For those who are interested in the rather refined job market for economists, this is a must read. From the email that announced the report:
European Economists earn 30% less than Americans, worldwide even greater discrepancies.
INOMICS, an economics and finance recruitment network, on Wednesday, November 6, 2013 releases a worldwide overview of the economics job market. The Report is based on a survey between April and June 2013, in which 2,380 professionals and recruiters in the academic job market for economists answered questions about salaries, international professional mobility, the value of different levels of academic degree, and other issues related to economics and finance careers.
Key findings include:
= The highest salaries for Professorship positions are offered in Australia and the US. On average, salaries offered in European Universities are 30% lower
= PhD holders in Economics are in high demand and have on average double the income of those with Master’s degrees only
= The US offers the highest salaries to Master’s graduates in economics, among the countries surveyed
= Denmark, Sweden, the Netherlands, the UK and Switzerland host the highest number of foreign professionals and students. In general, the economics job market is highly international and mobile: 35% of economists work or study outside their home countries and the majority of recruiters have no preference over nationality of the candidates
= Competition for entry-level Professorship positions can be up to 400 candidates per position. PhD openings have the lowest competition with 15 applications per available position
= The most desired employer types for economics graduates include Universities, Think Tanks and International Organizations/NGOs. Only 6% of graduates would like to work in Private Companies.
= Communications skills of economists are valued higher than quantitative skills by recruiters
The focus of the report is on the academic job market with the majority of respondents representing universities, research institutes or think tanks and possessing high academic qualifications. Other findings include salary breakdowns by countries, positions and seniority, skills and specializations most in demand, candidates’ preferences, types of selection process and geographical factors.
The survey is a little over weighted towards Europe, and to academia, but I don’t think the findings will be overly different for any other markets.
For those who are about to embark on their economics careers, pay attention. It’s worthwhile going straight into Masters and PhD courses after getting an undergraduate degree if you can – the payoff is worth the investment. Also think global, and better brush up those communication skills because those’re critical for getting a job.
Inomics will be publishing regional reports by the end of the year, so you might find it worthwhile to sign up as a member.