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Economist Job Market

Written By: Jason Shafrin - Jan• 11•07

If you are are working towards a PhD in Economics—like myself—you may be interested in what the job market has in store for you when you graduate. If that is the case, you should check out an excellent article by John Cawley titled ‘A guide (and advice) for economists on the U.S. Junior Academic Job Market.’ Below are some charts from the paper.

First let’s look at the supply and demand for newly minted PhD Economists.

1996 1997 1998 1999 2000 2001 2002
Econ PhD’s granted by U.S. Universities 998 927 948 930
New Academic Jobs posted on JOE (includes Junior and Senior openings) 1039 1154 1370 1540 1635 1589 1487


Below are the expected earnings for a recent PhD graduate based on the type of academic institutions where he or she is hired.

PhD-granting institution MA-granting institutions BA-granting Institution Business School
1998-1999 $57,685 $50,769 $42,352
1999-2000 $59,546 $55,390 $47,411
2000-2001 $67,173 $52,960 $50,908 $75,400
2001-2002 $69,112 $59,091 $57,107 $81,100
2002-2003 $74,371 $62,358 $56,614 $84,100


You can find much more helpful information about the job market process and tips to land a high-quality job by looking through the Cawley article.

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  1. […] Economist job market Most third year PhD economics students will now be frantically looking for academic jobs for the coming autumn. However, for every first and second year student, a few links below will be beneficial for you as to what expect in your third year.¬†Healthcare economist has a link to a great paper on the economist job market, and what to expect at the ASSA meetings/interviews. While this is a thin market, Marcel Fafchamps provides an excellent paper on the American and European job markets, and their associated pros and cons. […]