areas, so the work mixes investigating, analysing and solving problems with ideas and data with organising, following procedures and working precisely with data. On NueCareer's MBTI-to-interest mapping that lines up most closely with INTJ personalities. Personality is a fit signal, not a gate. The free NueCareer quiz scores your own profile against all 1,731 careers in the bank.