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Economics professor: pay, job outlook and how to become one

Updated October 28, 2026. Based on U.S. Bureau of Labor Statistics and O*NET data. Published by Humblebee.

$123,920median pay per year, May 2025[1]
  1. $64,060lowest 10% earn less
  2. $86,84025th percentile
  3. $123,920median
  4. $168,77075th percentile
  5. $224,200top 10% earn more
Middle half of workers in the inner band[4]Median for all US jobs, $50,980[5]

Postsecondary economics teachers, the BLS category that covers an economics professor, had a median pay of $123,920 a year in May 2025[1]. Jobs are projected to grow 2.4% from 2025 to 2035, compared with 3.5% for all occupations[2][3].

Job growth, 2025–35
+2.4%[2]
Openings per year
1,000[6]
Typical entry education
Doctoral or professional degree[7]

How much do economics professors make?

BLS calls this job Economics Teachers, Postsecondary. Their median wage was $123,920 a year[1]. Half of workers earned more and half earned less[1]. The average was higher, at $138,850 a year[8]. For all occupations in the US, the median annual wage was $50,980[5].

BLS publishes only annual wages for this job, not hourly wages[9].

Here is how annual pay was spread out[4]:

Point Annual wage
10th percentile[4] $64,060
25th percentile[4] $86,840
Median[1] $123,920
75th percentile[4] $168,770
90th percentile[4] $224,200

A percentile is a boundary. The lowest-paid 10% of workers earned less than $64,060[4]. BLS publishes percentile wages, not a starting salary[10].

These figures cover wage and salary workers. They leave out the self-employed, nonproduction bonuses and the cost of benefits[11].

Pay by state and city

New Hampshire had the highest median annual wage among states, at $201,610, though it had only 80 jobs[12]. Massachusetts came next at $164,410, then the District of Columbia at $161,860[12]. Arkansas was the lowest on the list at $76,610[12].

By metro area, Boston-Cambridge-Newton, MA-NH had the highest median at $174,910[13]. Washington-Arlington-Alexandria followed at $155,060, then Amherst Town-Northampton, MA at $140,360[13]. This list only includes areas with at least 100 jobs[13].

The most jobs were in New York (1,240), California (770), Texas (770), Massachusetts (750) and Pennsylvania (610)[14]. Among metro areas, New York-Newark-Jersey City had the most jobs, at 930, followed by Boston-Cambridge-Newton at 530[15].

Show median pay in 41 states and DC
StateMedian per yearJobs
New Hampshire[12]$201,61080
Massachusetts$164,410750
District of Columbia$161,860220
Connecticut$155,950300
California$137,360770
Arizona$137,250100
Oregon$136,450180
Vermont$134,85080
Maryland$133,540200
Louisiana$132,67070
Nebraska$130,98090
Michigan$129,400350
Virginia$128,790460
Utah$128,370150
New York$127,5001,240
Maine$125,96070
Illinois$124,850460
Texas$118,530770
Pennsylvania$117,970610
Georgia$117,600370
Missouri$116,530150
North Carolina$114,200490
New Mexico$110,02060
New Jersey$109,880410
South Carolina$109,060110
Minnesota$108,460250
Oklahoma$107,260110
Kentucky$106,250120
Ohio$105,930410
Indiana$105,390150
Tennessee$104,560250
Kansas$103,490130
Alabama$101,25090
Wisconsin$99,970310
Colorado$98,870270
Washington$96,500190
West Virginia$91,17040
Florida$91,140150
Mississippi$88,29070
South Dakota$85,70040
Iowa$85,09080
Arkansas$76,61040

How to become an economics professor

BLS lists a doctoral or professional degree as the typical education for entry, with no related work experience and no on-the-job training[7]. The training details below come from a BLS profile that covers postsecondary teachers as a wider group, not only economics[16].

The profile says four-year colleges and universities typically want a doctorate[19]. For some specialties or part-time roles, schools may hire someone with a master's degree or a doctoral candidate[19]. Community colleges can hire people who have a master's degree, though some prefer a Ph.D.[20].

In an O*NET survey of 26 economics teachers, 81% said a doctoral degree was required, 10% said a post-master's certificate and 7% said a master's degree[21]. That is a small survey, so treat it as a rough picture.

Teachers with a doctorate often seek tenure, which protects a professor from being fired without just cause. It may take up to 7 years of moving through the ranks of assistant professor, associate professor and professor[22].

What economics professors do

O*NET describes the job as teaching courses in economics. Some teachers mainly teach, and others combine teaching with research[23]. Typical tasks include[24]:

Where they work

This section also draws on the wider postsecondary teachers profile[16]. Most postsecondary teachers work full time, though part-time work is common[25]. Courses are generally held during the day, with some in the evening or on weekends[26]. Schedules are generally flexible. Full-time teachers need to be on campus to teach and hold office hours, but otherwise set their own schedules[27]. Academic calendars usually include breaks between terms, and some teachers use summers for research or professional development[28].

Job outlook

BLS projects employment of Economics Teachers, Postsecondary to grow 2.4% from 2025 to 2035, from about 14,600 to 15,000 jobs[2]. Employment in all occupations is projected to grow 3.5% over the same years[3]. These counts include self-employed workers[2].

About 1,000 openings a year are projected on average[6]. Openings come from workers who leave as well as new jobs[6]. Each year, 3.5% of workers leave the labor force and 3% move to a different occupation[29].

The OEWS count of 11,560 wage and salary jobs[30] and the projection count are different measures, so they do not match.

Is it a good fit?

The facts describe a job with pay well above the all-occupations median[1][5] and a long road in, since a doctoral degree is the typical entry requirement[7] and doctoral programs usually take several years[17]. Growth is a little slower than for all occupations[2][3], with about 1,000 openings a year[6]. Pay also varies a lot, from $64,060 at the 10th percentile to $224,200 at the 90th[4]. Our facts do not cover program costs or how hard it is to land a position, so check those before you commit.

Related occupations from O*NET, with BLS median pay and projected growth[31].

Frequently asked questions

How much does an economics professor make?
The median annual wage for Economics Teachers, Postsecondary was $123,920 in May 2025[1]. BLS does not publish an hourly wage for this job[9].
What degree do you need to be an economics professor?
BLS lists a doctoral or professional degree as the typical entry education[7]. A master's degree may be enough at some community colleges[20].
How long does it take to become an economics professor?
Doctoral programs usually take several years[17]. Our facts do not give a total time.
Is economics teaching in demand?
Employment is projected to grow 2.4% from 2025 to 2035, against 3.5% for all occupations[2][3]. About 1,000 openings are projected each year[6].
Which state pays economics professors the most?
New Hampshire had the highest median annual wage, at $201,610, with 80 jobs[12].

Facts and sources

  1. BLS OEWS, May 2025: the median wage for Economics Teachers, Postsecondary in the US was $123,920 per year. Half of workers earned more and half earned less. BLS OEWS, May 2025
  2. BLS Employment Projections: employment of Economics Teachers, Postsecondary is projected to grow 2.4% from 2025 to 2035, from about 14,600 to 15,000 jobs (a change of +400). These counts include self-employed workers. BLS Employment Projections
  3. BLS Employment Projections: employment in all occupations is projected to grow 3.5% from 2025 to 2035. BLS Employment Projections
  4. BLS OEWS, May 2025, annual wage percentiles for Economics Teachers, Postsecondary: 10th percentile $64,060, 25th percentile $86,840, 75th percentile $168,770, 90th percentile $224,200. The 10th percentile means 10% of workers earned less. BLS OEWS, May 2025
  5. BLS OEWS, May 2025: the median annual wage for all occupations in the US was $50,980. BLS OEWS, May 2025
  6. BLS Employment Projections: about 1,000 openings for Economics Teachers, Postsecondary are projected each year, on average, from 2025 to 2035. Openings include jobs that open when workers retire or move to other occupations, not only new jobs. BLS Employment Projections
  7. BLS Employment Projections, typical path into Economics Teachers, Postsecondary: education needed for entry: Doctoral or professional degree; work experience in a related occupation: None; typical on-the-job training: None. BLS Employment Projections
  8. BLS OEWS, May 2025: the mean (average) wage for Economics Teachers, Postsecondary was $138,850 per year. BLS OEWS, May 2025
  9. BLS publishes only annual wages for Economics Teachers, Postsecondary, not hourly wages, because many work fewer than 2,080 hours a year but are paid yearly. BLS OEWS, May 2025
  10. BLS OEWS FAQ: a percentile wage is a boundary. The median (50th percentile) separates the highest-paid 50% from the lowest-paid 50% of workers in the occupation. OEWS publishes percentile wages, not a starting salary. BLS OEWS, May 2025
  11. BLS OEWS FAQ: OEWS covers part-time and full-time workers paid a wage or salary. It does not cover the self-employed, owners and partners in unincorporated firms, household workers or unpaid family workers. OEWS wages do not include nonproduction bonuses or employer costs of benefits such as health insurance or retirement contributions. BLS OEWS, May 2025
  12. Median annual wage for Economics Teachers, Postsecondary in every state with published data, May 2025 (table on this page). BLS OEWS, May 2025
  13. BLS OEWS, May 2025, metro areas with the highest median annual wage for Economics Teachers, Postsecondary (areas with at least 100 jobs): Boston-Cambridge-Newton, MA-NH $174,910; Washington-Arlington-Alexandria, DC-VA-MD-WV $155,060; Amherst Town-Northampton, MA $140,360; Los Angeles-Long Beach-Anaheim, CA $137,740; Hartford-West Hartford-East Hartford, CT $135,290; Baltimore-Columbia-Towson, MD $133,540; Providence-Warwick, RI-MA $133,520; Atlanta-Sandy Springs-Roswell, GA $133,460. BLS OEWS, May 2025
  14. BLS OEWS, May 2025, states with the most Economics Teachers, Postsecondary jobs: New York 1,240; California 770; Texas 770; Massachusetts 750; Pennsylvania 610. BLS OEWS, May 2025
  15. BLS OEWS, May 2025, metro areas with the most Economics Teachers, Postsecondary jobs: New York-Newark-Jersey City, NY-NJ 930 (median $132,140); Boston-Cambridge-Newton, MA-NH 530 (median $174,910); Washington-Arlington-Alexandria, DC-VA-MD-WV 360 (median $155,060); Philadelphia-Camden-Wilmington, PA-NJ-DE-MD 290 (median $127,430); Chicago-Naperville-Elgin, IL-IN 260 (median $124,360); Los Angeles-Long Beach-Anaheim, CA 250 (median $137,740). BLS OEWS, May 2025
  16. The BLS Occupational Outlook Handbook profile "Postsecondary Teachers" covers Economics Teachers, Postsecondary together with other related occupations, so its text describes the wider group. BLS Occupational Outlook Handbook
  17. Occupational Outlook Handbook, How to Become One: Education. BLS Occupational Outlook Handbook
  18. Occupational Outlook Handbook, How to Become One: Work Experience in a Related Occupation. BLS Occupational Outlook Handbook
  19. Occupational Outlook Handbook, How to Become One: Education. BLS Occupational Outlook Handbook
  20. Occupational Outlook Handbook, How to Become One: Education. BLS Occupational Outlook Handbook
  21. O*NET 25-1063.00 survey of workers (26 respondents), education level they say is required: Doctoral Degree 81%, Post-Master's Certificate 10%, Master's Degree 7% (levels under 5% not listed). O*NET OnLine
  22. Occupational Outlook Handbook, How to Become One: Advancement. BLS Occupational Outlook Handbook
  23. O*NET description of Economics Teachers, Postsecondary. O*NET OnLine
  24. O*NET task list for Economics Teachers, Postsecondary. O*NET OnLine
  25. Occupational Outlook Handbook, Work Environment: Work Schedules. BLS Occupational Outlook Handbook
  26. Occupational Outlook Handbook, Work Environment: Work Schedules. BLS Occupational Outlook Handbook
  27. Occupational Outlook Handbook, Work Environment: Work Schedules. BLS Occupational Outlook Handbook
  28. Occupational Outlook Handbook, Work Environment: Work Schedules. BLS Occupational Outlook Handbook
  29. BLS Employment Projections, 2025-35 annual average for Economics Teachers, Postsecondary: 3.5% of workers leave the labor force each year and 3% move to a different occupation. BLS Employment Projections
  30. BLS OEWS, May 2025: about 11,560 people were employed as Economics Teachers, Postsecondary in the US (wage and salary jobs, not counting self-employed workers). BLS OEWS, May 2025
  31. Related occupations (O*NET) with BLS pay, growth and entry education. O*NET OnLine

Notes are for reading the data only. They are not facts and cannot be cited: use the wage_scope and percentile_meaning facts instead. OEWS employment (jobs in May 2025) and Employment Projections employment (2025, includes self-employed) are different measures and can differ. O*NET education shares come from a small survey of workers in the occupation, not from all workers. The Occupational Outlook Handbook text covers a wider group of occupations than this page.

This page includes information from the O*NET 31.0 Database by the U.S. Department of Labor, Employment and Training Administration (USDOL/ETA). Used under the CC BY 4.0 license. O*NET® is a trademark of USDOL/ETA. CareerFacts has modified all or some of this information. USDOL/ETA has not approved, endorsed, or tested these modifications.