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Work Cited: http://education-portal.com/articles/Salary_of_an_Economics_Major_How_Much_Do_Graduates_Earn.html

Salary of an Economics Major: How Much Do Graduates Earn?

Salaries earned by economics majors can vary depending upon a number of factors, including degree level, job title, city and employer. The type of education one gets can make a difference in salary as well. For example, graduates with a Bachelor of Arts in Economics tend to earn slightly different salaries than graduates with a Bachelor of Science.

Salaries of Economics Majors

According to the U.S. Bureau of Labor Statistics, general economists held 14,600 jobs in 2008. More than half of them worked for the government. They earned, on average, $96,320 in May of 2009. In March 2009, economists working for the federal government earned about $108,810 on average.

However, 'economist' is not the only job title for economics majors. Other titles include financial analyst, securities trader, sales director, bank branch manager, statistician, financial advisor and regional sales manager. The salaries earned by these individuals are dependent upon a number of things, including their level of education and the city in which they work.

Salaries of Graduates with a Bachelor's Degree in Economics

While graduates holding a bachelor's degree tend to be at the lower end of the salary scale, the type of bachelor's degree held can make a difference in salary as well. For example, according to PayScale.com in 2010, those with a Bachelor of Arts in Economics earned between $34,800-$137,000. Those with a Bachelor of Science earned between $42,566-$80,984.

As reported by PayScale.com in 2010, typical salaries for Bachelor of Arts holders included:

•Banking branch manager: $58,100

•Credit analyst: $45,200

•Financial analyst: $54,300

•Financial controller: $86,800

Typical salaries for Bachelor of Science holders included:

•Banking branch manager: $45,198

•Credit analyst: $42,566

•Financial analyst: $51,057

•Financial controller: $80,984

Salary Differences by City for Bachelor's Degree Holders

According to PayScale.com, the city an employee resides in can make a difference in salary. Below is a list of the most popular cities and the salaries earned for graduates with an economics degree, based on PayScale.com's 2010 data.

Bachelor of Arts:

•Chicago: $60,746

•Washington, D.C.: $61,085

•Boston: $61,342

•Los Angeles: $64,494

•Seattle: $67,830

•New York: $68,210

•San Francisco: $79,499

Bachelor of Science:

•Houston: $54,239

•Dallas: $55,495

•Chicago: $58,838

•San Francisco: $60,521

•Washington, D.C.: $60,689

•Los Angeles: $61,269

•New York: $64,123

Salaries of Graduates with a Master's Degree in Economics

According to PayScale.com, the most popular jobs for graduates holding a master's degree in economics are general economist and corporate economist. The average salary for general economists was $52,072 in 2010. The average salary for corporate economists was $55,000. Salary, however, can differ depending upon location.

Salary Differences by City for Master's Degree Holders

•Boston: $64,199

•Dallas: $69,500

•Washington, D.C.: $72,644

•Chicago: $76,125

•New York: $78,108

•Los Angeles: $80,000

•San Francisco: $82,266

Salaries of Graduates with a Doctorate in Economics

Graduates holding a doctorate degree in economics earned between $71,216-$116,288 in 2010, as reported by PayScale.com. The most popular jobs for graduates holding a doctorate degree in economics in 2010 included the following:

•Assistant professor: $71,216

•Associate professor: $73,000

•Economist: $92,636

•Corporate economist: $97,684

•Statistician: $105,000

•Professor: $116,288

Salary Differences by City for Doctorate Degree Holders

•Los Angeles: $69,400

•Boston: $78,108

•Houston: $80,131

•San Francisco: $93,191

•New York: $99,157

•Washington, D.C.: $111,649

•Chicago: $125,000