With a master’s in economics, it’s possible to pursue employment as an economist, a professor, a budget/policy analyst, a market researcher, or a data scientist. People in these fields typically research economic issues, conduct surveys, collect data, and perform other duties related to the study of production and consumption. It’s also common for graduates to use statistical models for data analysis.
Median salaries range from $82,260 per year for a budget analyst to $113,940 per year for an economist, making this degree a worthwhile investment. In-state students pay an average of $19,749 in tuition and fees.
How to Choose a Master’s in Economics Program
Choose your area of study
When choosing an area of study, it’s important to define your professional goals. A master’s in economics prepares you for several careers, so think about how you’d like to spend your working hours. If you enjoy analyzing data, you may want to choose a program with a data science concentration. A program with an emphasis on finance and business might be a better fit if you want to be a budget analyst.
Research schools and programs
Before exploring each program in detail, consider your preferred schedule and learning format. Some schools offer hybrid schedules, which combine traditional classes with online classes. Others require you to come to campus for every class. If you plan to work full-time while completing your master’s in economics, you may need a program that offers evening and weekend classes.
Check each program’s accreditation status. Accredited institutions meet the standards set by the U.S. Department of Education (DOE), so accreditation is a sign that a college or university offers high-quality educational programs.
For each program on your list, gather the following information:
- Is there a specialization that matches your interests, such as data science or financial management?
- How many credits do you need to complete?
- Are students required to complete an internship or cooperative education experience?
Prepare for tests and applications
Once you have a list of potential programs, start gathering your application materials and preparing for standardized tests. For a master’s in economics, you may need to take the GRE or the GMAT. Many schools also require letters of recommendation, transcripts from previous colleges, and a personal statement.
If it’s been a while since you took a standardized test, consider enrolling in a test prep program. Taking practice tests and learning new test-taking strategies may help you perform well on the GMAT or GRE.
Select your program
If you’re accepted to multiple programs, think about which one is the best fit for your goals and your budget. Consider the number of specializations available, the location of each program, and the availability of financial aid. If you’re interested in internships, think about the type of support available in each area.
Before you choose a program, ask plenty of questions. Current students and graduates are an excellent source of information about the quality of a master’s in economics degree program. Now, you’re ready to choose a program that matches your personal and professional goals.
Determine how you’ll pay for your degree
The last step is to think about how you’ll pay for your master’s in economics degree. Start by searching for scholarships and grants. If you served in the military, check with the Department of Veterans Affairs to determine if you qualify for any service-related education benefits. Another option is to take out student loans.
If you want to access federal loans and grants, be sure to fill out the Free Application for Federal Student Aid (FAFSA). You may even be able to complete a paid internship to cover some of your tuition and fees.
Best 50 Accredited Master’s in Economics Programs
Discover More Options
How we rank schools
This list covers graduate degree programs that teach students advanced economic theories and principles and prepare them for leadership roles in the global workforce. Degrees offered include master’s in economics, master’s in applied economics, master’s in economic policy, master’s in econometrics and quantitative economics, and master’s in health economics and clinical outcomes research.
All of the schools on our list are approved by DOE-recognized accrediting organizations, such as the New England Commission of Higher Education (NECHE) and Northwest Commission on Colleges and Universities (NWCCU). These organizations evaluate postsecondary education institutions to ensure they provide students with a high-quality academic experience.
We evaluated each program on the basis of flexibility, faculty, course strength, cost, and reputation. Then, we calculated the Intelligent Score for each program on a scale from 0 to 100. For a more extensive explanation, check out Our Ranking Methodology.
What Can You Expect From a Master’s in Economics Program?
Economics focuses on the production, distribution, and consumption of goods and services. Therefore, a master’s in economics program usually includes coursework in macroeconomics, microeconomics, statistics, and quantitative analysis. If you specialize in behavioral economics, expect to take courses in consumer psychology, public policy, social psychology, and political science.
How long it takes to complete a master’s in economics depends on whether you enroll full-time or part-time. It also varies based on the number of credits included in the curriculum. For full-time students, it typically takes two years. If you attend part-time, it may take four years or more.
Some programs have a thesis component, which involves conducting original research and presenting the results to a committee composed of faculty members. To prepare for this portion of a graduate economics program, you may have to complete courses in writing and research methods.
Potential courses you’ll take in a master’s in economics program
- Microeconomics. Microeconomics helps students understand how consumers, businesses, and government agencies interact in the marketplace. Topics covered include supply and demand, economic constraints, types of competition, market failures, and government intervention.
- Macroeconomics. Rather than focusing on individual choices, macroeconomics examines economic systems. Students typically learn about fiscal policy, monetary policy, unemployment, inflation, aggregate spending, and the effects of government policy on the economy.
- Money and banking. Students learn about the importance of financial institutions in an economic context. Topics covered include the Federal Reserve System, the power of the U.S. Treasury, international payments, the use of fiscal and monetary policy to control key economic indicators, and international banking systems.
- Game theory. Game theory focuses on strategic decision-making. Microeconomics is all about how consumers and business owners make decisions related to goods and services. Therefore, taking game theory can help you use mathematical modeling to make critical financial decisions.
- Managerial economics. Managers must allocate labor, capital, and other resources in a way that maximizes profits. Managerial economics focuses on using economic measures to allocate resources wisely. Students typically use the principles of economics, statistics, and business to develop pricing strategies, produce market forecasts, and set appropriate production levels.
Master’s in Economics Degree Frequently Asked Questions
How do I apply to a master's in economics degree program?
To qualify for admission to a master’s in economics program, you’ll need to fill out an application, provide letters of recommendation, and submit your undergraduate transcripts. Some schools also require GRE/GMAT scores, a current résumé, or a personal statement explaining why you want to study economics and what makes you a good candidate for the program.
If your school of choice requires letters of recommendation, request them as early as possible. Choose references who know you well enough to describe your academic achievements and explain why you’re a good fit for the school. Before submitting your application, speak with an admissions counselor to ensure you have everything you need.
How much does a master's in economics degree cost?
For the 2020-2021 academic year, graduate school tuition averaged $19,749. This is based on in-state tuition rates. Public schools are the most affordable option, averaging $12,394 per year. Private schools charge significantly more. During the 2020-2021 school year, private institutions charged an average of $26,621 in tuition.
Tuition is only one of the costs associated with attending graduate school. You also need to think about room and board, textbooks, school supplies, and transportation. If you plan to complete an internship, be sure to account for the cost of professional clothing in your budget. Online schools may charge a technology fee to cover the cost of software, video conferencing tools, and other resources.
How long does it take to earn a master's in economics?
How long it takes to complete a master’s in economics depends on several factors. It may take less time to finish your degree if you enroll in an online program, as online learning is more flexible than on-campus learning. It may take longer to complete your degree if you attend part-time instead of full-time or need extra time to finish your thesis.
The length of a master’s in economics program also depends on the number of credits included in the curriculum. Generally, it takes two years of full-time study or four years of part-time study.