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

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.