A bachelor of Science in Economics allows you to begin your career as an economist by offering you an edge and allows you to climb the professional ladder faster. This article on the Best Economics Masters programs in 2020 is a reflection on where you can get them and how much it may cost.
Just as its name, a master’s degree helps you gain mastery in your area of study. Basically, a bachelor of science degree is perceived as an introduction to your subject area. Most of these undergraduate degrees will teach you a bit of all the sectors in the economics world.
In the labor market, some industries will demand you gain mastery in a sub-segment in economics. Studies show that many students become lackadaisical towards furthering their education and obtaining a master’s degree because of so many reasons. Some of these reasons revolve around finances, options to opt for, and where to enroll for one.
Well, a glance at the table of contents below will give you a glimpse of what is discussed in detail in this article. The article addresses all your concerns bothering on where to get a masters degree and what it requires.
What is Masters in Economics?
A master’s in Economics is a postgraduate degree in economics that comprises training in economic theory, econometrics, and or applied economics. Basically, to become a certified economist in any society, you will need a degree in Economics.
A bachelor of science in economics allows its graduate students to begin a career as an economist. However, some industries may demand extra certification for entry-level or managerial positions.
The degree in economics may be offered as a terminal degree or as additional preparation for doctoral study. Master’s in economics is sometimes referred to as a professional degree. As an obligation to earn this certificate, students are expected to submit their thesis especially, when offered as a terminal degree.
Why a Master’s Degree in Economics?
Undoubtedly, a bachelor’s in economics can land you a job. However, going for a graduate degree will allow you to climb the path to greatness faster. In fact, if you are gifted in quantitative methods such as statistics and data, it is important you consider earning a master’s in economics.
Earning a masters in economics often provide students with better job opportunities. Actually, this program prepares graduates to pursue jobs in the private or government sector that require economic, analytical and statistical expertise.
To attain the peak of education, which is the doctoral level, earning a master’s degree in economics is essential. Whether you earn this degree online or on campus, this masters degree is ideal for every student because it teaches students foundational skills, gain networking opportunities and even avail students placement resources upon graduating.
Well, it is important to note that the relevance of your certificate will depend on a number of factors like accreditation of the program and reputation of the school. Read this article to the end to find best economics programs for you.
What can I do with a master’s degree in economics?
While a bachelors degree may get you an entry-level position, a master’s degree opens more professional doors than you may initially imagine. With a master’s in economics you attain better positions in companies and industries as financial analysts, market research analysts, actuaries, and financial managers.
A master’s in economics in addition to strong quantitative, business, and statistical skills will land you a managerial position. Interestingly, you can learn these competencies during your study period as a master’s in economics student.
Subsequent paragraphs will identify job roles for the above professional positions and how much they can earn with a master’s degree in economics.
How much will I earn with a master’s degree in economics?
Well, becoming a well-paid economist demands you earn a master’s degree or even a Ph.D. Also, how much you earn with this degree is influenced by a number of factors. One of the major factors is where you work and what type of job you do.
First and foremost, you can take up different roles in different companies with a degree in economics. However, these jobs require you get more education including certifications. The Bureau of Labor Statistics opines that the expected job growth rate for individuals with a master’s in economics between 2016 and 2016 is 6 percent.
This article will analyse how much your master degree in economics can fetch you depending on which of the jobs you undertake. Below is how much you will earn as:
With a graduate degree in economics, you can work in the private sector or government establishments. Generally, as a financial analyst, you will offer investment and financial advice to both individuals and businesses.
To excel in this carer path, you must be conversant with the stock market, bonds and other investments. While you can take up this role with a bachelor’s degree and years of work experience, a graduate degree is of great advantage as it allows you to cut the number of years spent working to attain this position.
In summary, being a financial analyst with a master’s degree may fetch you about $84,300 annually. The profession has a projected growth rate of 11%, so, you should start your career journey already.
With a projected growth rate of 19%, this profession is one you should opt for. And, earning a master’s degree in economics is the right way to launch this career. Basically, you will oversee organizations entire financial strategy and operations. You may be required to creat five year and 10 year plans, writing reports and overseeing investment portfolios.
Towing this career path with a master’s in economics will fetch you about $125,080 annually.
Another career path that could fetch you enough yearly is Actuary. Becoming an actuary, you will assess risk and quantify such risks in financial terms. as an actuary, you can work for insurance companies, government agencies, or any organization wing. However, most vacancies may be managerial positions and you would need a master’s in economics to attain this position.
Actuaries earn around $101, 560 annually with a master’s in economics.
What are the Requirements for a master’s in economics Program?
What you need for a master’s in economics program is determined by your choice of school and program mode. For instance, an online masters in economics program may have a different requirement from an on campus masters program even they are both offered by the same university.
Generally, graduate degrees demand evidence that you have completed your bachelor’s degree program. So, one basic requirement is to complete your BSC in economics prior to applying to a master’s program. Depending on the program, you may need professional experience of about two years in the field.
However, most master’s programs whether online or on-campus will demand transcripts from any universities, statements of purpose, and two or three letters of recommendation.
How much does it Cost to Earn a Masters in Economics?
Well, how much it cost you to earn a master’s in economics will be greatly influenced by your choice of school, mode of classes and and the particular program.
Generally, to earn a master’s, most students pay the average cost of $30,000 and $120,000 according to FinAid.org.
However, it is important to note that public schools tend to be way cheaper than private institutions, while an online master’s program cost more than on-campus master’s program in economics.
What are Best Masters in Economics Programs in the World?
Basically, your determinant factor for best masters in economics programs in the world is what you really need. Obviously, there are tons of masters programs out there for economics students, however, you should only settle for what will benefit you.
So, it is important you make a list of all your expectations from your master’s class. With these lists you can actually choose the best program for you. For instance, would you want an online program or a traditional degree program? How much are you willing to let go of or invest in this new study?
Well, based on school reputation, affordability, and reputation we have carefully selected the best programs for your master’s degree in economics. Also, we put into consideration the national and regional accreditation status in selecting our top 15 best economics programs in the world. All programs here are fully accredited by the relevant authorities.
Below are the best economics masters programs in the world:
1. Johns Hopkins University‘s Master of Business Administration/Master of Science in Applied Economics Program
John Hopkins university is one of America’s first research university. It is truly a global university which has proved its relevance for over 140 years.
Basically programs at JHU are dual track. Hence, it offers one of the best master’s degree programs as a Master of Business administration and Master of Science in Applied Economics.
This program takes a minimum of three years to complete and students take a total of 31 courses. Also, the school allows both sections of its masters program in economics to be completed online or in a hybrid format.
However, students who intend to earn this certificate must have earned a minimum undergraduate GPA of 3.0. They must also earn a B grade in introductory courses in micro and macroeconomics alongside a calculus course.
In addition, MBA section include core course, electives and specializations chosen from six different options while MS in Economics consist of eight courses of which three are electives.
The program is relatively affordable hence its position as number 1 in our rankings. It cost about $27,352 on average to earn this dual-track degree. This master’s in economics program will cover core areas like:
- Microeconomic Theory
- Accounting and Financial Reporting
- Business Leadership and Human Values
2. Duke University Master of Arts in Economics Program
Duke University is known globally for its outstanding programs in law, business, engineering, arts, and sciences. Located in Durham, NC, Duke offers a single track Master of Arts in Economics.
The graduate degree program consists of 30 credits of which 15 of them must be in economics. In fact, the MA program at Duke is very flexible and quite transitional as it allows students to take doctoral-level courses in other departments in Duke University like Political science, Public Policy, Finance, Statistics, and Mathematics
Majorly, the degree equips students with a quantitative approach to economics and students are allowed to choose a variety of areas in the discipline, Students can decide to specialize in computational economics, economic analysis, or financial economics.
This Master of Art in Economics Degree Program at Duke University costs about $19,950.Degree candidates may take classes such as:
- Game Theory with Applications of Economics and Other Social Sciences
- Advanced Microeconomic Analysis
- Industrial Organization
- Time Series Econometrics
3. Boston University Master of Arts in Economics PROGRAM
Located in Boston, MA, the university offers a Master of Arts in Economics as a terminal program that prepares students with the required skills and knowledge to become an economic analyst in the business world or government.
The graduate degree program requires a minimum of 32 credit hours to be earned through eight courses. The remaining four courses are core elects and must cover topics like micro and macreconocs theory, statistics and econometrics.
Basically, this program is available for students who have a bachelor’s degree in economics The program can be accelerated and completed in a year. To complete most to he elective courses, students are expected to complete independent research or scholarship.
Master of Art in Economics Program at Boston University costs about $31,539. To earn this degree certificate, students must complete core courses in the following areas:
- Market Structure and Industrial Organization
- Money and Financial Intermediation
- Race and the Development of the American Economy: A Global Perspective
- Energy and Environmental Economics
4. The University of Southern California Master of Arts in Economics Programs
According to U.S. News & World Report, the University of Southern California ranks twenty-first among all national universities in the US. The institution offers Master of Arts in Economics which consists of 32 credit hours and eight courses.
In fact, its master’s in economics program is one of its most populous programs. Interestingly, full-time students can complete this master’s program in one year.
Out of the 32 credits, 20 of them are elective however, 12 out of them must be Economics courses. Basically, students who intend to pursue this graduate degree must submit GRE scores with a minimum score of 150 on the verbal section and 151 on the quantitative section.
One of the amazing fact about this outstanding masters program is that exceptional students in the program are offered research assistant positions at Los Angeles Behavioral Economics Laboratory. This master in economics program costs about $32,932.
However, students must complete the following courses;
- Mathematical Methods in Dynamic Economics
- Theory of Value: Classical Origins and Neoclassical Critique
- Contracts, Organizations, and Institutions
- Antitrust Economics and Competition Policy
5. University of Maryland Master of Professional Studies in Applied Economics Programs
The school offers a master of Professional Studies in Applied economics. The program is designed to emphasize analytical skills and the ability to use evidence-based quantitative methods.
The master’s in Economics program is a 30 credit orogram that can be completed in two years on a full time bais.
The programs teaches and enhances students proficiency in collecting, evaluating, understanding, analyzing economic data. Students will also learn to to interpret statistical results, articulate and apply both micro and macroeconomic theory to policy discussion.
Amazingly, the employment rate of students who graduated from this program is almost 100 percent. This masters in economics program cost about $15,757. However, these courses are only offered in the evening and students must take classes in
- Economics of Health Care
- Information, Game Theory, and Market Design
- International Macroeconomics and Finance
- Applied Time Series Analysis and Forecasting
6. University of Illinois at Urbana-Champaign Master of Science in Policy Economics
The university offers a Master of Science in Policy Economics. The Masters in economics Program is offered as a STEm designed program.
Generally, the program perpares students for both challenging roles in government and business as well as Doctoral studies.
Students who enroll for this course must complete 40 credit hours which consist of 16electives with a minimum of two courses in economics. Eight courses of the 40 credit hours are from chosen specialization.
Basically, students can choose from any of the ten different areas of specialization. some of these specializations include, Labor economics, Industrial Organization, and Environmental and Natural Resources. Master of Science in Policy Economics at the University of Illinois may cost about $16,683.
Students may take courses such as:
- Development and Growth Policy
- Government Regulation of Economic Activity
- Economics of Innovation and Technology
- Public Goods Theory
7. University of Delaware Master of Arts in Economics Program
Founded in 1734, the University of Delaware is known to be a research focused institution. The institution offers a master of Arts in Economics. This Master In Economics program offers maximum elective options for students.
The program require a completion of 30 credit hours with only nine being core courses. The program is designed for maximum flexibility, and best for students who have undergraduate degree in fields likeEconomics and Applied Econometrics, Economics and Entrepreneurship for Educators, and International Business.
Mandatorily, students take coursework in microeconomics, macroeconomics, and econometric theory. The program is available to bachelor degree holders with a minimum GPA of 3.0. Masters In economics Program at Delaware University cost about $15,894.
Some of the elective coursework for this Master of Arts in Economics Program include:
- Economic Analysis for Business Policy
- Econometrics of Cross-Section and Panel Data
- International Trade and Development
- Contemporary Issues for Economic Educators
8. Texas A&M University Master of Science in Economics Program
According to Money Magazine ranking of “The 50 Best Colleges You Can Actually Get Into”, Texas A&M University took the first place. Basically, the institution offers a Master of Science in Economics which requires completion of 36 credits in three years or just four semesters.
Well, as an obligation students must complete the Capstone project upon graduation. They must also complete all requirements for core courses which are focused on economic theory and analysis. Students must also, take electives in accounting, finance or statistics which have topics like Economics of the Multinational Firm, Behavioral Financial economics or Financial Econometrics.
To graduate from this Masters In Economics program, students should prepare their minds to complete the thesis, final examination, oral defense, and a research project. However, these requirements will cost about $15,455.
This is totally worth your investments as students who complete their program are usually hired by big brands like Wells Fargo, Morgan Stanley, and International Bank of Chicago.
9. North Carolina State University Masters in Economics Programs
Masters in Economics at North Carolina State University is offered as a dual-track program. One session is a terminal program while the other is a Preparation program for doctoral studies. On a full-time basis, students can complete the terminal program within 18 or 24 months.
Students can choose to specialize in any of these areas of concentration; Financial/Macro Econometrics, International Development and Trade, Natural Resource & Environmental Economics, and Economic Policy.
To complete this program, students must complete a thesis, oral examination for a MS degree. The doctoral degree preparation program core courses are theoretical while the terminal program focuses on applied economics.
10. New York University Master of Arts in Economics
New York University is a private nonprofit research institution. Its Masters in Economics program requires a minimum of three full-time semesters. The master’s in the economic program is a 32 credits program of which five are core courses and five electives.
To complete this master’s degree program, students must complete a special project in economic research. Electives can be completed through either economics courses or relevant topics in the NYU School of Business.
The cost of this economic masters program is about $35,147 and students must take core courses in the following areas:
- Mathematics for Economists
- Microeconomic Theory
- Macroeconomic Theory
- Applied Statistics and Econometrics
11. University of California San Diego Master of Arts in Economics
University of California offers a masters in Economics program that is quite versatile, intensive and allows students to pursue concentrations in fields like Econometrics, Labor, International trade and others.
The economics program at university of California San Diego is only available to students who have once gained admission to study PhD program but decided not to continue with the program. However, students who seek to qualify for a summer or part-time job in the midst of their doctoral program may also enroll for this program.
To complete the economics masters degree program, students must take core courses in Macro and microeconomics, and Econometrics. Students will also complete electives in fields like Behavioral/ Experimental Economics and Development.
This master’s in economics program costs about $14,770 and interestingly, students may earn a doctorate without an MA.
12. University of Texas at Austin Master of Arts in Economics Program
Established in 2013, The Economics graduate program at the University of Texas is essential for students who decide to pursue a doctoral-level degree. The program graduates students who pursue job opportunities in big firms, private or government sector.
The Master of Arts in Economics at the University of Texas imbues students with economic, analytical, and statistical expertise.
Actually, The economics master’s program can be earned through three distinct pathways: a 10-month track, an 18-month track, and 24-month tracks. Whatever track students choose to take, they must complete 30 credit hours with ten courses.
Basically, students who choose 18, or 24 months, enjoy flexible options that suit working students or students with more responsibilities. Interestingly, students may take part in internships as the program does not require a thesis option. Without scholarships or any form of sponsorship, students will pay as much as $16,010.
To earn this degree, students must complete course that cover topics such as :
- Mathematics for Economists
- Real Analysis for Economists
- Markets for Electricity (Energy Policy and Economic Issues)
- Statistical Learning and Data Mining
13. Tufts University’s Master of Science in Economics Program
Tufts was established in 1852. It is a private institution with the main campus in Medford MA. It offers an economics master’s program through two different mediums. One medium is research-based MS in economics while the other is an interdisciplinary MS in Environmental Economics and Urban Planning.
The research-based MS in economics can be earned within two years while the course-based masters in economics can be earned within one year. To complete each of these programs, students must submit a master’s thesis.
The Research-Based MS in Economics and the interdisciplinary MS in Environmental Economics and Urban Planning have the same requirements. Students must complete 30 credits and an extra 13 credits.
To complete these 13 credits, students must complete two master thesis, a research seminar, and an additional elective course. This will cost about $28,076 on average. For the core courses, students must choose topics that cover microeconomics, macroeconomics, and econometrics. However, two of their electives courses must include:
- State and Local Public Finance
- Resource and Environmental Economics and Policy
- Income Inequality, Poverty, and Economic Justice
- Advertising and Imperfect Competition
14. University of Oklahoma Master of Arts in Economics Program
The university of Oklahoma is a public research institution established in 1890. Today, it offers a wide range of degree programs covering bachelor’s, mastr’s and doctoral levels.
The university offers a Master of arts in Economics program which requires students to complete a 32 credit. 14 of these 32 credits are core courses while the remaining eight are electives and just two completion credits courses.
To earn these completion credits, students must pass a comprehensive exam that must be taken within the same term the take a two-credit hour course.
Students must complete core courses that cover a wide range of topics like Statistics for Decision making, Managerial Economics, and Contemporary Economic Methods and Analysis. This accelerated degree program, featuring 16-week classes that are designed to accommodate the schedules of working adults. This flexible degree program will cost about $17,966.
15. University of Missouri Master of Arts in Economics Programs
The university of Missouri is a public institution which was founded in 1839. Currently, U.S News and World Reports ranks the university’s graduate program in Economics sixty third nationwide.
The institution offers amster of Art in Economics program which requires students to complete a total of 30 credit. 12 of these 30 credit hours must be of core courses and students may choose either of these available options: Econometrics and Quantitative Economics.
The program trains and prepares students to compete for jobs in government, colleges, universities, or research institutions even private enterprises. The institution also offers a dual degree master’s in economics programs like the famous MA in economics and JD in Law, Master of Science in Applied mathematics, and MA in Economics.
There are numerous scholarship opportunities and even student loans to help alleviate the cost of obtaining this degree from the University of Missouri. On average, students will pay as much as $16,317.
FAQs On Economics Masters Programs
Which is better MBA or MA in economics?
MBA and MA in economics are both good graduate degree to consider. However, obtaining a masters in Business is more expensive than earning a MA in economics.
While an MBA may be completed in two years, Ma in economics can be completed in 18 months.
What is the difference between MA Economics and MSC economics?
M.A in Economics focuses on the study of economics as a discipline at an advanced level whereas m.sc in Economics focuses on the study of scientific principles in the field of economics.
How much does a masters in economics make?
To earn a master’s, most students pay the average cost of $30,000 and $120,000 according to FinAid.org.
How long is a masters in economics?
A masters in Economics may last any where between 12 months to 2 years depending on the institution.
Which university is best for MA economics?
John Hopkins University is the best for MA Economics. It offers a dual degree, has a high graduate rate and all courses are fully accredited.
A master’s degree in any field gives you room to gain mastery and choose a specialization from. Obviously, a master’s degree opens up more doors which consist of better job opportunities and that results in high pay.
However, it is important you, earn this degree from reliable and accredited universities. A master’s in economics earned from a reputable institution is the best way to launch a career as an economist or any other job offer available to students with a master’s degree in economics.