How much money do health economists make? Using a 2005 survey of about 1500 members of the International Health Economics Association (iHEA), Cawley and Morrisey (2007) attempt to answer this question in a paper release this month in the Journal of Health Economics.
For academic careers, the study finds the following mean earnings figures:
Econ Ph.Ds | Other doctoral degrees | |||
9 mo. | 12 mo. | 9 mo. | 12 mo. | |
Assistant Prof | 82,315 | 84,100 | 94,116 | 91,777 |
Associate Prof | 91,847 | 108,428 | – | 96,167 |
Professor | 150,645 | 171,357 | 105,000 | 135,600 |
The authors also compare their findings with those of other studies:
Assist. Prof | Assoc. Prof | Professor | ||
CM | Econ Dept | 81,367 | 88,692 | 137,789 |
AEA | Econ Dept | 71,112 | 79,806 | 101,652 |
CM | Business School | 110,561 | – | 135,305 |
AACSB | Business School | 73,924 | 78,576 | 107,732 |
CM | School of Pub. Health | 77,588 | 102,167 | 151,653 |
ASPH | School of Pub. Health | 77,439 | 97,387 | 136,576 |
CM stands for Cawley Morrisey; AEA stands for the American Economic Association Universal Academic questionnaire; AACSB stands for the Association to Advance Collegiate Schools of Business; and ASPH stands for the Association of School of Public Health. The study also finds that 82% of health economists earn some consulting income (e.g.: book royalties, witness fees, etc.). The mean consulting income is about $17,000, but this distribution is right-skewed so the median is only $6000.
Finally, the authors look at job offers for recent Economics PhD graduates who specialize in health care.
9 mo. | 12 mo. | |
Arts and Sciences | 74,261 | 78,333 |
Business School | 79,700 | 128,333 |
Public Health | 65,100 | 77,793 |
Medicine | – | 80,181 |
Government | – | 72,621 |
Not-for-profit | – | 79,444 |
For-profit | – | 86,667 |
- Cawley and Morrisey (2007) “The earnings of U.S. health economists,” Journal of Health Economics, vol. 26 (2), pp. 358-372.