Economists vs Industrial-Organizational Psychologists: $125K vs $194K Median Pay

Economists vs Industrial-Organizational Psychologists: what changes?

Consider Economists if you want to 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. Consider Industrial-Organizational Psychologists if you would rather apply principles of psychology to human resources, administration, management, sales, and marketing problems. Both list master's degree; compare training and prior experience separately.

Try this next: Compare three local entry-level postings for Economists and Industrial-Organizational Psychologists. List the duties, credentials, prior experience, and paid training each employer actually asks for. Try a supervised class or sample project from each field before choosing a program.

BLS 2025 wages and 2025–2035 projections. National medians are not starting offers. Occupation size is not a count of vacancies. View the BLS data.

Compare the practical differences

Economists

National median pay (2025): $124,720
Route into the job: Master's degree
Prior related experience: No prior related occupation is typically required; employer requirements vary.
Training and licensing: BLS does not list a separate on-the-job training requirement. Employers may still provide orientation and role-specific training.
Work to investigate: Study economic and statistical data in area of specialization, such as finance, labor, or agriculture.
Annual openings (2025–2035): 1,100

Know before you choose

This is a small national occupation (18,600 jobs in 2025), so location and employer concentration can matter more than the national median suggests.

See the full Economists brief

Industrial-Organizational Psychologists

National median pay (2025): $193,950
Route into the job: Master's degree; Internship or residency follows qualifying education. Check its duration, pay, and licensing requirements
Prior related experience: No prior related occupation is typically required; employer requirements vary.
Training and licensing: Internship or residency follows qualifying education. Check its duration, pay, and licensing requirements.
Work to investigate: Provide advice on best practices and implementation for selection.
Annual openings (2025–2035): 300

Know before you choose

Training continues through internship/residency after the degree path.

See the full Industrial-Organizational Psychologists brief

How the national numbers differ

Economists has the edge on annual openings

Economists is at 1,100 annual openings, compared with 300 annual openings for Industrial-Organizational Psychologists.

Industrial-Organizational Psychologists has the edge on projected growth

Industrial-Organizational Psychologists is at 6.5% projected growth, compared with 4.7% projected growth for Economists.

Industrial-Organizational Psychologists has the edge on median pay

Industrial-Organizational Psychologists is at $193,950, compared with $124,720 for Economists.

51.7/ 100

Economists

52.4/ 100

Industrial-Organizational Psychologists

Each available metric is ranked from 0 to 100 against the careers on ChooseField. The weighted average uses this profile: pay 30%, growth 25%, openings 30%, preparation level 15%. Missing values are not scored as zero; their weights are redistributed across available metrics. Occupation size has zero weight: employment is not accessible vacancies. Preparation categories do not measure admission difficulty or years without earnings. The score summarizes national measures; local opportunities and personal fit still need separate consideration.

Detailed evidence