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Economist: pay, job outlook and how to become one

Updated October 26, 2026. Based on U.S. Bureau of Labor Statistics and O*NET data. Published by Humblebee.

$124,720median pay per year, or $59.96 an hour, May 2025[1]
  1. $67,360lowest 10% earn less
  2. $89,33025th percentile
  3. $124,720median
  4. $174,72075th percentile
  5. $238,060top 10% earn more
Middle half of workers in the inner band[3]Median for all US jobs, $50,980[4]

Economists earned a median of $124,720 a year in May 2025[1]. The typical entry path calls for a master's degree[2].

Job growth, 2025–35
+4.7%[5]
Openings per year
1,100[6]
Typical entry education
Master's degree[2]

How much do economists make?

In May 2025, the median wage for economists was $124,720 a year, or $59.96 an hour[1]. Half earned more and half earned less[1]. The average was $142,130 a year, or $68.33 an hour[7]. For all occupations in the US, the median annual wage was $50,980[4].

Pay spreads widely. Here are the percentile wages[3]:

Percentile Annual wage Hourly wage
10th[3][8] $67,360 $32.38
25th[3][8] $89,330 $42.95
50th (median)[1] $124,720 $59.96
75th[3][8] $174,720 $84.00
90th[3][8] $238,060 $114.45

The lowest-paid 10% earned less than $67,360, and the highest-paid 10% earned more than $238,060[3]. A percentile is a boundary, and BLS publishes percentile wages, not a starting salary[9].

These numbers cover wage and salary workers. They leave out the self-employed, bonuses not tied to production, and the cost of benefits[10]. About 17,790 people held these jobs in May 2025[11].

Pay by state and city

The District of Columbia had the highest state median at $167,590[12]. New Jersey was next at $167,550, and Delaware followed at $159,120[12]. Some state figures rest on very few jobs. New Jersey's had about 280 and Delaware's about 70[12].

The District of Columbia also had the most jobs at 3,000[13]. Maryland had 1,130, Massachusetts 1,030, Virginia 950 and New York 910[13].

Among metro areas with at least 100 jobs, New York-Newark-Jersey City had the highest median at $176,090[14]. Washington-Arlington-Alexandria was next at $156,750, then Baltimore-Columbia-Towson at $152,730[14]. The Washington area had the most jobs of any metro at 4,570[15]. Boston-Cambridge-Newton had 820 jobs and a median of $108,140[15].

Show median pay in 39 states and DC
StateMedian per yearJobs
District of Columbia[12]$167,5903,000
New Jersey$167,550280
Delaware$159,12070
Maryland$144,6801,130
Kansas$138,79080
Virginia$137,590950
New York$136,660910
North Carolina$136,150290
Idaho$131,270130
Alabama$129,96040
Georgia$122,570260
Oregon$122,120320
Texas$121,420560
Colorado$121,410240
Ohio$120,000140
California$119,410860
Tennessee$117,65080
Missouri$117,010280
Pennsylvania$115,000560
Alaska$111,04080
Washington$109,300450
Massachusetts$106,3801,030
Michigan$106,350320
Minnesota$105,120500
Florida$102,430500
Connecticut$101,400210
Iowa$96,31070
Arkansas$91,56050
Maine$91,48070
Nevada$91,34070
Oklahoma$89,98080
Montana$89,34090
New Hampshire$86,13050
Wisconsin$84,000280
Hawaii$83,05050
Indiana$80,75080
Arizona$79,610340
Nebraska$75,88090
Louisiana$73,050140
Kentucky$71,400100

How to become an economist

BLS says economists typically need at least a master's degree[16]. The typical path needs no related work experience and no on-the-job training[2]. Here is how the steps fit together:

A bachelor's degree with enough credits in economics, statistics or mathematics may qualify for some entry-level jobs, including federal government jobs[19]. Positions in business, research or international organizations may ask for a master's or Ph.D. plus work experience[18]. Some higher-level jobs ask for or favor an advanced degree[19].

In an O*NET survey of 24 workers, 50% said a master's degree is required, 25% said a doctoral degree and 21% said a bachelor's degree[20]. That is a small survey.

BLS lists these useful qualities[21][22][23][24][25]:

What economists do

Economists research and plan around economic problems tied to producing and distributing goods and services, or to money and tax policy[26]. O*NET lists tasks such as these[27]:

Workers report titles such as economic advisor, economic analyst, research economist and forensic economist[28].

Where economists work

Economists typically work in an office. They often work alone but may team up with data scientists, statisticians or other specialists, and some travel, for example to conferences[29]. BLS says full-time work is the norm for economists, and some put in more than 40 hours a week[30]. The federal government, not counting the postal service, employed the largest share at 26% in 2025[31].

Job outlook

BLS projects economist employment to grow 4.7% from 2025 to 2035, from about 18,600 to 19,500 jobs[5]. All occupations are projected to grow 3.5% over the same years[32]. About 1,100 openings are projected each year, on average[6]. Those openings include jobs left by people who retire or change occupations, as well as new jobs[6]. Each year, 1.5% of economists leave the labor force and 3.7% move to a different occupation[33]. Only 0.3% were self-employed in 2025[34].

Is it a good fit?

The facts suggest this job suits people willing to complete an advanced degree, since a master's is the typical entry level[2]. In return, pay is well above the all-occupations median[1][4]. Growth is a bit faster than average, and the job is small, with about 1,100 openings a year[5][32][6]. Pay differs a lot by place and by person, so the percentile range matters as much as the median[3].

Related occupations from O*NET, with BLS median pay and projected growth[35].

Frequently asked questions

How much does an economist make an hour?
The median was $59.96 an hour in May 2025, and the average was $68.33[1][7].
What degree do you need to be an economist?
BLS says a master's degree is typical. Some government jobs accept a bachelor's degree, and others need a Ph.D.[2][16]
Is economist a growing job?
Employment is projected to grow 4.7% from 2025 to 2035, compared with 3.5% for all occupations[5][32].
What is the highest paying state for economists?
The District of Columbia had the highest median at $167,590[12]. New Jersey was next at $167,550[12].

Facts and sources

  1. BLS OEWS, May 2025: the median wage for Economists in the US was $124,720 per year and $59.96 per hour. Half of workers earned more and half earned less. BLS OEWS, May 2025
  2. BLS Employment Projections, typical path into Economists: education needed for entry: Master's degree; work experience in a related occupation: None; typical on-the-job training: None. BLS Employment Projections
  3. BLS OEWS, May 2025, annual wage percentiles for Economists: 10th percentile $67,360, 25th percentile $89,330, 75th percentile $174,720, 90th percentile $238,060. The 10th percentile means 10% of workers earned less. BLS OEWS, May 2025
  4. BLS OEWS, May 2025: the median annual wage for all occupations in the US was $50,980. BLS OEWS, May 2025
  5. BLS Employment Projections: employment of Economists is projected to grow 4.7% from 2025 to 2035, from about 18,600 to 19,500 jobs (a change of +900). These counts include self-employed workers. BLS Employment Projections
  6. BLS Employment Projections: about 1,100 openings for Economists 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 OEWS, May 2025: the mean (average) wage for Economists was $142,130 per year and $68.33 per hour. BLS OEWS, May 2025
  8. BLS OEWS, May 2025, hourly wage percentiles for Economists: 10th percentile $32.38, 25th percentile $42.95, 75th percentile $84.00, 90th percentile $114.45. BLS OEWS, May 2025
  9. 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
  10. 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
  11. BLS OEWS, May 2025: about 17,790 people were employed as Economists in the US (wage and salary jobs, not counting self-employed workers). BLS OEWS, May 2025
  12. Median annual wage for Economists in every state with published data, May 2025 (table on this page). BLS OEWS, May 2025
  13. BLS OEWS, May 2025, states with the most Economists jobs: District of Columbia 3,000; Maryland 1,130; Massachusetts 1,030; Virginia 950; New York 910. BLS OEWS, May 2025
  14. BLS OEWS, May 2025, metro areas with the highest median annual wage for Economists (areas with at least 100 jobs): New York-Newark-Jersey City, NY-NJ $176,090; Washington-Arlington-Alexandria, DC-VA-MD-WV $156,750; Baltimore-Columbia-Towson, MD $152,730; Durham-Chapel Hill, NC $152,130; Los Angeles-Long Beach-Anaheim, CA $151,510; San Francisco-Oakland-Fremont, CA $142,400; Philadelphia-Camden-Wilmington, PA-NJ-DE-MD $139,530; Kansas City, MO-KS $128,520. BLS OEWS, May 2025
  15. BLS OEWS, May 2025, metro areas with the most Economists jobs: Washington-Arlington-Alexandria, DC-VA-MD-WV 4,570 (median $156,750); New York-Newark-Jersey City, NY-NJ 850 (median $176,090); Boston-Cambridge-Newton, MA-NH 820 (median $108,140); Sacramento-Roseville-Folsom, CA 250 (median $100,410); Atlanta-Sandy Springs-Roswell, GA 220 (median $122,570); Philadelphia-Camden-Wilmington, PA-NJ-DE-MD 220 (median $139,530). BLS OEWS, May 2025
  16. Occupational Outlook Handbook, How to Become One. 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: Education. BLS Occupational Outlook Handbook
  19. Occupational Outlook Handbook, How to Become One: Education. BLS Occupational Outlook Handbook
  20. O*NET 19-3011.00 survey of workers (24 respondents), education level they say is required: Master's Degree 50%, Doctoral Degree 25%, Bachelor's Degree 21% (levels under 5% not listed). O*NET OnLine
  21. Occupational Outlook Handbook, How to Become One: Important Qualities. BLS Occupational Outlook Handbook
  22. Occupational Outlook Handbook, How to Become One: Important Qualities. BLS Occupational Outlook Handbook
  23. Occupational Outlook Handbook, How to Become One: Important Qualities. BLS Occupational Outlook Handbook
  24. Occupational Outlook Handbook, How to Become One: Important Qualities. BLS Occupational Outlook Handbook
  25. Occupational Outlook Handbook, How to Become One: Important Qualities. BLS Occupational Outlook Handbook
  26. O*NET description of Economists. O*NET OnLine
  27. O*NET task list for Economists. O*NET OnLine
  28. O*NET 19-3011.00 sample job titles reported by workers: Economic Advisor, Economic Analyst, Economic Consultant, Economic Development Specialist, Economist, Forensic Economist, Project Economist, Research Economist. O*NET OnLine
  29. Occupational Outlook Handbook, Work Environment. BLS Occupational Outlook Handbook
  30. Occupational Outlook Handbook, Work Environment: Work Schedules. BLS Occupational Outlook Handbook
  31. BLS Occupational Outlook Handbook, largest employers of economists in 2025: Federal government, excluding postal service 26%. BLS Occupational Outlook Handbook
  32. BLS Employment Projections: employment in all occupations is projected to grow 3.5% from 2025 to 2035. BLS Employment Projections
  33. BLS Employment Projections, 2025-35 annual average for Economists: 1.5% of workers leave the labor force each year and 3.7% move to a different occupation. BLS Employment Projections
  34. BLS Employment Projections: 0.3% of Economists were self-employed in 2025. BLS Employment Projections
  35. 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.

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.