Master’s Degree in EconomicsThe field of economics is about collecting and analyzing data, researching trends, and how to best allocate resources, goods, and services. Economics is a social science that studies how human beings interact with the production, distribution, and consumption of goods and services.
Within the field of economics, you can find macroeconomics, which focuses on countries and governments, and microeconomics, which focuses on individuals and businesses.
Economics has a big impact on businesses and industries as a whole. By going into the field of economics, students can feel more linked with the societies and cultures in the world. Economics is a part of daily life and can be used in many different places and situations.
Working in economics means you can find jobs in the private sector, government agencies, and international organizations.
Online or In-person Master’s in EconomicsWhen it comes to getting your master’s degree in economics, you can find an in-person program or an online program. The benefits of an online program may appeal to working professionals or those looking for a career transition. In-person programs may appeal more to those coming from undergraduate programs or those who simply want that in-person experience.
A Master’s in EconomicsSome jobs in the field of economics only require a bachelor’s degree, however, going to get your master’s in economics will open more doors. Having that degree will also allow you to make more money, and move further on in your career.
Concentrations in EconomicsDifferent concentrations will have different types of coursework. Here are some concentrations that you might find in a master’s of economics program:
- Applied Economics - Students will focus on developing different economic models to help make decisions about national and foreign policy.
- Economic Theory - Students will focus on developing and examining theories on different economic models. They will also focus on decision theory, game theory, and contract theory.
- International Economics - Students will study international relations as it relates to economics.
- Macroeconomics - Students will focus on large-scale economic systems, with some focus on topics such as a country’s GDP or income.
- Economic and Political Development - Students will study poverty and the causes for it, as well as policy planning and advocacy.
Classes in EconomicsThe classes you take in a master’s of economics program will depend on your concentration. Here are a few examples of classes you might take while getting your master’s degree.
- Global Economic Environment – this class is about learning the external economy-wide factors that affect the performance and management of firms in today’s global economy.
- Economic History – this class is where you would learn about world economic history and historical experiences.
- Behavioral Economics– this class studies the effects of emotional, cultural, social, psychological, and cognitive factors with both individuals and institutions.
- Research Methods in Economics – this class teaches the foundations for research within the field of economics.
Admission RequirementsAdmission requirements differ based on the school and program, however, most will require students to have a bachelor’s degree from an accredited school, to complete an application essay, and submit letters of recommendation. Students most likely will need to have a bachelor’s degree in economics or another similar field.
Some schools might also require professional experience, but even if the school doesn’t, it can help to have that work experience to put on the application. Schools usually also want students to have a 3.0 GPA or higher.
How to Choose a ProgramThere are many different factors when choosing the right economics master’s program. Students should look at the length of each program, the course format, available concentrations, and final project requirements. Most programs are two years long, but students might also be able to find an accelerated program and be done in a year. It also might depend on if the student goes full or part-time. Students should also consider the curriculum and the cost.
Accreditation status for each program can also make a difference and can affect future career opportunities. Departments often receive accreditation from field-specific accrediting bodies. Accreditation will indicate that the program meets set standards of quality for the profession.
Search and select multiple degree level.
Search and select multiple area of focus.
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Top Master’s in Economics ProgramsThere are many different master’s in economics programs, some are in-person, and some are online.
Here are 10 of the top master’s in economics programs:
- The University of Wyoming
- The University of Arizona
- Texas A&M University
- The University of Texas at Austin
- The University of Illinois at Urbana-Champaign
- North Carolina State University
- Georgia Institute of Technology
- Stony Brook University
- The University of Kansas
- The University of Wisconsin-Madison
Top Online Master’s in Economics ProgramsHere are 10 of the top online master’s in economics programs:
- American University
- The University of North Dakota
- The University of Missouri-Columbia
- Ohio University
- Purdue University
- Georgia Southern University
- Johns Hopkins University
- Youngstown State University
- The University of Detroit Mercy
- Southern New Hampshire University
Jobs With a Master’s Degree in Economics
- Market Research Analyst - Market Research Analysts analyze market conditions to help clients understand what the public is buying. Annual Median Pay: $54,734.
- Economist - Economists study the economy and economic issues. You can find this type of job with just a bachelor’s degree but most would require a master’s degree. Annual Median Pay: $78,247.
- Senior Financial Analyst - Senior Financial Analysts help corporations make strategic investments and business decisions, evaluating trends, demographics, and economic factors that affect finances. Annual Median Pay: $82,013.
- Credit Analyst - Credit Analysts conduct microeconomic analyses of prospective clients to assess the risks involved with loaning funds to people or businesses. Annual Median Pay: $52,479.
- Investment Analyst - Investment Analysts collect information, perform research and analyze assets, stocks, bonds, currencies, and commodities. Annual Median Pay: $66,462.