What Do Economics Professors Do?

Job Description: Teach courses in economics. Includes both teachers primarily engaged in teaching and those who do a combination of teaching and research.

Life as an Economics Professor: What Do They Do?

• Participate in campus and community events.
• Select and obtain materials and supplies, such as textbooks.
• Write grant proposals to procure external research funding.
• Serve on academic or administrative committees that deal with institutional policies, departmental matters, and academic issues.
• Supervise undergraduate or graduate teaching, internship, and research work.
• Participate in student recruitment, registration, and placement activities.

Skills Needed to be an Economics Professor

Below is a list of the skills most Economics Professors say are important on the job.

Speaking: Talking to others to convey information effectively.

Reading Comprehension: Understanding written sentences and paragraphs in work related documents.

Active Listening: Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.

Writing: Communicating effectively in writing as appropriate for the needs of the audience.

Instructing: Teaching others how to do something.

Types of Economics Professor Jobs

• Business Administration Program Chair
• College or University Faculty Member
• Assistant Professor
• Industrial Economics Professor
• Associate Professor

Job Outlook for Economics Professors

In 2016, there was an estimated number of 16,500 jobs in the United States for Economics Professors.

New jobs are being produced at a rate of 10.6% which is lower than average. The Bureau of Labor Statistics predicts 1,800 new jobs for Economics Professors by 2026. The BLS estimates 1,500 yearly job openings in this field per year.

The states with the most job growth for Economics Professors are New York, California, and Texas.

Watch out if you plan on working in Wyoming, Vermont, or New Hampshire. These states have the worst job growth for this type of profession.

Do Economics Professors Make A Lot Of Money?

The typical yearly salary for Economics Professors is somewhere between $51,070 and $202,460. The median salary is $101,480.

Below is a list of the median annual salaries for jobs of this type in different U.S. states.

Annual Mean Salary by State

State	Annual Mean Salary
New Hampshire	$161,830
Rhode Island	$156,620
California	$139,050
Iowa	$133,600
Pennsylvania	$131,060
Tennessee	$130,170
New York	$129,370
Illinois	$128,340
Indiana	$126,230
Massachusetts	$125,120
Wisconsin	$119,560
Maryland	$119,300
Utah	$117,380
New Jersey	$117,220
Florida	$116,920
Texas	$115,240
Alabama	$114,020
Kansas	$114,000
Michigan	$111,530
Oregon	$110,860
District of Columbia	$110,350
Minnesota	$110,060
Ohio	$109,960
Missouri	$108,240
North Carolina	$106,080
Colorado	$104,530
Louisiana	$101,670
Georgia	$101,590
Virginia	$101,290
Nebraska	$99,920
Maine	$99,630
Connecticut	$98,870
Mississippi	$96,740
Arkansas	$94,750
North Dakota	$93,610
West Virginia	$90,800
Washington	$89,490
Hawaii	$87,520
South Dakota	$86,280
Kentucky	$85,500
Idaho	$83,550
Nevada	$79,310
South Carolina	$70,190

What Tools do Economics Professors Use?

Below is a list of the types of tools and technologies that Economics Professors may use on a daily basis:

• Minitab
• Microsoft Office
• Microsoft Excel
• Microsoft Access
• Data entry software
• R
• Microsoft Outlook
• The MathWorks MATLAB
• Google Docs
• Microsoft PowerPoint

How to Become an Economics Professor

Are there Economics Professor education requirements?

How many years of work experience do I need?

Where do Economics Professors Work?

References

Bureau of Labor Statistics

College Factual

O*NET Online

Image Credit: Via Wikimedia Commons