Salary

Average Salary: $91,860

Expected Lifetime Earnings: $3,835,000


Economists make a median annual wage of about $85,000, but that's not a hard and fast rule. Economists who work for the federal government make closer to $110,000. Those in scientific research and development make roughly $110,000. If you want to go into scientific or technical consulting, expect to make closer to $95,000 (source).

Want to work for your local government? It'll be nice to help your local community, but you'll be making around $70,000. State government economist jobs are even lower, at a median annual wage of $60,000 (source).

Before you run out to buy that convertible you've always wanted, it's important to note that economists who're just starting out do not make that type of money. In fact, entry-level economists, regardless of whether they have a bachelor's or master's degree, make only about $60,000 a year (source).

Those with a PhD, however, start with nearer to $85,000 (source). In the long run, it definitely pays to stay in school for a few more years. You'll rack up more loan debt, but when you finally start working, you'll be able to pay it off in almost no time. By "almost no time," we mean less than ten years, which is actually pretty good.

One-third of economists work for private industries, another third work for universities, and the rest work for the government. A full professor teaching position at a university that grants doctorial degrees could earn you up to $200,000 a year, even more if you're at Harvard or Stanford, more still if you do some Wall Street consulting work on the side (source).

If you work for a college or university that grants bachelor's and master's degrees, you can make up to $100,000 a year as a full professor (source). Once again, the separation between masters and PhD degrees is a large one. The two don't even have any letters in common.