
Earn a Master’s Degree in Economics with the GI Bill
According to the American Economics Association, a master's degree in Economics, "can be viewed as a terminal degree or as additional preparation (beyond the baccalaureate degree) for more advanced study. In some cases, a Master's degree is routinely awarded after completion of a designated phase of a PhD program."Earning a Master's degree in economics with the GI Bill, "typically involves two years of post-baccalaureate study, generally including courses in microeconomics, macroeconomics, quantitative analysis, and econometrics. Terminal Master's degree requirements generally include completion of a Master's thesis."
The field of economics involves collecting and analyzing data, researching trends, and determining how to best allocate resources, goods, and services. Economics is a social science that studies how human beings interact with producing, distributing, and consuming goods and services.
Within economics, there is macroeconomics, which focuses on countries and governments, and microeconomics, which focuses on individuals and businesses.
Economics has a significant impact on businesses and industries as a whole. By entering the field of economics, students can feel more connected to the societies and cultures of the world.
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.
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Top Master’s in Economics Programs
There 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 Programs
Here 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.