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Salary Determinants of Entry Level Academic Economists and Factors Influencing Hiring on the Tenure Track

This paper examines the characteristics of entry level academic economists and investigates the determinants of market salaries. Contrary to what might be expected we find that nominal salaries are not systematically adjusted to reflect observable differences in the cost of living and salary premiums are not paid to entry-level economists hired into higher ranked departments. Completing one's Ph.D. degree at a university with a highly ranked department, being hired on the tenure track, and accepting a position in a department within a business school with a ranked economics department all significantly influence academic salaries. Being hired on the tenure track is found to be particularly important. After analyzing the factors that influence salaries, we make predictive statements about the impact that observable characteristics have on the probability of being hired into tenure track positions.