According to data from the US Bureau of Labor Statistics, the average yearly pay for Marketing Managers is $153,440, compared to the average annual salary of $120,830 for Economists. As a result, Economists earn a lower salary than Marketing Managers.
However, it's important to keep in mind that the salary of an employee can be influenced by factors such as location and experience. In particular, Marketing Managers working in New York (with a salary of $190,760 on average) may earn more than those in Mississippi ($99,060). To provide another instance, Economists in New York have an average wage that is 124% higher than those in Arkansas.
Marketing Managers vs Economists overview
Marketing Managers and Economists are fundamental to the Professional, Scientific, and Technical Services industry. People are often interested in learning about the distinctions between these occupations, including the average salary for each of them.
Marketing Manager job description
Marketing Managers plan, direct, or coordinate marketing policies and programs, such as determining the demand for products and services offered by a firm and its competitors, and identify potential customers. Develop pricing strategies with the goal of maximizing the firm’s profits or share of the market while ensuring the firm’s customers are satisfied. Oversee product development or monitor trends that indicate the need for new products and services.
Marketing Manager education and experience
The majority of Marketing Managers (56%) have obtained a Bachelor's Degree. However this occupation also includes some employees who have a Master's Degree (24%) and a First Professional Degree (11%). In terms of experience, about a third of Marketing Manager jobs require a 8 to 10 years of experience in the field. A smaller percentage of jobs (19%) require a previous experience of 4 to 6 years.
Marketing Manager average salary
Based on data from the US Bureau of Labor Statistics, 278,690 Marketing Managers were employed by the United States in 2021, and their average annual salary was $153,440. The lowest earning 10 percent made $77,680 or less, and the highest earning 10 percent made $208,000 or more per year. Compared to the previous year, the average salary is down by 0.7%.
Do Marketing Managers make good money?
Marketing Managers usually receive good salaries, as their average salary is almost two times higher than the average wage in the United States ($58,260). Furthermore, they earn 68% more than the average wage of the Professional, Scientific, and Technical Services industry ($91,150).
Marketing Managers usually receive good salaries, as their average salary is almost two times higher than the average wage in the United States ($58,260).
Marketing Managers job growth
The employment of Marketing Managers has increased over the past two years. In 2021, there have been 8,490 more positions than the previous year nationwide, which marks a rise of 3.1%. The average job growth over the past 3 years has been 5.1%.
Economist job description
Economists 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.
Economist education and experience
Most Economists (61%) have a Doctoral Degree. But this field also includes some employees who have a Master's Degree (30%). In terms of experience, over half Economist occupations require no previous experience. A smaller portion of roles (17%) require a previous experience of 1 to 2 years.
Economist average salary
As stated by the US Bureau of Labor Statistics, the United States employed 15,640 Economists in 2021, and the average income they earned annually was $120,830. The bottom 10 percent had earnings of $62,460 or less, and the top 10 percent had earnings of $193,690 or more.
Do Economists make good money?
Economists are typically paid well, since their mean salary is 107% above the average pay in the United States ($58,260). Additionally, they make 78% more than the mean salary of the Federal, State, and Local Government industry ($67,800).
Economists are typically paid well, since their mean salary is 107% above the average pay in the United States ($58,260).
Economists job growth
The demand for Economists in the workforce has decreased in the last two years. In 2021, there have been 1,880 less job opportunities than the previous year across the nation, and that shows a decline of 10.7%. Over the past 3 years, job growth has averaged -5.5%.
FAQ
Do Marketing Managers or Economists make more?
The average earnings of Marketing Managers are about a quarter higher than those of Economists. On average, Economists make $120,830 per year, while Marketing Managers make $153,440.
How long does it take to become a Marketing Manager vs Economist?
Marketing Managers generally need a Bachelor's Degree. A Bachelor's Degree most often takes around 4 years to complete. On the other hand, Economists generally need a Doctoral Degree. A Doctoral Degree by itself most often takes between 4 years and 6 years to complete. But, considering that a Master's Degree must be completed first, it may take around 13 years to complete the full educational program.
Is it harder to become a Marketing Manager vs Economist?
Becoming an Economist is considerably harder than becoming a Marketing Manager, since an additional 9 years of education are necessary.
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