Best Online Master's Degrees in Economics

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*Tuition information is based on published tuition and required fees, per data by the National Center for Education Statistics (NCES).

Students interested in studying economics at the master's level will usually not only increase their knowledge of the field, but will likely advance their career. According to the U.S. Bureau of Labor Statistics (BLS), some entry-level positions as economists are available for those with only a bachelor's degree, but most professionals in the field hold a master's or doctoral degree. Earning a master's degree may also increase one's salary when compared to the salary of a bachelor's degree. PayScale.com reported that graduates with a master's degree in economics made a median annual salary of $90,000, as of December 2020, whereas those with a Bachelor of Arts (BA) in Economics made a median salary of $74,378 (January 2021) and those with a Bachelor of Science (BS) made a median salary of $71,884 (December 2020).

Students may decide to earn an online master's in economics for flexibility of schedule. These degree programs may allow students to work at their own pace or an accelerated pace, as well as part-time. Depending on the program, students may work independently and complete assignments and/or coursework on their own time.

How Long Does It Take to Earn an Online Master's in Economics?

Online master's degree programs in economics can typically be completed in 2 years or less. Students that take 1 to 2 courses a semester will likely finish in 2 years, while those who enroll in a self-paced or accelerated program may finish in as little as 15 to 18 months. There are several other factors that may affect the time to degree completion. For instance, some students may need to take a program part-time to accommodate their work and/or personal schedule, which may mean finishing the program in a little more than 2 years, but programs may require students to be finished in 4 years or less. Other students may have prior graduate-level coursework that can be transferred in and allow them to finish their degree a little faster.

Online master's degree programs in economics usually require between 30 and 36 credits of coursework. Typically, students take some core economics courses and then electives or courses in their given area of concentration to further focus their studies and/or prepare for a specific career. Students who enter these programs and do not have a business or mathematical background may be required to take additional courses, such as financial reporting, economics for business, or mathematics for business. It is fairly common for these online master's programs to conclude with a final capstone course where students apply what they have learned to a comprehensive project of some kind.

Economics Foundational Courses

Some online master's programs in economics may consist solely of about 30 credits of core economics courses, while others that offer different concentration areas may require about half or slightly more of the 30 to 36 credits to be core economics courses. Usually analytical and quantitative in nature, these courses are designed to provide students with an overview of the field, but are more advanced and technical than those taken at an undergraduate level. Core courses in economics may still include some introductory courses to advanced subjects and/or multiple sequential courses in a given topic. While specific course titles may vary by school and program, students in these online master's programs may take core economics courses in topics like:

• Econometrics I
• Econometrics II
• Microeconomics
• Macroeconomics
• Mathematical economics

Economics Specialist and Elective Courses

While students at the bachelor's level may be able to easily double major in various areas, such as an economics and computer science double major or an economics and finance double major, online master's programs are usually strictly in economics, but may offer additional areas of concentration. Some programs may offer specializations in areas like:

• Applied economics (one of the more common areas)
• Financial economics
• Public economics and policy
• Business and data analytics
• Advanced theory

Usually students in a concentration will take multiple courses pertaining to the subject, but specific requirements may vary from concentration to concentration. For example, one online program with a concentration in advanced theory requires students in the concentration to complete some courses on campus. Coursework varies by specialization, but students may take focused and/or elective courses in areas like:

• Game theory
• International economics
• Behavioral economics
• Health economics
• Public economics
• Labor economics

Licensure and Certification in Economics

Economists are not typically licensed, but there are some professional certifications available for different positions that those with a master's degree in economics may secure. For instance, economists who focus on business economics may earn the Certified Business Economist (CBE) designation offered by the National Association for Business Economics (NABE). To earn their CBE, students must have at least a bachelor's degree, a couple of years of work experience, and be a member of NABE. They must then pass an exam. There are also certifications for related positions, like market research analysts. These analysts may earn their Professional Researcher Certification (PRC) from the Marketing Research Association to demonstrate competency in the field. To qualify, analysts must have 3 years of work experience in the field, take some subject-related courses, and pass an exam. Recertification requires continuing education credits every 2 years.

Admissions requirements for online economics master's programs vary by institution. However, most programs require applicants to have at least a bachelor's degree and they usually have to meet a minimum GPA requirement, such as a 2.5 or higher. Some programs may require students to submit GRE or GMAT test scores, while others may not. There are also some online master's programs that may require applicants to have prerequisite courses in areas like calculus, statistics, microeconomics, and macroeconomics. Applicants typically need to include their official transcripts with their application, but supplemental materials may vary by school. Depending on the institution and program, students may be required to submit letters of recommendation, essays, and/or video essays.

There are several online master's degree programs in economics to choose from, so students may need to weigh several different factors when selecting the best program for them. Students may want to begin by considering their career goals and selecting a program with curriculum that best aligns with these goals. For instance, students interested in working in banking may pursue a master's with a concentration in financial economics.

The formatting of a program may also play a significant role in students' selection. For example, some students may want a program that allows them to work at a slower pace, while other students may want a self-paced program that allows them to finish in a little over a year. Some students may also prefer programs with asynchronous courses that allow them to finish work whenever they are able.

Accreditation is also an important factor to consider, as employers may prefer those with an accredited degree. Usually, schools with online master's programs are regionally accredited by groups like the Higher Learning Commission or the New England Commission of Higher Education (NECHE) to demonstrate academic quality. Some online master's programs may have an additional program-level accreditation from groups like the Accreditation Council for Business Schools and Programs (ACBSP). This subject-specific accreditation helps ensure that programs have met academic standards set for the field, which in this case is business.

Graduates with their master's degree in economics can choose from a wide range of careers. Some of these careers may be in specific areas of economics and/or work in conjunction with another related field and may have various job duties. For instance, careers in applied economics may have more economics-based job duties, while careers in law and economics may apply economic principles to policies. Graduates may also work in a wide range of settings, such as the government, insurance organizations, consulting groups, financial institutions, and more. A few examples of job titles graduates with their master's in economics may hold include:

• Economist
• Market researcher
• Data scientist
• Policy analyst
• Consultant
• Quantitative modeling analyst
• Instructor

Job Outlook for a Master's in Economics

Although job outlooks vary by position, industry, and other factors, in general, the job prospects for graduates with a master's in economics should be positive. This is due to the various job options that these graduates have, and, in general, earning a master's degree helps qualify students for additional, more advanced positions than just having a bachelor's degree. Specifically for a career as an economist, the BLS reported that the job outlook was 14% from 2019 to 2029. This outlook is much faster than average and may be due in part to the growing utilization of economic analysis by various organizations across industries. The BLS stated that growth may be highest for those with a master's or doctoral degree in the field and/or for those working for research and consulting services.

How to Become an Economist

As mentioned, there are some economist positions available for those with a bachelor's degree, but usually these professionals need at least a master's degree. It is essential that these professionals have a strong background in mathematics and economics. Many economists benefit from additional hands-on learning experiences through internships. They may need to have skills in statistical analysis software, report writing, and data analysis.

As of 2019, the BLS reported that economists made a median annual salary of $105,020. The same year, the top-paying industries for economists were finance and insurance with a median salary of $120,770 and the federal government (excluding the postal service) with a median salary of $119,580, per the BLS. Economists may be responsible for studying different economic issues by collecting and analyzing data. These issues may address problems with the distribution of goods and services and require these professionals to predict market trends, develop possible solutions, and provide advice concerning economic problems.

How to Become a Market Research Analyst

Aspiring market research analysts must have at least a bachelor's degree, but some employers may require these analysts to have a master's degree. These professionals typically need to have had some coursework in areas like economics, consumer behavior, and communications. It is also important for these analysts to have great analytical and communication skills, as well as being detail-oriented. While not usually required, market research analysts may want to earn professional certification in the field to demonstrate their expertise.

The BLS stated that as of 2019, market research analysts had a median annual salary of $63,790. The top-paying industries for these analysts the same year were publishing industries (except Internet) with a median salary of $75,720 and management of companies and enterprises with a median salary of $74,510. The BLS also reported that these analysts had a much faster than average job outlook of 18% from 2019 to 2029. Market research analysts help organizations understand what people want to buy and at what price by studying the market conditions, competitors, and sales trends. They typically use statistical software to analyze data and write reports on their findings.

Professionals in any field may consider joining a professional organization to connect with others working in the field and take advantage of a wide range of resources. Professional organizations in economics are no different and provide professionals with membership benefits, including networking events, professional development opportunities, and more to help further advance the field of economics. Some of these groups may be offered in specific subfields of economics. A couple of examples of available economics groups for professionals include:

• National Economic Association- The NEA provides grants, fellowships, and awards for economics professionals, as well as a range of resources on its website. Online, students can search publications, participate in a webinar, search a job bulletin, and explore annual meeting options.
• National Association for Business Economics- The NABE focuses on business economics and offers events and career information, in addition to some professional certifications. Professionals can also access online surveys, publications, scholarship opportunities, and news updates.

Applicants to online master's degree programs in economics are not usually required to have a bachelor's degree in a specific field, but those with a business or mathematics background may be at an advantage. Some master's programs may require students to have prerequisites in business- and math-related areas, so students with a background in these fields may be able to start their degree faster. Due to the analytical nature of master's programs in economics, students who have completed a bachelor's degree in a math-heavy field may be more common.

Students interested in furthering their education in the field of economics can pursue a Doctor of Philosophy (PhD) in Economics. However, most of these programs are only available in an on-campus format. These degree programs may allow students to focus their studies and/or research in various areas of economics, such as energy economics, economic theory, health economics, game theory, or political economics. There are some closely related online PhD programs available, such as an online PhD in Public Policy with a concentration in economic policy.

Most students need to figure out how they are going to pay for their graduate-level education. Some programs need to utilize various forms of financial aid. This process usually begins by filling out the Free Application for Federal Student Aid (FAFSA) and accepting available loans and/or grants. Students may then move on to searching for various scholarships and/or grants to help pay for the remaining balance.

Scholarships and grants may be preferred by students because they do not have to be repaid. These financial aid options may be available from postsecondary institutions and/or outside organizations. Sometimes these are general awards for a wide range of students, while other times they are offered for specific majors or a certain demographic. An example of a potential option for online master's in economics students includes the Hsiao Memorial Social Sciences Scholarship This scholarship is available to graduate students in economics who have financial need and a GPA of a 3.0 or above. Those with Asian heritage or those researching topics that benefit Asian and Asian American communities may be preferred. The award is worth $1,000.