Economist salary in Kenya varies depending on the level of education of an individual and the sector one is attached to. The lowest salary an economist can earn in Kenya is Ksh 45, 000, which is paid to fresh graduates from Kenyan universities who are working for local banks as graduate clerks.
If you are employed at the ministry of finance as an economist, which is a government ministry, you will be paid starting salary of Ksh 68,000.This is the minimum gross salary for an individual working as an Economist for a government institution.
An economist with a masters degree working for Central Bank of Kenya earns at least Ksh 250,000, while that employed by government parastatals earn between Ksh 120,000-Ksh 180,000.
Economists working for NGOs earn between Ksh 90,000 to Ksh 300,000 while those with masters qualification and working for World Bank earn between Ksh 350,000 to Ksh 600,000.
The highest paid economists, with at least PhD qualification, earn between Ksh 700,000 to Ksh 2 million. These individuals work as consultants with the United Nations, World Bank,IMF and other international bodies. The lowest paid economists with PhD qualifications earn Ksh 200, 000, and these people work as lecturers in Kenyan universities.
Economists graduating from Kenyan universities are always advised not to work for banks because they are lumped together with other graduates. The best places to seek opportunities include NGOs, Government bodies and audit firms.
In Kenya, it’s always hard to secure a job opportunity as an economist, unless you possess at least three years’ experience and a master’s degree. Individuals fresh from college end up working as accountants,researchers,bank tellers, loan officers and other tasks not directly related to economics-it’s by luck some end up working as economists.
As you are aware, opportunities for economists are few, so it’s advisable to supplement your economics degree with a professional certification. And in Kenya the best certification include CIFA,CFA and ACCA.