Although a bachelor’s degree will qualify you for some entry-level jobs, most economist positions do seek candidates who have a master’s degree, due to the complex nature of the job’s responsibilities.
One of the fastest growing economics fields is market research analysis, as industries increase their use of data in making decisions. The Bureau of Labor Statistics predicts 139,200 new jobs.
The average annual salary for an economist is $104,340. A bachelor’s-level position like a market research analyst earns an average annual salary of $63,120, according to the BLS.
For this list, we compiled the best master’s programs in economics. A variety of degrees are available in this field, including a Master of Science (MS), Master of Business Administration (MBA), and Master of Arts (MA).
Our criteria included delivery method and accreditation. We sought programs that are delivered completely or primarily online to ensure accessibility for the highest number of students. We also looked for schools with regional accreditation, as well as programs with programmatic accreditation from agencies like the Association to Advance Collegiate Schools of Business (AACSB) and the Accreditation Council for Business Schools and Programs (ACBSP). These accreditations confirm the programs’ commitment to quality.
After narrowing our list of master’s programs in economics, we reviewed them all based on cost, reputation, flexibility, outcomes, and faculty. Then, we calculated the Intelligent Score for each program on a scale of 0 to 100. For a more extensive explanation, check out Our Ranking Methodology.
When selecting a master’s in economics program, your first decision is what type of degree you want to earn. Your options include a Master of Science degree, which has an in-depth, technical focus; a Master of Business Administration, which teaches economic principles through a business lens; and a Master of Arts, which takes a theoretical approach to the field. Consider your career goals and what orientation best suits your interests when choosing a program.
Although a master’s degree is the minimum level of education needed for economist jobs, because of the advanced research and analytical skills needed, many individuals also earn a doctorate degree. This opens up job opportunities and helps you obtain higher-level positions.
If you are considering a doctorate, factor that into your master’s program selection process. You will want to attend a regionally accredited school and may find it helpful to complete a thesis as part of your master’s degree.
Many master’s programs offer a broad-based education, but there are a number of specialization areas within economics, including community and economic development, behavioral economics, and health economics. Some programs offer a degree in that specific area, while others allow students to build that focus into their degree through electives. This is also something you’ll want to consider when researching programs.
Here are some questions to ask when researching Online Master’s in Economics programs:
Other steps you can take at this point include gathering your application materials, confirming application deadlines and procedures, and planning how you will fund your graduate degree. Admissions representatives and financial aid counselors can assist you if you have questions. Funding resources include student loans, scholarships, assistantships, and tuition benefits from your employer if you are currently working.