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Earn a Master’s Degree in Economics with the GI Bill

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.

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 that influence the choice of 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 complete it in a year. It might also depend on whether 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 affect future career opportunities. Departments often receive accreditation from field-specific accrediting bodies. Accreditation indicates that the program meets set standards of quality for the profession.

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:

Top Online Master’s in Economics Programs

Here are 10 of the top online master’s in economics programs:

Jobs With a Master’s Degree in Economics

Scholarships for Students Getting a Master’s in Economics

Here are a few scholarships for those getting their master’s in economics or a similar major. You can also find otherscholarships on College Recon.

Hsiao Memorial Social Sciences Scholarship 

This scholarship was established in honor of Liang-Lin Hsiao who was a professor of economics at Indiana State University. It is open to a graduate student attending a US-based college or university, pursuing a graduate degree in social sciences. Economics is preferred but not required. There is also a preference for Asian heritage though not required. There will be one winner, in the amount of $1,000.

The Financial Women’s Association of San Francisco

This scholarship is for undergraduate and graduate women who are juniors and seniors. They must be enrolled at the main physical campus of a Bay Area accredited college or university or be enrolled and be attending a school satellite campus located within 1 of 9 Bay Area counties in California and taking at least 80% of classes at a satellite campus. Students will also need to be following a course of study to attain a degree and pursue a career in finance or in the financial services industry. Undergraduates will receive $10,000 and graduate students will receive $15,000.

Joseph K. Heyman Scholarship 

This scholarship is by the Atlanta Economics Club. The award goes to an outstanding student in economics. It is open to any undergraduate or graduate student enrolled at a metropolitan Atlanta college or university.

The Minorities in Government Finance Scholarship

The Minorities in Government Finance Scholarship recognizes and encourages outstanding minority students enrolled in a course of study preparing for a career in state or local government finance. It is for full—or part-time, graduate, or upper-level undergrads. Those studying a variety of majors, including accounting, finance, and economics, qualify.

Goldberg-Miller Public Finance Scholarship

This scholarship, previously known as the Daniel B. Goldberg Scholarship, is funded by the Girard Miller Foundation. It is open to full-time graduate students pursuing an advanced degree who have a relationship with state and local government finance. Multiple winners have received award amounts between $5,000 and $20,000.