How Much Econ Professors Earn? Salaries in Academia by Country
Yesterday INOMICS released the Economics Job Market Report 2013 (Worldwide Overview). The report contains insights about the academic job market, compiled from answers from almost 2,500 economists and recruiters from all over the world who completed a survey earlier this year. The findings of the report include salaries, recruiters’ and candidates’ employment preferences, regional disparities, skills & specializations most in demand and other general trends in the economics job market.
Even though salary was not mentioned by economists among the top factors for a job choice, potential earnings do inevitably affect decisions about future career paths. More than that, given the high mobility of the academic job market, where institutions compete for top talent globally, it is natural for candidates to weight their financial gains before relocating to a different country.
The highest salaries were reported by Economics Professors who are employed in universities in Australia & New Zealand (105,000 $US on average), followed by US-based Professors (102,000 $US on average). In Europe, UK Professors earn the most, whereas wages in Italian Universities are on average 40% lower than their British counterparts. The numbers presented in the graph above represent the average income of Full Professors from a given country, based on the responses from our survey, without any adjustments. Of course, when comparing salaries in different countries, a lot of factors should be taken into consideration, including living costs, social security and salary differentials. Nevertheless, these numbers serve as a fair indication of the wage level for academics in each given country.
In the following weeks INOMICS will release a series of Regional Economics Job Market Reports, which will include more detailed information about salaries for different positions and career levels. You can subscribe to receive a notification when reports are released on INOMICS.
Information in the graphs is based on the Economics Job Market Report 2013 (Worldwide Overview). To see more information about methodology download the full report here.
Best Countries to Work in as an Academic: Research Findings
For people looking for a job in the private sector, there are numerous sources of information about best places to work, like Fortune Best Companies or Best Places to Work by Glassdoor to name just two.
Countries with the Highest Salaries for Academics
In 2018 INOMICS released another of its Salary Reports which provides an overview of a survey conducted of 2175 people in 2017 and contains insights into the job market. Respondents came from 117 countries, 17 more than the year previously, and the figure of those asked represented an increase of 11% on the previous year.
Academic Jobs and Salaries in Italy
Many believe that once one decides to follow an academic career path there is no way out. Working at a university is not only said to bring you respect and stability, but also a gradually increasing income. How high the latter might get obviously depends on many factors, such as your qualifications and the institution you graduated from, as well as the country where you are teaching.