The field of economics involves the study of resource use and distribution, including related topics such as scarcity, incentives, and decision-making. Master's in economics curricula incorporate coursework in mathematics, history, sociology, and science. Learners cultivate skills in analysis, forecasting, and data-driven decision-making. Applicants typically need a bachelor's degree, a minimum 3.0 GPA, and adequate GRE or GMAT scores.
A master's degree in economics typically requires about two years of full-time studies. However, some accelerated programs take only 10-12 months to complete. Learners' graduation timeline depends on their previous coursework.
Economics programs prepare learners for careers in industries including finance and wealth management. Graduates can work in government agencies and nonprofit organizations. Economists earn a median annual salary of $105,020, according to the Bureau of Labor Statistics (BLS). The BLS projects employment for economists to increase 14% from 2019 to 2029, a rate much faster than the average for all occupations.
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What Can I Do With an Economics Degree?
Students earning a master's degree in economics prepare for careers in industry and the public sector. Learners cultivate advanced skills in economics-related data collection, analysis, and presentation. Graduates can apply their advanced scientific and interpretive skills to analysis-based careers as budget analysts, financial analysts, market research analysts, and operations research analysts.
Economics professionals can work in education or the public sector. Graduates can become economics professors, political scientists, and urban and regional planners. Economics graduates can also work for government agencies, analyzing data and making policy recommendations. Other economists track productivity, employment and unemployment, and consumer behavior to measure economic health.
Economists typically hold a master's degree, and academic economics professors and researchers usually need a doctoral degree. Graduates of online master's in economics programs generally meet minimum degree requirements for careers and doctoral programs in the field. Additionally, economics students can prepare for niche careers by specializing in a field such as applied, development, financial, or quantitative economics.
Accreditation for an Economics Program
The best economics programs hold programmatic and institutional accreditation. The Council for Higher Education Accreditation (CHEA) oversees accrediting agencies, which evaluate schools and programs based on factors including student services, faculty credentials, and academic rigor. High-quality online economics programs often hold accreditation from the Association to Advance Collegiate Schools of Business.
Prospective students should choose economics programs at regionally accredited institutions to ensure their economics degree holds value with employers. CHEA recognizes seven regional accrediting agencies, each of which accredits academic institutions in a certain geographic region. Regional accrediting agencies include the New England Commission of Higher Education and the Southern Association of Colleges and Schools Commission on Colleges.
Because regionally accredited schools must meet higher academic standards than nationally accredited institutions, they typically only accept credits or degrees earned from other regionally accredited schools. Students at nationally or regionally accredited schools can qualify for federal financial aid.
What Are the Requirements for an Economics Program?
Applicants to master's programs typically need a bachelor's degree from an accredited school. Most graduate schools prefer candidates with a minimum 3.0 undergraduate GPA, and many master's programs require prerequisite coursework. Application materials often include official transcripts, recommendation letters, a personal statement, and GRE or GMAT scores. Some programs conduct admission interviews.
Economics master's programs typically require 30-36 credits, including core and specialized coursework in the field. Students earning a master's degree in economics must often complete a capstone research project or thesis, and some programs offer internship opportunities.
Courses in an Economics Program
Economics degree requirements vary by program but typically feature core coursework in microeconomics, macroeconomics, econometric theory, and quantitative research methods. Enrollees gain foundational knowledge in economic variables and resource use. Graduate students in the field also complete a capstone project and build advanced skills in econometric and empirical analysis, economic modeling, hypothesis creation, and communication.
Many master's programs feature specialization options such as applied economics, development economics, financial economics, and quantitative economics. Curricula vary by school, but the courses below appear in many online master's in economics programs.
Students in this core course learn how to analyze and understand factors shaping overall economic performance. Enrollees assess the strengths and weaknesses of theories and explore big-picture, long-term economic trends. Enrollees also examine shorter-term fluctuations, such as recessions, economic recovery, low-interest rates, and fiscal austerity.
Coursework covers investment, trade balance, consumption, and monetary and fiscal policy. Learners compare and assess macroeconomic policies, economic models, and real-world economic events.
Professional Organizations for Economics Students
Students earning a master's in economics can join professional organizations to access career and educational resources. The following organizations provide resources such as continuing education opportunities, publications, and professional certifications. Many professional organizations help economics professionals network through opportunities such as conferences, local chapter events, and discussion boards.
American Economic Association
This nonprofit, nonpartisan, scholarly society strives to inspire and produce economic research. AEA publishes academic journals, hosts an annual meeting, and maintains an economics resource library. Job-seekers and employers can use the association's network of economics professionals.
The Econometric Society
This international society works to advance the use of statistics and mathematics in economic theory. The society publishes a research monograph series and three academic journals: Theoretical Economics, Econometrica, and Quantitative Economics. Annually, the society holds six regional scientific meetings in locations around the world.
National Economic Association
Founded in 1969 as the Caucus of Black Economists, NEA produces and distributes research that supports the economic development of communities of color. NEA publishes an academic journal called The Review of Black Political Economy and organizes an annual meeting. The association also holds an annual summer conference in collaboration with the American Society of Hispanic Economists. NEA awards grants and fellowships.
World Economics Association
Founded in 2011, WEA envisions itself as an inclusive, pluralistic, and international professional association. Serving professionals in various fields of interest, including economics, WEA publishes online journals, runs online conferences, and encourages networking. WEA connects members through institutes, national chapters, and student networks.
Scholarships for Economics Students
Many professional organizations, private donors, and schools offer need-based and merit-based scholarships for college students. The awards below support learners who demonstrate academic merit, choose a specific academic field, or belong to a special interest group.
Career Development Grant
Who Can Apply: The American Association of University Women offers this award to women who demonstrate financial need. Applicants must be pursuing their first graduate degree in social science, health, or medicine. Applicants need a bachelor's degree earned before 2013 and U.S. citizenship. Women of color receive preference.Amount: $2,000-$12,000
Hsiao Memorial Social Sciences Scholarship
Who Can Apply: The Asian Pacific Fund awards this scholarship to graduate degree-seekers in the social sciences, with economics students receiving preference. Applicants need a minimum 3.0 GPA and ethnic heritage, preferably Asian. Candidates should demonstrate an interest in assisting communities facing economic or social need. Applicants must hold legal residency, U.S. citizenship, or foreign national status.Amount: $1,000
John C. Murphy Scholarship
Who Can Apply: The National Association for County Community and Economic Development (NACCED) awards this scholarship to nominated NACCED members who demonstrate academic merit and financial need. Applicants must submit official transcripts, a recommendation letter, and a support letter from an NACCED member. Candidates also provide a 500-word personal statement outlining their academic plans, achievements, extracurricular activities, and prior coursework related to community development and affordable housing.Amount: $1,500
