Business Economics Career Center
Welcome to the new NABE Careers Center. It profiles people who use economics in their work, and highlights the varied job functions and companies.
Profiles of people who use economics in their work
- Traditional Corporate Economist
- Strategic/corporate planning
- Entrepreneur
- Trade Association
- International Financial Markets
- Consulting
- Economic Development
- Labor Economist
- Country Risk Analyst
- Law and Economics
- Credit Union Economist
- Central Bank Economist
Salary Survey Highlights
NABE conducts a biennial salary survey. While the full results are for members only, entry level salary information, and highlights from the 2008 survey, are listed here.
Highlights
- In the 2008 Salary Survey, the median base salary of 611 responding NABE members was $119,999, a ten percent increase over that reported in 2006.
- Additional gross compensation was reported by 70 percent of respondents. The median amount of this compensation was $25,000. This income averaged 21 percent of the median base salary.
- Secondary professional income was reported by 25 percent of respondents. The median amount of this income was $10,000, eight percent of base salary.
- The median entry-level base salary of $59,998 was up 12 percent from 2006. The most popular educational levels sought by employers for a new entrant were a master’s degree (43 percent) or a bachelor’s degree (30 percent).
- Female respondents reported a median salary of $100,001, 81 percent of the male median of $124,002.
- The securities and investments industry reported the highest median base salary of $144,000, as well as the highest median additional gross compensation of $105,000. The lowest reporting industry was the transportation, utilities, and communication sector, with a median base salary of $99,000.
- Those who worked in general administrative/economics positions had the highest median base salary, $158,644, followed by those in general administrative/management and in macroeconomic forecasting, $140,000. NABE members in market research and teaching reported the lowest median salaries.
- Salary did not vary reliably by firm size. The highest median salary was reported by the respondents who worked in firms with 1-5 employees, $150,001.
- It pays to have supervisory responsibilities. There is a direct correlation between the number of people supervised and median base salaries.
- Income rises with education. A bachelor’s degree commanded a median salary of $93,893, a master’s $102,998, an “A.B.D.” $119,999, and a Ph.D. $145,000. Graduates of “top-ranked” economics departments earned a median of 36 percent more than other graduates.
- Median base salary and additional compensation rise with years of experience, reaching their peak with experience of 30 to 34 years.
- Median base salaries were similar in most regions. The Mountain region had the lowest median, the Middle Atlantic region the highest.
- Government/central bank and consulting comprised the largest categories of respondents with 16 and 15 percent, respectively. The industry mix was similar in the 2006 survey, although manufacturing showed a comeback, going from 4.7 percent to 8.2% of respondents.
Entry Level Salaries
NABE members were asked that if their organization were to hire an entry-level economist, what would be the educational requirement and offering salary. We received 532 responses. As Table 15 shows, 30 percent of NABE members responding to the survey would be looking for a person with a bachelor’s degree, while 43 percent would be looking for a person with a master’s degree and 26 percent would want a person with a Ph.D. The median starting salary for the holder of a bachelor’s degree would be $49,500, up $6,500 from 2006. The median starting salary for the holder of a master’s degree would be $59,998, up almost $8,000. Unsurprisingly, the median base salary increases with the level of educational attainment.
Starting salaries were highest in New York at $65,000, down from $70,000 in 2006. By industry, the highest starting salary was $80,000, in securities and investment.
| Degree | Number | Percent looking for degree | Median Starting Salary |
|---|---|---|---|
| Bachelor’s | 160 | 30% | $49,500 |
| Master’s | 228 | 43% | 59,998 |
| A.B.D. | 3 | 1% | 80,000 |
| Ph.D | 141 | 26% | 85,000 |
| Total | 532 | $59,998 |
