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The Labor Market for New Ph.D.s in 2002

Author

Listed:
  • John J. Siegfried

    (Vanderbilt University and American Economic Association)

  • Wendy A. Stock

    (Department of Agricultural Economics and Economics, Montana State University)

Abstract

This paper reports results from a survey of the labor market experience of the 2001-02 class of Ph.D. economists. We estimate that 850 economics Ph.D.s were awarded by U.S. universities in 2001-02, down about 100 from five years earlier. Of these, 28 percent were women, and 37 percent U.S. citizens and permanent residents. On average, the graduates took 5.4 years to earn their Ph.D.s. Over 97 percent of the graduates secured a full-time job; 82 percent held permanent jobs; 59 percent were in academe. Ninety-four percent of respondents reported that they like their job. Those who do less research are more likely to be dissatisfied. The median salary of those holding full-time jobs in the U.S. is $74,000, up from $54,000 five years earlier, a compounded annual increase of 6.5 percent. Salaries of starting assistant professors are now significantly larger than the average of incumbent assistant professors at similar category institutions. Salary compression has progressed to salary inversion. A two-tier job market is emerging in academe, as the gap between the median annual nine-month salary of permanent (tenure-track) and temporary (visiting) academics has widened to $21,500. Nevertheless, 86 percent of the doctorates report that had they known at matriculation what they know now, they still would have pursued a Ph.D. in economics.

Suggested Citation

  • John J. Siegfried & Wendy A. Stock, 2004. "The Labor Market for New Ph.D.s in 2002," Vanderbilt University Department of Economics Working Papers 0401, Vanderbilt University Department of Economics.
    • Handle: RePEc:van:wpaper:0401
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    References listed on IDEAS

    as
    1. Charles E. Scott & John J. Siegfried, 2019. "American Economic Association Universal Academic Questionnaire Summary Statistics," AEA Papers and Proceedings, American Economic Association, vol. 109, pages 590-592, May.
    2. John J. Siegfried, 2003. "Trends in Undergraduate Economics Degrees, 1991 to 2002," The Journal of Economic Education, Taylor & Francis Journals, vol. 34(3), pages 291-294, January.
    3. Charles E. Scott, 1999. "American Economic Association Universal Academic Questionnaire Summary Statistics," American Economic Review, American Economic Association, vol. 89(2), pages 499-502, May.
    4. John J. Siegfried & Wendy A. Stock, 1999. "The Labor Market for New Ph.D. Economists," Journal of Economic Perspectives, American Economic Association, vol. 13(3), pages 115-134, Summer.
    5. Pantelis Kalaitzidakis & Theofanis P. Mamuneas & Thanasis Stengos, 2003. "Rankings of Academic Journals and Institutions in Economics," Journal of the European Economic Association, MIT Press, vol. 1(6), pages 1346-1366, December.
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    More about this item

    Keywords

    Labor markets for Ph.D. economists; economists' salaries; time-to-degree for economics Ph.D.;
    All these keywords.

    JEL classification:

    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists

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