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Considering the scarcity of monetary resources in many industries, there’s no question why economists play vital roles. After all, they need to sparingly distribute the budget so that the meager resources can be maximized.
Whether you’re currently employed as an economist in your company or a team member in the financial department, you’re probably looking to take a step higher in your career ladder. A master’s degree in Economics is just perfect for you!
A Master of Economics degree provides a comprehensive education in economics that combines knowledge of economic concepts and quantitative methods. This degree prepares individuals for advanced careers in banking, business consulting, public policy, economics research, and more. With a focus on applied economics, this degree program is ideal for students who want to understand the global economy and analyze the financial decisions of individuals and organizations.
The Master of Economics degree is also beneficial to those seeking to pursue a Ph.D. in economics. With a comprehensive understanding of the methods and theories of economics, graduates are well-positioned to succeed in their chosen fields.
There are many outstanding master’s programs offered online or in hybrid learning styles available to choose from.
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Society needs economists to help manage financial matters in private or public sectors; the job outlook is growing! By obtaining a master’s degree in Economics, you can significantly level up your career in your respective industry.
On our list are the online master’s degrees in Economics that some of the nation’s most credible and prestigious universities offer. These graduate programs provide rigorous coursework that can be taken online or on-site, depending on the student’s preference.
The convenience these programs promise is matched for people who are currently employed in their companies, as some of these curricula can be completed within your flexible time frame. In as short as less than a year to a maximum of six years, you’ll be awarded a graduate certificate in Economics, which will earn you further working opportunities, a rise in salaries, and higher job positions.
Encompassing the most qualified faculty and prominent contributors in Economics, students can expect to be well-guided and supported by their professors even through online learning platforms. All the programs listed also come with accreditations and provide unique offerings.
Top 9 Online Economics Master’s Degrees
Georgia Southern University
A master’s of science in applied economics is available online at Atlanta-based Georgia Southern University. Two courses are offered per semester during this program. Professionals working full-time will find the curriculum helpful, as they can take the courses flexibly.
An all-online program requires competencies in micro and macroeconomics, applied econometrics, and applied math for economics. Faculty present simulations, multimedia presentations, and discussions related to international relations, psychology, and health policy during the electives.
The tuition rates for online students who choose to take the five-semester curriculum are the same as in-state students. Spring and fall enrollment options are available for this program.
Location:
- Statesboro, Georgia
Accreditation:
- Southern Association of Colleges and Schools Commission on College
Program Features:
- 30 credits required for completion
- It can be completed in 20 months
Course Options:
- Math for Applied Economics
- International Economics
- Applied Econometrics I
- Microeconomics
- Macroeconomics
- Business and Data Analytics
Admission Requirements:
- BSBS degree from an accredited university
- Overall GPA of 3.0
- GRE scores
- Completed prerequisite courses
Tuition:
- $358 per credit hour
Financial Aid:
- Outside scholarships
- Federal work-study
- Grants
- Loans
- HOPE/Zell Miller Scholarships
What’s Unique About The Program:
- Graduates of Economics programs are qualified for jobs in financial institutions, industry, and government agencies engaged in public utilities, economic development, and federal and state regulation.
- Teaching requirements for the Graduate Certificate in Applied Economics meet regional accreditation.
- Courses are asynchronous, allowing students to work and study at their convenience.
Johns Hopkins University
Johns Hopkins University, located in Washington, DCDC, gears toward investing more in research and development than most other universities in the nation. An online master’s program in applied economics with a financial economics concentration is offered by the school. Students of this economics master’s degree will gain practical knowledge and hands-on experience in emerging areas.
Students enrolled in the school’s accelerated master’s of economics program can complete the program in as little as one year to a total of 2 years, depending on their enrollment pace and previous coursework. A total of four required courses, an econometrics course, and five elective courses are offered at the School of Business. Elective preferences such as environmental economics, spatial economics, and international economics and development can be tailored to the program.
The Hopkins University economics master’s program enrolls students in summer, fall, and spring. You will need a GPA of 3.0 and must have taken prerequisite courses like calculus and economics. Additionally, applicants must have a bachelor’s degree from an accredited university. Furthermore, you can conveniently apply online and take the entire curriculum online as well.
Location:
- Washington, DC
Accreditation:
- The Middle States Commission on Higher Education
Program Features:
- Can be taken online or on-site
- Requires ten courses for completion
- Can be completed in 12-24 months
Course Options:
- Macroeconomics
- Macroeconomic Forecasting
- Microeconomics
- Game Theory
- Monetary Economics
Admission Requirements:
- Online application
- Application fee of $75
- Statement of purpose
- Letters of recommendation
- Resume
- Official transcripts
Tuition:
- $1,730 per credit hour
Financial Aid:
- Federal loans
- Outside scholarships
- Employer tuition benefits
- Veteran benefits
What’s Unique About The Program:
- Their faculty members have a wealth of experience and are internationally recognized scholars.
- They offer lecture series such as the Faculty Lecture Series, which highlights the research and professional activities at Johns Hopkins, and the Marc Sumerlin Lecture Series, which often brings leading economists and policymakers to the campus.
University of Detroit Mercy
UD Mercy’s online master of arts in economics program is designed for students interested in graduate studies or research roles. Most graduates are employed by the government, private companies, and nonprofit organizations.
As a student, you will gain a solid understanding of significant global economic forces, histories, and institutions. In addition, students apply financial and economic principles to both the domestic and international economy.
There are 15 required credits in economic analysis, quantitative foundations, and financial economics in UD Mercy’s 30-credit master’s in economics program. Additionally, students can select five electives such as business forecasting, labor economics, and public administration. Thesis studies are an optional requirement for many students. The minimum GPA for applicants is 3.0 from an accredited university. Tuition discounts are available for online students.
Location:
- Detroit, Michigan
Accreditation:
- The Higher Learning Commission
Program Features:
- The program is available on-campus or online
Course Options:
- Economic Analysis of Enterprises
- Quantitative Foundations of Economic Analysis
- Financial Economics
- Theory of International Trade
- Analysis of Economic Conditions
Admission Requirements:
- Undergraduate degree in Economics or another related field
- Overall GPA of 3.0
Tuition:
- $953 per credit hour
Financial Aid:
- Loans
- Work-study jobs
- Graduate Assistantships
What’s Unique About The Program:
- A substantial discount is being offered for the online program.
- Profs and students enjoy interacting in small classes for effective learning.
- The institution doesn’t require a GMAT or GRE.
- It could take only one year to complete.
American University
Infused with the tradition of academic research, AUAU offers an online master’s degree in economics with a concentration in applied economics. This degree can be completed within 20 months, depending on the student’s learning pace.
Several courses are required to complete a master’s degree in economics, including mathematical economics, microeconomic theory, applied econometrics, and macroeconomics. In addition, a capstone enables you to explore economic issues in greater depth.
Other concepts and skills covered in this online graduate program include in-depth data analysis. Candidates must hold a bachelor’s degree from an accredited institution to be considered for admission.
Location:
- Washington, DC
Accreditation:
- Middle States Commission on Higher Education (MSCHE)
Program Features:
- Takes 20 months
- consists of 10 total courses
Course Options:
- Microeconomic Theory
- Applied Econometrics
- Labor Economics
- Financial Stability and Growth
Admission Requirements:
- Statement of purpose
- Online application
- Application fee of $55
- Resume or CV
- Official transcripts
- Letters of recommendation
Tuition:
- $1,992 per credit hour
Financial Aid:
- Federal loans
- Federal work-study
- Scholarships
- Loans
- Grad PLUS loans
What’s Unique About The Program:
- They feature a group of esteemed economists and scholars teaching this online economics master’s program.
- Almost all graduate students at American University’s MAMA in Economics program work, attend graduate school, or both within six months after graduation.
University of North Dakota
The University of North Dakota’s Master of Science in Economics is an online program that takes an average of two years to complete. In this program, students are exposed to economic forecasting, demographic methods for economists, quantitative methods for evaluating impact and inferring causality, and international money and finance. Data analysis methods are also introduced in the course.
UND’s Online MS in Economics is also a popular, affordable online graduate program. An undergraduate degree and GRE scores are required for admission.
Location:
- Grand Forks, North Dakota
Accreditation:
- The Higher Learning Commission (HLC)
Program Features:
- Requires 30 credit hours for completion
- Two years estimated time to complete
Course Options:
- Mathematics for Economists
- Econometrics
- Macroeconomic Theory & Applications
- Economic Forecasting
- International Money and Finance
Admission Requirements:
- BSBS degree from a recognized university
- Overall GPA of 2.75
- GRE or GMAT official scores
- Prerequisite courses
- English proficiency tests
Tuition:
- $6,939 per semester
Financial Aid:
- Scholarships
- Grants
- Loans
What’s Unique About The Program:
- UND offers competitive educational tuition pricing compared to other online colleges.
- The program is entirely flexible, allowing you to take online courses online full-time.
Southern New Hampshire University
In SNHU’s online master of science in applied economics, students learn to analyze data, solve problems, and make decisions. Approximately 15 months are needed to complete this 36-credit program asynchronously. But, this will depend on the student’s speed of learning, as the program offers ultimate flexibility.
Students will learn courses like macroeconomics, microeconomics, games theory, and econometrics as part of the program. Furthermore, students may choose four electives–such as natural resource economics or international corporate finance–to complement the major coursework.
Every student completes an integrated capstone course. Students with no prior knowledge of business or economics must take introductory courses in business mathematics, financial reporting, and economics.
Applicants should send a personal statement and official transcript showing at least a 2.75 GPA. Provisional acceptance is sometimes possible for lower GPA students. GRE and GMAT scores are not required, and you may transfer up to 12 credits toward a master’s degree.
Location:
- Manchester, New Hampshire
Accreditation:
Program Features:
- Total credits of 36
Course Options:
- Introduction to Graduate Economics
- Macroeconomics Theory and Analysis
- Applied Econometrics I
- Applied Economics Capstone
Admission Requirements:
- Undergraduate transcripts
- Online application
Tuition:
- $627 per credit hour
Financial Aid:
- Outside scholarships
- Tax credits for education
- Student loans
- Grants
- Federal work-study
What’s Unique About The Program:
- You may access online course materials around the clock and learn on your schedule without being limited by class meeting times.
- The University has over 100,000 graduates across the nation.
- SNHU alumni and staff compensates for a powerful network of more than 200,000 people that can assist you long after graduation.
West Texas A&M University
Through the Paul and Virginia Engler College of Business at WTAMU, a public university in Canyon, students can earn a master’s degree in finance and economics. Students may choose courses focused on finance or economics as part of the flexible program. Students who are employed full-time can enroll part-time or full-time at the MSFE. The accelerated program usually takes full-time students about two years to complete, with five semesters per year of study.
Master’s programs are available online or in a blended format, with a 36 credits requirement. Among the 21 core credits in the curriculum are corporate finance, international business, and quantitative analysis. Also required are 15 credits in business, economics, and finance electives. To graduate, you must be able to take and pass a comprehensive examination.
Bachelor’s degrees from regionally accredited institutions are required. A WTAMU foundational course load of nine credits is required for students without prerequisites in economics.
Location:
- Canyon, Texas
Accreditation:
- Southern Association of Colleges and Schools Commission on Colleges
Program Features:
- It can be completed for up to 6 years
- Requires 30 credit hours to be completed
- Can be taken online or on-site
Course Options:
- Current Issues in Industrial Organization
- Problems in Government Finance and Fiscal Policy
- Corporate Governance and Ethics
- International Finance
- Advanced Business Forecasting
Admission Requirements:
- Online application
- Overall GPA of 3.0
- 2-page essay
- Official transcripts
Tuition:
Financial Aid:
- Scholarships
- Grad PLUS loan
- Parent PLUS loan
What’s Unique About The Program:
- AACSB Accredited
- Full-time professors teach courses with doctorates in their fields.
- Study part-time or full-time in this program that offers them in fall, spring, and summer.
- You can customize the delivery of your course by combining 100% online and on-campus delivery.
University of Missouri-Columbia
Established in 1893, AUAU provides an online master of arts in economics with a concentration in applied economics. It takes 20 months to complete the program.
Several courses are required to complete a master’s degree in economics, including mathematical economics, microeconomic theory, applied econometrics, and macroeconomics. In addition, a capstone enables you to explore economic issues in greater depth. You also enhance your data analysis skills.
Candidates must hold a bachelor’s degree from an accredited institution to be considered for admission.
Location:
- Columbia, Missouri
Accreditation:
- the Higher Learning Commission
Program Features:
- Requires 30 credit hours for completion
- Can be completed in two years
Course Options:
- Economic Research Workshop
- Microeconomic Theory
- Macroeconomic Theory
- Applied Econometrics
- The Banking System and the Money Market
Admission Requirements:
- BSBS degree from a regionally accredited school
- GPA of 3.0
- Prerequisite courses
- Transcripts
- Two letters of recommendation
- Resume
- Personal statement
- English proficiency
Tuition:
Financial Aid:
- Loans
- Grants
- Scholarships
What’s Unique About The Program:
- You can transition into a role that is more data-driven and research-driven.
- This program combines economic theory with modern data analytics applications to provide a flexible degree that enhances career prospects.
Purdue University
The Purdue University – Krannert School of Management offers an Online Master’s in Economics degree suited to business professionals.
A student may specialize in four subjects: financial economics, business or data analytics, public or policy economics, and advanced theory. The school offers all coursework online, except for the developed theory degree program, which requires a semester on campus during the fall and spring semesters.
Location:
- West Lafayette, Indiana
Accreditation:
- The Higher Learning Commission
Program Features:
- Can be completed within 20-36 months
- Requires 30 credits for completion
Course Options:
- Mathematical Economics
- Econometrics
- Microeconomics
- Macroeconomics
- Financial Econometrics
Admission Requirements:
- GPA of 2.6
- Two recommendations of letters
- Statement of purpose
- Resume
- Official transcripts
- Kira video essay
Tuition:
Financial Aid:
- Scholarships
- Purdue Graduate Assistantships
- Resident assistantships
- Employment
What’s Unique About The Program:
- They offer flexible delivery options and a wide variety of degrees.
- Faculty members are committed to cutting-edge quantitative and empirical teaching methods, like incorporating big data, machine learning, programming tools, and experimental economics.
Frequently Asked Questions
What is Economics?
If you want to work primarily in the global markets or a financial setting, earning your master’s in Economics online is an excellent career choice. Economic degrees online equip students with the skills to work in the stock market, banks, insurance companies, other financial institutions, and even marketing or advertising firms. Taking up a master’s degree online will sustain you with the suitable courses that will be helpful for your chosen institution.
Learning economics online will enable you to gain expertise in applied economic theory, market economics, and economic data analysis. The US Bureau of Labor Statistics (BLS) is expecting the employment landscape for economists to grow by 6% between 2021 and 2031. The median salary for these professionals was $105,630 in 2021.
Master’s degrees in Economics enable students to understand financial flows and critically analyze growing financial markets. Currently, this field is rapidly changing due to modern technology, and programs in economics focus on contemporary theories of finance, quantitative analysis skills, and how economists can apply them to real-life scenarios.
In addition to working for corporations, an advanced degree in Economics could also lead to employment as a government adviser or consultant for the public sector. An Economics degree can be applied across a variety of fields and won’t limit your options. Hence, the best investment you can have today is to earn that graduate certificate in Economics that you’ve always wanted to have.
To mention a bit of the famous historical names in Economics, in the mid-to-late 1700s, pioneering economists like David Ricardo and Adam Smith laid the groundwork for modern economics. Following their works were well-known economists such as John Stuart Mill and Karl Marx.
In their early work, these economists identified and described the systems and principles governing transactional finance on a large and small scale.
These underlying systems evolved into more complex forms as economic thinking evolved. Market trends and predicted market changes today can be explained by many interrelated theories and principles.
A trained economist plays a vital role in government and the private sector regarding financial policy and governance. Individuals with an analytical bent who enjoy learning about complex, interdependent systems will generally be interested in the field. Graduate education is a wise investment with solid returns because master’s degree holders typically obtain higher-paying and more senior positions.
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What can graduates do with a Master’s in Economics?
Masters in economics prepares graduates for careers in industry and government. Students practice collecting, analyzing, and presenting economic data. As graduates, you will be prepared for careers in budget analysis, financial analysis, economic models, market research analysis, and operations research analysis.
Students with an online master’s in economics should prepare themselves for careers with high salaries, job security, and growth opportunities. With much sound advice offered for graduates with an economics major, you’ll land your dream job for sure.
However, few economists possess the skills required to excel in the field. Currently, the demand for economists is on a healthy percentile, so you can compete fairly with other candidates, given that you can gain and develop the economics skills and knowledge required by these employers.
Even education jobs are also available for economists. You can also become an urban planner, a political scientist, or a professor of economics. Government agencies also hire economists to analyze data and make policy recommendations.
Several economists measure the economy’s health by looking at the output, employment, unemployment rates, and consumer behavior. Depending on your desired agency or industry, several job openings are offered regularly, especially for people who have acquired a master’s education.
Professors and researchers in academic economics are generally required to hold a doctoral degree. Most online master’s programs in economics prepare graduates to begin careers or enter doctoral programs in the field. Students who study economics can also obtain a niche career by concentrating in applied, development, financial, or quantitative economics.
RELATED FAQ: How Will My Economic Degree Make Me Employable?
What are the usual courses required for an Economics Master’s degree?
Courses in microeconomics, macroeconomics, econometrics theory, and quantitative methods are typically required in Economics degrees, regardless of the program. However, each learning institution might have different significant courses, and the electives also vary from school to school.
The students gain a foundation of economic knowledge and resource usage. In addition to completing a capstone project, graduate students in this field develop advanced skills in economic modeling, econometric analysis, hypothesis creation, and communication.
Applied economics, development economics, financial economics, and quantitative economics are just a few specialization options offered by master’s programs in economics. Here are the most common courses:
- Economic Statistics
This course features critical concepts such as descriptive statistics, frequency distributions, probability, hypotheses testing, and measures of association. Using statistical software and tools, students can then interpret different econometric models using these concepts.
- Econometrics
Economic theory and applications are included in this course on econometrics. This specific course focuses on linear regression modeling and inferential statistics in estimation fundamentals. The courses prepare students to analyze data, apply regression analysis, and calculate causal relationships based on statistical parameters. These students gain skills in analysis, hypothesis testing, and interpretation of linear and nonlinear regressions.
- Microeconomic Theory
Market interaction and behavior are the topics covered by students in this course. Students examine market structures, government role in economics, and supply and demand effects in the economy. Students also study how consumers make their decisions during the semester and how governments are affected by economic policies.
- Labor Economics
This course exposes students to the concepts behind taxes, social programs, minimum wages, immigration, education, and other public policies that impact the labor market.
- Game Theory
An elective course, this course examines how individuals can influence decision-making. Noncooperative game theory often dominates the coursework, along with repeated games and signaling games. The system includes studying foreign policy, financial markets, auctions, and takeovers.
Topics such as conflict, entry deterrence, and cooperation dynamics are discussed. Equilibrium properties, refinements, games, and problems involving imperfect or incomplete information are popular topics in the course. It requires a solid background in Economics and Calculus.
- Macroeconomics
This course provides students with a foundation in understanding the factors that shape overall economic performance. In this course, students evaluate academic strengths and weaknesses and look at long-term, big-picture trends in economics.
During this course, students compare macroeconomic policies, model economics, and real-life economic events. The course discusses investment, the trade balance, consumption, and fiscal and monetary policy. Additionally, students study economic downturns, economic recovery, low-interest rates, and fiscal austerity during shorter-term fluctuations in the economy.
- Microeconomics
In this course, students learn about microeconomics and economic policy. Students will examine principles of market structure and efficiency as well as consumer and firm behavior. Graduate students learn mathematical skills related to economics, including determining demand curves, the resolution of market equilibrium prices and outputs, and calculating firm costs.
Throughout the course, students learn how supply and demand models, consumer behavior, and competitive markets can model and predict changes. Taxation, subsidies, and policies are discussed in this course concerning the role of government in the economy. The class discusses how a variety of approaches, market failures, and imperfections can affect market dynamics.
How can I tell if an online Master’s degree in Economics is right for me?
As with traditional academic institutions, it is possible to evaluate an online college in the same way. Universities and colleges offering official accreditation, essential courses, and competitive tuition are legitimate institutions. The required elements can each be verified through thorough research and online resources.
A student’s subjective criteria will include sizing up the course offerings, examining course materials, assessing assignments in a timely fashion, accessing technology, and planning for post-graduation career opportunities. You will also need to look for how the online programs offer extra value, like 24/7 tech support. Or perhaps they have concrete alumni networking support.
A student seeking an economics master’s degree online should ensure that a school’s particular coursework meets their state’s requirements for licensure. Students may gain real-world experience through the internship component of online master’s in economics degree programs. It is in your interest to check whether your program requires on-campus attendance since some colleges and universities may demand it.
Overall, when you take a look into the different aspects and variables of each online master program, you’ll be able to come up with a better decision.
How will earning my Master’s degree in Economics help my career?
Earning a Master’s degree in Economics can open up a wealth of job opportunities and can enhance existing career prospects significantly. Having an advanced understanding of economics allows you to move up the corporate ladder quickly because of the skills and knowledge that you possess. It can also help you better understand economic policy, market trends, and global economic structures and provide you with an understanding of financial markets that is more advanced than the average job applicant.
A Master’s degree in Economics can help you develop an analytical mindset that will enable you to assess better and interpret economic developments. Ultimately, earning a Master’s degree in Economics can act as a springboard for your career trajectory, providing you with the knowledge and tools necessary to advance beyond entry-level positions into higher management and executive roles.
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