Master’s Degree in Economics

According to BLS, job growth in the field of economics is expected to grow 14% from 2019-2029, which is much faster than the average for all occupations.

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 Economics

When 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 Economics   

Some 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 Economics

Different 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 Economics

The 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 Requirements

Admission 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 Program

There 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.