Economists play a crucial role in businesses by using economic principles to make a business sustainable and productive. It’s a complex subject that involves the study of financial markets, politics, psychology, law, and history. Some of the best companies for economists acknowledge their value and pay them accordingly.
Economists must understand the trading of goods and services, as well as their consumption. There are specific global trends that affect the economy. Through their expertise, companies can make better decisions based on facts. If you want to learn about the highest-paying economist companies or if you’re interested in this field of work, this article is for you.
What Is an Economist?
An economist studies the relationship between a society’s resources and its output or production. They research economic issues, analyze and collect data, then present the results to management. Economists also interpret and forecast market trends. They advise businesses, individual clients, and governments on economic changes by predicting an outcome and suggesting analytical solutions.
How to Get an Economists Job
Becoming an economist relies on the specialization you want to focus on and the kind of career path you want to take. You must have analytical skills and understand fundamental economic trends. Below are steps that can help you to get started.
- Earn a bachelor’s degree. The first step is to get a Bachelor of Economics or a relevant degree in fields like finance, mathematics, or accounting. Subjects you’ll study include social sciences, economic theory, macroeconomics, and politics.
- Write your resume. Before graduation, it’s an advantage if you have already made your resume. A resume should contain your skills, educational achievements, work history, and any other relevant experiences you want a potential employer to know about you.
- Apply for internship opportunities. An internship will help you gain expertise in economics by allowing you to handle real-world projects and learn by collaborating with other people. They provide mentors who are industry experts to guide and train you.
- Earn a master’s degree. Although this isn’t necessary, getting a master’s degree in economics will show your credibility and give you a career advantage. The master’s program will teach you more about the federal government, equity markets, economic indicators, principles, and business strategy.
- Find work opportunities. When you begin your search for an economist job, you can find job opportunities on job boards by creating a profile. The details should be accurate and your contact information should always be updated.
Top 10 Highest-Paying Economist Companies
| Company | Salary for Economists |
|---|---|
| RAND | $181,998 |
| Federal Reserve Bank of New York | $172,061 |
| World Bank | $161,311 |
| Fannie Mae | $142,439 |
| IMF | $138,622 |
| Amazon | $134,977 |
| FTI Consulting | $109,529 |
| Moody’s Analytics | $95,506 |
| RTI International | $92,903 |
| AECOM | $82,143 |
RAND
The company was founded in 1948 and is one of the leaders in public research institutions in the US. It offers its services to both international organizations and private businesses. Besides economists, they’re also hiring statistical research programmers, financial analysts, applied mathematicians, and data scientists.
What Does RAND Pay Its Economists?
RAND pays its economists $181,998 annually, but salaries can range from $167,552 to $221,452 per year. This is higher than the average salary of economists in the US, which is $103,291 per year.
RAND Reviews
According to Glassdoor reviews, there is job security and a good company culture with interesting work. Employees have the freedom to choose their projects and teammates. Negative reviews stated that working for RAND can be stressful and require long work hours.
Federal Reserve Bank of New York
This company works with private and public sectors that administer the safety, security, and vitality of the country’s economic and financial systems. An essential function is a monetary policy which includes setting interest and inflation rates. It also deals in the regulation of depository institutions, and financial services.
What Does the Federal Reserve Bank of New York Pay Its Economists?
The company pays its economists $172,061. This is 59 percent above the national average in the United States. Common benefits include a health savings account, flexible spending account, health insurance, tuition reimbursement, and a retirement plan.
Federal Reserve Bank of New York Reviews
Reviews on Glassdoor report an excellent work-life balance with great benefits. This is a top place to work and gain research and policy experience. Others complain of toxic company culture, poor management, and slow job advancement.
World Bank
This is an international development organization currently owned by 187 countries. The World Bank lends money to poorer member countries to reduce poverty. It helps small to medium business growth which, in turn, improves their standard of living. In addition to hiring a professional economist, they also hire energy specialists, program assistants, and ET consultants.
What Does the World Bank Pay Its Economists?
The organization pays $161,311 a year, 49 percent higher than the national average economist salary in the US. They provide benefits like health insurance and an employee assistance program.
World Bank Reviews
Employees at the World Bank mentioned that it is a good company to start your career, according to Indeed. Others say that it’s a great place to work, it is fast-paced, and provides staff with resources to do their jobs. The disadvantage of working there is that there is no room for advancement and the salary increases are small.
Fannie Mae
This company provides affordable housing options to America’s housing market. It’s a source of residential mortgage credit across communities. The company’s headquarters are in Washington. Besides economists, it also hires credit analysts, cloud engineers, and data scientists.
What Does Fannie Mae Pay Its Economists?
The company pays its economists $142,439 a year including bonuses and additional compensation. This is above the average annual salary of economists. Fannie Mae salaries range between $125,995 to $161,448 per year, depending on experience.
Fannie Mae Reviews
Glassdoor reviews report that Fannie Mae values its employees and was especially good to them during the Covid-19 crisis. Employees feel that the pay is good and the company provides excellent benefits. The company has experienced reorganization and made it challenging for employees to understand its mission. Another downside is that too many meetings hinder productivity.
IMF
IMF, short for International Monetary Fund, is committed to fostering global monetary cooperation, health, and stability. They open doors for international trade, increased employment, and economic growth. They rely on their chief economist to analyze financial trends. They also hire statistics experts, finance officers, and human resource officers.
What Does the IMF Pay Its Economists?
The company pays its economists $138,622 a year, which is higher than the annual average of economists in the US. The salary ranges between $109,181 and $251,539 and includes additional pay and bonuses.
IMF Reviews
According to Glassdoor, the company is applauded for its great benefits which include 20-day vacation leave, child support, and international health insurance. The downside is that there is a lot of company bureaucracy and few opportunities for career advancement.
Amazon
Amazon is a global leader in online retail and cloud services provider. Initially, it was a bookseller and then expanded to consumer goods and digital media. Besides hiring those with degrees in economics, they also look for other professionals like operations leaders, packers, and business analysts.
What Does Amazon Pay Its Economists?
The company pays its economists $134,977 per year. This is still considerably higher than the national average annual salary of economists.
Amazon Reviews
Amazon employees have both positive and negative reviews, according to Indeed. Some employees mention good benefits and friendly colleagues. On the downside, employees feel that management has favorites and acts unfairly, as a result. They also complain of an unhealthy work-life balance.
FTI Consulting
FTI Consulting is an advisory firm that helps clients deal with financial, legal, political, and operational disputes. It employs economists who offer proactive risk management by responding quickly to unexpected events. It also hires research analysts, data scientists, and project assistants.
What Does FTI Consulting Pay Its Economists?
The company is paying economists $109,529 a year, which slightly higher than the national annual average of a professional economist. The salary ranges between $82,115 and $136,652 and includes bonuses and additional pay.
FTI Consulting Reviews
The company was rated four out of five stars on Glassdoor, with both positive and negative reviews. Some employees mention that the environment is friendly, has a good work culture, paid time off, and a decent holiday policy. In contrast, some employees felt overworked and a lack of clarity when it came to career projection.
Moody’s Analytics
Moody’s Analytics provides analytical tools and financial intelligence to individual companies. This helps their business leaders in making wiser, faster decisions. The company has industry specialists who are instrumental in helping clients navigate an evolving marketplace. They provide efficient solutions by doing risk analyses.
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What Does Moody’s Analytics Pay Its Economists?
The company is paying its employees $95,506 yearly, which is lower than the average annual salary for economists. The company’s salary ranges between $78,793 and $129,925, including additional pay and bonuses.
Moody’s Analytics Reviews
According to reviews on Glassdoor, employees say it’s one of the best companies to work for as friendly colleagues surround them. They also state that they are happy with the pay. On the other hand, the company struggles to attract and retain talented employees.
RTI International
RTI International is an independent, nonprofit research institute dedicated to bettering the human condition. The company helps its clients answer questions that require an objective and multidisciplinary approach. To remain a trusted firm, they hire experienced professionals like programmers, chemists, and field interviewers.
What Does RTI International Pay Its Economists?
The annual average income of economists in this company is $92,903, which is about 14 percent lower than the national average salary for economists. The company provides common benefits like a retirement plan, paid time off, and a flexible schedule.
RTI International Reviews
Reviewers on Indeed state that the company pays for travel and gives employees the freedom to set their own schedules. In addition, the company has an inspiring work culture. However, a big disadvantage is that work can be taken from you without explanation.
AECOM
AECOM is known as a trusted infrastructure consulting firm. It delivers professional services during a project’s lifecycle. It provides planning, design, and engineering services to construction management. The company’s primary purpose is to make a better world through technical expertise and innovation.
What Does AECOM Pay Its Economists?
The company pays its economists $82,143 per year. This is considerably lower than the average annual salary for economists in the US. The annual salary ranges from $69,619 to $142,773 per year, and includes additional pay and bonuses.
AECOM Reviews
The company has mixed reviews, according to Glassdoor. Some employees mention that it has a friendly and pleasant atmosphere with a good work-life balance. Employees also felt satisfied with the work they were doing. Other employees report that the benefits are not competitive and layoffs happen too often.
Why You Should Become an Economist in 2023
You should become an economist in 2023 because economics students have many opportunities to find work. Economists understand public policy and economic principles, which allows them to work with leaders in industries regarding global change.
Best Companies for Economists FAQ
Economists are hired by research institutes, universities, healthcare, and government institutions. Private companies like finance consultancies and banks also need economists. In addition, they can be hired by an Internet company like Netflix or Microsoft.
With a degree in economics, you can be a statistician, lawyer, economist, actuary, financial analyst, or accountant. As an economics student you’ll learn different ways to look at environmental concerns, and economic growth. These critical thinking tools will help you in real-world scenarios.
The best economists work for local and federal governments. They also work for insurance companies, financial consultancies, and giant multinational companies.
Yes, economists get paid well. While some companies pay a below-average annual salary, there are many that pay well above the national average. The more prominent companies offer good benefits and bonuses.
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