Economist Salary 2025: Median $124,720, Top Earners Exceed $238,000
The median economist in the U.S. earns $124,720 per year, according to the Bureau of Labor Statistics 2025 estimates. The mean annual wage is $142,130, which works out to roughly $60 per hour. At the high end, the top 10% of economists make $238,060 or more; at the low end, the bottom 10% earn $67,360 or less. These numbers reflect pay for the 17,790 economists employed nationally.
How much Economists earn
The typical economist earns a salary far above the national average. Half of all economists make between $67,360 and $238,060. The most experienced professionals, those in the 90th percentile, surpass $238,060 annually. Entry-level positions start around $67,360, though new hires with advanced degrees often command higher starting offers.
- Median annual wage: $124,720
- Mean annual wage: $142,130
- Mean hourly wage: $68.33
- 10th percentile: $67,360
- 90th percentile: $238,060
Pay by state
Where you work as an economist strongly affects your paycheck. The District of Columbia pays the highest average salary at $167,590, followed closely by New Jersey at $167,550. Delaware ($159,120), Maryland ($144,680), and Kansas ($138,790) also rank high. On the lower end, Nebraska ($75,880), Louisiana ($73,050), and Kentucky ($71,400) pay the least. Most states with large government agencies or financial sectors offer the highest wages.
How to become Economist
Economists typically need a master's degree or Ph.D. in economics or a related field. A bachelor's degree is enough for some entry-level government jobs, but advancement usually requires graduate education. Coursework in econometrics, statistical analysis, and economic theory is standard. Many economists also complete internships with government agencies, think tanks, or research firms. Certification is available through organizations like the National Association for Business Economics, but it is not mandatory. Strong quantitative skills and proficiency in software such as Stata, R, or SAS are essential.
- Step 1: Earn a bachelor's degree in economics, mathematics, or statistics.
- Step 2: Gain experience through internships or research assistant roles.
- Step 3: Earn a master's or Ph.D. in economics for most professional positions.
- Step 4: Consider optional certification (e.g., Certified Business Economist) to boost credentials.
- Step 5: Apply for roles in government, consulting, finance, or academia.
Job outlook
Employment of economists is projected to grow just 1.2% from 2024 to 2034, which BLS classifies as slower than the average for all occupations. That translates to about 900 new job openings per year, mostly due to the need to replace workers who retire or change careers. The limited growth reflects automation and consolidation in some industries. Still, competition for positions in high-paying sectors like finance and government will remain strong, especially for candidates with advanced degrees.
Frequently asked questions
Is economist a good career in 2025?
It can be, especially for those with a master's or Ph.D. The median salary of $124,720 is very high, but job growth is slow at 1.2%. Strong demand exists in government, consulting, and finance, but entry-level competition is stiff.
What degree do you need to be an economist?
Most economist positions require a master's degree. A Ph.D. is needed for academic or advanced research roles. A bachelor's degree may qualify for some government jobs, but advancement typically demands graduate education.
Which state pays economists the most?
The District of Columbia pays the highest average salary for economists at $167,590, followed by New Jersey ($167,550). Delaware, Maryland, and Kansas also rank high.
How many economists are employed in the U.S.?
As of 2025, the Bureau of Labor Statistics reports 17,790 economists working nationwide.
Salary figures are U.S. Bureau of Labor Statistics estimates (OEWS / Employment Projections). For informational purposes only; not career or financial advice. See the full Economists data.