While the basic economist salary is around $71,385 in the United States, it is $49,985 in Canada and $46,309 in the United Kingdom. Economists in Australia get paid an average of $58,720 and in Switzerland around $106,714. In Norway, they make average $72,157 a year. Economist salaries are affected by factors including skills, experience, and location as well as education.
How does the salary for this profession vary around the world? What are your prospects at getting a job based on your work profile? Find out all the factors, including country, experience, and skills that play a role in deciding your salary and career prospects.
Economist Salary Influencers
Different salary information sites like Pay scale and Salary Genius present different salaries based on country. However, the major deciding factors that affect the salary remain unchanged. Each determining aspect is discussed on sufficiently below
Your salary will vary based on the industry or sector you’re working in as well as your work environment. Per the BLS (Bureau of Labor Statistics – US), salaries for economists are highest in the private sector followed by those in the public sector with salaries in the field of academia being the lowest.
According to PayScale.com, as of 2013, Ph.D. economists had a salary range between $61,000 and $160,000; Ph.D. corporate economists earning between $71,000$ to $207,000; economics full professors, $61,000 to $160,000. Economics associate professors were getting between $59,000 to $156,000 while economics assistant professors’ salaries ranging between $72,000 and $100,000.
2. Geographical Area
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Economist Salary in the US
Salary in the US ranges between $11.96 and $48.29 per hour while overtime rates range from $10.00 – $69.00. Yearly bonuses between $297.99 and $24,547, profit sharing from $93.62 – $49,665 and a commission of $7,500 all add up to a total pay between $40,855 – $135,045 for Economists.
Economist Salary in the UK
The base salary for Economists in the United Kingdom ranges from $30,696 to $82,214. Yearly bonuses can be from none to up to $13,408. Add this and the base salary to profit sharing of up to $5,233 and the total yearly salary ends up amounting between $30,526 – $89,658.
Economist Salary in the Canada
Economists earn around $19.73 per hour in base salary while getting paid overtime at around $24.09. Yearly bonuses can vary from not at all to up to $11,479. All this adds up to salaries between $35,563 – $71,968 for jobs in Canada.
Economist Salary in Australia
The average salary for an economist in Australia is around $38.59 per hour while overtime gets paid at an average $35.13. Yearly bonuses of between $233 and $9,431 add up to a total salary per annum of $38,720 – $109,237.
Economist Salary in Switzerland
Economists in Switzerland earn the most compared to the rest of the countries mentioned in this article with average yearly income of $106,714.
Economist Salary in Norway
Average economist salary per hour in Norway is between $26 and $39 while the average monthly salary is $4,810 – $7,216. The annual salary is usually between $57,726 and $86,589.
Economists only tend to get better with age as the trend in all countries mentioned above shows that salaries only increase as they get more experience under their belts. Salaries of fresh graduates and up to five years are usually around average or a little above. During their mid-career, with experience of 5-10 years, salaries reach around $90k in the US. Experienced economists with experience of 10 – 20 years have salaries of $100k, and above while in their late career with experience more than 20 years, salaries reach $120k and above. It is the same for the other countries as well where fresh graduates and those with little experience earn around average or a little above while the most experienced have the highest pay.
Working hours for economists are usually from 9 am to 5 pm, Monday to Friday. Their work is usually office based. However, due to uneven workload, working hours can be long, especially during project based assignments when deadlines must be met.
Economists also travel frequently to attend seminars and conferences to present their work. As seen above, the experience is most important for an economist and those looking to work independently also need to work on developing a good reputation.
Bonuses and Benefit Packages
Job satisfaction is high for economists. In addition to the basic salary, majority people in the job enjoy yearly bonuses, healthy contribution to the yearly pay from profit sharing and sometimes commission as well depending on the company and the geographical location. A large number in the US enjoy medical coverage while an average amount also gets dental coverage. Vision coverage is also available to more than half of them. Same is the trend in Canada. Australia is far behind, as a very small number get medical coverage, and barely 2% get dental coverage. Vision coverage percentage is 0%. Benefits for economists in the UK are somewhere in the middle.
According to the BLS, economists’ employment opportunities will continue to grow at 6% up till 2024. More and more companies today rely on the analyses and predictions of economists. Jobs will always be there for the best and the brightest. As it is a field that values experience, so prospects of a better salary will only increase with time worked. Experienced economists get paid the highest. People looking to work in this field should get at least a master’s level degree.
A job as an economist gets only better with time although at the start it requires patience and dedication. Most of the countries also offer health care benefits. The work is usually office oriented, and other benefits like profit sharing and commission further increase the salary. The job has a positive outlook, and it is a profession that is constantly evolving.
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