The Federal Government recognizes education and experience in certifying applicants for entry-level positions. The entrance salary for economists having a bachelor's degree was about $23,442 a year in 2003; however, those with superior academic records could begin at $29,037. Those having a master's degree could qualify for positions at an annual salary of $35,519. Those with a Ph.D. could begin at $42,976, while some individuals with experience and an advanced degree could start at $51,508. Starting salaries were slightly higher in selected areas where the prevailing local pay was higher. The average annual salary for economists employed by the Federal Government was $81,852 a year in 2003.