How to Become an Economics Professor: Is it the Right Career for You?

Economics Professor Career Video

Becoming an economics professor is a fulfilling career path for individuals passionate about economic theory, research, and teaching. These professionals play a vital role in shaping the minds of future economists, policymakers, and business leaders. This might be your perfect career if you enjoy analyzing data, solving complex problems, and explaining how economies function. This article will explore the job duties, work environment, educational path, and opportunities for economics professors, helping you decide if this profession suits your skills and aspirations.

Is a Career as an Economics Professor Right for You? Take Our Career Test

Our career test, also known as a career aptitude test, can help you determine if becoming a Religious Activities & Education Director aligns with your strengths, skills, and passions.

The Career Fit Test™ includes three powerful career assessments:
✅ A career test to explore your best job matches
✅ A career aptitude test to identify your skills and strengths
✅ A personality trait quiz to understand your work style

Your personalized Career Fit Test™ Premium Report will help you:
🔹 Discover your strengths and top career matches
🔹 Find the career that fits you best from over 900 options
🔹 Gain clarity and confidence in pursuing meaningful work

👉 Take the Free Career Test

👉 Learn More About the Career Test

What Do Economics Professors Do?

Economics professors are at the heart of higher education, shaping the understanding of economic systems, theory, and policy for future leaders, analysts, and academics. Their responsibilities extend beyond the classroom, combining instruction, research, mentorship, and service to their institutions and professional communities.

Teaching Responsibilities

At the core of an economics professor's role is teaching. Professors typically teach undergraduate and graduate-level courses in a wide array of subjects, such as:

  • Microeconomics – the study of individual markets and decision-making.
  • Macroeconomics – the analysis of national economies, including growth, inflation, and unemployment.
  • International Trade and Finance – focusing on global economic relations, exchange rates, and trade policy.
  • Econometrics – applying statistical and mathematical models to economic data.
  • Public Policy and Economics – analyzing how government policy affects economic performance.

Professors are responsible for designing and updating course syllabi, preparing lectures and presentations, selecting appropriate textbooks and readings, and assessing student performance through exams, research papers, problem sets, and class participation.

They also:

  • Hold regular office hours to support students outside of class.
  • Advise students on academic progress, internships, and career planning.
  • Mentor graduate students, guiding them through thesis work or dissertations.
  • Supervise teaching or research assistants, especially at research universities.
  • Develop digital and hybrid courses, using learning management systems, videos, simulations, and online assessments to enhance engagement.

In some cases, professors are also involved in community outreach or continuing education programs, helping to bring economic literacy to a broader audience.

Research and Publications

In addition to teaching, economics professors are expected to pursue original research in their area of expertise. This scholarly work contributes to their institution's academic reputation and informs real-world economic policy and practice. Professors often spend substantial time:

  • Formulating research questions that explore economic theories or address current issues.
  • Collecting and analyzing data, using statistical software and econometric models.
  • Publishing their findings in peer-reviewed academic journals, policy papers, and books.
  • Presenting research at academic conferences, seminars, and policy forums.

Their research topics are often specialized and may span a wide range of fields, including:

  • Labor Economics – understanding employment trends, wage dynamics, and workforce development.
  • Development Economics – analyzing strategies to reduce poverty and foster growth in emerging economies.
  • Financial Economics – studying markets, investments, banking systems, and corporate finance.
  • Public Finance – evaluating taxation, government spending, and fiscal policy.
  • Environmental Economics – exploring the intersection of economic activity and environmental sustainability.

High-impact research can influence legislation, shape public policy, and contribute to economic understanding at national and international levels.

Administrative and Service Roles

Beyond teaching and research, economics professors are also active participants in the academic community through administrative and service responsibilities. These tasks are essential for the functioning and development of academic institutions and departments.

Typical service roles include:

  • Serving on faculty committees, such as curriculum development, admissions, hiring, or tenure review.
  • Contributing to program and course design, ensuring content reflects current economic developments and best pedagogical practices.
  • Organizing seminars, conferences, or workshops, often inviting guest economists or presenting their work.
  • Reviewing submissions for academic journals, grant applications, and conference papers as peer reviewers or editorial board members.

Professors who excel in leadership may also take on roles such as:

  • Department Chair – managing faculty, budgets, and department strategy.
  • Program Director – overseeing undergraduate or graduate economics programs.
  • Research Center Head – directing specialized research initiatives or interdisciplinary projects.

Many professors are members of professional organizations such as the American Economic Association (AEA), the National Bureau of Economic Research (NBER), or regional economic societies. Participation in these groups keeps them informed of the latest scholarship, policy debates, and opportunities for collaboration.

What Is the Working Environment for an Economics Professor?

Academic Institutions

Economics professors typically work in colleges, universities, and professional schools. These public or private institutions range from small liberal arts colleges to large research universities. Some professors may also teach at community colleges or online institutions.

Work Schedule

Most economics professors work full-time, combining teaching, research, and service responsibilities. Tenured professors often have greater flexibility, but the job can still demand long hours, especially during grading periods, research deadlines, or committee work.

Opportunities for Growth

Professors can attend and present at national and international conferences, collaborate with colleagues on interdisciplinary research, and publish their findings. As they gain experience, they may pursue tenure, which provides job security and academic freedom.

How Do You Become an Economics Professor?

Step 1: Earn a Bachelor’s Degree

The journey typically begins with a bachelor's degree in economics or a related field such as mathematics, political science, or finance. This foundational education provides essential economic theory, statistics, and data analysis skills.

Step 2: Complete a Graduate Degree (Ph.D.)

Becoming a professor generally requires a doctoral degree (Ph.D.) in economics. During a Ph.D. program, students take advanced coursework, pass qualifying exams, and complete original research culminating in a dissertation. Graduate students often gain teaching experience as instructors or teaching assistants.

Step 3: Build Research Experience and Publish

Aspiring professors should begin building a strong research portfolio during their doctoral studies. Publishing in respected journals, presenting at conferences, and receiving research grants are critical for establishing academic credibility.

Step 4: Apply for Academic Positions

Entry-level academic positions include assistant professor or lecturer. Candidates must submit a comprehensive application package, including a CV, cover letter, teaching philosophy, and research statement.

Step 5: Pursue Tenure and Advancement

Once hired, professors work toward tenure by excelling in teaching, research, and service. After securing tenure, they may be promoted to associate or full professor, potentially moving into administrative roles.

What Is the Salary of an Economics Professor?

According to the U.S. Bureau of Labor Statistics (BLS), the median annual wage for postsecondary economics teachers was $107,260 as of May 2023.

Salaries can vary depending on the institution's type, geographic location, and academic rank. Tenured professors at research universities typically earn higher wages than lecturers or adjunct faculty.

What Is the Labor Market for Economics Professors?

The employment of postsecondary teachers, including economics professors, is projected to grow by 8% from 2022 to 2032, faster than the average for all occupations. Growth will be driven by increasing college enrollments and demand for specialized knowledge in economics, data analysis, and policy.

Competition for tenure-track positions can be intense, particularly at prestigious institutions. However, teaching-focused colleges, community colleges, and online education opportunities exist.

What Are the Pros and Cons of Being an Economics Professor?

Pros

  • Intellectual Fulfillment: Engage in meaningful research and explore economic theories.
  • Job Security: Tenure-track positions offer long-term stability.
  • Flexible Schedule: Professors often have control over their teaching and research time.
  • Opportunities for Impact: Influence public policy and mentor future economists.

Cons

  • Long Path to Entry: Requires years of graduate education and research.
  • Competitive Job Market: Securing tenure-track roles can be challenging.
  • Workload Pressure: Balancing teaching, research, and service demands is intense.
  • Publication Pressure: Career advancement depends heavily on publishing in high-quality journals.

What Are the Careers Related to Being an Economics Professor?

  • Economist: Conduct research, prepare reports, and plan to address economic problems.
  • Market Research Analyst: Study market conditions to examine potential sales of a product or service.
  • Financial Analyst: Evaluate investment opportunities by analyzing financial data and trends.
  • Statistician: Apply mathematical and statistical techniques to analyze and interpret data.
  • Policy Analyst: Research and evaluate public policies to recommend improvements and develop strategies.

Economics Professor - An Investigative Career Path

An Economics Professor is a profession that aligns with the Investigative and Enterprising personality types in the Holland Code (RIASEC) system. This framework helps match your interests and traits with compatible careers. You can learn your unique three-letter Holland Code by taking the Career Fit Test™.

Those with Investigative personalities enjoy analyzing data, exploring complex theories, and conducting research, while Enterprising individuals thrive in leadership roles and enjoy persuading and guiding others. As an Economics Professor, you’ll teach university-level courses in microeconomics, macroeconomics, econometrics, and policy analysis. You'll also conduct original research, publish scholarly articles, and advise students pursuing careers in business, government, or academia. This role is ideal for individuals passionate about economic theory, critical thinking, and shaping future leaders in economic and financial policy.

Comprehensive List of Investigative Careers

Below are many more investigative careers. Also, see our article, How to Choose Investigative Careers.

To determine which careers best fit you, take a career test such as the Career Fit Test™.

What Types of Jobs Can an Economics Professor Pursue?

Beyond traditional faculty roles, economics professors can explore a variety of career paths:

  • Research Fellow: Work at think tanks or research institutions conducting independent studies.
  • Policy Advisor: Provide expertise for government agencies or international organizations.
  • Author or Textbook Writer: Create educational materials for students and professionals.
  • Administrative Roles: Serve as department chair, dean, or provost.
  • Consultant: Offer specialized advice to corporations, nonprofits, or governments.

What Websites Are Best for Finding Economics Professor Jobs?

How Do I Know If I Should Be an Economics Professor?

Take a Career Aptitude Test

Determining if this career aligns with your strengths and interests can start with a career aptitude test. The Free Career Fit Test™ is an excellent tool that includes:

  • Career Test: Matches your interests to suitable career options, including academia.
  • Career Aptitude Assessment: Identifies your skills in analytical reasoning and communication.
  • Personality Trait Quiz: This quiz highlights personal qualities of successful professors, such as curiosity, patience, and critical thinking.

The Premium Report offers a detailed Skills Map™, helping you uncover your strengths, explore your best-fit careers, and craft a roadmap to live your calling in work you love.

Conduct Informational Interviews

Speak with current economics professors to gain firsthand insights. Ask questions like:

  • What inspired you to pursue this path?
  • What are the challenges and rewards of your role?
  • How do you balance research and teaching?

These conversations can provide a realistic view of the profession and help determine if it matches your goals.

Evaluate Your Passion and Commitment

Success in academia requires dedication to lifelong learning, research excellence, and student mentorship. Reflect on your:

  • Interest in economic theory and analysis
  • Patience for long academic journeys
  • Ability to work independently and collaboratively
  • Desire to contribute to public knowledge and policy

Try Teaching or Tutoring

Gaining experience in teaching—even informally—can help assess your aptitude. Consider tutoring, leading workshops, or assisting in research labs.

How Can I Learn More About a Career as an Economics Professor?

Conclusion

A career as an economics professor offers a unique opportunity to blend intellectual curiosity, academic freedom, and real-world impact. Whether you inspire students in the classroom, conduct research that informs national policy, or engage in debates that shape economic thought, this role allows you to contribute meaningfully to education and society.

However, the journey to becoming an economics professor is demanding. It typically requires years of advanced education, often culminating in a Ph.D., a strong research portfolio, teaching experience, and dedication to scholarly service. Balancing teaching, research, and administrative duties can be challenging, especially in the competitive world of academia. Yet the rewards are profound for those passionate about economics and wanting to mentor others.

If you're considering this career path, the first step is self-reflection. Are you deeply interested in understanding economic systems and solving complex problems? Do you enjoy teaching and sharing knowledge with others? Are you prepared to commit to the rigorous demands of graduate school and academic research?

To help answer these questions, tools like the Free Career Fit Test™ are invaluable. This test includes three powerful career assessments:

The Career Fit Test™ Premium Report insights can help you uncover your strengths, discover your best-fit careers, and create a personalized plan to pursue work that aligns with your values and goals. It’s a comprehensive tool for making informed decisions and building a meaningful career.

In addition to using career tests, consider conducting informational interviews with current economics professors. Ask them about their academic path, daily responsibilities, and what they find most fulfilling or challenging. Shadowing a professor, attending public lectures, or assisting with research can also give you hands-on experience that will clarify your interest and aptitude for the profession.

Ultimately, deciding whether to become an economics professor is not just about meeting academic requirements—it’s about aligning your passion for economics with a lifelong commitment to learning, discovery, and mentorship. By thoughtfully assessing your goals, values, and abilities, you can determine if this path will lead you toward a fulfilling and impactful career.

Whether you pursue this profession or explore a related path, finding work that allows you to live your calling is the foundation of a rewarding professional life. Start by researching, asking questions, and taking that first step with a career test. The future is full of opportunity, and it begins with knowing yourself.