Professional Documents
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Why
consulting
firms are
increasingly INOMICS
hiring
Awards
Economics
PhDs Winners
2023
Data shows
which
economists
are paid
the most,
and where Interview with
INOMIC S i s t he s i t e f o r e c o n o m i s t s . W e he l p s t u d e n t s , r ese a r c he r s , a c a d e m i c s a n d
p r o fess i o n a l s a d v a n c e t he i r c a r ee r , e x p a n d t he i r n e t w o r k a n d s t a y i n f o r m e d
Colombian central banker
a b o u t c a r ee r n ews a n d o p p o r t u n i t i es . V i s i t o u r webs i t e a t INOMIC S . c o m a n d
f i n d b l o g p o s t s , j o bs , p r o fess i o n a l t r a i n i n g , c o u r ses , p o s t g r a d u a t e p r o g r a m s , JAVIER G. GÓMEZ-PINEDA
s u m m e r s c h o o l s a n d c o n fe r e n c es t o m a t c h y o u r c a r ee r g o a l s .
N° 7
i NOMIC S . COM
CEO’s Note
B Y ANDR E A S H O F F MANN
Welcome to the 2023 INOMICS Handbook! In this The article discusses these concepts further, and can
year’s Handbook, we feature an exclusive interview help industry economist hopefuls think about what
with a prominent central banker; we use INOMICS they should emphasize when tailoring their resumes to
Salary Report data to show which economists are paid apply for these types of positions.
the most; and we highlight how consulting firms are in-
creasingly seeking PhD economists, which is great news Our second piece, written with the help of PPP-adjusted
for those considering an industry career. If you’re plan- INOMICS survey data, shows which economists are paid
ning your economics career, you won’t want to miss the most, and quantifies the value of an economics PhD.
these articles. Moreover, we are pleased to once again This article is sure to be enlightening for all economists,
feature the INOMICS Awards, where we recognize this but especially those who are questioning the value of
year’s best master’s programs, summer schools, PhDs, pursuing further education – or wondering which type
and more. If you’re looking to further your economics of economist job will offer the greatest return to their
education, take note of these first-rate opportunities! degree. Head over to the article to learn more about the
state of pay in the economics field. Established econo-
E d i t o r i a l Te a m Capping off the 2023 Handbook is another edition of mists ought to also consider providing their anonymous
Sean McClung our INOMICS Questionnaire, this time featuring Dr. survey responses to contribute to the next edition of
Christopher Nash Javier G. Gómez-Pineda, the Investigador Principal (Se- the Salary Report, helping us all learn more about how
Andreas Hoffmann nior Economist) at Banco de la República de Colombia, economist careers continue to evolve around the world.
the central bank of Colombia. Don’t miss this exclusive
M a r k e t i n g a n d S a l es interview featuring Dr. Gómez-Pineda’s thoughts about We hope this Handbook provides you with renewed ex-
Cecilia Barreto the importance of the Lucas critique, the challenges citement for your path forward, resources to help plan
Sümeyye Alpay with maintaining global financial market stability (while your economics career, and perhaps even an idea of where
Christopher Nash still allowing for growth for emerging economies), how to pursue your next degree or career training. As always,
Federica Maresca economics can contribute to climate policy, and more. we invite you to read further on the blog, the advice col-
Tuba Iqbal umn, and our educational resources at INOMICS.com.
Our first article discusses why consulting firms, partic-
Des i g n ularly the “Big 4”, are increasingly turning to Economics Thank you for your continued support of INOMICS, the
Aleksandar Ruzicic PhD programs to find new hires. Economists are trained site for economists. Read on for an engaging look at the
in many quantitative and critical thinking skills that are state of economics careers and what potential opportu-
INOMICS Handbook 2023 – Seventh Edition in high demand from these companies. Moreover, econ- nities await you.
Tel: +49 30 2084712-50 omists are often trained in data analysis skills to pre-
Email: handbook@inomics.com pare for their research, and they’re able to think about Andreas Hoffmann
Website: inomics.com/handbook the economy and the industries within them in unique
ways. These skills can be valuable to a consulting team.
© 2023 by INOMICS GmbH
CEO: Andreas Hoffmann
Managing Director: Christopher Nash
Am Kupfergraben 6A, 10117 Berlin, Germany
CEO’s Note
BY andrEaS HoFFmann
Welcome to the 2023 INOMICS Handbook! In this The article discusses these concepts further, and can
year’s Handbook, we feature an exclusive interview help industry economist hopefuls think about what
with a prominent central banker; we use INOMICS they should emphasize when tailoring their resumes to
Salary Report data to show which economists are paid apply for these types of positions.
the most; and we highlight how consulting firms are in-
creasingly seeking PhD economists, which is great news Our second piece, written with the help of PPP-adjusted
for those considering an industry career. If you’re plan- INOMICS survey data, shows which economists are paid
ning your economics career, you won’t want to miss the most, and quantifies the value of an economics PhD.
these articles. Moreover, we are pleased to once again This article is sure to be enlightening for all economists,
feature the INOMICS Awards, where we recognize this but especially those who are questioning the value of
year’s best master’s programs, summer schools, PhDs, pursuing further education – or wondering which type
and more. If you’re looking to further your economics of economist job will offer the greatest return to their
education, take note of these first-rate opportunities! degree. Head over to the article to learn more about the
state of pay in the economics field. Established econo-
E d i t o r i a l Te a m Capping off the 2023 Handbook is another edition of mists ought to also consider providing their anonymous
Sean McClung our INOMICS Questionnaire, this time featuring Dr. survey responses to contribute to the next edition of
Christopher Nash Javier G. Gómez-Pineda, Investigador Principal (Senior the Salary Report, helping us all learn more about how
Andreas Hoffmann Economist) at Banco de la República de Colombia, the economist careers continue to evolve around the world.
central bank of Colombia. Don’t miss this exclusive
M a r k e t i n g a n d S a l es interview featuring Dr. Gómez-Pineda’s thoughts about We hope this Handbook provides you with renewed ex-
Cecilia Barreto the importance of the Lucas critique, the challenges citement for your path forward, resources to help plan
Sümeyye Alpay with maintaining global financial market stability (while your economics career, and perhaps even an idea of where
Christopher Nash still allowing for growth for emerging economies), how to pursue your next degree or career training. As always,
Federica Maresca economics can contribute to climate policy, and more. we invite you to read further on the blog, the advice col-
Tuba Iqbal umn, and our educational resources at INOMICS.com.
Our first article discusses why consulting firms, partic-
Des i g n Thank you for your continued support of INOMICS, the
ularly the “Big 4”, are increasingly turning to Economics
Aleksandar Ruzicic PhD programs to find new hires. Economists are trained site for economists. Read on for an engaging look at the
in many quantitative and critical thinking skills that are state of economics careers and what potential opportu-
INOMICS Handbook 2023 – Seventh Edition in high demand from these companies. Moreover, econ- nities await you.
Tel: +49 30 2084712-50 omists are often trained in data analysis skills to pre-
Email: handbook@inomics.com pare for their research, and they’re able to think about Andreas Hoffmann
Website: inomics.com/handbook the economy and the industries within them in unique
ways. These skills can be valuable to a consulting team.
© 2023 by INOMICS GmbH
CEO: Andreas Hoffmann
Managing Director: Christopher Nash
Am Kupfergraben 6A, 10117 Berlin, Germany
IS CO₂ NEUTRAL Table of Contents
W hy a r e t o p m a n a g e m e n t c o n s u l t i n g f i r m s
i n c r e a s i n g l y h i r i n g E c o n o m i c s PhDs ? PAG E 4
By Hanna Sakhno
The 2 0 2 3 INOMIC S Aw a r d s p a g e 8
The INOMICS Team celebrates the best employers, institutions and programs
posted to its website during the past year.
W h i c h e c o n o m i s t s a r e p a i d t he m o s t , a n d whe r e ? PAG E 1 3
By Sean McClung
Re c o m m e n d e d S t u d y O p p o r t u n i t i es PAG E 2 4
In addition to carbon reduction INOMICS recommends this year’s best master’s programs, summer schools
measures undertaken by the company and PhDs to take the next step in your career.
MORE
INFORMATION AT
INOMICS.COM/
SUSTAINABILITY INOMICS HANDBOOK 2023 3
IS CO₂ NEUTRAL Table of Contents
W hy a r e t o p m a n a g e m e n t c o n s u l t i n g f i r m s
i n c r e a s i n g l y h i r i n g E c o n o m i c s PhDs ? PAG E 4
By Hanna Sakhno
The 2 0 2 3 INOMIC S Aw a r d s p a g e 8
The INOMICS Team celebrates the best employers, institutions and programs
posted to its website during the past year.
W h i c h e c o n o m i s t s a r e p a i d t he m o s t , a n d whe r e ? PAG E 1 3
By Sean McClung
Re c o m m e n d e d S t u d y O p p o r t u n i t i es PAG E 2 4
In addition to carbon reduction INOMICS recommends this year’s best master’s programs, summer schools
measures undertaken by the company and PhDs to take the next step in your career.
MORE
INFORMATION AT
INOMICS.COM/
SUSTAINABILITY INOMICS HANDBOOK 2023 3
Economics skills are in demand
Every Economics PhD student has contemplated a ca- microeconomics (the study of individual decision-mak-
reer outside academia at least once. There are multiple ing) and macroeconomics (the study of the economy
alternative options available to trained economists, and as a whole), as well as training in statistics, economet-
the INOMICS Salary Report shows that about 30% even- rics (the application of statistical methods to economic
tually opt for the private sector (though the true number data), and mathematical modeling. PhD students also
may be higher, as INOMICS has a high proportion of aca- typically conduct independent research, which requires
demic users). In recent years, top consulting firms (such them to develop analytical skills, conceptual thinking,
as the “Big 4”) have increasingly been hiring Economics and the ability to identify patterns and trends in large
PhDs, many through specifically designed advanced de- amounts of data.
gree pipelines – a trend that may surprise some.
Strong analytical skills
But why are these firms seeking out economists for Economics PhDs are trained to analyze data and identi-
their consulting teams, and what benefits do econo- fy patterns in the economy and society, discovering and
mists bring to the table? I spoke with a human resources testing trends that may not be immediately apparent.
manager from one of the Big 4 firms to learn more on They are also skilled in developing hypotheses and test-
the matter, and to help thousands of Economics PhDs ing them using statistical models.
like myself know our options better.
Economics PhDs are trained to make sure no assump-
First, it’s important to reiterate what an Economics PhD tion is left untested, and no conclusion is reached un-
entails to figure out why these students are in demand. proved. This makes them valuable assets to consulting
Economics is the study of how societies allocate scarce teams, who often work with large amounts of informa-
resources to satisfy unlimited wants and needs. An Eco- tion and data, and need to make sense of it quickly in
nomics PhD program involves advanced coursework in order to provide actionable insights to clients.
Every Economics PhD student has contemplated a ca- microeconomics (the study of individual decision-mak-
reer outside academia at least once. There are multiple ing) and macroeconomics (the study of the economy
alternative options available to trained economists, and as a whole), as well as training in statistics, economet-
the INOMICS Salary Report shows that about 30% even- rics (the application of statistical methods to economic
tually opt for the private sector (though the true number data), and mathematical modeling. PhD students also
may be higher, as INOMICS has a high proportion of aca- typically conduct independent research, which requires
demic users). In recent years, top consulting firms (such them to develop analytical skills, conceptual thinking,
as the “Big 4”) have increasingly been hiring Economics and the ability to identify patterns and trends in large
PhDs, many through specifically designed advanced de- amounts of data.
gree pipelines – a trend that may surprise some.
Strong analytical skills
But why are these firms seeking out economists for Economics PhDs are trained to analyze data and identi-
their consulting teams, and what benefits do econo- fy patterns in the economy and society, discovering and
mists bring to the table? I spoke with a human resources testing trends that may not be immediately apparent.
manager from one of the Big 4 firms to learn more on They are also skilled in developing hypotheses and test-
the matter, and to help thousands of Economics PhDs ing them using statistical models.
like myself know our options better.
Economics PhDs are trained to make sure no assump-
First, it’s important to reiterate what an Economics PhD tion is left untested, and no conclusion is reached un-
entails to figure out why these students are in demand. proved. This makes them valuable assets to consulting
Economics is the study of how societies allocate scarce teams, who often work with large amounts of informa-
resources to satisfy unlimited wants and needs. An Eco- tion and data, and need to make sense of it quickly in
nomics PhD program involves advanced coursework in order to provide actionable insights to clients.
Familiarity with economic theory used by Economics PhD students when doing economic
Thanks to their rigorous training, Economics PhDs analysis. These skills can be especially valuable when
deeply understand economic theory. It provides them working with clients who need data-driven insights to
with a framework for understanding how different fac- make key business decisions.
tors may impact a client’s business on both the micro-
economic (individuals and firms) and macroeconomic Ability to conduct rigorous research
(industry and economy) levels. Doctorate programs in economics typically require stu-
dents to conduct independent research, which takes
This theoretical background can be especially valuable several years to complete. Economics PhD students
when working with clients in industries that are un- design and manage their own research projects (or
dergoing significant structural changes or facing new parts of them) as well as their own personal time and
challenges, such as disruptive technology or geopoliti- resources to keep the work going.
cal tensions. Someone who studied economics would be
able to identify these changes and predict future impact This is a crucial skill for a consultant, as the nature of
on business. their job dictates independent work and the ability to
multitask between projects. Economics PhD graduates
Data science skills come already prepared for this challenge.
PhDs with a degree in Economics gain diverse data sci-
ence skills in graduate school, including quantitative Strong communication skills
modeling and data visualization skills. They are trained Effective communication is key in consulting work, as
to solve problems while ensuring that the results gener- consultants need to be able to clearly explain complex
ated from statistical models are valid and reliable. concepts and findings to clients who may not have a
background in economics. Economics PhDs are often
Articulating methodology (‘Why should we employ skilled communicators, as they are used to presenting
this model?’) and conducting a series of robustness their research to both academic audiences and non-ex-
checks (‘Can we trust the results?’) are standard tools perts during graduate studies.
Familiarity with economic theory used by Economics PhD students when doing economic
Thanks to their rigorous training, Economics PhDs analysis. These skills can be especially valuable when
deeply understand economic theory. It provides them working with clients who need data-driven insights to
with a framework for understanding how different fac- make key business decisions.
tors may impact a client’s business on both the micro-
economic (individuals and firms) and macroeconomic Ability to conduct rigorous research
(industry and economy) levels. Doctorate programs in economics typically require stu-
dents to conduct independent research, which takes
This theoretical background can be especially valuable several years to complete. Economics PhD students
when working with clients in industries that are un- design and manage their own research projects (or
dergoing significant structural changes or facing new parts of them) as well as their own personal time and
challenges, such as disruptive technology or geopoliti- resources to keep the work going.
cal tensions. Someone who studied economics would be
able to identify these changes and predict future impact This is a crucial skill for a consultant, as the nature of
on business. their job dictates independent work and the ability to
multitask between projects. Economics PhD graduates
Data science skills come already prepared for this challenge.
PhDs with a degree in Economics gain diverse data sci-
ence skills in graduate school, including quantitative Strong communication skills
modeling and data visualization skills. They are trained Effective communication is key in consulting work, as
to solve problems while ensuring that the results gener- consultants need to be able to clearly explain complex
ated from statistical models are valid and reliable. concepts and findings to clients who may not have a
background in economics. Economics PhDs are often
Articulating methodology (‘Why should we employ skilled communicators, as they are used to presenting
this model?’) and conducting a series of robustness their research to both academic audiences and non-ex-
checks (‘Can we trust the results?’) are standard tools perts during graduate studies.
The Awards recognize the most sought-af- Top Conference Organizers, Notable Mentions - Top 20 Employers
ter universities, economics schools, research Top Summer School Organizers, and • University of Konstanz • University of Duisburg-Essen
centers, think tanks, banks, government in- Top Scholarship Providers
• Max Planck Institute for Innovation and Competition • Joint Research Centre of the European Commission
stitutions, and private enterprises. Awards
• University of Cape Town • Hanken School of Economics
recipients are institutions that listed their Each Award, and our method to grant them,
career and study opportunities on INOMICS reflects the interests and desires of INOMICS • University of Mannheim • Karlsruhe Institute of Technology (KIT)
in 2022, and compared to their peer institu- users. By aggregating the total interest in offers • Università degli Studi di Milano • Deutsche Bundesbank
tions were the most viewed and then used by publicized on INOMICS per institution (defined • Lancaster University Management School • Halle Institute for Economic Research (IWH) - Member
INOMICS users. by how many users viewed the listings and went of the Leibniz Association
• Universität Jena
on to enquire further), we identify the institu- • University of St. Gallen
• Swiss Institute for Empirical Economic Research of the
The categories for the Awards aim to be tions that are most “popular” in each category.
University of St. Gallen • Heidelberg University
comprehensive in scope, recognizing These are granted an INOMICS Award.
• Technische Universität München - TUM School of
achievement across a wide variety of career
Management
and education needs. As always, the INOMICS Team would like to
applaud the incredible efforts of the hundreds
In each category, we highlight the Top 3 insti- of economics institutions that continue to train,
tutions and list the next seventeen beyond that encourage, and prepare the next generation of
for a list of the Top 20. They consist of: economists.
Top 3 Training Course Organizers
Here’s to an even more successful 2023!
TOP 20
Notable Mentions - Top 20 Training Course Organizers
• City University of London • University of Amsterdam
• LSE • ESSEC Business School
• mcEmpirics • Udemy
• LeBow College of Business, Drexel University • World Trade Institute, University of Bern
• Toulouse School of Economics • University of Massachusetts Amherst
• Ecomod • Birkbeck, University of London
• Austrian Institute of Economic Research (WIFO) • Faculty of Economics, Sapienza University of Rome
• Radboud University • Lancaster University Management School
• Stanford University
The Awards recognize the most sought-af- Top Conference Organizers, Notable Mentions - Top 20 Employers
ter universities, economics schools, research Top Summer School Organizers, and • University of Konstanz • University of Duisburg-Essen
centers, think tanks, banks, government in- Top Scholarship Providers
• Max Planck Institute for Innovation and Competition • Joint Research Centre of the European Commission
stitutions, and private enterprises. Awards
• University of Cape Town • Hanken School of Economics
recipients are institutions that listed their Each Award, and our method to grant them,
career and study opportunities on INOMICS reflects the interests and desires of INOMICS • University of Mannheim • Karlsruhe Institute of Technology (KIT)
in 2022, and compared to their peer institu- users. By aggregating the total interest in offers • Università degli Studi di Milano • Deutsche Bundesbank
tions were the most viewed and then used by publicized on INOMICS per institution (defined • Lancaster University Management School • Halle Institute for Economic Research (IWH) - Member
INOMICS users. by how many users viewed the listings and went of the Leibniz Association
• Universität Jena
on to enquire further), we identify the institu- • University of St. Gallen
• Swiss Institute for Empirical Economic Research of the
The categories for the Awards aim to be tions that are most “popular” in each category.
University of St. Gallen • Heidelberg University
comprehensive in scope, recognizing These are granted an INOMICS Award.
• Technische Universität München - TUM School of
achievement across a wide variety of career
Management
and education needs. As always, the INOMICS Team would like to
applaud the incredible efforts of the hundreds
In each category, we highlight the Top 3 insti- of economics institutions that continue to train,
tutions and list the next seventeen beyond that encourage, and prepare the next generation of
for a list of the Top 20. They consist of: economists.
Top 3 Training Course Organizers
Here’s to an even more successful 2023!
TOP 20
Notable Mentions - Top 20 Training Course Organizers
• City University of London • University of Amsterdam
• LSE • ESSEC Business School
• mcEmpirics • Udemy
• LeBow College of Business, Drexel University • World Trade Institute, University of Bern
• Toulouse School of Economics • University of Massachusetts Amherst
• Ecomod • Birkbeck, University of London
• Austrian Institute of Economic Research (WIFO) • Faculty of Economics, Sapienza University of Rome
• Radboud University • Lancaster University Management School
• Stanford University
University University Università degli studi Review of Socio-Economic Masters International De Nederlandsche
of St.Gallen of Luxembourg di Bergamo Perspectives (RSEP) Research and Development Bank (DNB)
Center (MIRDEC)
TOP 20 TOP 20
Notable Mentions - Top 20 Places to Do a Master’s Notable Mentions - Top 20 Conference Organizers
• University of Neuchâtel • University of Bologna • ECO-ENA • Vienna University of Economics and Business
• Tinbergen Institute (TI) • Singapore Management University • Euro-Mediterranean Economists Association – EMEA • International Trade and Finance Association (ITFA)
• University of Edinburgh • Collegio Carlo Alberto • Indian Society of Labour Economics (ISLE) • Bucharest University of Economic Studies
• University of Barcelona • Julius-Maximilians University Würzburg • University of Milano-Bicocca - Department of Economics • EcoMod School of Modeling and Data Science
• Barcelona School of Economics • Business Data Science (Erasmus University Rotterdam, • Italian Economic Association • International Atlantic Economic Society
• Université catholique de Louvain - Economics School the University of Amsterdam and Vrije Universiteit • ICODECON (University of the Peloponnese) • International Centre for Economic Analysis
of Louvain (ESL) Amsterdam) (ICEA)
• Ruhr Graduate School of Economics
• The University of Surrey • IDEA - Autonomous University of Barcelona • CESifo / Venice International University
• University of Sassari and Ca’ Foscari University of Venice
• NOVA School of Business and Economics • University of Basel • Spanish Association of International Economics
• University of Malta / The International Strategic
• Roma Tre University • The New School Management Association and Finance (AEEFI) / University of Málaga
TOP 20 TOP 20
Notable Mentions - Top 20 Places to Do a PhD Notable Mentions - Top 20 Summer School Organizers
• Collegio Carlo Alberto • Halle Institute for Economic Research • VU Amsterdam • Business Data Science (Erasmus University Rotterdam, the
• University of Surrey • Munich Graduate School of Economics • University of Barcelona University of Amsterdam and Vrije Universiteit Amsterdam)
• CEMFI • Geneva School of Economics and Management • CEMFI • Wouter J. den Haan / LSE / CFM
• Luiss Guido Carli University of Rome • University of St.Gallen • University of Split • University of Minho
• IMT School for Advanced Studies Lucca • University College Dublin • Barcelona School of Economics • TStat
• University of Padova • Berlin School of Economics • Tinbergen Institute • Nova School of Business and Economics
• DIW Graduate Center • Paris School of Economics • Max Planck Institute for Tax Law and Public Finance
University University Università degli studi Review of Socio-Economic Masters International De Nederlandsche
of St.Gallen of Luxembourg di Bergamo Perspectives (RSEP) Research and Development Bank (DNB)
Center (MIRDEC)
TOP 20 TOP 20
Notable Mentions - Top 20 Places to Do a Master’s Notable Mentions - Top 20 Conference Organizers
• University of Neuchâtel • University of Bologna • ECO-ENA • Vienna University of Economics and Business
• Tinbergen Institute (TI) • Singapore Management University • Euro-Mediterranean Economists Association – EMEA • International Trade and Finance Association (ITFA)
• University of Edinburgh • Collegio Carlo Alberto • Indian Society of Labour Economics (ISLE) • Bucharest University of Economic Studies
• University of Barcelona • Julius-Maximilians University Würzburg • University of Milano-Bicocca - Department of Economics • EcoMod School of Modeling and Data Science
• Barcelona School of Economics • Business Data Science (Erasmus University Rotterdam, • Italian Economic Association • International Atlantic Economic Society
• Université catholique de Louvain - Economics School the University of Amsterdam and Vrije Universiteit • ICODECON (University of the Peloponnese) • International Centre for Economic Analysis
of Louvain (ESL) Amsterdam) (ICEA)
• Ruhr Graduate School of Economics
• The University of Surrey • IDEA - Autonomous University of Barcelona • CESifo / Venice International University
• University of Sassari and Ca’ Foscari University of Venice
• NOVA School of Business and Economics • University of Basel • Spanish Association of International Economics
• University of Malta / The International Strategic
• Roma Tre University • The New School Management Association and Finance (AEEFI) / University of Málaga
TOP 20 TOP 20
Notable Mentions - Top 20 Places to Do a PhD Notable Mentions - Top 20 Summer School Organizers
• Collegio Carlo Alberto • Halle Institute for Economic Research • VU Amsterdam • Business Data Science (Erasmus University Rotterdam, the
• University of Surrey • Munich Graduate School of Economics • University of Barcelona University of Amsterdam and Vrije Universiteit Amsterdam)
• CEMFI • Geneva School of Economics and Management • CEMFI • Wouter J. den Haan / LSE / CFM
• Luiss Guido Carli University of Rome • University of St.Gallen • University of Split • University of Minho
• IMT School for Advanced Studies Lucca • University College Dublin • Barcelona School of Economics • TStat
• University of Padova • Berlin School of Economics • Tinbergen Institute • Nova School of Business and Economics
• DIW Graduate Center • Paris School of Economics • Max Planck Institute for Tax Law and Public Finance
to improving the teaching and demic (or “industry”) economists. If you’re curious in North America appears to be lower than other op-
about the differences between these two general types tions there. Meanwhile, research institutions and NGOs
learning of economics in higher of economists, you should read our article written by (neither of which are pictured) appear to pay the least,
education. an economist who has worked in both spheres, “Policy though the difference is not stark.
or academic economist: which should I become?”.
We offer: While this graph is interesting, we must account for
Regardless of an economists’ chosen path, how much can the fact that highly educated economists are paid more.
• Europe’s premier international Economics
education conference. one expect to earn, and which positions earn the most? Therefore the proportion of PhD-holding economists in
each role should be accounted for to get an even more
• Training for early career economics staff and An Overview of Economist Salaries accurate picture of economist pay.
graduate teaching assistants.
Globally
• Bespoke workshops for university departments. As mentioned above, many organizations value the spe- Salary Breakdown by Type of
• Teaching ideas and resources including a cialized skills that economists bring to the table. Figure Employer and Level of Education
Handbook for Economics Lecturers and 1 was constructed from our 2022 Salary Report data Some employers, like central banks, are more likely to re-
teaching case studies. and shows how average economist pay varies according quire an economics PhD. Thus, on average these employ-
to different types of employer around the world. ers offer higher salaries for their highly educated work-
• Educational resources, searchable by topic,
force. On this basis, it is useful to differentiate between
that can be integrated into course materials.
Figure 1 shows average economist salaries by a few the level of education when comparing salaries offered
types of employer in different regions around the world by different types of employers. This breakdown can be
(note that a handful of series are excluded due to sam- seen for each region in Figures 2 – 9.
www.economicsnetwork.ac.uk ple size issues, i.e. government in East Asia & Austral-
asia). Two things stand out from this figure. First, av- Note that our survey data lacks a sufficient sample size
erage pay in North America is very high, while average of Bachelor’s degree respondents to subdivide Bache-
to improving the teaching and demic (or “industry”) economists. If you’re curious in North America appears to be lower than other op-
about the differences between these two general types tions there. Meanwhile, research institutions and NGOs
learning of economics in higher of economists, you should read our article written by (neither of which are pictured) appear to pay the least,
education. an economist who has worked in both spheres, “Policy though the difference is not stark.
or academic economist: which should I become?”.
We offer: While this graph is interesting, we must account for
Regardless of an economists’ chosen path, how much can the fact that highly educated economists are paid more.
• Europe’s premier international Economics
education conference. one expect to earn, and which positions earn the most? Therefore the proportion of PhD-holding economists in
each role should be accounted for to get an even more
• Training for early career economics staff and An Overview of Economist Salaries accurate picture of economist pay.
graduate teaching assistants.
Globally
• Bespoke workshops for university departments. As mentioned above, many organizations value the spe- Salary Breakdown by Type of
• Teaching ideas and resources including a cialized skills that economists bring to the table. Figure Employer and Level of Education
Handbook for Economics Lecturers and 1 was constructed from our 2022 Salary Report data Some employers, like central banks, are more likely to re-
teaching case studies. and shows how average economist pay varies according quire an economics PhD. Thus, on average these employ-
to different types of employer around the world. ers offer higher salaries for their highly educated work-
• Educational resources, searchable by topic,
force. On this basis, it is useful to differentiate between
that can be integrated into course materials.
Figure 1 shows average economist salaries by a few the level of education when comparing salaries offered
types of employer in different regions around the world by different types of employers. This breakdown can be
(note that a handful of series are excluded due to sam- seen for each region in Figures 2 – 9.
www.economicsnetwork.ac.uk ple size issues, i.e. government in East Asia & Austral-
asia). Two things stand out from this figure. First, av- Note that our survey data lacks a sufficient sample size
erage pay in North America is very high, while average of Bachelor’s degree respondents to subdivide Bache-
Figure 8: Average salary by position and degree in Middle Figure 9: Average salary by position and degree in Africa
East, Central Asia & North Africa (USD, PPP-adjusted, (USD, PPP-adjusted, thousands)
thousands)
Figure 10: Average salaries for economist jobs globally (USD, thousands, PPP-
adjusted)
The most highly paid academic es, like with high private company pay, it might not be
economists out-earn most industry clear whether it’s worth it pay-wise to enter academia.
economists
It may appear from these graphs that academic econ- However, these averages by employer type mask one
omists earn less money than their counterparts in in- important fact: professors of economics earn much
dustry. While the value of a PhD is clear in certain cas- more money than non-professor-level economists em-
Figure 8: Average salary by position and degree in Middle Figure 9: Average salary by position and degree in Africa
East, Central Asia & North Africa (USD, PPP-adjusted, (USD, PPP-adjusted, thousands)
thousands)
Figure 10: Average salaries for economist jobs globally (USD, thousands, PPP-
adjusted)
The most highly paid academic es, like with high private company pay, it might not be
economists out-earn most industry clear whether it’s worth it pay-wise to enter academia.
economists
It may appear from these graphs that academic econ- However, these averages by employer type mask one
omists earn less money than their counterparts in in- important fact: professors of economics earn much
dustry. While the value of a PhD is clear in certain cas- more money than non-professor-level economists em-
HELP US RESEARCH
PhD economists earn 50% more on average than
those without a PhD. Help us continue this research by filling in our anon-
In North America, the highest-paying region on ymous annual salary survey. It only takes a couple of
THE ECONOMICS JOB average, this difference is higher: PhD economists minutes and is available here: https://inomics.com/
earn 73% more on average than those with a Mas- salary-survey. Upon completion of the survey, you
MARKET ter’s degree. will have the option to subscribe for early access to
Although 50% is a substantial difference, this is the results, expected in late 2023.
narrower than was reported in the 2021 Report;
average pay for economists with Bachelor’s and The data you anonymously provide will be used to
The data you anonymously Master’s degrees has risen more (32.1% and 26.3% create the 2023 edition of the INOMICS Salary Report.
provide will be used to create respectively) than for PhDs (just over 7%). With more survey responses, we can introduce even
Overall, economist salaries have increased on av- more analyses and insights into the state of the eco-
the next edition of the INOMICS erage by approximately 18% since the previous nomics job market.
Salary Report, our annual 2021 survey. Increases in average salary can be
observed across all regions, although the rate of
research project to discover increase varies.
trends and insights about the Fallout from the pandemic appears to be ending.
16.6% fewer Bachelor’s degree holders and 14.0%
job market for economists. fewer Master’s degree holders were unemployed
during this survey period compared to last year.
Additionally, job conditions in the field appear to
be improving.
go to INOMICS.COM/SALARY-SURVEY
HELP US RESEARCH
PhD economists earn 50% more on average than
those without a PhD. Help us continue this research by filling in our anon-
In North America, the highest-paying region on ymous annual salary survey. It only takes a couple of
THE ECONOMICS JOB average, this difference is higher: PhD economists minutes and is available here: https://inomics.com/
earn 73% more on average than those with a Mas- salary-survey. Upon completion of the survey, you
MARKET ter’s degree. will have the option to subscribe for early access to
Although 50% is a substantial difference, this is the results, expected in late 2023.
narrower than was reported in the 2021 Report;
average pay for economists with Bachelor’s and The data you anonymously provide will be used to
The data you anonymously Master’s degrees has risen more (32.1% and 26.3% create the 2023 edition of the INOMICS Salary Report.
provide will be used to create respectively) than for PhDs (just over 7%). With more survey responses, we can introduce even
Overall, economist salaries have increased on av- more analyses and insights into the state of the eco-
the next edition of the INOMICS erage by approximately 18% since the previous nomics job market.
Salary Report, our annual 2021 survey. Increases in average salary can be
observed across all regions, although the rate of
research project to discover increase varies.
trends and insights about the Fallout from the pandemic appears to be ending.
16.6% fewer Bachelor’s degree holders and 14.0%
job market for economists. fewer Master’s degree holders were unemployed
during this survey period compared to last year.
Additionally, job conditions in the field appear to
be improving.
go to INOMICS.COM/SALARY-SURVEY
Marcel Fratzscher: What is your favorite place on earth? Javier Gómez-Pineda: To start with, I would like to ex-
press my gratitude for this interview and having the op-
portunity to share my thoughts.
My favorite place on earth is where you can share with
your loved ones. To me, it is home.
As for places you get to be around as an economist, I
would say my favorite place would be the macro semi-
nar at the University of Chicago. As a student at Chica-
go, I had the chance to see several papers being greatly
improved by comments from the audience. I recall once
or twice Gary Becker gave incredible micro feedback to
two macro papers.
MF: Outside of economics, what occupation would you JGP: I think I would be a civil engineer to help improve in-
have if you could be absolutely anything? frastructure in Colombia. As an economist, in a way I hap-
pened to be sort of a civil engineer when I got involved in
the implementation of the inflation targeting framework
in Colombia back in 2000. However, I would choose in
the first, second and third place to be an economist.
MF: What is the virtue you appreciate the most? JGP: An important virtue is that of studiousness. At
whatever level you consider, studiousness enables you
to better understand and help improve the world you
live in. Working in research and teaching is a privilege
and a continuous opportunity to exercise this virtue.
Students should keep in mind that knowledge is not
Fratzscher vs Gómez-Pineda:
something that ends at graduation, you always have to
keep learning and maintain yourself actively, even if
you are not in a research or teaching job.
the INOMICS Questionnaire
by M a r c e l F r a t z s c he r
MF: Your all-time favorite figure in economics? JGP: Robert Lucas. Thanks to the Lucas critique, we no
longer rely on those unsafe reduced-form econometric
President of the DIW Berlin and well-known mac- esting look into the thoughts of an accomplished central equations. It is also thanks to the rational expectations
roeconomist, Prof. Dr. Marcel Fratzscher poses the banker. For early-career economists in particular, It is revolution that we now routinely use rational expecta-
questions for accomplished central banker and author not only enlightening but full of essential advice, not tions DSGE monetary policy models, although we have
Dr. Javier G. Gómez-Pineda in this latest INOMICS in- least the importance of continuous learning and read- had to amend them with frictions so that they are not
terview, where we ask economists for their thoughts ing. Our advice – start your reading here! too forward-looking. Finally, I think the methodological
about life and economics. Dr. Gómez-Pineda gracious- Javier G. Gómez-Pineda is Senior Economist (Investi- approach of welfare evaluation is one that continues to
ly took to the spotlight in this latest round. The inter- gador Principal) at Banco de la República (the central bear fruit as progress continues in macroeconomics.
view, dubbed Fratzscher vs. Gómez-Pineda, dives into bank of Colombia). He also teaches Monetary Econom-
the importance of the Lucas critique, role models for ics at Universidad del Rosario in Bogotá. His research
women in economics, the challenges with maintaining interests are in Monetary Economics and International MF: Your # 1 economics blog? JGP: I read VoxEU CEPR to learn about the work of
global financial market stability (while still allowing Economics; he is author of the textbook Dinero, ban- several macroeconomists who share their views there.
for growth for emerging economies), how economics ca y mercados emergentes, los países emergentes en la Also, as I drive to teach my course on Monetary Theory,
can contribute to climate policy, and more. economía global, 2010, Ed. Alfaomega; and he holds a I listen to the Macro Musings podcasts of the Mercatus
The interview with Dr. Gómez-Pineda offers an inter- PhD in Economics from the University of Chicago. Center of George Mason University.
Marcel Fratzscher: What is your favorite place on earth? Javier Gómez-Pineda: To start with, I would like to ex-
press my gratitude for this interview and having the op-
portunity to share my thoughts.
My favorite place on earth is where you can share with
your loved ones. To me, it is home.
As for places you get to be around as an economist, I
would say my favorite place would be the macro semi-
nar at the University of Chicago. As a student at Chica-
go, I had the chance to see several papers being greatly
improved by comments from the audience. I recall once
or twice Gary Becker gave incredible micro feedback to
two macro papers.
MF: Outside of economics, what occupation would you JGP: I think I would be a civil engineer to help improve in-
have if you could be absolutely anything? frastructure in Colombia. As an economist, in a way I hap-
pened to be sort of a civil engineer when I got involved in
the implementation of the inflation targeting framework
in Colombia back in 2000. However, I would choose in
the first, second and third place to be an economist.
MF: What is the virtue you appreciate the most? JGP: An important virtue is that of studiousness. At
whatever level you consider, studiousness enables you
to better understand and help improve the world you
live in. Working in research and teaching is a privilege
and a continuous opportunity to exercise this virtue.
Students should keep in mind that knowledge is not
Fratzscher vs Gómez-Pineda:
something that ends at graduation, you always have to
keep learning and maintain yourself actively, even if
you are not in a research or teaching job.
the INOMICS Questionnaire
by M a r c e l F r a t z s c he r
MF: Your all-time favorite figure in economics? JGP: Robert Lucas. Thanks to the Lucas critique, we no
longer rely on those unsafe reduced-form econometric
President of the DIW Berlin and well-known mac- esting look into the thoughts of an accomplished central equations. It is also thanks to the rational expectations
roeconomist, Prof. Dr. Marcel Fratzscher poses the banker. For early-career economists in particular, It is revolution that we now routinely use rational expecta-
questions for accomplished central banker and author not only enlightening but full of essential advice, not tions DSGE monetary policy models, although we have
Dr. Javier G. Gómez-Pineda in this latest INOMICS in- least the importance of continuous learning and read- had to amend them with frictions so that they are not
terview, where we ask economists for their thoughts ing. Our advice – start your reading here! too forward-looking. Finally, I think the methodological
about life and economics. Dr. Gómez-Pineda gracious- Javier G. Gómez-Pineda is Senior Economist (Investi- approach of welfare evaluation is one that continues to
ly took to the spotlight in this latest round. The inter- gador Principal) at Banco de la República (the central bear fruit as progress continues in macroeconomics.
view, dubbed Fratzscher vs. Gómez-Pineda, dives into bank of Colombia). He also teaches Monetary Econom-
the importance of the Lucas critique, role models for ics at Universidad del Rosario in Bogotá. His research
women in economics, the challenges with maintaining interests are in Monetary Economics and International MF: Your # 1 economics blog? JGP: I read VoxEU CEPR to learn about the work of
global financial market stability (while still allowing Economics; he is author of the textbook Dinero, ban- several macroeconomists who share their views there.
for growth for emerging economies), how economics ca y mercados emergentes, los países emergentes en la Also, as I drive to teach my course on Monetary Theory,
can contribute to climate policy, and more. economía global, 2010, Ed. Alfaomega; and he holds a I listen to the Macro Musings podcasts of the Mercatus
The interview with Dr. Gómez-Pineda offers an inter- PhD in Economics from the University of Chicago. Center of George Mason University.
Neuchâtel,
Open year-round Bologna, Italy June each year Barcelona, Spain June each year
Switzerland
Neuchâtel,
Open year-round Bologna, Italy June each year Barcelona, Spain June each year
Switzerland
https://inomics.com/post/1509387
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16th BSE Summer School 2022: Economics, CIMS Online Summer Schools on
Finance, Data Science, and related fields Macroeconomics/DSGE (Foundation
or Advanced) and International
Trade/Gravity Models
Barcelona School of Economics
University of Surrey
University of Barcelona
Business Data Science - Summer School University of Oxford
NONPARAMETRIC AND SEMIPARAMETRIC
10 - 27 July 2023 METHODS IN ECONOMICS AND FINANCE
by/with OLIVER LINTON
Business Data Science 11 - 15 September 2023
Barcelona, Spain 31 May 2023
University of Minho
16th BSE Summer School 2022: Economics, CIMS Online Summer Schools on
Finance, Data Science, and related fields Macroeconomics/DSGE (Foundation
or Advanced) and International
Trade/Gravity Models
Barcelona School of Economics
University of Surrey
University of Barcelona
Business Data Science - Summer School University of Oxford
NONPARAMETRIC AND SEMIPARAMETRIC
10 - 27 July 2023 METHODS IN ECONOMICS AND FINANCE
by/with OLIVER LINTON
Business Data Science 11 - 15 September 2023
Barcelona, Spain 31 May 2023
University of Minho
Prague, St.Gallen,
March every year Essen, Germany March every year January/April every year
Czech Republic Switzerland
Doctoral Program in Economics The NOVA School of Business and Economics’ PhD pro-
grams provide a solid theoretical and methodological Doctoral Positions at MGSE
basis, preparing PhD candidates to develop independent PhD in Economics (Four-Year)
ZEW and GESS - University of Mannheim - University of Torino
research in several areas of expertise. The programs are
held in a vibrant research environment and promote the Munich Graduate School of Economics (MGSE)
Mannheim, March inclusion of candidates in ongoing research projects. Stu-
Collegio Carlo Alberto
Germany every year dents focus on the coursework in the beginning of their
PhD, to later focus on developing independent research. Munich, Germany January every year
inomics.link/CDSE-ZEW Supervisors and faculty members are involved in each
Turin, Italy May every year
stage of the PhD and support students in pursuing an ac-
ademic career. The programs last four years and they are
The PhD track of the Center for Doctoral Studies in Eco- https://inomics.com/post/1420560
delivered in English. Scholarships are available for excel-
nomics (CDSE) at the University of Mannheim in cooper- https://inomics.com/post/589559
lent students.
ation with the ZEW offers promising economists the op-
portunity to pursue their doctoral studies in the inspiring
The Vilfredo Pareto PhD in Economics is a 4-year PhD MSc/PhD in Quantitative Economics
research environment of two leading institutions.
PhD in Economics program of the University of Torino, organized in close
This track aims to provide participants with an excellent
academic education in the form of the CDSE program and collaboration with the Collegio Carlo Alberto. The pro-
gram allows students to structure their coursework and University of Alicante
a splendid research environment at ZEW as well as with CEMFI
key skills in the field of economic policy advice. This PhD write their doctoral dissertation in a number of different
Track consists of one year of compulsory courses at the areas of economics. After a common set of core cours-
University of Mannheim followed by an elective course es that take place in the first semester (including review Alicante, Spain June every year
Madrid, Spain May every year
phase through summer schools at ZEW and courses at the courses in mathematics and statistics and advanced cours-
University of Mannheim. From the second year onwards, es in microeconomics, macroeconomics, and economet-
students are fully integrated into ZEW as a researcher and rics), students can further prepare for their dissertation
https://inomics.com/post/799505 https://inomics.com/post/719742
write their PhD thesis. work by choosing from a list of elective courses.y.
Prague, St.Gallen,
March every year Essen, Germany March every year January/April every year
Czech Republic Switzerland
Doctoral Program in Economics The NOVA School of Business and Economics’ PhD pro-
grams provide a solid theoretical and methodological Doctoral Positions at MGSE
basis, preparing PhD candidates to develop independent PhD in Economics (Four-Year)
ZEW and GESS - University of Mannheim - University of Torino
research in several areas of expertise. The programs are
held in a vibrant research environment and promote the Munich Graduate School of Economics (MGSE)
Mannheim, March inclusion of candidates in ongoing research projects. Stu-
Collegio Carlo Alberto
Germany every year dents focus on the coursework in the beginning of their
PhD, to later focus on developing independent research. Munich, Germany January every year
inomics.link/CDSE-ZEW Supervisors and faculty members are involved in each
Turin, Italy May every year
stage of the PhD and support students in pursuing an ac-
ademic career. The programs last four years and they are
The PhD track of the Center for Doctoral Studies in Eco- https://inomics.com/post/1420560
delivered in English. Scholarships are available for excel-
nomics (CDSE) at the University of Mannheim in cooper- https://inomics.com/post/589559
lent students.
ation with the ZEW offers promising economists the op-
portunity to pursue their doctoral studies in the inspiring
The Vilfredo Pareto PhD in Economics is a 4-year PhD MSc/PhD in Quantitative Economics
research environment of two leading institutions.
PhD in Economics program of the University of Torino, organized in close
This track aims to provide participants with an excellent
academic education in the form of the CDSE program and collaboration with the Collegio Carlo Alberto. The pro-
gram allows students to structure their coursework and University of Alicante
a splendid research environment at ZEW as well as with CEMFI
key skills in the field of economic policy advice. This PhD write their doctoral dissertation in a number of different
Track consists of one year of compulsory courses at the areas of economics. After a common set of core cours-
University of Mannheim followed by an elective course es that take place in the first semester (including review Alicante, Spain June every year
Madrid, Spain May every year
phase through summer schools at ZEW and courses at the courses in mathematics and statistics and advanced cours-
University of Mannheim. From the second year onwards, es in microeconomics, macroeconomics, and economet-
students are fully integrated into ZEW as a researcher and rics), students can further prepare for their dissertation
https://inomics.com/post/799505 https://inomics.com/post/719742
write their PhD thesis. work by choosing from a list of elective courses.y.
Glasgow,
March & June every year Bologna, Italy February every year
United Kingdom
https://inomics.com/post/102768 https://inomics.com/post/1522558
PhD positions in Economics, Analytics and Master in Economic Research & PhD in
Decision Sciences (EADS) Economics
IMT School for Advanced Studies, Lucca CERGE-EI FURTHER YOUR CAREER IN ECONOMICS
Lucca, Italy June every year Prague, Czechia March every year
WHAT WE DO 1 million+ economics students,
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Ph.D. in Finance, fully funded PhD in Economics Whether you are looking for a economics
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school, scholarship, conference or Receive weekly email alerts for
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Rome, Italy March every year July every year
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Glasgow,
March & June every year Bologna, Italy February every year
United Kingdom
https://inomics.com/post/102768 https://inomics.com/post/1522558
PhD positions in Economics, Analytics and Master in Economic Research & PhD in
Decision Sciences (EADS) Economics
IMT School for Advanced Studies, Lucca CERGE-EI FURTHER YOUR CAREER IN ECONOMICS
Lucca, Italy June every year Prague, Czechia March every year
WHAT WE DO 1 million+ economics students,
academics, researchers and
https://inomics.com/post/1524971 https://inomics.com/post/1530725 professionals trust us
Our mission is to help students find
the best economics programs.
Read about recent developments in
Ph.D. in Finance, fully funded PhD in Economics Whether you are looking for a economics
university program, job, summer
Leibniz Institute for Financial Research SAFE UB School of Economics, University of Barcelona
school, scholarship, conference or Receive weekly email alerts for
training opportunity, our website jobs, programs and conferences
Frankfurt am Main,
Germany
May every year Barcelona, Spain April every year can assist you in furthering your
career in economics. Sign up and apply to new
opportunities
https://inomics.com/post/1530997 https://inomics.com/post/103269
Guildford, United
Rome, Italy March every year July every year
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Why
consulting
firms are
increasingly INOMICS
hiring
Awards
Economics
PhDs Winners
2023
Data shows
which
economists
are paid
the most,
and where Interview with
INOMIC S i s t he s i t e f o r e c o n o m i s t s . W e he l p s t u d e n t s , r ese a r c he r s , a c a d e m i c s a n d
p r o fess i o n a l s a d v a n c e t he i r c a r ee r , e x p a n d t he i r n e t w o r k a n d s t a y i n f o r m e d
Colombian central banker
a b o u t c a r ee r n ews a n d o p p o r t u n i t i es . V i s i t o u r webs i t e a t INOMIC S . c o m a n d
f i n d b l o g p o s t s , j o bs , p r o fess i o n a l t r a i n i n g , c o u r ses , p o s t g r a d u a t e p r o g r a m s , JAVIER G. GÓMEZ-PINEDA
s u m m e r s c h o o l s a n d c o n fe r e n c es t o m a t c h y o u r c a r ee r g o a l s .
N° 7
i NOMIC S . COM