Economics professors may teach courses on both an undergraduate and graduate level at universities, colleges, junior colleges and professional schools, and they may also conduct research as part of their job duties. The salary for a professor of economics will depend on the type of educational institution he teaches in, his level of experience and his location.
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A professor of economics in the United States earns an average salary of £58,058 and a median salary of £52,760 as of May 2009, according to the U.S. Bureau of Labor Statistics (BLS). On the salary scale, economics professors in the 10th percentile earn £27,833 annually, those in the 25th percentile earn £38,818, those in the 75th percentile earn £70,265 and those in the 90th percentile earn £94,087.
According to the BLS, the majority of economics professors work either in colleges, universities or professional schools, where they earn an average income of £61,152. In junior colleges, the average salary is lower at £43,647. The average salary for professors of all subject areas in private independent institutions was £59,967 as of the 2008-09 school year, while the average for those in public institutions was £50,055, and the average for those in religiously affiliated private colleges and universities was £46,707.
New Hampshire is the state with the highest average salary for economics professors at £84,766, according to the BLS. Rhode Island ranks second at £82,589, followed by Arizona at £76,219. In terms of specific city locations, Rochester, New York, offers the highest salary average for a professor of economics at £89,947. The Edison-New Brunswick area of New Jersey and the Providence-Fall River-Warwick area of Rhode Island and Maryland follow with salary averages of £84,045 and £82,589, respectively.
Requirements and Rank
According to the American Economic Association, a professor of economics at most four-year U.S. colleges must possess a Doctor of Philosophy (Ph.D.) to teach, while those at two-year colleges must have a master's degree. The average salary for a senior assistant professor in economics at a Ph.D.-granting institution is £62,396, while those at institutions that grant bachelor's and master's degrees is £52,108. An associate economics professor with tenure earns around £83,590 at Ph.D. institutions and around £53,516 at B.A. and M.A. institutions on average. A full economics professor earns an average of £133,120 at Ph.D.-granting institutions and £63,375 at B.A. and M.A. institutions.
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