How To Become An Applied Economics Professor
Learn everything you need to know about becoming an Applied Economics Professor, including salary, schools, and programs.
Applied Economics Professor Overview
As an Applied Economics Professor, you will play a significant role in the academic and practical application of economic theories to real-world issues. Your job primarily revolves around teaching, research, and community engagement. Here are key aspects of this position:
Teaching Responsibilities: You will prepare and deliver lectures, develop course materials, and assess student performance. Engaging students in discussions around economic models, data analysis, and policy implications is central to your role.
Research Contributions: Conducting original research in applied economics is a foundational aspect of your career. This entails publishing papers in academic journals, presenting findings at conferences, and contributing to the broader economic community.
Advising Students: You will guide students in their academic pursuits, helping them navigate their studies, choose research topics, and prepare for careers in economics or related fields.
Collaboration and Outreach: Engaging with government agencies, non-profits, and industry organizations is often key. You may collaborate on projects that apply economic research to solve real-world problems, providing valuable insights that drive public policy and business strategies.
Influence on Policy and Practice: Your expertise can significantly impact economic policy and practices, as you analyze data and provide recommendations that illustrate the economic implications of various decisions.
Continuous Professional Development: Remaining current with trends in the field through ongoing research, attending seminars, and participating in academic networks is essential for maintaining credibility and influence in the domain of applied economics.
This career path holds substantial importance, as it ensures that theoretical knowledge is effectively translated into practical applications, benefiting both academic institutions and the larger society.
Applied Economics Professor Salary
Data sourced from Career One Stop, provided by the BLS Occupational Employment and Wage Statistics wage estimates.
Required Education and Training To Become an Applied Economics Professor
To become an Applied Economics Professor, you will need to complete specific educational qualifications and training:
Bachelor's Degree: Start by earning a bachelor's degree in a related field such as Economics. This foundational degree provides essential knowledge of economic theories and principles.
Master's Degree: Obtain a master's degree in Applied Economics, Econometrics and Quantitative Economics, or a closely related field. This program will enhance your understanding of economic modeling, data analysis, and quantitative methods.
Ph.D. in Economics: Pursue a Doctor of Philosophy (Ph.D.) degree in Economics or a specialized area such as Economic Policy Analysis. The Ph.D. program should focus on in-depth research, advanced economic theory, and empirical analysis skills.
Dissertation: Complete a dissertation as part of your Ph.D. requirements, focusing on a topic in Applied Economics that contributes original research to the field.
Postdoctoral Experience (optional): Although not mandatory, engaging in postdoctoral research or teaching positions can enhance your expertise and improve your competitiveness for faculty positions.
By following this educational pathway, you will gain the necessary qualifications to teach Applied Economics at the university level.
Best Schools to become a Applied Economics Professor in U.S. 2024
University of California-Los Angeles
University of California-Berkeley
University of California-Santa Barbara
University of Chicago
University of California-Davis
University of Michigan-Ann Arbor
- Teach courses in economics.
- Includes both teachers primarily engaged in teaching and those who do a combination of teaching and research.
Required Skills and Competencies To Become an Applied Economics Professor
Analytical Skills: You should possess a strong ability to analyze complex data sets, interpret economic trends, and evaluate economic models. This skill is essential for research and teaching.
Quantitative Skills: Proficiency in statistical methods and econometrics is necessary for conducting empirical research and applying quantitative analysis to economic problems.
Research Skills: Strong research capabilities will enable you to design and execute rigorous studies. You should be adept at using econometric tools and databases to gather and analyze data.
Communication Skills: Effective written and verbal communication is vital. You need to present complex economic concepts in a way that is accessible to students, academic peers, and broader audiences.
Teaching Skills: You must be able to design course materials, deliver engaging lectures, and facilitate discussions in a classroom setting. Being approachable and responsive to student needs enhances the educational experience.
Interpersonal Skills: Building relationships with students, colleagues, and other stakeholders requires strong interpersonal skills. These skills will help you mentor students and collaborate on research projects.
Critical Thinking: Ability to think critically about economic issues and theories is essential. You should be prepared to question existing knowledge and propose new frameworks for understanding economic behavior.
Technical Proficiency: Familiarity with various software tools and programming languages, such as R, Python, or SAS, is important for data analysis and research purposes.
Time Management: Effective time management skills are necessary to balance teaching responsibilities, research activities, and administrative tasks.
Adaptability: The field of economics is continually evolving, and being adaptable will help you remain current with new research methods, economic theories, and technological advancements.
Networking Abilities: Building a network within the academic and professional community fosters collaboration opportunities and keeps you informed about developments in the field.
Job Duties for Applied Economics Professors
Conduct research in a particular field of knowledge and publish findings in professional journals, books, or electronic media.
Prepare and deliver lectures to undergraduate or graduate students on topics such as econometrics, price theory, and macroeconomics.
Prepare course materials, such as syllabi, homework assignments, and handouts.
Analytical or scientific software
- Minitab
- The MathWorks MATLAB
Computer based training software
- Learning management system LMS
- Moodle
Word processing software
- Google Docs
- Microsoft Word
Basic Skills
- Listening to others, not interrupting, and asking good questions
- Talking to others
People and Technology Systems
- Measuring how well a system is working and how to improve it
- Thinking about the pros and cons of different options and picking the best one
Problem Solving
- Noticing a problem and figuring out the best way to solve it
Current Job Market and Opportunites for an Applied Economics Professor
The job market for Applied Economics Professors is characterized by distinct trends and opportunities that you should consider as you navigate your academic career.
Demand for Applied Economists: There is a steady demand for Applied Economics Professors across various educational institutions, including universities, colleges, and research institutions. As economic issues become increasingly complex, the need for educators who can bridge theory and practice is more pronounced.
Growth Potential: The field of applied economics is experiencing growth, driven by the need for research and expertise in public policy, environmental economics, labor economics, and international trade. As educational institutions continue to bolster their economics departments, there will be more opportunities for tenure-track and non-tenure track positions.
Geographical Hotspots: Certain regions in the United States exhibit higher concentrations of job opportunities for Applied Economics Professors:
- Northeast: This region, particularly states like Massachusetts and New York, has numerous prestigious universities and research institutions that prioritize economics.
- West Coast: California, with its extensive university system and tech-driven economy, offers a rich environment for applied economists.
- Midwest: States like Illinois and Michigan are home to major research universities and are known for their contributions to economic research and education.
- South: Universities in states such as Texas and Florida are expanding their academic programs and hiring faculty specializing in applied economics.
Industry Collaboration: There is increasing collaboration between academia and industry, which presents opportunities for Applied Economics Professors to engage in research partnerships and projects that address real-world economic challenges. This trend enhances the visibility and relevance of economics programs, fostering job openings in academic institutions.
Interdisciplinary Roles: The rise of interdisciplinary studies has led to a greater integration of economics with fields such as environmental science, public health, and data analysis. This merging of disciplines creates demand for Applied Economists who can teach and conduct research that aligns with broader societal issues.
Online Education Growth: The expansion of online education has opened up new avenues for Applied Economics Professors to reach a wider audience. Many institutions are increasingly offering online programs, which may lead to more flexible teaching positions.
Consider these factors as you evaluate potential job opportunities in the field of applied economics, keeping an eye on trends that may influence your career path.
Top Related Careers to Applied Economics Professor 2024
Additional Resources To Help You Become an Applied Economics Professor
American Economic Association (AEA)
The AEA is a key professional association for economists. Their website offers resources such as research publications, job listings, and access to conferences.
Visit AEANational Bureau of Economic Research (NBER)
NBER is a leading nonprofit economic research organization. Their publications and working papers are invaluable for keeping up with the latest economic research.
Visit NBERThe Econometric Society
This international society focuses on the advancement of economic theory in relation to statistics and mathematics. They provide access to journals, conferences, and a network of economists.
Visit Econometric SocietyJournal of Applied Economics
This peer-reviewed journal publishes original research that significantly contributes to the applied economics field. It serves as a platform for economists to share applied research findings.
Visit Journal of Applied EconomicsThe Economic Policy Institute (EPI)
EPI is a nonprofit think tank that conducts research and analysis on economic issues. It offers valuable resources for understanding applied economics in policy contexts.
Visit EPIAcademy of Management Journal (AMJ)
This journal publishes empirical research that tests, extends, or builds management theory and contributes to management practice. It is relevant for those interested in applied economics in business settings.
Visit AMJChronicle of Higher Education
This publication covers news and opinions on academic issues, including job trends and educational resources relevant to higher education faculty.
Visit Chronicle of Higher EducationLinkedIn Groups
Join groups such as "Academics & Researchers" or "Economics Professionals" for networking and discussions relevant to applied economics.
Visit LinkedInResearchGate
This social networking site for scientists and researchers allows you to follow the work of economics scholars and contribute your research to a global audience.
Visit ResearchGateCouncil on Undergraduate Research (CUR)
CUR promotes and supports undergraduate research across disciplines, making it a useful organization for applied economics professors involved in undergraduate teaching and mentorship.
Visit CUR
These resources can provide you with essential insights and connections as you pursue a career as an Applied Economics Professor.
FAQs About Becoming an Applied Economics Professor
What qualifications do I need to become an Applied Economics Professor?
You typically need a Ph.D. in Economics or a closely related field. Additionally, a strong academic record, research experience, and a demonstrated ability to teach are essential.What type of experience is beneficial for this career?
Relevant experience includes conducting research, publishing academic papers, and teaching undergraduate or graduate-level courses. Practicing applied economists may also find their real-world experience valuable.What are the primary responsibilities of an Applied Economics Professor?
Your responsibilities will include delivering lectures, conducting research, publishing findings, advising students, and participating in departmental or university committees.How can I enhance my teaching skills as a professor?
Attend workshops focused on teaching methodologies, seek student feedback, observe peer lecturers, and stay current with advancements in educational technologies.What is the typical work environment for an Applied Economics Professor?
Professors usually work in a university setting, which may involve a combination of office hours, classrooms, and research facilities. Some professors may also participate in community outreach or policy advisory roles.What is the job outlook for Applied Economics Professors?
The job outlook is generally positive, particularly as demand for economics education remains strong. However, competition for tenure-track positions can be intense.How much do Applied Economics Professors earn?
Salaries can vary widely based on experience, institution type (public vs. private), and location. According to recent surveys, the average salary typically ranges from $80,000 to $140,000 annually.Are there opportunities for advancement in this career?
Yes, advancement opportunities include becoming a department chair, dean, or other administrative roles within the university. You may also pursue research positions or collaborate with governmental and private sectors.What are common challenges faced by Applied Economics Professors?
You may encounter challenges such as securing funding for research, balancing teaching and research commitments, and staying current with rapidly changing economic theories and data.How important is research in this profession?
Research is crucial as it contributes to your academic reputation and can influence your teaching. It also helps you stay engaged with the latest developments in applied economics.Can I pursue a career in industry after being a professor?
Yes, many professors transition to roles in finance, policy advising, or think tanks. Your academic background can be advantageous in these fields and may open up unique opportunities.What professional organizations should I consider joining?
Consider joining organizations such as the American Economic Association (AEA), the National Association for Business Economics (NABE), or the Association for Social Economics (ASE) for networking and professional development opportunities.