Business Economics Career Center
Welcome to the new National Association for Business Economics Careers Center. NABE® is an association of professionals who have an interest in business economics and who want to use the latest economic data and trends to enhance their ability to make sound business decisions. Some of them have the job title of "Economist" and some of them have other titles but use economics in their work.
Below are links to profiles of some of our members, who work in diverse fields in organizations around the world. Find out how they got started in their careers, and check out some of the other features of the website that can help you in your career.
Profiles of people who use economics in their work
- Traditional Corporate Economist
- Strategic/corporate planning
- Entrepreneur
- Trade Association
- International Financial Markets
- Consulting
- Economic Development
- Labor Economist
- Country Risk Analyst
- Law and Economics
- Credit Union Economist
- Central Bank Economist
Salary Survey Highlights
NABE conducts a biennial salary survey. While the full results are for members only, entry level salary information, and highlights from the 2010 survey, are listed here.
Highlights
- The median base salary of National Association for Business Economics (NABE) members as of April 2010 was $120,000. This represents virtually no change in the median base salary reported in 2008.
- Almost two thirds of survey respondents (64 percent) reported having received additional gross compensation. The median amount of such compensation was $21,000 and averaged 17.5 percent of the median base salary.
2010 NABE Salary Survey. - Twenty-two percent of respondents indicated they earned secondary professional income. The median amount of this income was $10,000, eight percent of base salary.
- The median entry-level base salary was $58,000 – down almost $2,000 from that reported in the 2008 NABE Salary Survey. The most desired educational levels sought by employers for a new entrant were a master’s degree (43 percent) or a bachelor’s degree (30 percent).
- The median salary of female members of NABE was $93,500, 75 percent of the male median of $125,000.
- Those respondents who worked in the manufacturing sector reported the highest median base salary -- $152,500 -- edging out the median salary of those in the Securities and Investment sector of $150,000. However, respondents from the latter did have the highest median additional gross compensation -- $86,000. NABE members in the non-profit research sector earned the lowest median base salary of $93,000.
- Survey respondents who worked in general administrative/economics positions had the highest median base salary of $155,500. The second highest median base salary -- $150,000 -- was earned by those in macroeconomic forecasting, and third highest was in energy economics, $134,500. NABE members in teaching and market research reported the lowest median salaries.
- Salary did not vary reliably by firm size. While the median salary for NABE members in firms with five or fewer employees was the lowest, it fluctuated greatly for firms with more than 5 employees. The largest median base salary was reported for firms which had 5,000 to 9,999 employees.
- Those NABE members with supervisory responsibilities earned more than those who had no direct reports. Indeed, there was a direct correlation between the number of people supervised and median base salaries.
- Income rises with education. NABE members with a bachelor’s degree commanded a median base salary of $91,000, those with a master’s degree a median of $100,380, holders of an “A.B.D.” reported a median base salary of $119,382, and those with a Ph.D. earned $150,000. Graduates of “top-ranked” economics departments earned a median that was 46 percent greater than that of graduates of other programs. The “earnings” premium for the Ph.D. and “top ranked” schools both increased in this survey compared to previous ones.
- Both median base salary and additional compensation rise with years of experience, reaching their peak with 30-34 years of experience.
- NABE members in government/central bank, finance and insurance, and consulting made up the largest categories of respondents with 19, 16, and 15 percent, respectively. The industry mix was similar to that in the 2008 survey, although the share from manufacturing reverted back to lower levels similar to results reported in the 2004 and 2006 surveys.
Entry Level Salaries
The survey asked NABE members about their organization's educational requirements and starting salary for entry-level economists. Of the 338 responses to this question, 33 percent indicated their firm/organizations required a bachelor's degree for such positions while 43 percent would require person with a master’s degree. Almost one quarter – 23 percent – of respondents indicated that their organizations require their entry-level economists to hold a Ph.D.
The median starting salary for entry-level economists (regardless of level of education) was $58,000. Starting salary increased with more advanced degrees. The current survey, however, reflects a slight decline in starting salary for entry-level economists with a master's degree compared to the 2008 survey (almost $2,000 lower in 2010). Holders of a bachelor’s degree in an entry-level economist position gained a mere $500 in starting salary from 2008. The median starting salary for those looking for a Ph.D. stayed level at $85,000.
| Degree | Number | Percent looking for degree | Median Starting Salary |
|---|---|---|---|
| Bachelor’s | 111 | 33% | $50,000 |
| Master’s | 147 | 43% | 58,000 |
| A.B.D. | 1 | 0% | - |
| Ph.D | 79 | 23% | 85,000 |
| Total | 338 | $58,000 |