Masters in economics is a two-year-long postgraduate course offered by many universities around the globe. Economists study how society uses and allocates its resources to produce value for its members. Economists use various quantitative and qualitative tools, including advanced software and mathematical models, to forecast market trends, propose solutions to economic problems, and formulate strategic financial plans and policies. Here, we shall discuss some of the best colleges for a Masters in Economics.
How much is the average salary of an economist?
According to the Bureau of Labor Statistics (BLS), economists earned a median annual salary of $105,020 in 2019. The BLS projects jobs for economists to grow 14% between 2019 and 2029, much faster than the projected 5% growth rate for all other occupations.
PayScale reports that economists with only one year of experience earn $57,979, which is higher than the average median salary for all other workers, as reported by the BLS ($39,810).
Best Masters Degrees in Economics
Here is a list of some of the best options for pursuing a masters degree in economics.
Yale University
Yale’s master of international and development economics started in 1955. This one-year cohort program enrols just 30 students annually, which allows for close mentoring between students and professors. It is one of the best colleges for a Masters in Economics
All students enrol in five core courses: microeconomics, econometrics, growth and macroeconomics, development econometrics, and advanced economic development. To complete the degree’s credit requirement, students must enrol in two additional electives. With their professor’s approval, learners can choose electives offered by another Yale graduate school.
Degree-seekers can stay in this program or pursue a joint program with two other schools: The School of Forestry and Environmental Studies or the School of Public Health.
Learners must complete a research project toward the end of their studies, which serves as the program’s culminating activity.
Yale University is regionally accredited by the New England Commission of Higher Education.
Stanford University
Stanford offers a Masters in economics as part of a doctoral program. Students must complete at least 45 quarter credits beyond a bachelor’s degree. Of these credits, 40 must be offered by the Department of Economics.
Learners must complete at least two term papers or a Masters thesis on an advanced economics topic. Students can earn a maximum of five units of credit for their graduate-level thesis. Instead of a Masters thesis, degree-seekers can submit a term paper on a dissertation course. Students must maintain a 3.0 GPA for all their Masters-level coursework.
Many first-year graduate students receive department fellowships covering their tuition and fees and come with a stipend to cover necessary living expenses. The university offers several scholarships during each school year.
Stanford University is regionally accredited by the WASC Senior College and University Commission.
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Columbia University in the City of New York
Columbia offers a free-standing master of arts in economics for students who wish to earn an MA without committing to a doctorate. The program considers applications only from full-time students.
The degree consists of seven core classes and three electives that learners can complete in three semesters. In addition to coursework, students must write a research paper based on one of their elective courses.
Students with a bachelor’s in a non-economics field may apply, but they must have a strong background in subjects such as linear algebra, college-level calculus, and statistics. The program prefers applicants who have completed undergraduate courses in economics, such as intermediate macroeconomics or economics principles.
The Middle States Commission regionally accredits Columbia University on Higher Education.
Johns Hopkins University
The master of science in applied economics at Johns Hopkins consists of 10 courses or 30 credits. Students enrol in four core courses, one advanced econometrics class, and five electives. The university offers online and on-campus courses. Students can enrol full time or part-time. Most students earn a degree in 12-24 months.
Degree-seekers can declare a formal concentration in financial economics, requiring them to follow a specific study plan. The university notes this concentration on a student’s official transcript.
Johns Hopkins allows students to earn two additional credentials on their way to the MS degree: a certificate in financial management and a certificate in investments. Learners enrol in eight applied economics courses and seven courses for the certificate. The university also offers a dual degree that allows students to graduate with an MS in applied economics and an MBA. For this option, students enrol in eight applied economic courses and 21 (two-credit) courses for the MBA.
The Middle States Commission regionally accredits johns Hopkins University on Higher Education.
Boston University
BU offers the Masters in economics as a terminal degree with a separate curriculum and distinct from the undergraduate and doctoral programs in economics. The program consists of eight courses or 32 credits. Four of the eight courses (16 credits) cover the fundamental principles in microeconomics, macroeconomics, statistics, and econometrics. Students can choose from a roster of approved electives for the remainder of the credit requirements. It is one of the best colleges for a Masters in Economics
Although BU prefers students to possess a bachelor’s in economics or mathematics, learners with an undergraduate degree in a related field can apply. Applicants must show adequate undergraduate preparation in calculus, linear algebra, and statistics. Applicants must also submit their most recent GRE scores.
Students must take a comprehensive exam after completing the core coursework for the degree. The department offers this exam twice each year. BU’s Masters in economics is a STEM-designated program, which speaks to the quality and rigour of the training it provides.
Here are five universities that you could consider to earn a masters degree in economics. These colleges provide student loans and scholarships to capable students and make this course very economical for a potential candidate.
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FAQs
We have answered some frequently asked questions related to masters in economics.
Q1. What kind of jobs can you get with a degree in economics?
Ans. Graduates of economics Masters programs often pursue careers as market analysts, researchers, economics professors, and urban planners.
Q2. Is a Masters in economics a master of arts or a master of science?
Ans. An economics Masters program can be offered as either a master of arts or a master of science degree. An MA program typically requires more humanities courses, while an MS curriculum includes more science and technology classes.
Q3. How much do a masters in economics cost?
Ans. The total cost of earning a Masters degree in economics ranges widely, from roughly $30,000-$120,000. A few factors impacting costs include a school’s location, residency status as a student, and whether a school is private or public.
We truly hope we were able to answer all your questions and introduce you to some of the best colleges for a Masters in Economics. If you have any questions, feel free to reach out to our counsellors at ForeignAdmits.
Good luck!