Those interested in a career in academics or research would do best to consider a PhD program in economics, which is the standard prerequisite for teaching. Those interested in a more flexible course of study should consider an online degree.

If this sounds like you, head on over to our ranking of the best online master’s in economics degrees.

Students interested in entering the workforce, however, could consider a terminal masters degree, which will help bolster credentials but is less costly and time intensive than the PhD. While some PhD programs will award a masters degree en route to the doctorate, in this list we focus on terminal masters degrees, that is, degrees that are pursued for their own sake rather than as steps to another degree.

(Note that a terminal masters degree does not necessarily preclude pursuing a doctorate, however, and some schools on our list allow masters students to continue their program into the PhD if desired.)

Our rankings are based on a combination of the per-credit-hour cost of the program and each school’s existing reputation in the field, which allows us to offer you a guide to programs that seeks a balance between program cost and quality of investment.

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Georgia State University is located in downtown Atlanta, Georgia. Two master’s degrees are offered: MA in Economics and MA in Economics-Policy Track. The first is for those students planning careers in the nonprofit, private, or public sectors. The second integrates policy evaluation and economic data and analysis. There is an emphasis on advanced analytical skills and research. Students can take an active role in policy design while maintaining flexibility with various specializations. International study abroad programs are available as well as funding.

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Georgia Southern University in Statesboro, Georgia, provides an online Masters of Science in Applied Economics (MSAE) course that teaches skills such as market analysis, quantitative analysis, regulatory industry analysis, financial economics, and economic development. This program is career oriented rather than PhD oriented. Students graduating from this course often seek employment in financial institutions, industry, and government enterprises. This is a two-year curriculum, and there are typically 8-15 students per class.

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The Master’s of Science in Economics program at Iowa State University is ideal for students who want to attend a PhD program but are not ready for PhD level studies or need a better foundation. After one year, students can apply to upgrade to the school’s PhD program before finishing their M.S. degree. Students also have the option to finish their Master’s (around 2 years) and transfer to a PhD program at another school or enter the workforce. Students can choose from a thesis or non-thesis option, but all students are required to pass a final oral exam. Fellowships and teaching opportunities are available.

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The program at Southern Illinois University Carbondale prepares students for government, business, and some teaching positions. An MA requires completion of course and hour requirements in addition to a research project. An MS degree requires completion of a Master’s thesis as well as the course and hour requirements. The research project counts for 3 hours, and the thesis counts for 6, respectively. GRE scores are required for admittance. Financial aid is available as well as a mentor and support program through the Economics Student Association (ESA).

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DePaul University offers a Master of Science in Economics and Policy Analysis program (MS-EPA). The 13-course program is career focused, whether the route is business, government, or nonprofit sector. Students work with real-world cases to learn to analyze problems, create solutions, and make a business case for those solutions. This program is heavy on analysis, statistics, and debate. Students take two or three classes each quarter and finish in 18 months. DePaul is known for their networking and also offers research fellowships.

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The Master of Science in Economics Degree from Florida Atlantic University allows three tracks: General Econ, International Econ, or Financial Econ. The program is for full-time and part-time students. The degree can be completed in as little as one year or over several years. There is a thesis and non-thesis option. Graduates have pursued both PhDs and direct entry into professional careers. A travel/study program sets FAU apart from its competitors. Financial aid, assistantships, and fellowships are available to graduate students.

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The Master of Arts in Economics from Indiana University requires 30 credit hours. A research specialization or an MA thesis is required to receive this degree. There is a PhD option if graduates want to continue their education. The department provides students the opportunity to not only develop a broad platform of knowledge, but encourages students to further research at least 3 fields in depth from their 10 available. The school works with advisors and students to provide a general framework for study, while the specializations and courses can be tailored to fit the needs of each student. Candidates for the MA degrees may transfer up to 8 hours of graduate credit from other institutions. GRE scores are required. Though must funding goes to PhD candidates, Indiana University provides financial aid in the form of graduate fellowships, associate instructorships, and graduate assistantships.

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Graduates considering SMU have three options regarding their master’s degree: an MA in Applied Economics, an MA in Economics, or an MS in Applied Economics and Predictive Analysis. To attend, GRE scores are required unless you obtain a 3.0 or higher in undergraduate work. In addition to that, each program has various track options. The Master of Science in Applied Economics and Predictive Analytics (MSAEPA) is a relatively new degree. There is also a Graduate Certificate Program in Applied Economics. Scholarship opportunities are available. There is a specific scholarship awarded specifically to a first-year female graduate student. This program also caters to both full-time and part-time students.

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There are approximately 100 graduate degree candidates in economics at George Washington University, with about three-quarters in the Ph.D. program. A majority of students plan careers with government, international agencies, or consulting firms locally in the Washington, DC area. Most financial aid is in the form of teaching assistantships, which includes a stipend plus tuition. Research assistantships, fellowships, loan assistance, employment opportunities, and other forms of financial aid are also available through their website. GWU is located in the Foggy Bottom area of Washington, D.C., along with the Department of State, the World Bank, International Monetary Fund, and the Federal Trade Commission.

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Based in New York, Fordham University offers an MA in Economics through a one-year program. Courses accommodate both full-time and part-time students. Students can specialize in financial and monetary economics or international and development economics. Fordham also offers an interdisciplinary MA in International Political Economy and Development. Students can join the Graduate Economics Society (GES) to further their relationships and networks with peers and faculty. Stipends, scholarships, and fellowships are available.

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Baylor University in Waco, Texas, offers an MS in Economics as well as a graduate-level minor for those pursuing other graduate courses. The program is designed for two types of students: one for those looking to enter professional careers directly and the other for students looking to continue to doctoral programs. Financial assistance and work opportunities are available as well.

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The Master of Arts in Economics degree offered at Syracuse focuses on labor economics, public economics, international trade, and urban/regional economics. Those who attend full-time complete the courses in one year. The school offers flexibility as some students finish in 3 semesters, including a summer. Both thesis and non-thesis options are available. The GRE is required for admission. The University does allow up to 6 credits to be transferred from another school and up to 3 credit hours of independent study.

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Masters students at Auburn University are required to complete eight core courses and 6 hours of electives (6000 level or above, which must be completed in five calendar years. Students declare a plan of study and pass comprehensive exams. No thesis is required. Financial aid is available through graduate teaching assistantships.

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The University of Arkansas offers a Master of Arts in Economics. One thing prospective students can look forward to is that all applicants accepted to full-time programs are automatically considered for financial assistance. When students receive their admittance letter, the financial aid offer will be included. There are a number of graduate assistantships, which will waive tuition and provide a stipend of $4,000 each semester.

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The MA program at George Mason is primarily focused on the relationships between economic, political, and legal institutions with an emphasis on comparative institutional analysis. The program prepares students for research and policy positions in the Washington, DC, area. Classes are typically held in the evening. The MA program is not for those planning to attend the PhD program at George Mason. Limited funding is available for MA students through the Mercatus Center MA Fellowship Program.

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Clemson University offers two Masters degrees. The first is an MA in Economics that prepares students for advanced graduate work, PhD programs, or management positions in business or government. This program stresses analytical skills and requires 24 semester hours of coursework with a thesis. The second degree is a MS in Applied Economics and Statistics. This degree is data analysis based and most students obtain jobs in the public/private sector or continue on to earn doctorates. This degree requires students to earn 12 credits in four core courses and 18 additional credits from electives. For both programs there is a thesis and non-thesis option. Most funding comes from the department itself, though it is heavily focused toward PhD students.

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Washington State offers a reputable MS degree in Applied Economics that prepares students for either a career in economics or as preparation for a doctoral program in Economics or Agricultural Economics. It is a one-year program. Graduates have recently been placed as analysts, economists, consultants, marketing managers, agricultural analysts, teachers, market analysts, and managers. This program does not require an undergraduate degree in Economics, but does require a 4-year degree from an accredited school. This is a 30 hour program with a thesis and non-thesis (31 hour) option. There are also residence, seminar, and final oral exam requirements. The GRE general test is required, but not the GRE economics test.

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At the University of Colorado Denver, the Masters of Arts in Economics is offered for students seeking employment or entrance in PhD programs. The program emphasizes mathematical and quantitative analysis. Graduates from the master’s program have gone on to top-ranked PhD programs, including Harvard, Stanford, and Michigan State. The program offers flexibility, dual degrees, and some financial assistance.

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Texas A&M offers a Master of Science in Economics with the option to choose two tracks: a concentration in Financial Economics or Econometrics. They are both 36 credit hour programs typically completed in either three or four semesters. The summer following the first year is open for students to pursue internships, travel, or seek out other courses of interest. There are also fellowship programs and financial aid available to students. The GRE is required for this program. There is also a thesis and non-thesis option.

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Students at NC State can tailor their experience to their interests and research goals. There are two degrees: a Master of Sciences of Economics (MS) and a Masters of Economics (MR).  Many students follow into a doctoral program at North Carolina State. Those that choose to pursue a career most often gain employment as consultants, analysts, and researchers. An undergraduate degree in economics is not required. GRE scores are not required but are recommended. The MS degree requires 30 hours and a thesis. The MR degree is a non-thesis degree that offers two tracks: the Applied Economics and Policy Analysis Track, and the PhD Preparatory Track. Full-time and part-time options are available.

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The focus of the program at Miami University Ohio is economic theory and econometrics, providing skills necessary for students to enter careers in the research and analytical fields or to further seek a Ph.D. at another school. Small classes and one-on-one interactions make this program ideal. Students can focus on either Applied Economics or Financial Economics. Students can either apply to write a thesis or work in teams to complete a project supervised by a faculty member. There is also an option for a combined Bachelor/Masters degree. Scholarships, graduate assistantships, and loan programs are available for graduate students.

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UC Santa Cruz offers a very specific Masters: A Masters in Applied Economics and Finance that is a one-year program. It is more application heavy than typical MA programs and claims to provide more training than most M.B.A. programs. The strength of this program lies in its advanced techniques, software, and datasets. Graduates have gone on to pursue careers at Google, Wells Fargo, all of the big four accounting firms, Blue Cross, and World Bank, while others have achieved Ph.D.s in economics. There is no minimum GPA requirement, students are not required to have majored in economics in undergrad, and the GRE is required.

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The Applied Economics Master’s degrees (MS and MA) from Oregon State prepares students for both career and further education paths. It is located in the family-friendly city of Corvallis, Oregon. The focus of this program is on applied analysis, policy, quantitative analysis of natural resources and the environment, sustainable development, markets, and related areas with emphasis on application to real-world settings and problems. The program concludes with either a research paper at 15 months or a thesis at 21-24 months. There is also an accelerated option combining an undergraduate and graduate degree completed in 5 years total. Financial assistance is generous.

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Old Dominion offers a Master of Arts in Economics with a traditional approach by training students in economic theory and research methods, but there is an option to combine courses with other graduate study programs. An independent research program is required for application to real-world problems. Many students continue on to doctoral programs and others have gone into research and analysis positions, government agencies, and general business management. The program accommodates both full-time and part-time students.

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A Master of Arts in Economics degree from the University of Alabama provides the foundation for entry to mid-level positions in economic analysis or in industry or government. Students can pursue three different tracks within the master’s program: Ph.D Preparation, Applied Economics, or Policy Economics. Each track has different objectives but does not close the door on options for students. The PhD Preparation track requires 30 credit hours, Applied Economics requires 30 credit hours, and the Policy Economics track requires 30 credit hours.

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Graduates looking to obtain a Master of Arts in Economics from UC Santa Barbara do not have to have a bachelor’s degree in economics to apply but must have a minimum 3.0 GPA. Students that are set on obtaining a PhD are advised instead to apply to the PhD program directly. The Master of Arts in Economics degree is designed to be completed in as little as nine months. It requires 36 credit hours and culminates in a comprehensive exam. Unfortunately, departmental financial assistance is not available, although on-campus and off-campus employment is available.

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In the heart of Atlanta, Georgia Tech offers a Masters of Science in Economics. The program is intensive and also offers students the chance to specialize in various areas. The program is designed for a variety of students: those between an Economics major and a PhD, those with an Engineering or Sciences background who want to diversify their knowledge before entering their career, and those who are already professionals. The faculty is research-active and the library has a staff specifically dedicated to assisting the School of Economics’ students. Program flexibility, part-time options, credit transfer, and financial aid are all available.

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Both the Master of Arts and PhD programs at Rutgers are full-time programs. The focus of MA program is to give students a solid base in microeconomics, macroeconomics, and econometrics. There is a thesis and non-thesis option for graduates. No core courses may be transferred from another school, and no transfers are made until 12 hours are completed at Rutgers. Most students receive financial aid. Teaching assistantships and fellowships are available through the department. Plenty of research options are available, including an extensive library system, computer facilities, and student groups. Note: students interested in a masters degree from Rutgers must enroll in the Ph.D. program; the masters degree is awarded en route to the Ph.D. or to students who decide not to complete the Ph.D. 

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The MS degree at Marquette University is for those seeking careers as analysts in industry, government, or the financial sector. This degree aims to produce students who can design and interpret economic models. The difference between this program and a general MS of Econ degree is that interpretation, application, and communication skills, and knowledge of quantitative techniques are stressed. Marquette allows spring and fall admissions but requires a degree from a four-year college. The MSAE program also requires 30 credit hours, a non-credit master’s essay, and a final oral examination but not a master’s thesis. Specializations beyond the General Track include Business Economics, Marketing Research, Financial Economics, Real Estate Economics, and International Economics. Full-time and part-time options are available, as well as a five-year BA/MSAE or BS/MSAE program. Internships are available but do not count towards the 30 credit hours required.

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The entering class size at Florida State University is 20-25 students, which provides a low student to faculty ratio. The program is for students seeking a terminal MS degree in Economics and looking for work in the public and private sector. The core courses are separate from the PhD courses. There is a culminating project and presentation. Students typically start in the Fall and graduate in the following Summer, for a total of 32 hours. Also, there is a option to do 30 hours with a thesis. Loans, assistantships, and additional funding are available.

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Temple University offers full-time and part-time programs to students seeking the Master of Arts in Economics degree. This degree trains students to become researchers, and many continue on to PhD programs. Students are not required to obtain a master’s before applying for the PhD program. Students have an opportunity to pursue two concentrations: general economics or applied economics and financial markets. Individuals with this degree seek out jobs in academia, government, and the private sector. Funding and financial assistance are not available to students through the department.

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The New School for Social Research offers a number of Masters degree options: MA in Economics, MS in Economics, and the more specific MA in Global Politcal Economy & Finance and Master of Philosophy in Economics. The New School works in sync with the Milano School of International Affairs, Managament, and Urban Policy. Students seeking an MA in Economics will attend four core courses, 5 electives, and an internship or mentored research. There is no written exam for those obtaining MA in Economics. Typically, students will continue to a PhD program. Students seeking an MS in Economics will work more in depth and are most often not on the PhD track. It is seen as a terminal degree and is an intensive 45 credit hour program. The New School also has a growing exchange programs in South Africa, Germany, and Italy.

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Purdue’s MS in Economics is designed for analytically geared students, specifically in calculus and statistics. It is a 30 credit hour, 2 year program. The standard Master of Sciences degree is a part-time, online college program, but students can pursue on-campus, online, or a hybrid of the two options. This is a non-thesis program. There is also a BS/MS combination for Purdue STEM majors. Scholarships (maximum $5000) and financial aid are available. A GRE or GMAT score is expected, but applicants can request a waiver.

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The Department of Economics at University of Missouri offers graduate work for those seeking an MA in Economics. Students with or without an MA or MS degree may apply to either the MA or PhD program. There are rolling admissions, and GRE scores are required. An undergraduate degree in Economics is not required but encouraged. The department offers financial aid through teaching and research assistantships, fellowships, awards, and stipends. Typically, over fifty percent of new students receive financial aid. Dual degrees and fifth year MAs are available.

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The Master’s program at University of Oregon, near Portland, prepares students for a wide range of positions in the job market. It is also a great option for students looking to pursue a PhD but who are not prepared for a PhD program. Both thesis and non-thesis options are available and are typically completed in less than two years. The Economics Department at University of Oregon provides both a MA and MS in Economics. There are both coursework and research options for obtaining the degree. Students pursuing the MA degree must show competence in one foreign language. The Master’s degree usually requires five to six terms of full-time work.

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Vanderbilt University is located in the heart of Nashville, Tennessee. The Graduate Program in Economic Development (GPED) at Vanderbilt breeds leaders and policy makers from diverse backgrounds. Students graduating from this program find careers in government, international organizations, academia, non-profit organizations, and the private sector. It is a terminal Master’s degree for those with an interest in international development, though it does provide a solid foundation for those wanting to continue to a PhD program. The Master’s program lasts 21-24 months, though it is flexible.

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The goal a Master’s degree from University of Wisconsin is to prepare students for a rigorous PhD program or competitive placement in the job market. An economics undergraduate degree is not required. The program is usually completed in four semesters (two academic years). Econometrics is consistently a strength in this department. Credit transfers are not accepted. University or department-based financial aid is not typically available.

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The Master of Arts in Policy Economics at Tulane University is a combination of economic analysis and quantitative methods. This is better suited for those who want to be active practitioners rather than researchers. Courses are sometimes offered jointly with undergraduates, however, the graduate program is more rigorous and includes much more research work and applied projects. Tulane offers the Master of Arts in Policy Economics degree as either a five-year BA/MA or BS/MA. The other option is a two year MA program. Those attending the five-year program will continue with financial aid from their undergraduate degree, if applicable. Unfortunately, no financial aid is available for the 2-year MA program. There are, however, prizes and awards for outstanding students.

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Unlike the Master of Arts Degree, the Masters of Applied Economics (MAE) Degree at the University of Michigan is not an intermediate step to the Ph.D. This program is for those who are career oriented, those who wish to complement their work in another field, and those who are looking at dual degrees. No thesis is required, and there are no comprehensive examinations other than the course examinations. Admissions are rolling, but the department only admits for the fall term. Core classes typically have 70-80 students, while non-core classes have less. No financial assistance is available, though there is potential funding through other departments as well as some research assistantship positions.

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The MA degree in Economics at Washington University St. Louis requires 36 credit hours. Washington University encourages interdisciplinary research and teaching, which occasionally means that students have to be successfully accepted into two graduate programs. The Graduate Student Association (GSA) acts as a liaison between students and faculty and welcomes incoming students. It also hosts many events and meetings throughout the year. The department places an emphasis on helping students obtain professional positions. There is a Research Advisory Committee specifically for making personal contacts in various fields to help place graduates. Financial aid is available.

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The Economics Department at UCLA, which includes internationally recognized scholars, offers the Master of Applied Economics (MAE) as a 9-month terminal degree program designed to prepare students for career opportunities as well as a PhD program, if desired.  Fellowships, financial aid, and housing accommodations are available to students. About 700 students apply, and approximately 25 are admitted. Financial support and advising are available to students. For second-year students, TA and RA positions are available as well as fellowship programs, extramural funding, and readerships. Graduate students can also look forward to being a part of the Graduate Economics Association (GEA).

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At the University of Illinois Urbana Champaign, students can look forward to a Masters of Science in Policy Economics that is both carefully designed and intensive. It can be completed in one to two years. Students have a wide variety of options to choose from, specifically, 40 courses and 11 fields of specialization. There are currently 150 students. The GRE is not required, but students are encouraged to take it. Most students will decide whether a PhD is their next step while they are earning their master’s degree. The University has attracted enormous research funding, and graduate students enjoy a world-ranking library and extensive alumni network.

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Georgetown University offers a Masters Degree in Applied Economics. This program is for either full-time students pursuing a degree in one year or part-time students looking to complete the degree in as little as two years. The focus is applied economics and fundamental aspects of economics, whereas the MBA would provide training for business or management. It is also different from a Masters in Econ, which is most often a step toward a PhD and further research. The program consists of 10 courses (30 credits), a thesis is not required, courses are predominantly at night, and financial assistance is not offered.

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The MA program at the University of Texas is rigorous and provides quantitative training in economics. This degree can be completed in as little as 10 months (mid-July to mid-May). An undergraduate degree in Economics is not required. Students applying to this program seek jobs in the private or government sector, want to pursue a PhD program, or are looking for employment in other fields such as law, public health, political science, or statistics. The GRE is required. This program demands 30 credit hours. No thesis is required. There are merit-based tuition and fee waivers, outside employment, and affordable cost of living.

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The Department of Economics at USC, located in the heart of Los Angeles, offers two master’s programs: an MA in Economics and an MA in Economics Development Programming (MAEDP). The MA in Economics requires 32 credit hours and ends with a comprehensive examination. The MA in Economics Development Programming requires 32-48 credit hours. GRE scores are required, and USC likes to see applicants with at least 450 on verbal and 650 on quantitative. The Department of Economics at University of Southern California boasts an extensive alumni network as well as flourishing interdisciplinary collaboration and research across all graduate fields.

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There are two tracks available for the Master of Science degree offered at Tufts University. Like other schools, there is a course-based track, which can be completed in one year without a thesis. There is also the research-based track, which is a two year program that culminates with a thesis. Funds are available, and students are encouraged to work at their own pace. A maximum of two graduate-level courses can be transferred from another school upon approval. A combined BS/MS degree is offered as well as a joint Master’s of Science in Economics and Urban and Environmental Policy and Planning (UEP) at Tufts. Most students receive financial aid in the form of scholarships and teaching assistantships. The department caters to both part-time and full-time students, however, most classes are during the day. Around 200 students apply, and 20-25 are admitted.

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NYU sees the Master’s in Economics as an essential degree for success in both applied and research settings. Many students continue on to Ph.D. programs. NYU boasts an active and well-connected Alumni Club and a healthy amount of job opportunities for graduates. Full-time and part-time students are welcome with the maximum time allowed to complete the degree being five years. This M.A. degree requires five core courses, five elective courses, and a special economics research project. NYU also offers an advanced certificate program in applied economic analysis. There are limited fellowships and awards available through the department.

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Boston University’s program includes an impressive department and research facility that provides a flexible foundation for paths to careers or further PhD programs. Students seeking a Masters degree have access to libraries from MIT, Boston College, and Boston Public Library. Five masters degrees are offered: MA in Econ Policy, MA in Econ, MA in Global Development Econ, MA/MBA Program, and BA/MA Program.

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There are three distinct master’s programs at Duke: MA in Economics, MS in Economics and Computation (MSEC), and Master of Statistics and Economic Modeling (MSEM). Each program prepares students for further doctoral programs as well as careers in economics, finance, and related fields. Students are regularly accepted into highly competitive job positions and top PhD programs upon graduating. Duke stands out with their interdisciplinary approach, flexible curriculum, and top research facilities. Each program offers optional internships and financial aid, and the degree takes 1.5 to 2 years to complete.

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Johns Hopkins University in Washington, DC, offers a Masters in Applied Economics both onsite and online, part-time or full-time. This program is both rigorous and application-oriented. Admissions are rolling; you can apply to enter in the Fall, Spring, or Summer. This is a ten-course degree program, and there is a thesis option. Students are allowed to tailor their course of study and can combine/specialize in public policy, financial economics and the macroeconomy, international economics and development, spatial economics, environmental economics, health economics, quantitative methods, or economics of national security. It typically takes about 2 years to finish the degree.