How much does an economics professor make?
a year · about $60 an hour
A typical economics professor in the United States makes $123,920 a year, about $60 an hour, about 2.4× a typical US worker (median, May 2025, US Bureau of Labor Statistics).
What do they do?
They prepare a lesson and teach a class about prices or markets, then grade assignments and meet students during office hours. Some days also include analyzing data and writing research papers.
Did you know? Some U.S. economics professors also consult for government agencies or businesses, using their expertise beyond the classroom.
Is that a lot?
Compared with jobs you knowIf 100 people had this job
Most earn between $64,060 and $224,200How do you become one?
In the United States, study economics in college and usually earn a Ph.D. in economics; four-year colleges typically expect a doctorate. Some community colleges or part-time posts may accept a master's degree or a doctoral student.
School needed: Graduate degree or long training
Good for people who like helping and teaching and figuring things out
Why does pay differ?
In the United States, pay can differ with experience, academic rank, responsibilities, and the college’s type and location. Full-time and part-time jobs can pay differently, too, because people may work different hours.
Where does it pay most?
Highest in New Hampshire ($201,610), lowest in Arkansas ($76,610).
See every state
Top 5 and bottom 3 states, typical (median) yearly pay.
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Data table and sources
| Lower earner (10th from bottom) | Typical person (median) | Higher earner (10th from top) | People in this job |
|---|---|---|---|
| $64,060 | $123,920 | $224,200 | about 12,000 |
| State | Typical person (median) | People in this job |
|---|---|---|
| New Hampshire | $201,610 | about 80 |
| Massachusetts | $164,410 | about 750 |
| District of Columbia | $161,860 | about 220 |
| Connecticut | $155,950 | about 300 |
| California | $137,360 | about 770 |
Official definition: Teach courses in economics. Includes both teachers primarily engaged in teaching and those who do a combination of teaching and research.
Source: US Bureau of Labor Statistics, OEWS May 2025 (bls.gov); descriptions and related jobs from O*NET 31.0. Figures as of May 2025, full-time yearly pay (hourly × 2,080 hours). bls.gov/oes · O*NET OnLine
Pages used for the text
- www.bls.gov/ooh/education-training-and-library/postsecondary-teachers.htm
- www.onetonline.org/link/summary/25-1063.00
- www.bls.gov/oes/2022/may/oes251063.htm
- www.nber.org/system/files/working_papers/w33005/w33005.pdf
Data: US BLS OEWS, May 2025 · 1 USD = 150 JPY