Economist salary development still favourable – median salary now 5,000 euros
The salary trend for economists in Finland has been fairly good for the past couple of years. At around 2%, the salary increase rate has remained higher than general salary development (1.2%). According to The Finnish Business School Graduates annual salary level survey in 2016, the median salary for economists was 5,000 euros. The relative salary increase was highest for those who had recently graduated.
Despite the economic downturn, economists' salary development can be considered fairly good. Recent business school graduates enjoyed the best trend as their median salary increased by 3.1%. The median monthly salary for a recent graduate stood at 3,200 euros.
The median salary in the private sector was 5,120 euros. The municipal sector median was 4,400 euros and the state sector median 4,409 euros. State euro is now 86 cents compared to private sector euro, a difference of 2 cents less than the year before.
The average monthly salary in October 2016 without bonuses was 5,690 euros.
Economists' confidence in their own position increased
The economists in general felt that their own situation and their employers' situations were more stable compared to the past few years. Economists' confidence in their own position increased by two per cent from the previous year. Among the respondents, 83% felt that their position is at least fairly stable. Confidence in the employer's stability also increased by four per cent, now at 71%.
For the first time, the Finnish Business School Graduates' salary survey also asked the respondents about their number of career-related changes. Nearly half of the respondents, 48%, reported nearly two separate changes in their careers on average. One third reported seeking new jobs while being employed. One fifth reported changing jobs, starting to seek new jobs while being unemployed, moving to managerial positions or completing their degrees.
The job situation in 2016 was not favourable for all economists, however. Cooperation procedures were started in 41% of the respondents' companies during the year. Every fifth was personally included in cooperation procedures. Also, favourable salary development did not apply to all economists. While salaries increased for 63%, it decreased for 4% and remained the same for the rest.
The most common cause for salary increases was the general increase, received by 42% of the respondents. Other key reasons for salary increases included personal increases or changing jobs or positions.
The Finnish Business School Graduates surveys the salary development of its graduate members by its annual salary level survey.