Economics degree salary expectations and gender wage gaps

Salaries and Expectations

Some duties of an economist or someone who graduates from college with a degree in economics are to perform analysis on issues that have an impact on economies. This includes surveying and interpreting data, utilizing mathematical models and implementing statistical analysis, creating tables, graphs and reports that clearly indicate or provide forecasting of market trends. Economists are employed by businesses, firms, multinational corporations, banks, governments, and various other groups or individuals who depend on having a perspective on the economy in order to manage money and investments. Economists are sometimes required to give guidance or create policies that address specific problems faced by organizations. Central banks like the Federal Reserve, for instance, rely upon the opinion of various economists in order to develop the appropriate guidance and/or strategies needed to meet market needs (Truity, 2015).

The earnings of an economist vary according to position and time in the field. A starting position in the economics field might yield one an average annual salary of $50,000 per year, while a median, mid-level, mid-career salary might approach the $100,000 mark. Top economists with years of experience can command salaries of double that (Wall Street Journal, 2015).

What I expect to earn upon graduating with a four-year degree in economics is a mid-level salary based upon the human capital that I bring to the field. I am a female student, early 30s, who has decided to return to college. I have over 16 years of work experience in banking, retail, customer service, and aviation. Not only am I reliable and a team player (evidenced by my past career), but I am also bilingual, which is a significant skill to possess in the global economic workplace. Thus, my human capital is worth substantially more than a four-year degree might otherwise indicate.

With this in mind, I would expect to earn around $55,000 per year, starting off. I understand that human capital brings with it certain aspects that are considered by employers, but in my situation, there are also other aspects that I understand will factor into my starting salary. First, being a woman I am well aware that the glass ceiling still exists and that women are paid significantly less than men in the same field. Second, while I do have substantial experience in the field of economics, I also have experience in other fields (such as aviation) and depending on how I market myself (whether I can connect the two fields in terms of human capital and show how the skills I exercised and developed in aviation can also apply to economics), my value to an employer may go up or down. Therefore, it is all about how I present myself, how I sell my skill set (including computer skills and a high Emotional Intelligence (EI), helpful in areas of transformational leadership).