economic research jobs in india

Society for Economics Research in India (SERI)

SERI promotes research collaboration, intellectual exchange and critique among economists in India.

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The Indian Job Market for Economists (IJME) is a collaboration between the Econometric Society (ES) , EconJobMarket.org (EJM) , National Council of Applied Economic Research (NCAER) and SERI to facilitate matching of PhD economists and prospective employers.

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• IJME 2022 : Online and NCAER, New Delhi

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Career Options in Economics: Top 9 Career Opportunities in India [2024]

The father of economics, Sir Adam Smith, has rightly said, “No complaint… is more common than that of a scarcity of money.”

Money plays a major role in the lives of individuals, and if you aim to gain more money, the best way to do it is to know and explore your career opportunities. 

Economics is not only confined to money rather it allows us to study of the history, current status and future predictions of models that benefit the government, businesses, or individuals.

Through the framework the economists develop, they are able to advise the stakeholders in effective decision-making. Economists carry out their investigation with certain methods and principles that are inclusive and aim for the greater good.

The realm of economics beckons with a plethora of intriguing opportunities for individuals brimming with analytical prowess and a keen interest in understanding the intricacies of markets, trends, and societal well-being. Let’s embark on a voyage to decode the fascinating array of career options in economics, how to find the right economics jobs, equipping you with the knowledge and guidance to forge your own rewarding path.

Exploring the Landscape of Economic Roles:

From meticulously analyzing data and predicting economic trends as an Economist to guiding individuals toward financial security as a Personal Financial Advisor, your journey can take many shapes. Economics teachers illuminate the complexities of this field to students across various levels, while Supply Chain Analysts optimize processes, ensuring efficiency and cost-effectiveness. Delving deeper into the world of business, Product Managers oversee the conception and launch of products, and Compensation Managers craft competitive compensation packages that align with organizational goals.

Thriving in India’s Dynamic Economy: Economics Careers List

The career scope for economics professionals in India is flourishing, mirroring the nation’s burgeoning economic growth. If you are wondering what are all the available jobs for economic majors, or even highest paying jobs for economic majors, Government agencies, banks, and business sectors eagerly seek skilled professionals to contribute to areas like:

Economic policy analysis : Shaping sound economic policies through in-depth analysis and research.

Financial planning and risk management : Navigating complexities in the financial sphere for individuals and institutions.

Strategic planning and business development : Charting the course for companies and boosting their market presence.

Economic research and policy advisory : Lending expertise to international organizations and non-profit entities.

One of the main responsibilities of an economist is to understand the economy and look into the reasons behind the current problems. These problems could be unemployability, lack of resources for business, etc. These problems could be relatable to any stakeholder, such as government, business, individuals, etc. 

Economics has a big role to play in the industry, as it improves business practices, It aids in cost and benefit, investing cost for R&D, market size, incentives, etc.

Today, economics is applied everywhere, which makes a career in economics lucrative. It is applied in healthcare, finance, government, business, education, family, environment, etc.

Here we are to discuss the  career options in economics.  

Career Options in Economics

As you already know, economics is an enormous field with a wide scope of growth. Here are a few  career options in economics  which you can explore.

1. Economist

Average Salary Range : 5.3 Lakhs- 42.3 Lakhs Per Annum

If research and analysis is your cup of tea, then you are meant to be an economist. With a credible background of economics and a keen interest in the economic functioning of the market in general, you will be able to understand the producer behavior and consumer behavior very effectively. 

Focusing on topics like energy cost, inflation, and interest rates, you will enjoy making economic predictions, designing policies, and advising your clientele through various reports and presentations. 

Economists are responsible for creating financial models and forecasting the basis of their findings that affects business growth.  Economists analyze a huge amount of data, research market trends and patterns, and create policies that solve the problem.

Predicting future development is another major job role of an economist. They monitor the growth, analyze the data and statistics in order to accurately predict the nature of business and prepare a statistical model to predict future developments. That makes careers in economics interesting, innovative and creative.

Adam Smith, Karl Marx, M.G Ranade, Amartya Sen, Manmohan Singh, and many others are a few of the most popular economists known to the history of humankind, and your name has the absolute potential to be added to the list.

With a professional and educational background in economics, the career path of an economist is not only the safest bet but also your best one. 

The professionals must be equipped with the skill sets such as mathematical aptitude, economics methodology, knowledge of social sciences, communication skills, curious mindset, etc. to ensure success in the industry

Read:   Top 10 Highest Paid Jobs in India

2. Personal Financial Advisor

Average Salary Range : 1.84 Lakhs – 10.00 Lakhs Per annum

A financial advisor is a personal financial planner whose primary job is to plan investments and manage money in a way that generates the best return for the principal. It is essentially a number game and would be challenging as well as rewarding for those who like number games and have a keen interest in economics and finance.

The advisory role essentially involves budgeting, investment, and tax-saving strategies for the clients regularly and changing the strategy by evaluating the market conditions. This role also involves being an educator in respect of managing money for every client who would depend solely on your skills and expertise for making their personal financial decisions.

Often people think that the role of a financial advisor is all about managing your stock portfolio and executing trades. The actual purview of a financial planner spans beyond the investments and covers every aspect of personal finance, right from earnings to investment, and also the insurance and tax saving tools to employ.

A personal financial advisor has the expertise in providing the final advice to their clients and maintaining a customised approach for their clientele. They understand the fund flow of their customers and their aspirations for the coming years and help out in managing their finances that make sense to each clientele.

The advice is aimed at increasing the finances and mitigating the risks that may arise due to past activities or future possibilities that could negatively affect the organisation’s growth and finances.

Some of the skills that are required from a personal financial advisor are good knowledge of economics, finance, numerical literacy, communication, active listening, analytical, statistical, negotiation skills and many more.

3. Economics Teacher

Average Salary Range : 2.06 Lakhs – 10.00 Lakhs Per annum

The profession of a teacher requires no introduction and is considered to be one of the noblest professions in any part of the world. The branch of economics is so huge that everything has some element of economics in it. The areas of study of economics can be divided into two, i.e. teaching and research. The teaching starts right from high schools to colleges and the research part is more of an advanced level of learning where experienced professors of esteemed colleges and universities guide the students and research fellows to study various economics’ concepts and methods and its applications. 

The economics teacher is responsible for delivering the economics concepts to the students. They are responsible for imparting the theory of economics and cater to each student making sure they are up to speed with the class. The economics teacher would also be responsible for making a lesson plan, assessing the students and guiding them to increase their mindset.

In order to fulfil the duties, some of the skills that come in handy are subject matter expertise, teaching lesson planning, time management, student learning, communication, empathy, active listening, etc.

The young aspiring students who look to advanced research concepts with a passion for teaching can become economics faculties in good colleges in the country after passing the necessary qualifying examinations. If this sounds like your area, you can take additional courses to understand the intricacies. Online platforms like  upGrad  offer great certificate courses that cater to your needs with the help of industry experts.

Learn about: Top 10 Online Courses with High Salary in 2022

4. Supply Chain Analyst 

Average Salary Range : 2.49 Lakhs – 10.00 Lakhs Per annum

A supply chain analyst is a key person in the whole workflow of the supply chain who collects and analyses data to improve performance and scale down costs. The role of a supply chain analyst requires strong analytical skills and business acumen. The complex job profile requires good problem-solving skills and attention to every minute detail. 

The vital job responsibilities of an analyst include the planning and implementation of supply chain optimisation projects, maintaining standards, and overseeing inventory procedures. 

Being the contact point for purchases as well as inventory management, the job of a supply chain analyst demands excellent communication skills and outstanding organizational ability, and a problem-solving attitude.

Sharp analytical skills and good command of the numbers will help a person to become an analyst. A person with a sound knowledge of economics and an understanding of the number of the game well with sharp problem-solving skills can land the job of a supply chain analyst with great success.

Some of the skills that are required from a supply chain analyst are quantitative skills, interpersonal, statistical, problem-solving, negotiation, etc. Scope in economics is not limited; the supply chain industry is one example of it.  The professionals can make a career of their choice depending upon their interests and aspirations.

5. Business Reporter 

Average Salary Range : 1.01 Lakhs – 10.00 Lakhs Per annum

Are you a media enthusiast? Are you someone who would like to take a deep dive into business stories? Do you like economics? If the answers to all these questions are affirmative, then you can land into a successful career as a Business Reporter.

As a business reporter, the primary job is to gather information on businesses and communicate with persons within and outside of your organisation, including the public, government, and others.

The role of a business reporter requires the ability to identify information and categorise them according to its relevance as to how it affects the public at large. This essentially means that one should know what is to be reported so that the public is aware of important matters.

To be a successful business reporter, one shall have sound knowledge of economics and how the business mind works. This is one of the exciting career options in economics for every person who likes to follow businesses around the world and create stories from an outsider’s perspective.

A business reporter holds great importance in society. They are responsible for reporting how a business tracks its growth and market trends and investigating issues that are kept hidden or unsaid. Through their reporting, they bring transparency to the market and encourage the business world to follow the same.

Some of the skills that are required for a business reporter are business acumen, investigative, research, analytical, problem-solving, ethics, truthfulness and many more.

Considering your next steps after B.Com? Explore the variety of career options after BCom to navigate your future with confidence.

6. Economic Consultant

Average Salary Range: 2.04 Lakhs – 20.00 Lakhs Per annum

The career of an economic consultant essentially has three pillars namely, knowledge of mathematics, economics, and statistics. The primary job of an economic consultant is to conduct research about the economic condition of the client organisation with the object of reconstructing the business to close the holes that block the business growth.

The job profile requires the consultants to have a close watch on the economy and its latest trends as to every change that happens and how they can affect the businesses directly and indirectly. For e.g., a change in government policy and how it will affect the business.

The economic consultants have to have strong analytical skills in order to produce the best results for the organisations as their output can significantly affect the entire business.

It is one of the most aspiring career paths for economic graduates and those who have advanced knowledge in economics and can make you reach the top of business organisations within a short period of time.

7. Product Manager

Average Salary Range : 5.04 Lakhs – 31.00 Lakhs Per annum

This is a cross-functional role in the development and the final release of a product into the market. The product manager is the key person who is bestowed with the ultimate responsibility of bringing into life a product of the organisation without any delays and glitches.

The job profile requires the managers to derive the strategies, product-launch roadmap, marketing, and forecasting of the product being launched and hence can be said that they are an all-rounder with great team managing skills.

They are required to look after the customer needs and execute the same into the product or service. The ultimate goal is the company’s increase, and the product is the robust pillar of it. The more the product would be customer-centric, the more it will be reflected in the growth and higher edge the business would acquire over its competitors.

Product managers are required in every industry today, such as education, government, finance, manufacturing, e-commerce, and many more. The scope of economics in India is not limited to one domain rather, the economics graduate can make a good career as a product manager as well.

The role of a product manager demands that individuals have a sound knowledge of economics as one needs to have strong analytical skills and command over statistical tools when it comes to market forecasts.

The career of a product manager is a challenging one for aspiring economic graduates who have excellent interpersonal skills and leadership qualities. One has to be everywhere to make sure that the product meets the customer’s expectations all the time.

8. Compensation Manager

Average Salary Range : 4.85 Lakhs – 40.00 Lakhs Per annum

The role of a compensation manager is to make sure that the company’s pay scale system is adequate and up to date, taking into consideration the standard of living and the current inflation rates. The goal is to ensure that the remuneration is fair and adequate for the existing employees and also good enough to attract new talents to the company.

The compensation manager essentially comes under the umbrella of the human resource division of the organization but has the exclusive job of managing the pay scale after taking into consideration the macroeconomics factors and various other government regulations.

The manager is also responsible for budgeting and also acts as a support system for the payroll managers. The compensation manager must have a check on the performance of the employees so that it reflects on the pay scale to reward and punish, which is required for business growth. It is one of the most rewarding  career options in economics.

It is a very critical department for any company as the compensation holds any cash or non-cash benefits the company is imparting to their employees. The compensation manager holds the analytical mindset that makes the vision beyond the evident case scenario. They are responsible for critically thinking about the situation and deciding the next course of action.

Also read:  Top 10 Highest Paid Jobs in India in Commerce Field

9. Quantitative Analyst

Average Salary Range : 4.82 Lakhs – 20.00 Lakhs Per annum

The primary job of a quantitative analyst is to make financial decisions in the business with the help of quantitative methods. The role of a quantitative analyst is imperative in organisations such as PE firms, fund managers and investment bankers.

The analyst role mandates absolute expertise in handling numbers and analysing them. Another important tool is advanced computing skills for using various tools for decision making, as large amounts of data are processed for reaching a business decision.

Young economics graduates with good command over numbers and those who look for a career in large banking and investment institutions can start sharpening their skills to become a quantitative analysts. The reward factor in the job of a quantitative analyst is huge that organisations offer lucrative packages to get the best brains in the country to join their dynamic team. It is a challenging as well as rewarding role for economic aspirants.

It is one of the prestigious jobs for economics graduates ; they can begin their career with an entry-level role and make their way up by gaining more experience and skill sets. It makes for a good career where the professionals can apply their mathematical, research and analytical skills to create a robust strategy for the organisation’s business decision.

The quantitative analysis or quants mostly aim to do risk management and mitigate the risks that could arise due to past occurrences or unforeseen events. The quants do not see any shortage of employers as there are numerously reputed employers requiring skilled candidates.  The compensation paid is also good guided by various factors such as skill sets, experience, upskilling history, location, seniority level and many more.

Also Read:  Highest Paying Jobs in Technology

Sharpening Your Economic Arsenal:

To excel in this domain, cultivating a blend of technical skills, analytical abilities, and soft skills is paramount. Hone your analytical prowess to discern patterns in intricate data, while mastering quantitative skills for statistical analysis and econometric modeling. Conduct thorough research, drawing on your research skills to gather relevant information and critically evaluate it.

Critical thinking will equip you to tackle challenges creatively and make informed decisions, while effective communication ensures you can articulately present your findings to diverse audiences. Interpersonal skills foster collaboration and build meaningful professional relationships, and adaptability allows you to embrace change and thrive in evolving environments. Additionally, attention to detail, ethical conduct, and a commitment to continuous learning are cornerstones of a successful economics career.

Charting Your Course to Success:

Building a fulfilling career in economics requires strategic planning and dedication. Here’s a roadmap to guide you:

Invest in Education : Earn a relevant degree in economics, public policy, or related disciplines from a reputable university. Consider advanced degrees or certifications to further enhance your expertise.

Gain Hands-on Experience : Internships, research assistantships, and entry-level positions provide invaluable exposure to real-world scenarios.

Develop Specialization : Delve deeper into specific areas like macroeconomics, development economics, or public finance.

Network and Build Relationships : Connect with peers, mentors, and industry professionals to expand your network and gain valuable insights.

Stay Updated : Regularly engage with current events, policy developments, and emerging trends to maintain a comprehensive understanding of the economic landscape.

Sharpen Your Skills : Continuously update your technical and soft skills through workshops, courses, and online resources.

Take Initiative : Seek leadership opportunities, lead projects, and demonstrate your ability to drive results.

Invest in Professional Development : Join industry associations, participate in seminars, and pursue certifications to stay at the forefront of your field.

Set SMART Goals : Define clear, achievable career goals and create a roadmap to realize them.

Embrace the journey, unleash your analytical aptitude, find the right job opportunities for economics graduates, economic student jobs and embark on a rewarding career in the ever-evolving world of economics. Remember, with dedication, continuous learning, and strategic planning, you can translate your passion for economics into a fulfilling and impactful career path.

All the above career options in economics  demand discipline, hard work, and patience. However, it will not be an understatement to say that these career paths are bound to take you to sustainable growth and development! 

So, there you go, a detailed list of some of the best career options in Economics! We’ve taken care to include both the trending and evergreen career options so that you can get a better idea of what lies ahead and plan your career steps accordingly.

Kamal Jacob

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Frequently Asked Questions (FAQs)

The economics graduates could either go ahead and intern or secure a placement. In terms of pursuing higher studies, economic graduates can pursue MBA, Finance, Management, Public Policy, International Relations, etc.

Yes, economists are in demand. The demand is due to the numerous industry application that increases the pool of opportunities to choose from. Additionally, the demand is not confined to India; rather there is a high demand internationally as well.

Yes, an economics graduate can land a job after their graduation. Some of those are mentioned below- 1) Market analyst, 2) Banking, 3) Finance Analyst, 4) Budget Analyst, 5) Quantitative Analyst

Yes, economics majors are in demand in the global market. They are required for the skill set they bring into the organization, and their understanding of the economy and human behavior is considered an asset for any company that aids their analytical and problem-solving methods.

The two types of economics are microeconomics and macroeconomics. Economics graduates can make a successful career in either of these two types depending upon what excites them more.

The travel is dependent upon the type of job role one is in. If the job requires one to travel, then they do. The travel could be for business meetings, conferences, or other work-related concerns.

MA in economics is more suitable for students who have specific knowledge of a domain, and an MBA is much more suitable for those students who come from various backgrounds.

An economic graduate can work in the banking sector. Economics graduates are considered an asset in the banking industry. In banking, they can work for financial control, financial planning, risk analysis, etc.

We need to acquire certain mathematical, analytical, and statistical skills for every stage of our life. With the help of an economics degree, you get access to put these skills to work. Moreover, you also get the flexibility to use the economic principles in business, finance, etc. Economic concepts are very useful and can be applied when dealing with complicated data to analyse how data points are related to one another. Economics assists you in getting command over skills like communication, numerical, analytical skills, and problem-solving skills. Banking, insurance, business, and accounting careers use economics knowledge. Working in such sectors contributes by offering you a vision in such a way to deal with financial risks, design a building, or where the government should invest their money. You can apply your learning of economics in various areas like planning, marketing, management, and research.

Economics is the study of the relation between human beings and monetary wealth. When human beings are put in front of difficulties or successes, their reaction towards it is what determines human behaviour. Furthermore, the studies of politics, sociology, history, and psychology are all a part of economics. The study of economics fills you with knowledge of utilising skills, ways, and approaches so that you can use them as needed. Economics is the study of central disciplines of subjects like management, business, and public policy.

One of the widespread applications of economics is to make life-changing money-related decisions. Economics truly helps in making life decisions. Some of these include your marriage, how many kids you decide to bear, and your living conditions. Before we make our final decision on either of them, we need to use “cost-benefit analysis.” In this technique, all the options are equally weighed. The pros and cons are straightened out. Depending on which choice is better and practical, a decision is made based on the outcome. Household budgeting, employment, and price tags are other areas where economics is used every day.

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Monthly Review of the Economy – March 2024

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The Investor Education and Protection Fund Authority (IEPFA), in collaboration with the National Council of Applied Economic Research (NCAER) and the Department of Commerce, DSE, University of Delhi hosted a conference for youth to bolster financial literacy and inclusion. The conference titled “Investor Education and ...   Read More

NCAER’s National Data Innovation Center hosted the book release ceremony of "India’s Social and Economic Transformation in the 21st Century," a collected volume of papers using data from the Indian Human Development Survey, curated by the editors, Pallavi Choudhuri, Sonalde Desai, and Amaresh Dubey, and ...   Read More

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Econ RA India

Resources for economics research assistants in India

• Econ RA guide - India focused . Guide written by former RAs in India.
• Econ RA guide - US focused . Guide written by close to 40 RAs in econ. US focused but still relevant. The section on “Making the most of your RAship” is excellent.
• RA applications . Advice and tips for RA job applicants compiled by the good folks at Women In Economics and Public Policy.
• RA salaries . Salaries of RAs at various institutions in India.
• RA survey - Prashansa Srivastava & Anahita Karandikar . Findings of a survey of RAs in India describing the application process and the work RAs do.
• What Economists Really Do - Oriana Bandiera . Masterful lecture about some misperceptions about economics and the kind of questions economists are working on these days. Brief 6 min video .

Academic RA Job Listings

• Abdul Latif Jameel Poverty Action Lab South Asia
• Ahmedabad University
• Ashoka University
• Centre for Sustainable Employment, Azim Premji University
• Indian Institute of Management Ahmedabad
• Indian Institute of Management Bangalore
• Indian Institute of Management Udaipur
• Indian Institute of Technology Kanpur
• Indian School of Business
• Indian Statistical Institute Calcutta
• Krea University
• Narsee Monjee Institute of Management Studies

Quasi-Academic Jobs

• Centre for Advanced Financial Research and Learning
• Development Data Lab
• Energy Policy Institute India
• Evidence for Policy Design
• Good Business Lab
• Precision Agriculture for Development

Non-Academic Jobs

• IDFC Institute
• India Institute

Teaching Assistant Jobs

• Azim Premji University
• Indian Institute of Management Nagpur
• Advice for Phd Students in Economics - Compilation by Chris Roth and David Schindler
• Chris Blattman’s advice
• Jennifer Doleac’s compilation of #EconTwitter threads on advice for current and aspiring academic economists
• On Being a (Successful) Graduate Student
• Paul Niehaus’ advice on “Doing research”
• Ryan Edward’s compilation on various aspects of the econ profession
• Causal Inference: The Mixtape
• Econometrics Academy
• Regression and Other Stories by Andrew Gelman, Jennifer Hill, and Aki Vehtari
• Econ RA guide
• JPAL’s research resources
• Compilation of select Stata resources
• Data Analysis and Statistics with Stata – UBC
• Telling stories with data
• Gentzkow and Shapiro’s RA manual
• Findings from a survey of RAs - Prashansa Srivastava & Anahita Karandikar
• RA salaries

Keeping up with research

• Best of #EconTwitter
• Elicit - The AI Research Assistant
• Ideas For India
• Microeconomic Insights
• New Economics Papers
• SERI Working Papers

Independent research (from Rice University )

• How to Get Started on Research in Economics by Steve Pischke
• How to Write a Research Paper in Economics by Dawn Powers
• Research Tips and writing Tips by Ben Jacobsen
• Writing Tips by John Cochrane

More resources for writing/research

• Elementary principles of composition - Elements of style
• Find Economic Articles with Data
• Replication Wiki
• AEA Research Highlights
• Capitalisn’t by Luigi Zingales and Bethany McLean
• Mixtape: The Podcast by Scott Cunningham
• Probable Causation by Jennifer Doleac
• The Hidden Curriculum by Sebastian Tello-Trillo and Alex Hollingsworth
• The New Bazaar by Cardiff Garcia
• Visible Hand by Jordi Blanes i Vidal

Conferences, workshops, seminars

• Delhi Political Economy Workshop Series
• Economics Online Seminars - AEA
• Economics Virtual Seminar Calendar - IDEAS/RePEc
• International Conference on Indian Business & Economic History
• Seminar in Applied Microeconomics - Virtual Assembly and Discussion (SAMVAAD)
• Society for Economics Research in India (SERI) . Annual workshop for faculty and researchers . SERI-D Workshop for PhD students

Open courses

• AEA Continuing Education
• African History through the lens of Economics
• BREAD-IGC Virtual PhD Course, Spring 2022
• Curriculum Open-access Resources in Economics (CORE)
• Macro development
• MIT OCW Economics
• Remote Student Exchange

AEA’s Webcast List (2013-2023)

Communities.

• Bahujan Econ
• EconTwitter
• Indian Society for Ecological Economics
• International Economic Association
• Society for Economics Research in India
• Women in Econ/Policy
• Diversifying and Decolonising Economics (D-Econ)

Applying to grad school

• AEA compilation: PhD application advice
• AEA: Preparing for grad school
• EconPhD.net admissions guide
• Graduate Applications International Network (GAIN)
• Guide written by former RAs in India
• Writing a diversity statement - Teevrat Garg . Written keeping in mind applications for Assistant Professors but the key ideas are transferable to PhD applications as well.

Research initiatives

• Center for research on the Economics of Climate, Food , Energy and Environment
• Centre for Economic Data and Analysis
• Economics Departments, Institutes and Research Centers in India
• EPW Research Foundation
• International Growth Center
• Women in the Economy

If you have suggestions to improve this list, please send me an email or create an issue over at the Github repository .

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Linkedin top companies 2024 list: here are the top companies in india according to linkedin.

LinkedIn has released its annual ranking of the top 25 workplaces in India, showcasing the most sought-after companies for career progression and job opportunities. Tata Consultancy Services (TCS) retains the top spot, followed by Accenture and Cognizant. The financial services sector dominates the list, with nine companies featured. In the midsize category, Lentra and MakeMyTrip lead the rankings. The report highlights hiring trends, with Bengaluru as the top hiring location, and emphasizes the importance of investing in employee experience to attract and retain talent in the evolving job market.

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American Institute for Economic Research

Aier economic research internship – fall 2024.

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The Opportunity

AIER’s Internships are unparalleled professional opportunities for undergraduates considering careers in economic research, academia, or the private sector. They provide college students and recent graduates the opportunity to work closely with staff on projects relating to their interests and AIER’s mission, including scholarly research, policy analysis, editorial writing, as well opportunities in other departments.

Our interns have leveraged their experiences to launch careers at organizations like The World Bank, The Institute for Justice, Deloitte, Morgan Stanley, and IBM and many other research institutes and companies across the world. A significant number of our former interns now teach and research at well-respected universities across the country.

At the core of the AIER internship program is a self-developed research project, in which each intern develops their research interest into the foundation of an academic conference presentation and/or journal article, as well as how to communicate their results to the general public.

While building out their project, interns are coached on how to develop research ideas, how to ask and justify interesting and important research questions, select an appropriate methodology, present their findings to scholars and peers, and receive critical feedback.

At the end of their internship, each intern presents their final product to AIER staff and visiting scholars and is advised on how to develop their project further. They leave not only with a research product, but a new understanding what engaging in deep, careful, and detailed analysis of issues relevant to life and liberty of individuals – not just to academic discussion – entails.

A robust reading-and-discussion curriculum is the basis of the AIER internship. Interns are presented with selections of leading academic writing on Public Choice analysis, the history of the Great Enrichment, US Debt and monetary policy, and the importance of property rights, among other topics.

In a series of seminar-style discussions led by AIER researchers, they develop their understanding of the ideas and principles behind the texts, and build an intellectual toolkit to bring to bear on economic problems in their future professional and/or academic careers.

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How the American middle class has changed in the past five decades

The middle class, once the economic stratum of a clear majority of American adults, has steadily contracted in the past five decades. The share of adults who live in middle-class households fell from 61% in 1971 to 50% in 2021, according to a new Pew Research Center analysis of government data.

From 2020: Are you in the American middle class? Find out with our income calculator

The shrinking of the middle class has been accompanied by an increase in the share of adults in the upper-income tier – from 14% in 1971 to 21% in 2021 – as well as an increase in the share who are in the lower-income tier, from 25% to 29%. These changes have occurred gradually, as the share of adults in the middle class decreased in each decade from 1971 to 2011, but then held steady through 2021.

The analysis below presents seven facts about how the economic status of the U.S. middle class and that of America’s major demographic groups have changed since 1971. A related analysis examines the impact of the coronavirus pandemic on the financial well-being of households in the lower-, middle- and upper-income tiers, with comparisons to the Great Recession era. (In the source data for both analyses, demographic figures refer to the 1971-2021 period, while income figures refer to the 1970-2020 period. Thus, the shares of adults in an income tier are based on their household incomes in the previous year.)

This report analyzes data from the Annual Social and Economic Supplements (ASEC) of the Current Population Survey (CPS) to study how the economic status of the American middle class has changed since 1971. It also examines the movement of demographic groups in and out of the American middle class and across lower- and upper-income tiers from 1971 to 2021.

The CPS is the U.S. government’s official source for monthly estimates of unemployment ; the ASEC, conducted in March each year, is the official source for its estimates of income and poverty . The COVID-19 outbreak has affected data collection efforts by the U.S. government in its surveys, limiting in-person data collection and affecting the response rate. It is possible that some measures of economic outcomes and how they vary across demographic groups are affected by these changes in data collection. This report makes use of updated weights released by the Census Bureau to correct for nonresponse in 2019, 2020 and 2021.

In this analysis, “middle-income” adults in 2021 are those with an annual household income that was two-thirds to double the national median income in 2020, after incomes have been adjusted for household size, or about $52,000 to $156,000 annually in 2020 dollars for a household of three. “Lower-income” adults have household incomes less than $52,000 and “upper-income” adults have household incomes greater than $156,000.

The income it takes to be middle income varies by household size, with smaller households requiring less to support the same lifestyle as larger households. The boundaries of the income tiers also vary across years with changes in the national median income. Read the methodology for more details.

The terms “middle income” and “middle class” are used interchangeably in this analysis for the sake of exposition. But being middle class can refer to more than just income, be it the level of education, the type of profession, economic security, home ownership, or one’s social and political values. Class also could simply be a matter of self-identification.

Household incomes have risen considerably since 1970, but those of middle-class households have not climbed nearly as much as those of upper-income households. The median income of middle-class households in 2020 was 50% greater than in 1970 ($90,131 vs. $59,934), as measured in 2020 dollars. These gains were realized slowly, but for the most part steadily, with the exception of the period from 2000 to 2010, the so-called “ lost decade ,” when incomes fell across the board.

The median income for lower-income households grew more slowly than that of middle-class households, increasing from $20,604 in 1970 to $29,963 in 2020, or 45%.

The rise in income from 1970 to 2020 was steepest for upper-income households. Their median income increased 69% during that timespan, from $130,008 to $219,572.

As a result of these changes, the gap in the incomes of upper-income and other households also increased. In 2020, the median income of upper-income households was 7.3 times that of lower-income households, up from 6.3 in 1970. The median income of upper-income households was 2.4 times that of middle-income households in 2020, up from 2.2 in 1970.

The share of aggregate U.S. household income held by the middle class has fallen steadily since 1970. The widening of the income gap and the shrinking of the middle class has led to a steady decrease in the share of U.S. aggregate income held by middle-class households. In 1970, adults in middle-income households accounted for 62% of aggregate income, a share that fell to 42% in 2020.

Meanwhile, the share of aggregate income accounted for by upper-income households has increased steadily, from 29% in 1970 to 50% in 2020. Part of this increase reflects the rising share of adults who are in the upper-income tier.

The share of U.S. aggregate income held by lower-income households edged down from 10% to 8% over these five decades, even though the proportion of adults living in lower-income households increased over this period.

Older Americans and Black adults made the greatest progress up the income ladder from 1971 to 2021. Among adults overall, the share who were in the upper-income tier increased from 14% in 1971 to 21% in 2021, or by 7 percentage points. Meanwhile, the share in the lower-income tier increased from 25% to 29%, or by 4 points. On balance, this represented a net gain of 3 percentage points in income status for all adults.

Those ages 65 and older made the most notable progress up the income ladder from 1971 to 2021. They increased their share in the upper-income tier while reducing their share in the lower-income tier, resulting in a net gain of 25 points. Progress among adults 65 and older was likely driven by an increase in labor force participation , rising educational levels and by the role of Social Security payments in reducing poverty.

Black adults, as well as married men and women, were also among the biggest gainers from 1971 to 2021, with net increases ranging from 12 to 14 percentage points.

On the other hand, not having at least a bachelor’s degree resulted in a notable degree of economic regression over this period. Adults with a high school diploma or less education, as well as those with some college experience but no degree, saw sizable increases in their shares in the lower-income tier in the past five decades. Although no single group of adults by education category moved up the income ladder from 1971 to 2021, adults overall realized gains by boosting their education levels . The share of adults 25 and older who had completed at least four years of college stood at 38% in 2021, compared with only 11% in 1971.

Progress up the income ladder for a demographic group does not necessarily signal its economic status in comparison with other groups at a given point in time. For example, in 2021, adults ages 65 and older and Black adults were still more likely than many other groups to be lower income, and less likely to be middle or upper income.

Married adults and those in multi-earner households made more progress up the income ladder from 1971 to 2021 than their immediate counterparts. Generally, partnered adults have better outcomes on a range of economic outcomes than the unpartnered. One reason is that marriage is increasingly linked to educational attainment , which bears fruit in terms of higher incomes.

Married men and women were distributed across the income tiers identically to each other in both 1971 and 2021. Both groups nearly doubled their shares in the upper-income tier in the past five decades, from 14% in 1971 to 27% in 2021. And neither group experienced an increase in the share in the lower-income tier.

Unmarried men and women were much more likely than their married counterparts to be in the lower-income tier in 2021. And unmarried men, in particular, experienced a sizable increase in their share in the lower-income tier from 1971 t0 2021 and a similarly large decrease in their share in the middle-income tier. Nonetheless, unmarried men are less likely than unmarried women to be lower income and more likely to be middle income.

Adults in households with more than one earner fare much better economically than adults in households with only one earner. In 2021, some 20% of adults in multi-earner households were in the lower-income tier, compared with 53% of adults in single-earner households. Also, adults in multi-earner households were more than twice as likely as adults in single-earner households to be in the upper-income tier in 2021. In the long haul, adults in single-earner households are among the groups who slid down the income ladder the most from 1971 to 2021.

Despite progress, Black and Hispanic adults trail behind other groups in their economic status. Although Black adults made some of the biggest strides up the income tiers from 1971 to 2021, they, along with Hispanic adults, are more likely to be in the lower-income tier than are White or Asian adults. About 40% of both Black and Hispanic adults were lower income in 2021, compared with 24% of White adults and 22% of Asian adults.

Black adults are the only major racial and ethnic group that did not experience a decrease in its middle-class share, which stood at 47% in 2021, about the same as in 1971. White adults are the only group in which more than half (52%) lived in middle-class households in 2021, albeit after declining from 63% in 1971. At the top end, only about one-in-ten Black and Hispanic adults were upper income in 2021, compared with one-in-four or more White and Asian adults.

The relative economic status of men and women has changed little from 1971 to 2021. Both experienced similar percentage point increases in the shares in the lower- and upper-income tiers, and both saw double-digit decreases in the shares who are middle class. Women remained more likely than men to live in lower-income households in 2021 (31% vs. 26%).

Adults 65 and older continue to lag economically, despite decades of progress. The share of adults ages 65 and older in the lower-income tier fell from 54% in 1971 to 37% in 2021. Their share in the middle class rose from 39% to 47% and their share in the upper-income tier increased from 7% to 16%. However, adults 65 and older are the only age group in which more than one-in-three adults are in lower-income households, and they are much less likely than adults ages 30 to 44 – as well as those ages 45 to 64 – to be in the upper-income tier.

All other age groups experienced an increase in the shares who are lower income from 1971 to 2021, as well as a decrease in the shares who are middle income. But they also saw increases in the shares who are upper income. Among adults ages 30 to 44, for instance, the share in upper-income households almost doubled, from 12% in 1971 to 21% in 2021.

There is a sizable and growing income gap between adults with a bachelor’s degree and those with lower levels of education. In 2021, about four-in-ten adults with at least a bachelor’s degree (39%) were in the upper-income tier, compared with 16% or less among those without a bachelor’s degree. The share of adults in the upper-income tier with at least a bachelor’s degree edged up from 1971 to 2021, while the share without a bachelor’s degree either edged down or held constant.

About half or a little more of adults with either some college education or a high school diploma only were in the middle class in 2021. But these two groups, along with those with less than a high school education, experienced notable drops in their middle class shares from 1971 to 2021 – and notable increases in the shares in the lower-income tier. In 2021, about four-in-ten adults with only a high school diploma or its equivalent (39%) were in the lower-income tier, about double the share in 1971.

Note: Here is the methodology for this analysis.

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Rakesh Kochhar is a senior researcher at Pew Research Center

Stella Sechopoulos is a former research assistant focusing on social and demographic trends research at Pew Research Center

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How to close the Black tech talent gap

While the number and variety of tech jobs have grown steadily over two decades, the technology workforce has not evolved to reflect the makeup of the American workforce. Organizations have worked to improve representation among Black employees and executives in technology-related jobs across industries, but there is more work to be done.

The Black technology workforce

Black people make up 12 percent of the US workforce but only 8 percent of employees in tech jobs. 1 State of the tech workforce , CompTIA, March 2022. That percentage is even smaller further up the corporate ladder; just 3 percent of technology executives in the C-suite are Black, according to a McKinsey analysis of Fortune 500 executives. 2 Based on an analysis of Fortune 500 tech executives in chief information officer or chief technology officer roles who identify as Black. That gap is likely to widen over the next decade. Across all industries, technology jobs—those in data science, engineering, cybersecurity, and software development—are expected to grow 14 percent by 2032. Black tech talent in those roles is expected to grow only 8 percent over the same period (Exhibit 1).

Developing inclusive technologies and bridging a gap worth billions

Black households stand to lose out on more than a cumulative $350 billion in tech job wages by 2030, an amount equal to one-tenth the total wealth held by those households, according to a McKinsey Institute for Black Economic Mobility analysis.

The wage gap in tech roles is expected to grow nearly 37 percent, from $37.5 billion in 2023 to $51.3 billion in annual lost wages by 2030, according to our analysis (Exhibit 2).

Increasing Black representation in technology jobs isn’t just about bridging wage gaps. It means improving the lives of those who are regularly othered, diminished, and discounted in workplaces where they may be the only Black person. It’s also about developing inclusive technologies  that have transformative potential for Black communities. For example, digital banking platforms designed to be inclusive of Black consumers provide financial services that can improve the living standards in communities underserved by traditional banks.

Businesses, nonprofit organizations, and public-sector agencies must take coordinated action to increase Black representation in tech jobs. Specifically, they should reexamine their approach at five critical junctures throughout the career journey for Black tech talent, by improving STEM education at the K–12 level, strengthening HBCU partnerships, expanding opportunities for alternatively skilled talent, replacing mentorship with sponsorship, and empowering Black leaders to thrive. Doing so will support the Black technology workforce for generations to come.

Meet STEM students where they are

Education programs focused on science, technology, engineering, and math (STEM) fields in K–12 schools have long been seen as potential feeders into the technology workforce. Programs focused on helping subsets of students began to proliferate from both the public sector and nonprofits in the 2010s; Girls Who Code and NASA’s Next Gen STEM are just two examples.

Such programs are a promising start, but there’s a lot of opportunity to do more. According to the Pew Research Center, Black students earned only 7 percent of STEM bachelor’s degrees in 2018, compared with 10 percent of all bachelor’s degrees. 3 Rick Fry, Cary Funk, and Brian Kennedy, “STEM jobs see uneven progress in increasing gender, racial and ethnic diversity,” Pew Research Center, April 1, 2021. The COVID-19 pandemic may have further shrunk the pipeline: Black and Hispanic students experienced sharper declines in fourth-grade math test scores during the pandemic compared with their White and Asian peers, wiping out decades of progress. 4 Sarah Mervosh and Ashley Wu, “Math scores fell in nearly every state, and reading dipped on national exam,” New York Times , October 24, 2022. Without intervention, it’s possible the lagging test scores will lead to a decrease in the number of Black students who eventually pursue STEM careers.

While much of the nonprofit sector’s work has increased diversity in STEM, there could be more targeted efforts from businesses specifically designed to encourage Black student participation. Only 20 percent of Fortune 100 companies have a K–12 STEM partnership focused on students in underserved communities, according to a McKinsey analysis.

Businesses can meet students where they are by underwriting technology courses or offering information sessions in predominantly Black communities. Numerous studies have documented the positive effect that a sense of belonging in education has on academic retention: K–12 students and first-year college students who feel a sense of belonging among their peers are likelier to participate in classroom discussions, believe they will succeed in a subject area, and are more motivated. 5 Lynley H. Anderman, Tierra M. Freeman, and Jane M. Jensen, “Sense of belonging in college freshmen at the classroom and campus levels,” Journal of Experimental Education , 2010, Volume 75, Number 3. STEM programs that target schools with a high population of Black students are likely to help plug future talent gaps in tech.

A Pew Research survey published in April 2022 found that the percentage of Black adults who say “Black people have reached the highest levels of success” in a range of careers was highest for professional athletes and musicians, at more than double the rate of engineers and scientists, indicating that survey respondents don’t perceive STEM fields to be welcoming to Black talent (Exhibit 3). For students who may not have a role model in tech, community-focused approaches help increase exposure to both companies and role models.

Nonprofits have often led the charge in bringing greater STEM awareness to Black communities. One example is MITRE, an organization that provides tech expertise to the US government. MITRE gives its employees 40 paid hours of “civic duty” to participate in in-classroom and after-school programs at K–12 schools in Black and Hispanic communities; it also reimburses employees for expenses (like travel and parking) related to their participation in these programs. MITRE’s initiatives have exposed thousands of students and their parents to opportunities in STEM.

Even as companies encourage employees to participate in volunteer programs, they should be mindful to not add to Black employees’ workload or to make participation a requirement for promotion. They should encourage employees of all races—not just Black employees—to engage in racial-equity efforts.

Create stronger corporate HBCU partnerships

Historically Black colleges and universities (HBCUs) are a significant driver of economic mobility for Black people and produce many of the country’s Black technologists. Companies have been working with HBCUs to provide resources and create a talent pipeline  for STEM students for more than two decades. Boeing, IBM, and Netflix are just three of the many companies that have partnered with HBCUs.

Still, there’s room to improve the effectiveness of these partnerships.

The experience of one technology company might provide useful lessons. The company launched a lauded program that relied on volunteer employees to mentor HBCU students and teach courses but did not provide employees with incentives to participate. The program created internships for HBCU students, but there was no follow-through when the internships ended (and many of the HBCU interns did not go on to work at the company upon graduation). Also, the company partnered with only a small fraction of HBCUs across the country. Finally, while the company helped develop technology courses for HBCUs, it did not underwrite the costs of those programs or offer scholarships to students, some of whom took out additional student loans to participate in the program.

Organizations with money to invest in their future workforce can direct funds toward HBCU curriculum development, career offices, and faculty training. For instance, Harvard University runs a free data science pedagogy workshop for educators at HBCUs and other minority-serving institutions, to broaden the pipeline of future graduate students in the field. IBM is partnering with 13 HBCUs to build a new Quantum Center that gives students access to IBM quantum computers , as well as educational support and research opportunities. Ideally, businesses would be able to underwrite the cost of internships or related programs so that they are free or affordable for Black students.

Not all businesses will be able to afford national HBCU outreach or cost-subsidized internship programs, however. But even those with less cash on hand can better work with HBCUs and their students: those with internship programs can offer more professional development during internships to increase the chances a student is hired after graduation and expand partnerships beyond the universe of well-known HBCUs. They should also increase partnerships with non-HBCUs that have high Black and Hispanic student populations.

Expand opportunities for alternatively skilled talent

People without college degrees are likely to be overlooked by employers that still hire according to traditional standards. Of the 17 million Black workers in the United States, 65 percent developed their skills through alternative routes —meaning they have a high school diploma and may have military or workforce experience but do not have a bachelor’s degree. 6 “Spotlight on Black STARs: Insights for employers to access the skilled and diverse talent they’ve been missing,” Opportunity at Work, November 2, 2022. By this measure, jobs that require a bachelor’s degree are out of reach for most Black workers.

By removing the requirement for a bachelor’s degree, businesses immediately expand the applicant pool. Additionally, they can partner with platforms that help train “ready to learn” talent—people who have experience in other fields with transferable skills  but may require additional development—to find qualified candidates with nontraditional backgrounds.

Some businesses are already investing in such programs. Nasdaq and Oracle partner with Kura Labs, an online academy that offers free training and job placement for engineers in underserved communities. The organization says its efforts have resulted in $12 million in new wages in less than 18 months. Meanwhile, other companies including Pandora and Twitch have partnered with the platform OnRamp Technology, which works with more than 100 boot camps, online communities, and education and training providers. Three out of four people hired through OnRamp are people of color.

About the research

The results of a new McKinsey Black Tech Talent Survey help illustrate where problems persist. In July 2022, McKinsey surveyed 82 Black professionals in the United States across entry-level, mid-level, and C-suite technology roles, both within and outside technology companies. The survey aimed to understand the impact of increasing Black representation in tech roles across industries and opportunities to elevate Black tech talent into executive roles. While the findings may not be definitive, they are directionally representative. This research builds upon previous “Race in the workplace” studies  as well as existing work from the McKinsey Institute for Black Economic Mobility , which seeks to provide independent research to offer guidance on how to improve racial inequities around the world.

But recruiting ready-to-learn talent helps improve representation only if a company also reexamines its interview processes. Résumés that indicate a candidate is Black—either because of the candidate’s name, school, or work history, for example—have been found to generate fewer interview requests than résumés reflecting characteristics of White candidates. 7 Marianne Bertrand and Sendhil Mullainathan, Are Emily and Greg more employable than Lakisha and Jamal? A field experiment on labor market discrimination , National Bureau of Economic Research, working paper, July 2003. In our survey of Black tech talent, respondents say their companies “do not do enough outreach” and “have not yet incorporated procedures like blind résumés” (stripping a résumé of any indicators of gender identity or race) to broaden talent pools (see sidebar, “About the research”).

Replace mentorship with sponsorship

Black tech professionals change companies every three and a half years on average, compared with every five or more years for their non-Black counterparts. This pattern continues over the course of a career: Black professionals with 21 years or more of tech experience have changed companies more than seven times on average, compared with six times for their non-Black peers. 8 Cecyl Hobbs, “Shaping the future of leadership for Black tech talent,” Russell Reynolds Associates, January 27, 2022. The higher attrition rate means Black talent is less likely to stay at a company long enough to be promoted.

In efforts to retain Black employees, some companies have created mentorship programs—but the programs aren’t always effective: across industries, only 13 percent of Black management-level employees and only 20 percent of Black entry-level employees strongly agree that their sponsors are effective at creating opportunities for them (Exhibit 4).

Mentorship programs may fail for a variety of reasons. A business may mandate mentor pairing for new hires, but often these relationships are transactional and lack the kind of connection that allows the relationship to last. (Employees who choose their mentees may do so according to familiar networks, like a shared school, or other factors that exclude Black employees.) Mentorship programs may also lack processes that guide mentors and mentees through the relationship and may only measure intangible or difficult-to-quantify metrics, like satisfaction in your mentor.

Ultimately, mentorship is not enough to keep Black tech employees from leaving companies. Sponsorship —the idea that senior leaders are tasked with creating apprenticeship and networking opportunities, as well as helping talent navigate transitions at work like a promotion—is more impactful. These relationships require both parties to create a development strategy with specific goals that are measurable.

Enabling Black leaders to thrive

When asked what they believe are the top three most important initiatives for advancing Black talent in tech, 83 percent of Black tech employees we surveyed said advancement opportunities were among the top three most important components of growth for Black tech talent, more than inclusion seminars or external advocacy and investment. More than a third said advancement opportunities were the most important factor. There are additional ways companies can support Black tech talent beyond advancement opportunities, particularly when it comes to fostering an inclusive workplace (Exhibit 5).

Even when Black employees in tech successfully complete corporate leadership and executive training programs, a promotion may remain elusive. This may happen for two reasons: an existing Black tech leader might be skilled in one area (for example, IT project management) but lack the skills required in another (for example, data science) to grow into a C-suite-level executive role. Upskilling these employees in tech’s fastest-growing areas is one way they can be supported.

Additionally, businesses that are too focused on training Black tech talent without adopting organizational change are setting those employees up for failure. Partnering with organizations that create leadership training programs for aspiring leaders as well as existing leaders creates two streams of parallel growth at a company. It’s also important that these organizations are specifically focused on elevating Black tech talent, as general executive leadership programs may overlook some of the nuances of the Black experience in technology that shape someone’s career journey.

The Information Technology Senior Management Forum (ITSMF), a charitable organization that counts Amazon Web Services and PepsiCo among its partners, serves as an example of how to do this successfully. ITSMF offers a leadership academy for future Black tech talent, in addition to a management academy tailored for existing executives. Businesses that partner with ITSMF also engage in unconscious bias or cultural intelligence workshops and cohost networking events for prospective executive talent. Up to 80 percent of ITSMF leadership academy graduates received promotions within 18 months of completing the program, according to the group.

Seizing these five opportunities—at the K–12 level, in higher education, with alternatively skilled talent, in sponsorship, and in leadership training—will help to close the Black tech talent gap. Many businesses today are undertaking resiliency measures to prepare for tough times ahead and help curb losses. It is during such times of economic uncertainty when it’s both easiest for businesses to cut critical investments in Black tech talent, and when it’s most important not to.

Jan Shelly Brown is a partner in McKinsey’s New Jersey office, where Chris Perkins is an associate partner; Matthew Finney is a consultant in the Bay Area office; and Mark McMillan is a senior partner in the Washington, DC, office.

The authors wish to thank Tanguy Catlin, Tiffany Chen, Rob Levin, Roger Roberts, and Sonia Shah for their contributions to this article.

This article was edited by Alexandra Mondalek, an editor in the New York office.

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