INOMICS releases “Economics Job Market Report 2012” with detailed findings on the Global Job Market for Economists

 

Berlin, October 10th, 2012

The INOMICS Job Market Report 2012 reveals the latest trends in the academic job market for economists worldwide. Key findings include detailed salaries and salary growth information, recruiter and candidate preferences, the highdemand fields of specialization, the value of academic degrees, and the most important skills and qualifications economists should pay attention to when in the academic job market. The data presented in this global job market report is based on an online survey conducted by INOMICS and provides a unique set of information gathered first-hand from economists as well as recruiters from over 70 countries. Key findings include:

  • The academic degree heavily influences the salary level. The maximum annual gross income of Economists with a Bachelor’s degree is US$ 45,000 and US$ 65,000 for Master’s degree holders. On average, PhD holders earn over US$ 75,000 a year. In the academic economics job market, a PhD is rated higher than an MBA.
  • The salary of economists stagnates between their 3rd and 10th year on the job with major growth in early stages of a career and again after exceeding 10 years of work experience.
  • Interpersonal, i.e. communication skills were rated among the most important skills for economists in the job market along with a relevant degree and research experience, leaving quantitative skills behind.
  • After the candidates meet key requirements the majority of recruiters would prefer international rather than national candidates.
  • Economist candidates select employers based on the reputation of the institution and the amount of time they would be able to dedicate to their own research.
  • Academic requirements for the Economics Job Market are extremely high: 72 % of all open positions require a PhD.
  • The fields of specialization most in demand are: International Economics, Economic Development, Technological Change and Economic Development & Growth.

Download the full report here.

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INOMICS is an online platform for academics, which provides a stream of career and study opportunities, scientific events, research news and funding, all based on individual preferences and constantly updated.

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