What is the salary of an economist?
Do you fancy a career as an economist? Economists are very respected and can end up with a substantial wage by working hard and aiming high. If you’re good at problem-solving, data analysis, and written and verbal communication, this job could be for you. This career usually stems from studying economics at, maths, finance, business studies, and politics, just to name a few. This clearly shows that as a broad career, you can approach it in different ways. You could even study economics alongside another subject within a joint degree. But what about the salary? Read on for more information in this area!
Starting salary
After graduating from university, whilst you won’t yet be earning huge amounts of money, you can secure a respectable salary. This is commonly in the range of £25,000 to £35,000 per year. Since this is often some people’s professional yearly income, this is fairly impressive as a starting salary. This is due to the respectability and importance of this career path. Having economists are vital in our society today. You will need solid qualifications at A level especially and a half term revision course can help, and you’ll have a lot of professional responsibilities t oversee and perfect. With a few years of experience as a professional economist, your salary could even quickly increase to £40,000.
The average salary
The average UK salary for an economist is roughly around £37,000 to £57,000. This is a very respectable salary, allowing you to earn more than many other professions. Whilst money shouldn’t sway your career path much, this can certainly add to the benefits that economics has to offer.
Senior-level salary
Salaries for senior-level economists with years of experience usually ranges between an impressive £50,000 and £75,000 per year. You might have a higher level of responsibility in your position as well as the possibility of more complex work. You should be able to deal with problems that come your way. However, don’t worry – you’ll be experienced enough by this point to know how to deal with a situation professionally.
Factors affecting your paycheck
Aside from the number of years’ experience affecting how fat your paycheck is, there are other things to consider too. Economists’ salaries can vary incredibly depending on what sector they are employed in. The higher-earning economists usually work in the banking, consulting, and financial service sectors. Furthermore, working for a private sector company can see you earning additional benefits with private healthcare and cash bonuses.
Furthermore, your location will heavily affect your salary. Employees in the south usually earn more than northern employees, although you will have to take accommodation bills into account. The size of your company must also be considered. Larger companies will more likely be able to afford to pay you more than small companies. This is due to the success and amount of profit setting bigger companies apart from smaller companies with fewer connections. At a larger company, you’ll also probably have a larger amount of workload and pressure put on you. So, whilst money might be important, you should consider how happy you are to work in such a crucial role.
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