INOMICS – the career and education site for economists – has released the latest edition of its annual report, which examines the salaries of economists worldwide. Based on anonymous survey data of nearly 1,500 economists, the INOMICS Salary Report 2020/21 answers questions like where economists earn the most money, whether doing a PhD is a worthwhile financial investment, and about the significance of the gender pay-gap in economics. It also includes testimony on exactly how the pandemic has affected economists’ working lives.
The key findings of the INOMICS Salary Report include:
1) PHDs – Having a PhD still matters. We found that globally economists with a PhD earn on average 86% more than those with “just” a Master’s degree.
2) COVID-19 – Over a third of economists have had their current job or their career progression negatively affected by the coronavirus pandemic. The effects have hit the Global South disproportionately, with 60% of economists in Africa and 58% in South Asia reporting being negatively affected by the pandemic professionally, compared with just 23% in North America, and only 17% in Western Europe & Scandinavia.
3) Gender – Male economists earn on average 27% more than their female counterparts. The data indicate that in most regions this is a result of a “glass ceiling” and a “leaky pipeline”, rather than a disparity in pay of male and female economists at the same career stage.
4) Pay – The United States is still the most lucrative job market for economists in the world. Annual salaries here – across all sectors – surpass those available anywhere else.
The full report is available to download on the INOMICS website: inomics.com/salary-report.
For more information on how the report was compiled or extra information on our findings please contact email@example.com.
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