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According to the United States Department of Labor, there were around 15, 000 non-academic economists in the United States in 2008, with a median salary of roughly $ 83, 000, and with the top ten percent earning more than $ 147, 040 annually.

About 135 colleges and universities grant about 900 new Ph. D. s in economics each year.

The type of academic degree — bachelor's, master's or doctoral degree — has significant influence on an individual's job outlook and salary.

Incomes are highest for those in the private sector, followed by the federal government, with academia paying the lowest incomes.

Median salaries range from $ 45, 000 for those with a bachelor's to $ 85, 000 for those with a Ph. D. in economics.

A recent and continuous study by PayScale. com showed economic consultants with a Ph. D. had the overall highest median income for any group, at $ 116, 250 ; the median salary for an assistant professor was $ 63, 500, for an associate professor $ 67, 000, and for a full professor $ 85, 000.

The overall median income for doctorates in academia was $ 75, 000 compared to $ 125, 000 in consulting and $ 87, 000 in banking.