Average Expected Salary With a Master’s in Economics
With an economics degree, you can work in a variety of field, helping to research the market, create reports, make predictions, and more. In addition to working as an economist, you can also work in a variety of other fields with some additional training, such as law or education. In general, however, all of this is only possible if you first earn your master’s in economics. With a graduate degree, you can take on advanced responsibilities in this field, as well as earn a higher salary, so for most students, a master’s degree makes sense.
Base Salary as an Economist
No matter what your education level, if you work as an economist, you can expect to earn a tidy starting salary and even more as you gain experience. According to the Bureau of Labor Statistics, the average salary for an economist is $99,350, with many also writing books and articles or consulting with the media to earn extra income. In this career field, a six-figure salary is definitely possible. The top ten percent actually earn over $155,490 annually and even the bottom ten percent earn an average of nearly $50,000.
Location and Salary
Most economist jobs are based in big cities, so you’ll earn more if you live in these areas. Right now, the job market in this field if slower than average, which is definitely a downside, so living in a city provides the extra benefit of making it easier for you to find a job. The top-paying metropolitan areas for economists are as follows:
- San Francisco-San Mateo-Redwood City, CA: $126,660
- Bethesda-Frederick-Gaithersburg, MD: $123,610
- Austin-Round Rock, TX: $120,440
- Washington-Arlington-Alexandria, DC/VA: $116,100
- Los Angeles-Long Beach-Glendale, CA: $115,900
- New York-White Plains-Wayne, NY/NJ: $113,760
- Bridgeport-Stamford-Norwalk, CT: $110,190
- St. Louis, MO: $105,600
- Pittsburgh, PA: $105,470
- Baltimore-Towson, MD: $104,660
Experience and Salary
In this field more so than in most others, experience plays a huge role in both your salary and your ability to find a job. Economists have to “prove” themselves, so to speak – no one wants to take advice from someone who is constantly wrong. Going back to school is definitely a start in increasing your value as far as experience goes. The more you know about your field, the more accurate you can be when it comes to reporting on the economy.
Online Colleges Offering Masters in Econ & Related Programs
Masters in economics takes a further exploration into how basic principles like supply and demand affect global and isolated economies. Masters in economics programs also prepare students for leadership positions in many cases. Below are some business and economics programs from highly-rated schools.
 MBA in Business Economics | Ashford University
The MBA in Business Economics at Ashford University is a specialty degree that expands on the traditional MBA to offer students an advanced look into analysis of business economics, markets, trends, and projections of the economy. The curriculum reinforces the relationship between economics and finance. |
 MS in Economic Crime Management | Utica College
The Master of Science degree program in Economic Crime Management from Utica College is known as a unique degree no other school provides it. At Utica, students in this program advance their knowledge on how to combat financial crime. The curriculum combines the fields of management, technology, and analytical skills with a international perspective. |
 MS in Community Economic Development | Southern New Hampshire University
Southern New Hampshire University offers a 36-credit hour MS in Community Economic Development online degree. The program is designed for working professionals with at least two years experience. This degree provides you with the skills and knowledge required to design, implement, measure and lead a successful community economic development project. |
 MS in Accounting: Finance | Kaplan University
The Master of Science in Accounting program at Kaplan University is built to provide working professionals the skills they need to compete for mid-level management positions in both the public and private sectors. The curriculum covers auditing, taxation, cost accounting, and financial accounting. It focuses on analyzing data, management skills, and creating quality improvement. |
 MS in Operations & SCM: Oil & Gas | University of Liverpool
The MS in Operations & SCM: Oil & Gas from the University of Liverpool provides students with a theoretical and practical exploration of the steps necessary for effective operations and supply management in the oil and gas industry. Courses teach the practical and strategic tenants of multinational supply chains. |
 MS in Taxation | Northeastern University
The MS in Taxation degree program at Northeastern University is a part time course of study perfect for tax professionals that want to stay current with industry trends and hone tax planning techniques. This program is very flexible, with three start times: Fall, Spring, and Summer. |
 MBA in Accounting MBA in Finance | Grand Canyon University
The MBA in Accounting degree from Grand Canyon University is designed as a specialty program to provide students the experience they need for senior and upper level management positions within business, industry, and accounting firms. The MBA in Finance focuses on the analysis of financial reporting and fiscal budgeting. |