Economics is a hot topic as the world continues to navigate financial turbulence. Public-sector and private-sector organizations require advanced economic insights to navigate this unpredictable landscape.
Economics has a long and fascinating history dating back to the age of antiquity. The field emerged during the Age of Enlightenment (1685-1815) as a critical academic field. Today, economists participate in major industries to guide fiscal and monetary policy.
Master's programs in economics build on fundamental topics to build deep knowledge bases with ready applications in many industries. They also allow students to develop specialized knowledge in targeted areas of this complex and dynamic academic discipline.
This guide to the best economics master's degrees includes a ranked list of top-rated schools and programs. Use our research to inform your college search and career planning.
Popular Online Programs
Learn about start dates, transferring credits, availability of financial aid, and more by contacting the universities below.
Best Economics Master's Degrees
Why Get an Economics Master's Degree?
Depth of Knowledge: Master's programs take a more advanced approach to subjects like macroeconomics, microeconomics, and econometrics. This depth builds greater expertise and guides students to valuable knowledge that can enhance their career prospects. A 2022 analysis by the Foundation for Research on Equal Opportunity found that a master's degree had a net median return on investment of $83,000.
Specialization Opportunities: Economics is a wide-ranging field, and undergraduate programs usually take a broad approach covering introductory knowledge. Students interested in specializing in concentrated branches of economics typically find more learning opportunities at the master's level.
Enhanced Credibility: A master's degree signals a higher level of commitment to your chosen field of study. Importantly, a master's degree in economics can also offer a stepping stone to doctoral programs. The University of Oxford-affiliated 80,000 Hours project describes doctorates in economics as one of the best graduate programs a student can complete.
What to Expect From an Economics Master's Degree
Master's degrees in economics transition learners from basic to advanced subject matter treatments. Programs have varying focuses. For example, some concentrate on applied or analytical economics, while others examine economic modeling for interactions between economic science and public policy.
Some programs include optional or required internships and practical training components. These opportunities allow students to apply their developing skills in real-world settings while building valuable professional networks.
Economics master's programs typically cover 30-36 credits. Students usually need the equivalent of about four semesters of full-time study to complete required coursework. However, some schools offer accelerated formats that can lead to graduation in approximately 18-20 months.
In any case, candidates should carefully research the accreditation status of any school under consideration. A degree from a school with institutional accreditation demonstrates the validity of your education to prospective educators and employers.
Degree, Concentration, and Format Options
Most U.S. master's economics programs lead to either a master of arts (MA) or master of science (MS) degree. MA and MS programs cover similar topics but tend to vary in their approaches to the subject matter.
In general, MA degrees emphasize theory and its qualitative applications. Meanwhile, MS programs focus more on quantitative learning and the mathematical aspects of economics.
Schools also offer multiple program formats, including:
In-person and online delivery, along with hybrid formats that blend classroom-based and virtual learning
Synchronous online courses or programs where classes meet in real time
Asynchronous online courses or programs featuring pre-recorded lectures and enhanced scheduling flexibility
Accelerated bachelor's-to-master's programs that lead to both undergraduate and graduate degrees
Some schools offer specialization options at the graduate level. These concentrations may appeal to learners with a strong interest in a particular area of economics.
Examples of common economics specializations include:
Macroeconomics and/or microeconomics
Quantitative methods
International economics
Labor economics
Economics and public policy
Some graduate programs in accounting, finance, and business administration offer economics concentrations. Consider these programs and their associated career paths as an alternative to a dedicated economics degree.
Should You Get an Economics or Accounting Master's?
Students interested in economics and accounting often compare master's degrees in the two disciplines. In general, economics programs cover a broader and more versatile set of topics related to economic behavior and market analysis. Accounting programs often focus more on specific skills used by professional money managers.
The following table presents a high-level summary of the similarities and differences between master's programs in economics and accounting:
| Key Factor | Master's in Economics | Master's in Accounting |
|---|---|---|
Program Length | Two academic years (full-time) | Two academic years (full-time) |
Credit Requirements | About 30-36 | About 30 |
Admission Requirements | Schools usually prefer applicants with a bachelor's degree in economics, finance, mathematics, or a related discipline. | Some schools may require a bachelor's degree in accounting.Programs open to learners from non-accounting backgrounds may require undergraduate coursework in accounting, auditing, and/or taxation. |
Academic Focus and Course Content | MA programs tend to focus more on economic theory.MS programs usually place more emphasis on mathematical and statistical analysis.Students can specialize in distinct branches of economics. | Enrollees develop hard accounting skills and knowledge of standard accounting principles.Some programs offer concentrations in areas like managerial accounting or cost accounting.Programs prepare students for certification exams leading to professional licensure. |
Career Paths | Market researcher, budget analyst, financial policy analyst, financial consultant, statistician, economist | Accountant, auditor, forensic accountant, financial analyst, tax manager, risk manager, compliance officer |
Admissions Process
Typical application materials for a master's in economics include:
An institutional application
Academic transcripts
Letter(s) of recommendation
Personal essay or statement
Schools maintain varying standards, but an undergraduate GPA of at least 3.00 on the 4.00 scale is a common cutoff.
Even the best economics master's programs do not always require applicants to hold bachelor's degrees in the field. However, learners from other academic backgrounds may need undergraduate coursework in:
Macroeconomics and microeconomics
Statistics
Calculus
Linear algebra
Learners who have not completed these prerequisites may have the option of completing them before enrolling in the master's program.
Popular Economics Graduate Courses
In master's programs, most economics courses fall into one of three general categories:
Core requirements
Electives
Capstone or thesis
Course offerings vary among schools and programs. Actual course lists also depend on the economics program's academic focus and whether the program is general or specialized.
With that in mind, consider these common graduate economics courses and topics:
Microeconomic/Macroeconomic Analysis: Typically included among core requirements, these courses build on bachelor's-level foundational learning. Graduate programs in economics usually cover advanced microeconomics and macroeconomics in separate courses. Students take an analytical approach, applying theory to case studies and real-world situations.
Labor Economics: This course covers labor market behavior as it relates to technological advancement and changing income levels. It also explores wage theory, unemployment, and other niche topics. Schools usually include this course as an elective in general programs or a core requirement in specialized labor economics programs.
Business and Economic Forecasting: Students explore a broad view of legacy and emerging business and economic forecasting models. Specific topics may include econometric analysis, regression analysis, and Box-Jenkins time series. Schools may offer this course as a requirement or as an elective.
Research Fellowship/Independent Study: Many master's economics programs conclude with thesis or capstone projects. Students use these projects to demonstrate their cumulative learning and knowledge mastery. Degree-seekers typically select topics and perform self-directed research under the guidance and supervision of senior faculty members.
How Much Do Economics Master's Programs Cost?
The National Center for Education Statistics (NCES) tracks data related to higher education costs in the United States. NCES reported the following costs for degree-granting public graduate schools during the 2021-22 school year:
25th percentile: $9,292
50th percentile: $11,766
5th percentile: $14,814
Tuition costs for nonprofit private graduate schools broke down as follows:
25th percentile: $14,520
50th percentile: $24,534
75th percentile: $45,684
The average for all institutions was $20,513 per year. Graduate economics students can generally expect their tuition costs to align with these trends. Note that these figures cover tuition only. Students typically also incur expenses related to accommodations, transportation and commuting, books, and facility fees.
Enrollees in accredited master's programs in economics qualify for federal loan programs. Learners can also pursue scholarships, grants, and private loans to help cover educational costs.
Should You Get Your Degree Online?
Many of the best economics master's programs include online learning options. Economics translates well to the virtual classroom, as the subject matter does not depend heavily on real-time interactions with peers and faculty.
Online learning offers many advantages, including scheduling flexibility and the potential for cost savings. However, some learners perform better in physical classroom settings or simply prefer the traditional campus experience.
In determining the right program format for you, consider your preferences and learning style. Online learning typically demands more independence and self-direction.
Economics Jobs and Salaries
Economics is a versatile field, allowing master's degree-holders to explore career paths in business, finance, industry, government, and beyond. Organizations in the public and private sectors hire economists for their forecasting and modeling abilities.
Employers hiring professionals to fill the roles profiled below tend to prefer or require that candidates hold advanced degrees. As you explore career paths, remember that further study at the doctoral level is another option. If you would like to build a career in academia, a doctorate in economics may help.
Economist
Economists analyze data related to large-scale macroeconomic and microeconomic trends. In the public sector, their work typically informs government policy development. In the private sector, economists help businesses prepare for changing market conditions and identify competitive opportunities. Entry-level jobs may be available to bachelor's degree-holders, but a master's degree or higher is usually required for advancement.
Required Education: Master's degree
Job Outlook (2023-33): +5%
Median Annual Salary: $115,440
Source: BLS
Financial Analyst
Financial analysts evaluate economic data to advise organizations on strategy. These analysts help employers gain competitive advantages, make the most of their resources, and increase profits. Some professionals combine bachelor's degrees with professional experience to advance, but many employers prefer advanced degrees.
Required Education: Bachelor's or master's degree in economics, finance, business, or a related mathematical field
Job Outlook (2023-33): +9%
Median Annual Salary: $101,910
Source: BLS
Market Research Analyst
Market research analysts evaluate data and trends to help employers position their products and services in consumer markets. The profession often draws on advanced expertise in microeconomics, which relates to consumer behaviors on an individual level. Employers increasingly prefer candidates with master's degrees for market research roles.
Required Education: Bachelor's or master's degree in business, economics, marketing, or a related field
Job Outlook (2023-33): +8%
Median Annual Salary: $76,950
Source: BLS
Selecting the Right Graduate Program
The best economics master's program for any given student aligns with their learning goals and career plans. Ranked lists offer a good starting place, but you should not depend on them as your sole source of information.
Consider the following factors when researching programs:
Academic focus and subjects covered in coursework
Specialization and concentration options
Faculty credentials
Research and internship opportunities
Cost, location, and available program delivery options
School reputation can also have a significant impact on your future employment and academic outcomes. Dedicate some of your research focus to figuring out a school or program's prestige in the eyes of employers and peer institutions.
Common Questions About Economics Master's Degrees
Neither is "better" than the other. MA and MS programs simply differ in their respective focuses. MA programs tend to concentrate more on theory, while MS programs delve deeper into technical mathematics.
