What Is a Master's in Economics Degree?
Master's degree programs in economics are available as a Master of Arts (MA) or Master of Science (MS) degree. Some of these degree programs carry a STEM (science, technology, engineering, and mathematics) designation. These programs can help prepare students for study at the doctoral level or a variety of economics-related careers. Students in these master's programs learn quantitative approaches to economics and may be able to further focus their studies through available tracks or elective coursework to better prepare for their desired career. Students are also trained in current research methods of the field, financial analysis, and decision-making. Many of these programs are available in full- and part-time formats for flexibility.
The Best Masters Degrees in Economics
| School | Tuition* | Acceptance Rate | Graduation Rate | Financial Aid % | Placement Services | Career Services | Accepts | |
|---|---|---|---|---|---|---|---|---|
| 1 | Georgetown University | $51790 | 14% | 95% | 55% | Yes | Yes | AP / NCCRS Credits |
| 2 | Colorado School of Mines | $19062 | 53% | 83% | 88% | Yes | Yes | AP Credits |
| 3 | Massachusetts Institute of Technology | $57059 | 7% | 95% | 74% | Yes | Yes | AP Credits |
| 4 | Cornell University | $30022 | 11% | 95% | 62% | Yes | Yes | AP / NCCRS Credits |
| 5 | Duke University | $56888 | 8% | 95% | 63% | Yes | Yes | AP Credits |
| 6 | Yale University | $43300 | 6% | 97% | 64% | Yes | Yes | AP Credits |
| 7 | Texas A & M University-College Station | $10173 | 58% | 82% | 76% | Yes | Yes | AP Credits |
| 8 | University of California-Davis | $13598 | 39% | 87% | 66% | Yes | Yes | AP Credits |
| 9 | California Polytechnic State University-San Luis Obispo | $11377 | 28% | 82% | 63% | Yes | Yes | AP Credits |
| 10 | University of Delaware | $34956 | 71% | 81% | 88% | Yes | Yes | AP Credits |
| 11 | Georgia Institute of Technology-Main Campus | $16088 | 21% | 90% | 69% | Yes | Yes | AP Credits |
| 12 | University of Wisconsin-Madison | $12180 | 54% | 88% | 61% | Yes | Yes | AP Credits |
| 13 | University of California-Los Angeles | $12953 | 12% | 92% | 61% | Yes | Yes | AP Credits |
| 14 | The University of Texas at Austin | $11998 | 32% | 86% | 67% | Yes | Yes | AP Credits |
| 15 | University of Illinois at Urbana-Champaign | $18083 | 59% | 85% | 64% | Yes | Yes | AP Credits |
| 16 | Rice University | $49403 | 9% | 93% | 69% | Yes | Yes | AP Credits |
| 17 | Purdue Global-Main Campus | $9992 | 60% | 82% | 65% | Yes | Yes | AP Credits |
| 18 | University of Michigan-Ann Arbor | $24218 | 23% | 93% | 65% | Yes | Yes | AP Credits |
| 19 | University of Houston | $9372 | 65% | 61% | 87% | Yes | Yes | AP Credits |
| 20 | University at Buffalo | $14130 | 61% | 75% | 84% | Yes | Yes | AP Credits |
| 21 | University of Wyoming | $6289 | 96% | 60% | 93% | Yes | Yes | AP / NCCRS Credits |
| 22 | University of California-San Diego | $13455 | 31% | 87% | 63% | Yes | Yes | AP Credits |
| 23 | University of California-Santa Cruz | $13808 | 51% | 75% | 70% | Yes | Yes | AP Credits |
| 24 | Binghamton University | $13594 | 41% | 82% | 75% | Yes | Yes | AP Credits |
| 25 | California State Polytechnic University-Pomona | $8830 | 55% | 69% | 78% | Yes | Yes | AP Credits |
| 26 | Columbia University in the City of New York | $49968 | 5% | 95% | 59% | Yes | Yes | AP Credits |
| 27 | University of Connecticut | $19056 | 49% | 84% | 75% | Yes | Yes | AP Credits |
| 28 | University of Minnesota-Twin Cities | $19221 | 57% | 83% | 81% | Yes | Yes | AP / NCCRS Credits |
| 29 | University of Maryland-College Park | $14793 | 44% | 87% | 66% | Yes | Yes | AP Credits |
| 30 | Boston College | $30700 | 27% | 94% | 56% | Yes | Yes | AP / NCCRS Credits |
| 31 | University of Arizona | $13271 | 85% | 65% | 91% | Yes | Yes | AP / ACE Credits |
| 32 | Utah State University | $7003 | 91% | 54% | 86% | Yes | Yes | AP / ACE Credits |
| 33 | North Dakota State University-Main Campus | $7751 | 94% | 60% | 90% | No | Yes | AP / NCCRS Credits |
| 34 | University of North Dakota | $12058 | 81% | 61% | 92% | Yes | Yes | AP Credits |
| 35 | CUNY City College | $11402 | 46% | 56% | 87% | Yes | Yes | AP Credits |
| 36 | University of North Carolina at Chapel Hill | $12522 | 23% | 91% | 65% | No | Yes | AP Credits |
| 37 | Ohio State University-Main Campus | $12425 | 54% | 86% | 79% | Yes | Yes | AP / NCCRS Credits |
| 38 | Washington State University | $13095 | 76% | 60% | 89% | Yes | Yes | AP / ACE Credits |
| 39 | University of Colorado Denver/Anschutz Medical Campus | $8069 | 67% | 52% | 82% | Yes | Yes | AP Credits |
| 40 | Rutgers University-New Brunswick | $19983 | 61% | 84% | 71% | Yes | Yes | AP Credits |
| 41 | University of Utah | $8396 | 62% | 70% | 85% | Yes | Yes | AP Credits |
| 42 | University of Missouri-Kansas City | $11006 | 61% | 50% | 92% | Yes | Yes | AP Credits |
| 43 | George Mason University | $15648 | 87% | 71% | 74% | Yes | Yes | AP / ACE / NCCRS Credits |
| 44 | University of Illinois at Chicago | $16566 | 73% | 61% | 78% | Yes | Yes | AP Credits |
| 45 | Auburn University | $11504 | 81% | 79% | 72% | Yes | Yes | AP Credits |
| 46 | University of Maine | $9347 | 90% | 57% | 99% | Yes | Yes | AP Credits |
| 47 | Florida State University | $11553 | 36% | 83% | 97% | Yes | Yes | AP / ACE Credits |
To get a more in-depth look at our school ranking methodology, please visit our ranking methodology page.
*Tuition information is based on published tuition and required fees, per data by the National Center for Education Statistics (NCES).
Common Undergraduate Degrees for Economics
A Bachelor of Science or Bachelor of Arts in Economics are common undergraduate degrees for this field. You may also see programs like a Bachelor of Science in Finance, a Bachelor of Business Administration of a Bachelor of Economics. Due to the quantitative nature of the discipline, students who take these degree paths are typically exposed to coursework in economics, algebra, calculus, and statistics. Some students could even enter the master's program with a double major that incorporates some of these quantitative areas, such as an economics and finance double major.
Admissions Requirements for Economics Master's Programs
Nearly all master's programs in economics require students to hold a bachelor's degree. Although this degree does not have to be in economics, several schools recommend or prefer students who have a significant amount of undergraduate courses in economics and mathematics. Some programs may have some prerequisite requirements, such as courses in calculus, microeconomics, and macroeconomics, and/or suggest that students have additional courses in economics, statistics, probability, and other quantitative fields. Generally, these master's programs do require the GRE and some programs may prefer students who have a 3.0 GPA or higher. Students are commonly asked to include items such as transcripts, recommendations, and a statement of purpose with their application. Some programs include an interview during the admissions process.
How to Choose a Master's in Economics Program
Choosing a master's degree in economics should be based primarily on a student's career goals and which program best prepares them for this career. For instance, while many master's programs offer electives to allow students to individualize their degree, some offer additional tracks and concentration areas to help students focus their studies and prepare for a specific career. There are also some master's programs that offer additional experiential learning opportunities, such as internships or business consulting opportunities. These learning experiences can provide students with practical, hands-on experience to prepare for the real world. Other factors to consider when choosing a master's program in economics include financial aid options, program format, location, and student support services.
Economics Master's Degree Courses
Master's degree programs in economics commonly require between 30 and 45 credits of coursework. These programs are usually offered in full- or part-time formats and typically take 1 to 2 years to complete. Coursework generally consists of core economics courses and electives or courses within a chosen track. Students take courses that are economics- and math-heavy to equip them with the quantitative skills necessary to conduct research and analysis in the field. Depending on the program, students may be able to customize their degree to some extent and choose courses from approved lists. Learn more about the curriculum for these master's programs below.
Economics Foundational Courses
Foundational courses in master's in economics programs primarily consist of math and economics courses. These courses are designed to equip students with an understanding of the main concepts of economics, as well as the research and analysis skills needed to interpret economic data and problems. Many of these courses are offered in multiple levels, such as level 1 and level 2 of a particular subject area. Students may take around 12 to 24 credits of core courses. Some programs conclude with a required capstone or completion project, such as a research paper or portfolio. These projects usually test the knowledge that students have acquired throughout the program and help them practice their research and communication skills in the field of economics. While specific course titles vary, students in these master's programs are likely to take core courses in areas such as:
- Microeconomics
- Macroeconomics
- Econometrics
- Statistics
- Mathematical methods for economics
- Research in economics
- Data analysis
Economics Specialist & Elective Courses
Students may take between 9 and 18 credits of electives. Many of these electives are offered in economics, but students may also be allowed to take courses in related areas, such as math, computer science, or international business. In general, electives for these programs help students explore different areas of interest within the field of economics. These courses can help them prepare for a specific type of job or doctoral study in a specific specialization. Some available elective topics include:
- International economics
- Health economics
- Managerial economics
- Behavioral economics
- Financial economics
- Economic policy analysis
- Game theory
Licensure & Certification in Economics
Economists are typically not required to hold any specific licensure or certification in the field. However, there are some professional certifications available from economics-related organizations. For example, the National Association for Business Economics (NABE) offers the Certified Business Economist (CBE) designation and the Global Academy of Finance and Management (GAFM) offers the Chartered Economist (ChE) designation. These certifications generally require a training program and exam. Graduates with their master's in economics can also pursue other related careers that may require or have their own certifications available. For instance, financial analysts need licensure from the Financial Industry Regulatory Authority (FINRA) to sell some financial products or there is the Chartered Financial Analyst (CFA) certification available from the CFA Institute.
Internships in Economics Master's Programs
Some master's degree programs in economics include an experiential learning requirement, which can be fulfilled with an optional internship or other hands-on experiences, such as a business consulting course or international business seminar and residency. These hands-on learning experiences may be in addition to a capstone course or completion project, such as a portfolio. Internship experiences can provide students with valuable connections within the field and, on occasion, lead to full-time employment. While the enrollment process for an internship is different for different schools, students may need to figure out the logistics of their internship experience, such as start and end times, how many hours worked, the location, and specific job duties.
Concentrations Offered for a Master's in Economics Degree
There are several master's degree programs in economics that allow students to further focus their studies and prepare for specific careers within the field. Typically, students take additional courses or electives within these chosen tracks, in addition to core economics courses. These tracks may be in a specific area of economics or help prepare students for broader career categories within economics. Some programs may also include a standard track for students who do not wish to specialize. Although names vary by institution, some examples of available tracks for master's programs in economics include:
- Financial economics track
- Computational economics track
- Public policy track
- Academic research track
- Industry track
Post-Graduate Options After Master's in Economics
Some graduates of master's degree programs in economics go on to pursue a Doctor of Philosophy (Ph.D.) in the field. Many of these master's programs specifically prepare students for the advanced research required in doctoral programs. Doctoral programs in economics usually allow students to further specialize in a particular area of the field and may include additional responsibilities, such as teaching requirements. Ph.D. in Economics programs may take 4 to 5 years to complete and typically require a dissertation.
What Can I Do with an Economics Master's Degree?
Most often, graduates with their master's degree in economics go on to work in some area of economics. For instance, students can find jobs in economic development or other applied economics careers. Graduates can also work as economic consultants or researchers and put their knowledge to use for companies and other organizations. Economics can also easily be combined with other subject areas, such as careers in law and economics or finance. Either way, students with a master's in economics are typically prepared to take on upper-level, leadership roles within their organization. Graduates can pursue specific job titles such as:
- Economist
- Financial analyst
- Data analyst
- Consultant
- Policy analyst
- Statistician
- Market researcher
- Professor
Job Outlook for a Master's in Economics
Overall, the job outlook for graduates with a master's degree in economics is very positive. The growing need for economic analysis across various industries means an increase in the demand for those with quantitative analysis training. According to the U.S. Bureau of Labor Statistics (BLS), the job outlook for economists from 2019 to 2029 was 14%. This is much faster than the national average for all occupations and the BLS also stated that job prospects are highest for those with a master's degree or higher and specific training in analytical skills and statistical software. Some other related positions for graduates with their master's in the field also have positive outlooks over the decade. For instance, the BLS reported a job outlook for financial analysts of 5%, which is faster than average.
How to Become an Economist
Although some entry-level positions are available for those with a bachelor's degree, economists typically need to have a master's or doctoral degree in the field. Students must have a very strong background in mathematics and experience with statistical analysis software is helpful. Students can also benefit from internship experiences to gain practical experience and participate in research and the reporting of results. Other important skills for these professionals include writing, critical thinking, and analytical skills.
Economists can work in a variety of settings, including for the government, financial organizations, or research and development services. They usually collect data to examine how goods and resources are distributed. They identify and work to solve various economic issues, which may involve conducting surveys, running statistical analyses, monitoring market trends, and utilizing mathematical models. Their work is usually presented in reports or articles that can be used to advise governments, businesses, and other organizations on how to address economic problems. As of 2020, the BLS stated that economists had a median annual salary of $108,350.
How to Become a Financial Analyst
Financial analysts have to have at least a bachelor's degree, but depending on the employer, a master's degree may be preferred. Usually, this degree is in business- or math-related fields, such as finance, economics, statistics, or accounting. Depending on their position, some of these analysts may need licensure from the FINRA and professional certification is available in the field. Financial analysts must have strong math, computer, communication, and analytical skills to perform their job successfully.
Financial analysts can also work in a variety of settings, including insurance, technical services, management, or securities and other financial services. These analysts include job titles such as securities analysts, fund managers, ratings analysts, portfolio managers, and financial risk specialists. Although job duties vary by position, in general, financial analysts work to assist their clients to make positive business decisions. They can work for businesses or individuals and must carefully examine financial data and business trends to make appropriate recommendations, which are usually written up in a report. Per the BLS, financial analysts make a median annual salary of $83,660, as of 2020.
Master's in Economics Program Financial Aid & Scholarship Resources
Applying for financial aid can feel daunting, but filling out the Free Application for Federal Student Aid (FAFSA) is an easy first step. This form allows students to see if they qualify for any state or federal loans or grants to help figure out if they need to pursue additional forms of financial aid. While outside organizations provide scholarships and grants for an array of reasons, including areas of study, merit, financial need, demographics and more, many schools also offer different forms of financial aid based on a range of factors. Some examples of schools and their financial aid options that are specifically for master's in economics students include:
- Massachusetts Institute of Technology- MIT has a variety of scholarships and fellowships available to graduate students in the Economics Department, including Graduate Economics Alumni Fellowships and the Emma Krob Castle Graduate Fellowship Fund in Economics.
- University of Utah- The University of Utah's Department of Economics provides several different scholarships for undergraduate and/or graduate students in the department. Students must have 2 letters of recommendation to apply to scholarships and graduate students are eligible for the Jewell J. and LaRue J. Rasmussen Endowment Fund in Economics. While master's students do not qualify, the department also offers 2 fellowships to doctoral students in economics.
