An online Master’s Degree in Economics qualifies you for more job opportunities and better pay. If you have an undergraduate degree in economics or a similar field and want to move forward in your career, you may be on the lookout for the best online economics master’s degrees.
Online programs allow the convenience of working in the field and learning about it at the same time. So, how do you find the right master’s program for you? This article breaks down the best online master’s degrees in economics and discusses economics master’s degree jobs for graduates.
Where Can I Get an Economics Master’s Degree Online?
Some of the best schools to get a Master’s Degree in Economics include Southern New Hampshire University, Arizona State University, Purdue University, American University, University of Missouri, and Northeastern University.
What Schools Offer the Best Economics Master’s Degrees?
- Southern New Hampshire University
- Arizona State University
- Purdue University
- University of Missouri
- American University
What Are the Admission Requirements for an Online Economics Master’s Degree?
The admission requirements for an online economics master’s degree include an online application, an undergraduate degree, letters of recommendation, a resume, a statement of purpose, and standardized test scores.
Applicants will have to complete an online application and submit their official transcripts, which demonstrate undergraduate education. Some schools have minimum GPA requirements and require students to submit letters of recommendation and resumes demonstrating their education, skills, and experience.
Online Economics Master’s Degree Admission Requirements
- Online application
- High school transcripts
- Standardized test scores
- Letters of recommendation
- Statement of purpose
- Bachelor’s degree
How to Get an Economics Master’s Degree Online
To get an economics master’s degree online you need to fulfill the graduation requirements set by the school of your choice. These requirements involve completing the credit requirements for general education courses, business courses, economics courses, and electives.
Economics Degree Requirements
- 120 total credits
- Approximately 30 credits of core courses
- 35-45 general education credits
- Elective courses
- Maintain a minimum GPA score
Best Online Economics Master’s Degree Programs and Schools: Overview
| School | Program | Accreditation |
|---|---|---|
| American University | Master of Arts in Economics, Applied Economics Specialization | Middle States Commission on Higher Education |
| Arizona State University | Master of Science in Supply Chain Management | Higher Learning Commission |
| Johns Hopkins University | Master of Science in Applied Economics | Middle States Commission on Higher Education |
| Northeastern University | Master of Science in Commerce and Economic Development | New England Commission of Higher Education |
| PennState World Campus | Master of Professional Studies in Data Analytics – Business Analytics Option | Middle States Commission on Higher Education |
| Purdue University | Master of Science in Economics | Higher Learning Commission |
| Southern New Hampshire University | Master of Science in Applied Economics | New England Commission of Higher Education |
| University of Missouri | Master of Arts in Economics | Higher Learning Commission |
| University of North Dakota | Master of Science in Applied Economics & Predictive Analytics | Higher Learning Commission |
| West Texas A&M University | Master of Science in Finance and Economics | Southern Association of Colleges and Schools, Commission on Colleges |
Best Schools for Economics: Top Online Economics Master’s Degree Programs
The top online economics master’s degree programs boast strong curricula, affordable costs, and qualified faculty. Below are the best online master’s degree programs in economics for your graduate-level degree.
What Is an Online Economics Master’s Degree?
An online economics master’s degree is a graduate credential that focuses on developing mathematical and theoretical concepts in econometrics. Among many things, students learn how to interpret and analyze financial data. Compared to a campus-based program, students can complete the credit hours from any location.
The typical program length for most online economics master’s degrees is two years, although the credit requirements may vary by program. An online economics master’s degree may usually not require a campus visit at all. Also, because there is no lab work required, it is very convenient to complete the degree remotely.
Online vs In-Person Economics Degrees
Online economics degrees have an edge over an in-person degree. Students enrolled in an online program have the freedom to take classes from anywhere in the world. On the other hand, face-to-face learning allows for better interaction with other students and the faculty. We discuss the benefits of each economics master’s degree type below.
Top 5 Benefits of an Online Master’s Degree in Economics
- Remote learning. Students can complete a Master’s Degree in Economics program from the comfort of their homes. The program schedule can be self-paced, although you still have to complete the credits within the program length.
- Lower costs. Online program tuition is generally cheaper than their in-person counterparts as students won’t have to pay for room, transportation, and other on-campus costs. Plus, students in online programs can also enjoy tuition discounts from some schools.
- Control of the learning process. Students enrolled in online master’s degree programs can enjoy individualized learning. They can tailor the learning experience to what suits them and access the learning materials, assignments, and projects online at any time.
- Flexible schedule. Perhaps one of the most significant benefits of an online degree is that students can tailor their classes to fit their schedules. That way, they can continue their professional career or jobs while they learn about the field in school.
- Availability of resources. Students can access a wide range of learning resources in an online master’s program. In addition to message boards, they can participate in workshops and group projects, and access resource guides.
Top 5 Benefits of an In-Person Master’s Degree in Economics
- In-person interaction. An in-person program allows students to physically interact with co-students and members of the faculty. The social, academic, and networking benefits of such interactions are unquantifiable.
- Career services. Many in-person programs feature career services like a Career Day where students can interact with potential employers. They can also get a personal advisor to help them with job applications post-graduation.
- Classroom resources. You don’t have to worry about the right set up to take your classes. The university classrooms are meant for that. Students also don’t have to worry about distractions as everyone in the classroom is there for the same purpose.
- Intensity. The intensity and rigor of in-person programs are incomparable. While students won’t have the luxury of creating their own schedule, a rigorous planned schedule keeps them on task.
- Work-study programs. Some universities offer work-study programs that allow you to take up some jobs in the university while doubling as a student.
What Types of Online Master’s Degrees Can You Get in Economics?
The types of online economics master’s degrees you can get are a Master of Science (MS), Master of Arts (MA), or Master of Business Administration (MBA) degrees. While these degrees are different, they all offer a focus on economics.
An MS in Economics program is a graduate program that focuses on applied economics to real-world problems. On the other hand, an MA in Economics is structured for students interested in academia, research, and consulting. An MBA is specifically tailored for business professionals looking to gain more expert knowledge in a particular subject area.
Is It Better to Get a Master of Science or Master of Arts in Economics?
If you are looking to work as an economist, business analyst, or financial analyst, then a Master of Science in Economics is better than a Master of Arts. A Master of Science focuses on the scientific and technical aspects of economics, while a Master of Arts is geared towards humanities and business elements.
A Master of Science in Economics and a Master of Arts in Economics both offer several job opportunities and increased pay compared to those with just a bachelor’s degree. If you want the top-paying jobs available to graduates, you should get a Master of Science.
How Much Does an Economics Master’s Degree Cost?
According to the National Center for Education Statistics (NCES), the average tuition for an economics master’s degree is $12,410. You can apply for financial aid or scholarships to ease the burden of the tuition.
How Long Does It Take to Get an Economics Master’s Degree Online?
It takes an average of two years to get an economics master’s degree online. Most programs require students to complete 30 credits to get their degree. If a program has four semesters in total, then students have to take an average of seven credits per semester. However, the number of semesters and credits vary by school.
Are Online Economics Degrees Respected?
Yes, online economics degrees are respected. They are starting to gain popularity as more reputable institutions now offer online economics degree programs. In fact, NCES reported that over seven million students attended distance education courses in 2019.
Is Economics Hard to Learn Online?
No, it is not hard to learn economics online. Since it doesn’t require laboratory work as you would find in biological, medical, and physical sciences, you don’t have to visit any location to fulfill credits. Students can complete the theoretical work, assignments, and projects from the comfort of their homes.
Economics Bootcamp vs Online Economics Master’s Degree: Which Is Better?
An online economics master’s degree program is better than an economics bootcamp because it has a more in-depth curriculum, a choice of degree tracks, and funding options. If you are just looking to upskill or land an entry-level job, you might consider an economics bootcamp.
Bootcamps are intensive study programs with curricula designed to align with industry trends. If you are choosing between an advanced degree and a bootcamp, check out the benefits of each below. The best educational path for you will depend on your resources and long-term career goals.
Top 5 Benefits of an Online Economics Master’s Degree
- Degree tracks. Students can either take a course-based track or a research-based track in a graduate program. Master’s degrees offer many specializations and concentrations, as well as elective courses in different focus areas.
- Funding options. Economics master’s degrees offer several scholarships and financial aid options to help students cover the cost of study.
- Career opportunities. A bachelor’s degree or bootcamp will help you get entry-level jobs, but you need a master’s degree or PhD for higher-paying positions. Going to an accredited institution increases your chances of getting hired for high-paying positions.
- Resources. Colleges and universities, even when online, offer student activities, clubs, associations, networking events, company information sessions, workshops, and professional services to their students.
- In-depth curriculum. Although a master’s degree is much longer than a bootcamp, it goes far more in-depth. Instead of just getting an overview of the fundamentals of economics, students learn the ins and outs of their major.
Benefits of an Economics Bootcamp
- Program length. Bootcamps generally only take a couple of months, whereas a master’s degree takes years. You will sharpen your skills and have hands-on learning experiences in a shorter period of time.
- Relatively low cost. Bootcamps are less expensive than getting an economics master’s degree. A bootcamp allows you to brush up on the skills you learned in a bachelor’s degree and in your work experience.
- Industry-based curriculum. Bootcamps are meant to prepare you for a job after graduation. Students learn the current market trends and demands that will make them excel in their desired field.
- Complement your expertise. A bootcamp allows you to gain knowledge in a specific area, which is beneficial if you already have a bachelor’s degree and work experience. Bootcamps are great for a quick refresh of general concepts.
- Trending skills. If you have a job opportunity that requires a specific skill, an economics bootcamp covers the latest concepts, issues, and technologies.
Why You Should Get an Economics Master’s Degree Online
You should get an economics master’s degree online if you’re looking to get a master’s degree from home. Studying online saves you the worry of having to pay for room and transportation and gives you some control of the learning process.
Getting a Master’s Degree in Economics online allows you access to different career options in the field of economics. With projects and assignments, students can gain hands-on experience in the use of their analytical skills in solving real-world problems.
What Courses Do You Take in an Online Master’s Degree Program in Economics?
The courses that you take in an online economics master’s degree program include econometrics, experimental economics, statistics, macroeconomic theory, and monetary economics. We’ve included a brief breakdown of each class below.
Econometrics
Understanding finance theories and their applications are critical for any economist or business analyst. The course teaches econometric analysis and its core principles alongside statistical techniques. These skills help students solve real-world data problems.
Experimental Economics
Experimental Economics discusses different methods that economists employ in the study of human behavior to make the right economic decisions. The course usually features practical classes where students have to analyze data generated by one another.
Monetary Economics
This course is designed to help students learn about the methods involved in determining economic policies and phenomena. The course will take students through the construction of several theoretical frameworks as regards monetary policy.
Statistics
A course in statistics teaches statistical methodology. Sub-topics of the course typically include probability, analysis of variance, quantitative methods, statistical analysis, hypothesis testing, and more. For a successful career as an economist or analyst, a solid understanding of statistics is important.
Macroeconomic Theory
This course explores the fundamental concepts of macroeconomic theory. Students will learn how market structure determines the response of a firm. Also, the course teaches how firms and people behave in the marketplace.
Continuing Education Paths for Online Economics Master’s Degree Graduates
An online Master’s Degree in Economics prepares graduates for doctoral degree programs in economics or similar sub-fields. Economics graduates not interested in pursuing further economics or business degree can choose any of the many economist certifications. Popular certification options include Certified Economic Developer (CEcD), Chartered Economist, and Certified Public Accountant (CPA).
Related Online Economics Degrees
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What to Look For in the Best Economics Master’s Degree Programs
The things to look for in the best economics master’s degree programs are accreditation, flexibility, cost, the reputation of the school, and employment outcomes. Read below to discover why these factors are essential when choosing the best online economics master’s degree.
Accreditation
An accreditation means a particular school meets the minimum quality standards to offer the program. So, it’s important to always confirm the master’s degree program’s accreditation status. The accreditation of your school also affects your employability, as employers consider if the program you attended is accredited.
Cost
Whether it’s a public university or a private school, the cost of tuition and other fees is an important consideration to make. Graduate coursework can be expensive, so ensuring that you can afford the program is important for your financial and mental stability. Attending an online school can save you some money at the graduate level.
Reputation of School
If you’re attending an online program, there’s a need to ensure the school has a solid reputation in academia and among employers. That way, you’ll not only learn to solve real-world economic problems but also find the best jobs that allow you do so.
Flexibility
Program flexibility for students is one important thing to look for in graduate economics programs. The delivery method of the courses will determine the flexibility of the program. If you choose online classes, then you can tailor your learning to fit into your schedule.
Employment Outcomes
What are the employment experiences of students that have attended the program? Where do graduates of the program work? Finding answers to these questions can help you decide if you should attend the program or not.
What Is the Most Affordable Online Economics Master’s Degree?
The most affordable online economics master’s program is the Master of Science in Economics at the University of Missouri. It cost $414.60 per credit, and with 30 credits required to complete the program, the total cost will be $12,438.
Can I Get an Economics Master’s Degree Online for Free?
No, you cannot get an economics master’s degree online for free. If you are in a tight financial corner, then you can apply for financial aid if the program is accredited. Alternatively, you can explore different massive open online courses (MOOCs) in economics.
Salary and Job Outlook for Online Economics Master’s Degree Graduates
An online Master’s Degree in Economics is often a huge step toward better salaries and more job opportunities. Graduates usually don’t find it hard to get a job and better still, they can specialize in different areas and work in different industries where their expertise is required. Keep reading to discover the top-paying jobs available to Master’s Degree in Economics graduates.
How Hard Is It to Get a Job With an Economics Master’s Degree?
It is not very hard to get a job with an economics master’s degree. Depending on your professional status and level of experience before enrolling in a master’s degree program, you can land jobs with good salaries and employee perks.
What’s the Average Online Economics Master’s Degree Salary?
The average salary for someone with an online economics master’s degree is $113,000, according to PayScale. Your specific pay will come down to several factors, including job title, years of experience, and other certifications that you possess.
What Jobs Can You Get With an Online Economics Master’s Degree?
The jobs you can get with an online economics master’s degree are budget analyst, financial analyst, market research analyst, operations research analyst, and economist. You can also become a data analyst after completing an economics master’s program online.
Economics Degree Jobs
- Budget analyst
- Financial analyst
- Market research analyst
- Operations research analyst
- Economist
Potential Careers With an Online Economics Degree
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How Much Money Can You Make With an Online Economics Master’s Degree?
You can make between $78,000 and $135,00 with an online economics master’s degree. Salaries vary by role and the specific industry that you are working in. If you are looking for the highest paying online economics master’s degree jobs, then read the following list below.
Highest-Paying Online Economics Master’s Degree Jobs and Salaries: Overview
| Economics Master’s Degree Jobs | Average Salary |
|---|---|
| Financial Managers | $131,710 |
| Actuaries | $105,900 |
| Economists | $105,630 |
| Financial Analysts | $81,410 |
| Budget Analysts | $79,940 |
Best Jobs for Online Economics Master’s Degree Grads
The best jobs for online economics master’s degree grads are financial managers, actuaries, economists, financial analysts, and budget analysts. There are several other jobs that you can find, but these top jobs offer the best salaries and rewarding careers.
Best Jobs According to Your Major
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Is an Online Economics Master’s Degree Worth It?
Yes, an online economics master’s degree is worth it. The degree affords you opportunities to land high-paying roles as an economist, financial analyst, or business analyst. In addition, the two-year program prepares you for a doctoral program.
The best online economics master’s programs are convenient, allowing students to complete their master’s degree at a self-determined pace and schedule. With the career outlook of most jobs that you can get with a master’s degree in economics, getting one online is worth it.
Additional Reading About Economics
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Online Economics Master’s Degree FAQ
It takes an average of one year to get a Master’s Degree in Economics with transfer credits. Although the number varies, students can usually transfer between nine and 15 credits, which cuts your study time in half.
Yes, you can get a job with an online Master’s Degree in Economics. Traditional programs have more reputation, but top universities now offer online degrees in economies. As a result, online degrees are being respected by industry professionals and experts. So, you won’t have so many problems getting a job with an online economics master’s degree.
Good complementary courses and electives for a Master’s Degree in Economics include computer science, basic chemistry, math, and linguistics. The great thing about universities is that the curriculum also allows you to choose electives completely outside of your department.
The fastest online economics Master’s degree program is the Master of Science in Supply Chain Management offered by Arizona State University. It takes just nine months to complete the program.
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