Economics majors work in various sectors like the government, education, financial institutions, health, business, and international organizations. Master’s Degrees in Economics let you achieve higher-level jobs and career paths.
In this article, you will find a comprehensive overview of the best Master’s Degrees in Economics. Top universities offer accredited degrees that teach beyond advanced concepts in economics. Economics master’s degree programs help you improve your analytical skills, master statistical software, and learn how to effectively use data analysis tools.
What Is Economics?
Economics is a social science that deals with value in the form of products, services, and money. Courses in economics study production from resources, distribution, and consumption by society. Economics covers topics like employment, land, currency inflation, economy, policies, and investment.
Economics is the study of economic resources, and how and why they are created, produced, and used. In economics, you will usually learn how to solve problems related to unemployment, the environment, inflation, inequality, market failures, and national wealth distribution.
Generally, the way these problems are solved is by identifying the economic decisions made in a company or society, and then informing the organizations and governments on how they can improve their decision-making.
Where Can I Get a Master’s Degree in Economics?
Some of the colleges where you can get a Master’s Degree in Economics include Johns Hopkins University, University of Illinois Urbana-Champaign, Ohio State University, and the University of Southern California.
What Schools Offer the Best Economics Master’s Degrees?
- Johns Hopkins University
- University of Illinois Urbana-Champaign
- Ohio State University
- University of Southern California
- Georgetown University
What Are the Admission Requirements for a Master’s Degree in Economics?
Some common requirements for a Master’s Degree in Economics include a bachelor’s degree, previous transcripts, and GRE test scores. You will need to have previous exposure to economics, calculus, linear algebra, statistics, and finance. Other Master’s in Economics requirements may include a statement of purpose, letters of recommendation, and proof of English competency.
Economics Master’s Degree Admission Requirements
- 1-3 letters of recommendation
- Statement of purpose
- Bachelor’s degree
- GPA of 3.0
- GRE test scores
How to Get a Master’s Degree in Economics
You can get a Master’s in Economics by enrolling in a program and meeting the credit requirements. You may need to maintain a GPA of at least 3.0. Some programs may require students complete a thesis or a capstone project.
How Many Credits Do You Need for a Master’s Degree in Economics?
You need between 30 and 35 credits for a Master’s Degree in Economics. This usually takes between one and two years. If you enroll in an economics master’s degree program part-time, it may take you longer than two years to graduate.
Economics Degree Requirements
- GPA of at least 3.0
- 15-25 core credits
- 5-15 elective credits
- Completion of a thesis (if required)
Best Economics Master’s Degree Programs and Schools: Overview
| School | Program | Accreditation |
|---|---|---|
| American University | Master of Arts in International Economics | Middle States Commission on Higher Education (MSCHE) |
| Clemson University | Master of Arts in Economics | Southern Association of Colleges and Schools Commission on Colleges (SACSCOC) |
| Georgetown University | Master of Arts in Applied Economics | Middle States Commission on Higher Education (MSCHE) |
| Johns Hopkins University | Master of Science in Applied Economics and Certificate in Investments | Middle States Commission on Higher Education (MSCHE) |
| Ohio State University | Master of Applied Economics | Higher Learning Commission (HLC) |
| University of Delaware | Master of Arts in Economics and Entrepreneurship for Educators | Middle States Commission on Higher Education (MSCHE) |
| University of Illinois Urbana-Champaign | Master of Science in Policy Economics | Higher Learning Commission (HLC) |
| University of Southern California | Master of Science in Applied Economics and Econometrics | Western Association of Schools and Colleges (WASC) |
| University of Texas at Austin | Master of Arts in Economics | Southern Association of Colleges and Schools Commission on Colleges (SACSCOC) |
| University of Wyoming | Master of Science in Economics | Higher Learning Commission (HLC) Association to Advance Collegiate Schools of Business (AACSB) |
Best Schools for Economics: Top Economics Master’s Degree Programs
The best schools for a Master’s Degree in Economics offer accredited programs that will help you gain a wide range of critical skills and a comprehensive understanding of economics to excel in your chosen career. Below is a detailed list of some of the best economics master’s programs.
What Is an Economics Master’s Degree?
A Master’s Degree in Economics is a two-year advanced degree that will help you advance your statistical and data analytical expertise. It allows you to apply your economic knowledge and logical thinking to propose better solutions to organizations and businesses. An economics master’s degree opens up many career opportunities to become economists, financial advisors, financial managers, consultants, analysts, or managers.
Colleges and universities will offer a Master of Science or a Master of Arts degree in Economics, Applied Economics, or other branches of economics. Some students pursue a degree in business administration with a concentration in economics. All programs cover the subdivisions of macroeconomics and microeconomics to different extents.
How Important Is a Master’s Degree in Economics?
A Master’s Degree in Economics is important if you want to progress in your career or gain specialized knowledge in the field. One reason why an economics master’s degree is important is that it will allow you to negotiate a higher salary. Most entry-level roles require a bachelor’s degree, so gaining an advanced degree will help you stand out from the competition as you apply for high-level jobs.
What Types of Master’s Degree Can You Get in Economics?
You can get the following types of Master’s Degrees for Economics:
- Master of Arts
- Master of Science
The best degree type for economics is a Master of Science if you want a program that focuses on mathematical skills. A Master of Arts will cover analytical and technical skills as well as arts and humanities.
Is It Better to Get a Master of Arts or a Master of Science in Economics?
It is better to get a Master of Science in Economics if you are looking to work in a scientific or technical role. A Master of Arts can also provide a comprehensive education and may be the better choice depending on your career goals.
What Is the Difference Between an Economics Master’s Degree and an Economics Certificate?
The main difference between an economics master’s degree and a certificate in economics is that a certificate program will take less time to complete and will provide a less comprehensive education. An economics certificate will usually consist of around four courses and will deepen your knowledge of a specific topic.
You should get a Master’s Degree in Economics instead of an economics certificate if you have the time and resources because it will look better on your resume and ensure you are qualified for advanced roles.
How Much Does It Cost to Get a Master’s Degree in Economics?
An economics master’s degree costs around $19,792, according to the National Center for Education Statistics. On average, a Master’s in Economics costs more at a private school than a public institution. In many cases, the university website publishes the total cost of the program or the cost per credit.
How Long Does It Take to Get an Economics Master’s Degree?
It usually takes between one and two years to get a Master’s Degree in Economics. Most programs require students to complete between 30 and 40 credits. Your Master’s in Economics length will depend on how many credits you take per term and whether you enroll in your degree part-time or full-time.
How Hard Is It to Get a Master’s Degree in Economics?
An economics master’s degree is hard to get because the math and statistics skills required are much more advanced than you’ll need for a bachelor’s degree. Many students find getting an economic master’s degree is hard, especially if they don’t have extensive experience in the field.
Why Should You Get an Economics Master’s Degree?
You should get an economics master’s degree if you want to land advanced roles in your field or negotiate a higher salary. One of the benefits of a Master’s Degree in Economics is that you will have the chance to learn more specialized and advanced training that can help you excel in your chosen career.
What Courses Do You Need to Take in a Master’s Degree Program in Economics?
Common Master’s in Economics courses cover essential skills like microeconomics, macroeconomics, and international financial relations. Your Master’s in Economics course list will also include a variety of elective options.
Microeconomics
Microeconomics refers to the study of how individual decisions and single factors affect the allocation of scarce resources. An advanced microeconomics course will cover areas including the theory of demand, different market structures, and the theory of resource allocation.
Macroeconomics
Macroeconomics consists of the study of large-scale economic factors. The curriculum may cover theories of income determination, unemployment, and inflation. Students will analyze fiscal policies and debt dynamics.
International Financial Relations
In this graduate-level course, students will study the history and evolution of the international monetary system. The curriculum will cover global conflicts and analyze the management of international financial crises.
Data Analysis
Strong data analysis skills are essential for any economist. This sort of course will train students to carry out their own empirical research. They will learn how to use statistical software and gain hands-on experience through research projects.
Econometrics
Econometrics refers to the use of statistical tools to identify economic relationships. An econometrics course will train students in the skills and tools they need to analyze economic data. They may learn about the linear regression model, instrumental variables, and discrete choice modeling.
Continuing Education Paths for Economics Master’s Degree Graduates
The best continuing education path to take with an economics master’s degree is to go on to earn a Doctoral Degree in Economics. This will qualify you for research-based roles. A PhD can also help you become a university professor.
What to Look For in the Best Economics Master’s Degree Programs
The best economics master’s degree programs will prepare you with all the hard and soft skills you need to succeed in your dream job. There are many programs to choose from, so if you are wondering what to look for in a college for a Master’s Degree in Economics, check out our list of potential criteria below.
Accreditation
Accreditation is an essential factor to consider as you go about your school search. Accreditation proves that an institution meets a high level of educational standards. Potential employers may not respect your master’s degree if you don’t attend an accredited school.
Cost
Regardless of the school you choose to attend, gaining a graduate education can be costly. Make sure you look beyond tuition charges and confirm what additional fees you will be responsible for. In most cases, attending a public school is a cheaper option than private or for-profit schools.
Flexibility/Format
Many schools offer remote or hybrid master’s degree programs. If you want to attend school and work at the same time, you might find an online program is easier to fit into your schedule. You should also decide if you want to study part-time or full-time and choose a school that best fits your learning style.
Barriers to Admission
Some schools that offer Master’s Degrees in Economics require students to have experience in the field or impressive credentials. Look into the academic requirements for your chosen schools and make sure you fit all the criteria for the best chance of being accepted.
Curricular Content
Students with a Master’s Degree in Economics can work in a wide variety of fields. If you already have a job in mind, look into the curricular content and elective options of your chosen schools to ensure you choose a program that best fits your career path. Some schools may offer concentration or specialization options that can help you dive deeper into the specific field that interests you.
What Is the Most Affordable Economics Master’s Degree?
The most affordable Master’s Degree in Economics on our list is offered by Ohio State University, where in-state students pay $722 per credit. Other affordable economics master’s degree programs are offered by the University of Texas at Austin and the University of Wyoming.
Salary and Job Outlook for Economics Master’s Degree Graduates
Economics master’s degree jobs span several fields. Below, we cover some of the best careers for students after they graduate. We also provide details about the Master’s in Economics salary, job outlook, and highest-paying states.
How Hard Is It to Get a Job With an Economics Master’s Degree?
It is not usually hard to get a job with a Master’s Degree in Economics. The advanced analysis and statistical skills you’ll learn in these programs will prepare you for several high-paying roles. These are transferable skills, and gaining a master’s degree will help set you apart from most professionals in the field.
What’s the Average Economics Master’s Degree Salary?
The average salary for a Master’s Degree in Economics grad is $113,000, according to PayScale. Keep in mind that your salary will depend on several factors, including your location, level of experience, and job title.
What Types of Jobs Can You Get With an Economics Master’s Degree?
The jobs you can get with an economics master’s degree include financial advisor, budget analyst, and sociologist. Some of the highest-paying economics jobs for master’s degree holders include political scientist and economist.
Economics Degree Jobs
- Political scientist
- Economist
- Financial advisor
- Budget analyst
- Sociologist
How Much Money Can You Make With a Master’s Degree in Economics?
You can make between $62,000 and $122,000 with a Master’s Degree in Economics. In general, economics master’s degree grads are able to make impressive salaries. Your annual wage will depend on your specific field and relevant experience.
Highest-Paying Economics Master’s Degree Jobs and Salaries: Overview
| Economics Master’s Degree Jobs | Average Salary |
|---|---|
| Political Scientists | $122,510 |
| Economists | $105,630 |
| Economics Professors | $104,940 |
| Financial Advisors | $94,170 |
| Sociologists | $92,910 |
| Budget Analysts | $79,940 |
| Insurance Underwriters | $76,390 |
| Social and Community Service Managers | $74,000 |
| Market Research Analysts | $63,920 |
| Survey Researchers | $62,410 |
Best Jobs for Economics Master’s Degree Grads
The best jobs for a Master’s in Economics graduate include political scientist and economist. These roles come with an impressive salary and opportunities for advancement. Below, we provide detailed information about the best jobs you can get with an economics master’s degree.
Is a Master’s Degree in Economics Worth It?
Yes, a Master’s in Economics is worth it if you aspire to take on senior roles. Professionals with a master’s degree earn a high annual salary compared to many other occupations and have access to a wide array of job opportunities in economics.
A job in economics can be satisfying if you are interested in numbers and people. You can find rewarding jobs in public finance, international finance, the energy sector, nonprofit organizations, private businesses, and more. Master’s degree holders have a solid foundation in economics, business acumen, and the practical skills to succeed in the field.
If economic theory, data analysis, financial economies, and helping business strategize sounds exciting to you, then you’ll find getting a Master’s in Economics worth it. Most careers in economics show promising growth. No matter what sector of economics you go for, you are bound to have an interesting and fulfilling career.
Additional Reading About Economics
- https://careerkarma.com/blog/online-college-economics-courses/
- https://careerkarma.com/blog/economics-bachelors-degrees/
- https://careerkarma.com/blog/best-associate-degrees-in-economics/
Economics Master’s Degree FAQ
A Bachelor of Science in Economics is best for entry-level roles in the economics field. If you wish to progress in your career, you might find that employers prefer candidates with a Master’s Degree in Economics or a related field.
A Master’s of Business Administration is better If your career goal is to work in business and finance. For deeper knowledge in economics, you can earn a Master of Science in Economics. The cost of a degree in economics can be more reasonable than an MBA from an accredited institution.
A Master’s Degree in Economics takes two years to complete, in general. Some programs allow students to earn their graduate degrees in ten to twelve months, varying for any credits transfer. Additionally, some online programs offer more flexible schedules to allow more students to access an education in economics.
You will study macroeconomic and microeconomic theory, econometrics, and other fields of economics in your graduate program. Economics majors take a set of core courses and have access to a range of elective courses to gain in-depth knowledge in their chosen field.
