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Economists in Maryland

Want to work as an Economists in Maryland? Here’s what the data says. Conduct research, prepare reports, or formulate plans to address economic problems related to the production and distribution of goods and services or monetary and fiscal policy. May collect and process economic and statistical data using sampling techniques and econometric methods. Excludes “Market Research Analysts and Marketing Specialists” (13-1161).

What do Economists Make in Maryland?

The economists working in Maryland, the typical annual salary is $137,610 per year (or roughly $66.16/hour).Earnings range from $80,970 at the 10th percentile to $191,880 at the 90th percentile.

Wage Statistic	Annual	Hourly
10th percentile	$80,970	$38.93
25th percentile	$105,810	$50.87
Median (50th)	$137,610	$66.16
75th percentile	$175,070	$84.17
90th percentile	$191,880	$92.25

The job concentration index in Maryland nationwide is 3.24, indicating that economists are more concentrated here than the national average.

National Wage Comparison

Nationally, economists earn a median of $73,611 per year ($35.39/hour), exceeding the Maryland median.

Employment Outlook

National employment for 34,480 economists in the U.S.. In Maryland alone, around 920 people work in this role. That puts the state above the typical state, which employs around 210 economists.

Top Maryland Metros for Economists

The largest metro-area employers of economists in Maryland.

Metro Area	Number Employed	Annual Median Salary
Baltimore-Columbia-Towson, MD	200	$125,630

Top States for Economists Employment

View the states that employ the most economists work.

State	Number Employed
District of Columbia	3,010
California	1,400
Virginia	970
Maryland	920
New York	870
Massachusetts	770
Pennsylvania	710
South Carolina	660
Texas	620
Illinois	590
Washington	470
Florida	460
Georgia	340
Wisconsin	330
Michigan	280
Oregon	270
North Carolina	250
Colorado	230
Minnesota	210
Missouri	210

Highest-Paying States for Economists

The highest-paying states for economists.

State	Annual Median Salary
District of Columbia	$162,610
Virginia	$148,010
New York	$142,300
Maryland	$137,610
Georgia	$127,220
Ohio	$117,750
Washington	$116,390
Missouri	$115,520
Kansas	$115,100
Pennsylvania	$113,300

Skills

Key economists skills, rated on an importance scale of 0 to 5:

Knowledge Areas

Core knowledge areas for this occupation, rated on an importance scale of 0 to 5:

Abilities

The abilities that matter most for economists, rated on an importance scale of 0 to 5:

Daily Tasks

Economists typically:

• Study economic and statistical data in area of specialization, such as finance, labor, or agriculture.
• Compile, analyze, and report data to explain economic phenomena and forecast market trends, applying mathematical models and statistical techniques.
• Study the socioeconomic impacts of new public policies, such as proposed legislation, taxes, services, and regulations.
• Explain economic impact of policies to the public.
• Review documents written by others.
• Provide advice and consultation on economic relationships to businesses, public and private agencies, and other employers.
• Formulate recommendations, policies, or plans to solve economic problems or to interpret markets.
• Supervise research projects and students' study projects.
• Conduct research on economic issues, and disseminate research findings through technical reports or scientific articles in journals.
• Develop economic guidelines and standards, and prepare points of view used in forecasting trends and formulating economic policy.
• Teach theories, principles, and methods of economics.
• Testify at regulatory or legislative hearings concerning the estimated effects of changes in legislation or public policy, and present recommendations based on cost-benefit analyses.

Work Activities

• Analyzing Data or Information
• Getting Information
• Working with Computers
• Processing Information
• Interpreting the Meaning of Information for Others
• Updating and Using Relevant Knowledge
• Communicating with Supervisors, Peers, or Subordinates
• Communicating with People Outside the Organization
• Making Decisions and Solving Problems
• Thinking Creatively
• Estimating the Quantifiable Characteristics of Products, Events, or Information
• Organizing, Planning, and Prioritizing Work

Tools & Technology

Technologies frequently used: Hot technologies: C++, IBM SPSS Statistics, Microsoft Access In-demand technologies: Microsoft Excel, Microsoft Office software

What Major Will Prepare You For This Career?

Programs that train for this career include:

• Economics
• Political Science & Government
• Applied Mathematics
• Managerial Economics
• Agricultural Economics
• Philosophy, Politics, and Economics
• Mathematical Economics
• Economics and Computer Science
• Economics and Foreign Language/Literature
• Natural Resource Management
• Pharmacy/Pharmaceutical Sciences

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Related Careers

Related occupations to economists include:

• Investment Fund Managers
• Market Research Analysts and Marketing Specialists
• Financial and Investment Analysts
• Personal Financial Advisors
• Financial Risk Specialists
• Financial Quantitative Analysts

Also Known As

Agricultural Economist, Business Economist, Consultant Economist, Econometrician, Economic Advisor, Economic Analyst, Economic Consultant, Economic Developer, Economic Development Manager, Economic Development Specialist, Economic Research Analyst, Economic Specialist, Economist, Environmental Economist, Financial Economist.

References

• U.S. Bureau of Labor Statistics, Occupational Employment and Wage Statistics — https://www.bls.gov/oes/
• O*NET Online — https://www.onetonline.org/
• BLS Employment Projections — https://www.bls.gov/emp/
• O*NET-SOC code: 19-3011.00