A master's in economics builds the analytical and quantitative skills for advanced roles in finance, government, and business. With a master's degree, you can become an economist.
These in-demand roles report a median pay of $113,940, according to May 2022 data from the Bureau of Labor Statistics (BLS). Other high-paying careers include statistician, data scientist, policy analyst, or financial analyst.
During a graduate-level economics degree, you'll examine microeconomic theory, econometrics, and qualitative methods. Many economics programs also offer electives to customize the degree. Graduate students can explore fields such as health economics, game theory, or experimental economics.
Earning an economics master's degree from a top program prepares graduates for the workforce. The best programs connect learners with faculty mentors, networking opportunities, and career services support. Attending one of the best master's programs can launch your career on the right foot.
Popular Online Economics Programs
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Best Master's in Economics Degrees
Why Should I Get a Master's in Economics?
Obtaining a master's degree in economics can lead to many professional and personal benefits. Graduates often qualify for career advancement and salary increases.
Additionally, master's students can access networking opportunities and improve their analytical skills. The following list details a few common reasons to pursue an economics degree.
Career Advancement: Many working professionals pursue a master's degree to advance their current career or transition to a new field. Economics master's programs prepare individuals to secure competitive, specialized positions.
Salary Increase: Professionals with a master's degree earn about $12,000 more per year than those with a bachelor's degree, according to 2022 salary data from the BLS. In addition, economists need a master's degree, and the job title reports a median wage of $113,940 per year, according to May 2022 BLS data.
Professional Networking: Master's programs often attract high-performing students and professionals who may serve as valuable collaborators and references after graduation.
Advanced Analytical Skills: Economics programs help learners develop advanced skills in data collection and analysis. Degree-seekers analyze markets and global dynamics to inform data-driven decisions, policies, and recommendations.
Increased Understanding: Economics students explore various political, economic, social, and environmental phenomena. Graduates typically possess an advanced understanding of ways in which various systems influence events.
How Long Does a Master's in Economics Program Take?
Earning a master's degree typically takes two years for full-time students. During that time, economics grad students complete 30-36 credits of coursework. Many programs also incorporate a capstone project or master's thesis as a culminating experience.
Some accelerated economics master's programs take as little as one year. These programs require a greater time commitment. While learners graduate in less time, an accelerated option may not be the best option for working students.
How Do I Get Into a Master's in Economics Program?
Many economics degree programs require applicants to have a minimum 3.0 GPA, a bachelor's degree from an accredited school, and above-average GMAT or GRE scores.
Some programs waive the standardized test score requirement. Application materials often include official transcripts, writing samples, and a resume.
Master's in economics degree programs often take about 33 credits. Students without a background in economics may need to complete prerequisite coursework.
Economics master's programs typically require a thesis or capstone project, which allows learners to showcase advanced skills in econometrics data collection and analysis.
What Jobs Can I Get With a Master's in Economics?
A master's in economics prepares graduates for careers as an economist, financial analyst, data scientist, or statistician. Graduate-level coursework in economics can also lead to opportunities as an analyst, consultant, or researcher.
| Job Title | Median Annual Salary |
|---|---|
| Economist | $113,940 |
| Financial Analyst | $96,220 |
| Statistician | $99,960 |
| Data Scientist | $103,500 |
| Actuary | $113,990 |
Source: BLS, May 2022
Where Can I Get More Resources as an Economics Student?
Economics students and professionals can join professional organizations to access diverse resources. Members may receive access to continuing education opportunities, networking platforms, career development resources, and political advocacy.
Many professional organizations also deliver publications and host conferences to help economists stay current on emerging trends in the field. Some organizations support economics degree-seekers through scholarships, local chapters, and discounted memberships.
American Economic Association: Founded in 1885, the AEA publishes scholarly journals and supports economics research. As the leading academic professional association, the AEA also operates a job network and provides resources on economics careers.
Econometric Society: An international organization focused on economic theory, the society publishes journals on quantitative and theoretical economics. It also hosts scientific meetings in six regions around the world and connects members with job postings.
National Association for Business Economics: Business economists benefit from economic news, continuing education certificate programs, and economic roundtables offered through NABE. The association also hosts conferences, manages a consultants registry, and offers a job board.
More Questions About Graduate Degrees in Economics
What kind of jobs can you get with a degree in economics?
Graduates of economics master's programs often pursue careers as market analysts, researchers, economics professors, and urban planners.
Is there a lot of math in economics?
There is some math. Economics degree programs help develop quantitative skills. Coursework typically covers math topics such as linear algebra and multivariate calculus.
Do economists get paid well?
Yes, economists earn a six-figure median income. Economists reported a $113,940 median annual salary in May 2022, according to BLS data. The lowest-paid economists earn around $62,500 per year, while the highest-paid earn over $207,000.
How long does a master's program in economics take?
Full-time students typically complete their master's program in about two years. However, many accelerated programs feature six academic terms per year and usually require less time to complete.
Note: The insights on this page — excluding school descriptions — were reviewed by an independent third party compensated for their time by CollegeChoice. Page last reviewed February 27, 2024.
