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Where Are They Now? Tracking the Ph.D. Class of 1997

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  • Wendy A. Stock

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

  • John J. Siegfried

    ()
    (Department of Economics, Vanderbilt University and Secretary-Treasurer, American Economic Association)

Abstract

We report early career outcomes of economics Ph.D.s by tracking the U.S. class of 1996–1997. We examine employment outcomes, work activities, salaries, and graduates' attitudes toward their jobs. By 2003, all of the respondents were employed, although almost half changed employers during the six years. Salaries of the cohort increased at an average annual rate of 8.2% from 1997 through 2003. Academic-year salaries rose about 5.7% per year, whereas private sector salaries skyrocketed at 15% per year. Finally, the median salaries of first-year full-time permanent 9- to 10-month academic economists hired in 2002–2003 actually exceed the median 2003 salaries of their counterparts initially hired in 1997–1998. Some of this apparent salary inversion reflects a different mix of employers and departments between the two cohorts, with the younger group securing relatively more jobs at higher-paying institutions.

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Bibliographic Info

Article provided by Southern Economic Association in its journal Southern Economic Journal.

Volume (Year): 73 (2006)
Issue (Month): 2 (October)
Pages: 472–488

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Handle: RePEc:sej:ancoec:v:73:2:y:2006:p:472-488

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References

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  1. Charles E. Scott & John J. Siegfried, 2013. "American Economic Association Universal Academic Questionnaire Summary Statistics," American Economic Review, American Economic Association, vol. 103(3), pages 678-82, May.
  2. Ransom, Michael R, 1993. "Seniority and Monopsony in the Academic Labor Market," American Economic Review, American Economic Association, vol. 83(1), pages 221-33, March.
  3. Hansen, W Lee & Weisbrod, Burton A & Strauss, Robert P, 1978. "Modeling the Earnings and Research Productivity of Academic Economists," Journal of Political Economy, University of Chicago Press, vol. 86(4), pages 729-41, August.
  4. Donna K. Ginther & Shulamit Kahn, 2004. "Women in Economics: Moving Up or Falling Off the Academic Career Ladder?," Journal of Economic Perspectives, American Economic Association, vol. 18(3), pages 193-214, Summer.
  5. Buchmueller, Thomas C. & Dominitz, Jeff & Lee Hansen, W., 1999. "Graduate training and the early career productivity of Ph.D. economists," Economics of Education Review, Elsevier, vol. 18(1), pages 65-77, February.
  6. John M. McDowell & Larry D. Singell & Jr & James P. Ziliak, 2001. "Gender and promotion in the economics profession," Industrial and Labor Relations Review, ILR Review, Cornell University, ILR School, vol. 54(2), pages 224-244, January.
  7. Larry D. Singell & Joe A. Stone, 1993. "Gender Differences In Ph.D. Economists' Careers," Contemporary Economic Policy, Western Economic Association International, vol. 11(4), pages 95-106, October.
  8. Paul W. Grimes & Meghan J. Millea & Kevin E. Rogers, 2004. "Regional Mobility of Economists: An Extension," Journal of Labor Research, Transaction Publishers, vol. 25(1), pages 127-138, January.
  9. Bernt Bratsberg & James F. Ragan & Jr & John T. Warren, 2003. "Negative returns to seniority: New evidence in academic markets," Industrial and Labor Relations Review, ILR Review, Cornell University, ILR School, vol. 56(2), pages 306-323, January.
  10. 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.
  11. Siegfried, John J & White, Kenneth J, 1973. "Financial Rewards to Research and Teaching: A Case Study of Academic Economists," American Economic Review, American Economic Association, vol. 63(2), pages 309-15, May.
  12. Byron W. Brown & Stephen A. Woodbury, . "Seniority, External Labor Markets, and Faculty Pay," Upjohn Working Papers and Journal Articles bbsaw1998, W.E. Upjohn Institute for Employment Research.
  13. Mincer, Jacob, 1978. "Family Migration Decisions," Journal of Political Economy, University of Chicago Press, vol. 86(5), pages 749-73, October.
  14. Stock, Wendy A & Siegfried, John J, 2001. "So You Want to Earn a Ph.D. in Economics: How Much Do You Think You'll Make?," Economic Inquiry, Western Economic Association International, vol. 39(2), pages 320-35, April.
  15. 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.
  16. Wendy A. Stock & Lee W. Hansen, 2004. "Ph. D. Program Learning and Job Demands: How Close Is the Match?," American Economic Review, American Economic Association, vol. 94(2), pages 266-271, May.
  17. Moore, William J & Newman, Robert J & Turnbull, Geoffrey K, 1998. "Do Academic Salaries Decline with Seniority?," Journal of Labor Economics, University of Chicago Press, vol. 16(2), pages 352-66, April.
  18. Sharon M. Oster & Daniel S. Hamermesh, 1998. "Aging And Productivity Among Economists," The Review of Economics and Statistics, MIT Press, vol. 80(1), pages 154-156, February.
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Cited by:
  1. Jörg Heining & Jürgen Jerger & Jörg Lingens, 2008. "Deutsche Hochschulkarrieren im Fach Volkswirtschaftslehre. Eine deskriptive Analyse von Lebenslaufdaten," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 9(3), pages 306-328, 08.
  2. Christiana Hilmer & Michael Hilmer, 2010. "Do Public Ph.D.-Granting Economics Departments Invert Salaries?," Economics Bulletin, AccessEcon, vol. 30(2), pages 924-932.

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