Studying Economics is a preparatory guide to an astonishing career as Economist or as a business analyst in Government or non-governmental establishments. Persons who made a good grade in their bachelor’s degree in Economics will most likely wish to go further to acquire a master’s degree in economics as well. At times, they seek to know the best schools to do masters in economics in the world. Also in the search list is the Best Economics master’s programs in the world
A bachelor’s degree in economics offers a multi opportunities for holders of this degree in multinational corporations, government agencies, financial institutions, business organizations and higher education too. Apart from the lucrative job opportunities presented by a bachelor’s degree in economics, it is still essential and of greater benefit to pursue a postgraduate degree in economics – a master’s precisely.
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What Is The Difference Between Bachelor’s And Master’s Degree?
A bachelor’s degree is more of an introductory degree to the basics of any area of study. A master’s degree is more of an advanced tool for getting grounded in the field. You can say that, “a master’s degree is a mastery tool to any field of study” that is, it gives more and better understanding of a particular field of study. This is the major difference between a bachelor’s degree and a master’s degree.
A master’s degree is usually an entry-level requirement in some industries and those with it have an edge over those who have just a bachelor’s degree. It is no surprise that the number of students who go further after their first degree is less than 20%. This has been backed up by so many research publications (you can find some on Research Gate, Elsevier, Wikipedia or other scientific research journals).
What Is A Masters In Economics?
A master’s degree in Economics is a graduate degree in economics. It is a step further from a bachelor’s degree in economics and acquiring it requires advanced studies in economics. The advanced studies involved include economic theories and other applied economics. These studies are what lead to specialization in a particular area of economics.
Remember, without a bachelor’s degree in economics, you cannot pursue a master’s degree in economics. A bachelor’s degree in economics is what allows you to start a career in economics be it as an economist or as a business analyst. Sometimes, you need a master’s degree to climb more rungs in your career, especially if you wish to attain a management position. Although you may also need to take some management courses to attain this level not just a master’s in economics.
A master’s degree in economics prepares you to also go a step further – that is, it prepares you for PhD in Economics. Apart from the course workload, the students also write and submit their thesis individually to be awarded this degree. This is why students seek to know the best schools to do masters in economics in the world.
Why Should I Get A Master’s Degree In Economics? What Are The Benefits of A Master’s Degree In Economics?
Many students upon getting their bachelor’s degree in Economics ask questions such as, “why should I get a master’s degree in Economics”? Is it necessary to get a Master’s degree in economics? Why get a master’s degree in economics? These and many more questions pop up on daily basis after getting a bachelor’s degree.
Well, if you had asked these questions or are about to ask, here is the answer you seek. Others may also ask, ‘is it better to get a Master’s in Business administration (MBA) or in Economics’? Whichever one you choose, here are the Top 11 Very Good Reasons To Do An MBA Degree. There is no doubt that a bachelor’s degree in economics can take you as far as you wish in your career as an economist, but the following are why you should get a master’s degree in economics. The Benefits of a Master’s Degree In Economics are listed below
Greater Job Opportunities
With a master’s degree, you have the chance of landing juicy jobs. As stated earlier, not only would you land top jobs, but you can also jump steps/stages in your career with a master’s degree in economics. This is one reason why you should get a master’s degree in economics. You cannot start at the same level as someone with a bachelor’s degree. You may even be employed to become a manager if you meet the requisite experience.
Another good thing about this is that you have the option to choose where to work as you have enough options to choose from. You can choose to work in the field of business. Other options include banking sector/financial service establishments, government agencies and parastatals such as the Board of Internal Revenue. Apart from these, you can also get employed as a researcher, consultant, policy analyst, and financial analyst. All these and the following reasons are why you should get a master’s degree in Economics.
Better And More Understanding Of How Everyday LifeWorks
Economics has a greater influence on your daily life and living is all about economics. A master’s degree in economics will further create more awareness of the things going on in your life. Why they are happening and how they happen. These are the information you need to tackle your financial challenges. A master’s degree in Economics prepares you for this.
With a master’s in Economics, you get more analytical knowledge and can be able to analyse financial trends. You can then comfortably analyse financial issues, stipulate when there would be inflation and plan to make the most of it.
It also enables you to understand the spike in prices and regularly make good adjustments during price hikes. With a masters in Economics, you will understand the little changes in prices of essentials such as gas prices. Hence make proper adjustments where necessary to avoid borrowing unnecessarily.
Economics Combines Mathematics and Social Other Social Sciences
For those who wish to make further impacts by providing solutions to social problems, a masters in economics is inevitable. Also, those who seek to delve into problem analysis, hence collating data, making a proper analysis of these data and using the information gathered, may go-ahead to get a master’s degree in economics.
A masters in Economics will not only turn you into a professional analyst but will also equip you with the necessary skills for problem-solving. This is one of the major skills employers look out for – problem-solving skills. Also by developing problem-solving skills through a master’s degree in economics, you will learn how to resolve big issues into components parts and easily proffer solutions.
You will Be Opened To Opportunities
Another reason why you should get a master’s degree in economics is the opportunities it presents. As mentioned earlier, not only career opportunities do a master’s degree in economics present, but it also allows you to make guided contributions towards government policies. This way, you can advise the government on the best patterns to follow to drive rapid economic growth.
It Paves Way For Doctoral Studies.
Just as you cannot do a master’s degree without obtaining a bachelor’s degree first, you cannot also do a PhD without a master’s degree. The peak of every academic journey is the PhD and this is what a master’s in economics helps you to attain.
Just like the reasons for postgraduate studies include – networking, personal development and professionalism, a master’s degree in Economics also guarantees these. Because it is a postgraduate programme. You also need to achieve all these by attending the best schools for master’s in Economics.
Factors To Consider When Choosing The Best Schools To Do Masters In Economics or the Best Economics Master’s Program
After learning about the best reasons why you should do a master’s in economics, and have decided to do it. What is next? Now you have to choose the school where you should get your master’s degree. Here are the factors to consider when choosing the best schools to do your masters in economics.
Nature of the School
This is the first Consideration to be put in place. You do not wish to go to anyhow school to get a master’s degree. The reputation of the school globally should count when choosing the best economics master’s program. Do not hesitate to consult graduates of the school if you are not familiar with the school and its surrounding.
Cost of Tuition
The cost of tuition is another factor to consider when choosing the best schools for masters in economics in the world. You wouldn’t want to start what you cannot finish. Rather you would want a school that offers the best but at moderate fees where you can foot the bills comfortably.
The next thing to look into is whether is school is accredited to carry out the program of your choice. Does the school have the essential requirements to award such a degree you are aiming for? Although this factor should come first because it is a prerequisite as it is the major thing to know before any other thing. Find out if the school offers masters in economics first before any other thing.
School Support System
At this point, you also check if students get the necessary support they need from the school management. Especially, if you are going to be an international student, then check if those already there get supported appropriately or not. How long does it take freshmen to graduate? These are what you need to find out before choosing a school for a master’s in economics.
What Can I Do With A Master’s Degree In Economics?
As discussed under the topic Why Should I Get A Master’s Degree In Economics? You can do a whole lot with a master’s degree in economics. There is no limit to what you can achieve if you have set out to. The chances of being employed are doubled with a greater pay package with a master’s degree.
You can also become or get employed as a financial analyst, market analyst, research analyst or financial manager if you get a master’s degree in economics. These and many more are all that you can do with a master’s degree in economics. You can also get the opportunity to pursue a career in accounting if you major in accounting related courses.
What Is the Cost of Earning a Master’s In Economics?
Now if you wish to get a master’s degree in economics, you may wish to ask, ‘how much does it cost to earn a master’s degree in economics? This brings us to what we said about Factors to Consider When Choosing the Best Schools to Do a master’s in Economics. The cost of tuition is one factor to consider. Well, this has a lot to be determined by the choice of school you are making.
On average, the cost of getting a master’s degree is around 30000USD and 150000USD. This figure is not static anyways because the school be it private or public plays a role in the cost of tuition. Private universities are quite costlier than public universities.
What Is Required To Do Masters In Economics?
The basic requirements to pursue a master’s degree in economics are generally the same as a master’s degree in other fields but may have slight variations. These slight variations are due to the choice of school and the mode of study. When a school offers both online and on-campus masters in Economics, the requirements for the same school but a different mode of study vary.
Just like any other master’s degree, you will be required to present your bachelor’s degree certificate. This is an indication that you have completed your bachelor’s program. Hence, it is essential to complete a Bachelor’s degree in Economics to proceed to do a master’s in economics.
You will also be required to submit a transcript of academic records from the school you obtained your bachelor’s degree. Other documents that will be required to do a master’s in economics include; a Statement of Purpose, Referee Letters/Recommendation letters from your lecturers or professors.
- See full details of The Requirements For a Master’s Degree.
- You May Also See What Is Required For a PhD
How Much Are Persons With a Master’s Degree In Economics Paid?
The price a person with a master’s in Economics gets paid is determined by factors such as where the person is employed and the type of job he does. With a masters in economics, you have the opportunity to work at different companies taking up different roles.
In whatever career you choose in economics, be sure to get good pay. Your pay is determined by your career choice anyways. Some careers in economics with their pay are put together below. These career pay are based on earning a master’s degree first. See the table below for full details of the pay of some selected careers with a master’s in economics.
|Careers||Estimated Earning ($)|
The above careers have a projected growth rate of 11 – 20% annually, you can be rest assured to get a decent job and nice pay anytime.
What Are The Best Schools To Do Masters In Economics In The World?
Personally, in whatever I do, I go for the best. This is the driving force behind this content. Once you have finished your bachelor’s degree in economics and have gained the post-graduation experiences requisite for a master’s in economics, then the next thing is to choose the best school for your masters in economics in the world.
Although there is no specific order for the arrangement of these schools, factors such as reputation and affordability have been noted while making this list of best schools to do masters in economics in the world. Other factors such as national and regional accreditation status were also considered in compiling the list.
- Stanford University
- Massachusetts Institute of Technology
- Barcelona School of Economics
- Princeton University
- University of Chicago
- Duke University
- New York University
- Johns Hopkins University
- Boston University
- University of California San Diego
- The University of Southern California
- University of Oklahoma
- The University of Illinois at Urbana-Champaign
- The University of Texas at Austin
- University of Maryland
- North Carolina State University
- University of Delaware
- University of Missouri
- Tufts University
What Are The Best Masters In Economics Program In The World?
This is another interesting topic that is worthy of discussion. Graduates of economics who wish to further their studies to a master’s level have the option to choose from the best master in economics program in the world. The choice of the best master in economics program in the world is dependent on the want of the candidate.
What does the candidate want to become or do after the master’s? This shapes and moulds the choice of the best master in economics program in the world for the candidate to do. To successfully make this choice, you need to make a catalogue of your desired career path in economics.
In the next paragraphs, we will be combining the list of The Best Schools to Do master’s in Economics in the World and The Best master’s in Economics programs in the World. This list is about to guide you to know the best schools for masters in economics and the best economic program to study at the master’s level in these schools.
We have put together the top 20 best economics master’s programs in the world as well as the top 20 best schools to do masters in economics in the world.
#1. Stanford University
Stanford University is one of the oldest Universities in the world where academic excellence is the watchword. The Masters of Arts (M.A) in Economics offered at Stanford University runs into a PhD degree. The Stanford University Department of Economics does not admit students whose intention is just to get an M.A. Degree in Economics.
Intending students for Masters/PhD in Economics are required to have completed Stanford University’s requirements for Bachelors of Arts (B.A.) in Economics. Students are also required to meet the basic requirements in mathematics and statistics generally.
Cost of Tuition
You may ask, “How much does it cost to get a masters in economics at Stanford University”? Well, your question is worth it. The tuition cost for all programs at Stanford University is calculated on a per-course unit basis. Hence the rates vary based on the number of courses and credit load. For Masters, the tuition for each course is $1,352 per unit. Each course is about 3–5 units and students must make 45 units at least.
Duration of Program
Generally, a Master’s degree in about 12–24 months but at Stanford University, a master’s in Economics program runs directly into a PhD. For these reasons, it may take up to 5 years or more to complete this program.
#2. Massachusetts Institute of Technology (MIT)
The Masters in Economics program at MIT is awarded when the student has completed the program approved by the chairman of the graduation committee. The study comes in two parts – a year of full study and a thesis presentation.
At the Massachusetts Institute of Technology, the master’s in economics program has 8 major requirements. The student must complete 6 of the 8 core requirements in theory, and econometrics semester and two subjects in a special field. The two subjects indicate the candidate’s specialty.
The Department of Economics at the Massachusetts Institute of Technology also offers a Master’s program in Data, Economics and Development Policy (DEDP). This is done to meet the rising demand for skills to fight poverty globally. Because the fight against poverty has become more data-driven nowadays, more need to be done to win this fight. Therefore the MIT DEDP program combines both online coursework and short on-campus studies to ensure success.
How Much Does It Cost To Get A Masters In Economics At The Massachusetts Institute Of Technology?
The master’s degree in Economics at the Massachusetts Institute of Technology MIT is not quite expensive and this is why we have included MIT in the list of best schools to do masters in Economics in the world. Based on the factors we stated above that made us rank these schools, such as;
- Affordability (cost of tuition and other expenses).
- National and regional accreditation
The Massachusetts Institute of Technology MIT has estimated costs and fees for masters in economics as follows:
- Tuition Fee: $27,755
- Internship: $600
- Student Life Fee: $184
- Health Insurance: $2,000
- Living Expenses: $20,000
How Long Does The Masters In Economics At The Massachusetts Institute of Technology Last?
A Master’s degree takes about 12–24 months at MIT. Because a master’s in Economics program runs directly into a PhD, it may take up to 5 years to get both degrees (master’s and PhD).
#3. Barcelona School of Economics (BSE)
The BSE economics program is a dual taught course. Theoretical and empirical approaches are the two modes of teaching and these approaches empower the students with a top-notch root in the foundations and applications of the course. A more intense focus is paid to data analysis. The students are taught the use of quantitative and analytical tools and at the end of the program, they write their master’s project individually.
The BSE partners with Universitat Pompeu Fabra (UPF) for PhD in Economics for their students who already got master’s degrees in Economics. Just like any other university, after the master’s in economics at the BSE, the students are equipped with all requirements to start a PhD in any country of their choice be it Canada, Europe or America.
The Master’s students at the Barcelona School of Economics are equipped with a variety of courses in Applied Economics. This is to prepare them for the enormous demands of a highly competitive job market.
Specialties Available At The Barcelona School Of Economics (BSE) For Masters In Economics
The various specialties for the MS in Applied Economics at the Barcelona School of Economics BSE include:
- Macroeconomics with a focus on monetary and fiscal policy
- Data Science for Economists
- Political Economy
- Labour and Public Economics
- International Economics
- Development Economics
- Business and Market Organization
- Behavioural and Experimental Economics
- Financial Economics
The students at the end of their studies are awarded a Master’s Degree in Economics and Finance. This certificate is jointly awarded with the UPF. At the end of this program, the students are certified to work in international organisations, banking and other financial institutions/firms, consultancy firms etc.
One of the factors considered in the design of the curriculum of studies for masters in economics at the BSE is the current professional needs. These needs are sorted by teaching the students which skills are in most demand.
Cost of Tuition
The cost of tuition for masters in economics at the BSE is €16,500 which is approximately $18,500.
Duration of Program
It takes about 12-24months (1-2 years) to complete the masters in economics program at the BSE with a total of 60 credit units.
#4. Princeton University (PrincetonEconomics)
The Princeton Economics program is regularly ranked number one across several global academic rankings. The two-year Master in Finance program at Princeton University gives students an unwavering background in Financial Economics.
It is also an avenue for students to get the necessary knowledge of data analysis and technology, cyber resilience, financial engineering as well as computational methods. These backgrounds in economics and economics related courses are to empower them with a competitive edge in both the private and public sectors of the economy.
The Princeton University Department of Economics does not offer a direct master’s degree in economics, but rather, a master’s in financial economics. It offers Ph.D. in Economics which is one of the foremost economics programs in the world.
As stated above, the master’s in Financial Economics is a two-year (24 months) program. This can be extended if the Student wishes to acquire a PhD in Economics at Princeton University. In some cases, the program may be reduced to 1 year for those with an established background in economics and finance already.
Cost of Tuition
The cost of tuition for the program combined with the required health plan fee is $60,140.
#5. University of Chicago
The Master’s in Economics Program at the University of Chicago is one degree every intending economist, financial analyst or policy analyst should get. This is because the University of Chicago has constantly ranked among the best schools to do a master’s in economics in the world.
Not only that, their economics program has always been numbered in the list of the top 20 best economics master’s programs in the world. In terms of honours, the Department of economics at the University of Chicago has won numerous part of the awards from the economics profession bodies and others – such as the Nobel Prizes, Clark Medals and others.
The duration of the Master of Arts (M.A.) in Economics at the University of Chicago is 2 years and those who run is straight to Ph.D. take about 5 years.
Cost of Tuition
The cost of tuition at the University of Chicago for a master’s in Economics is about $60,000. This value is subject to change. Please contact the appropriate authority for the specific amount for tuition.
#6 Duke University
The Duke University Master of Art in Economics or M.A. Economics (MAE) program is tailored to ensure that students get qualitative education in economics. It is designed to meet the quantitative approach to economics thereby enhancing the students getting the required skills to achieve their future goals.
We have included Duke Economics in the list of the best masters in economics programs in the world because it is currently on the list of the best schools to do masters in economics in the United States. At the moment, it ranks in the top 20 economics departments in the USA.
Duke University offers four specialized master’s degrees in Economics and all of these programs are singly designed to give students the quantitative and analytical skills required to go for PhD. These degrees are:
- Master of Arts in Economics (MAE)
- The Master of Arts in Analytical Political Economy (MAPE)
- Master of Science in Quantitative Financial Economics (MQFE)
- Master of Science in Economics & Computation (MSEC)
These four distinct programs are designed to meet your professional goals. The programs offer covers courses in different areas and departments (Political Science, Public Policy, Finance, Statistics, and Mathematics) and this makes it easier for the students to specialise in any of the following areas;
- Computational Economics
- Economics Analysis
- Financial Economics
These prepare the graduates to work as financial analysts in any of the finance sectors.
The Master in Economics takes about two years to complete and is a four-semester program.
Cost of Tuition
The cost of tuition at Duke University for the Master’s Program is about $30,000 per semester (term). For a master’s in Economics which is about four semesters (terms), it is about $120,000.
#7. New York University NYU
The New York University Master of Arts (M.A.) in Economics is one of the best masters in Economics in the entire United States. The courses are designed to give the students a solid background in advanced economics. It also provides an avenue for the students to upgrade their skills in applied economic analysis and public policy.
The minimum requirement for the Masters in Economics program at NYU is three (3) semesters of full-time studies. It is a 32 credit load program comprising 5 compulsory and 5 elective courses as well as a research project. The student must complete at least 24 credit points within the NYU Department of Economics to graduate.
The duration of the Master of Arts in Economics at the New York University is 5 years for both full-time and part-time studies.
Cost of Tuition
The cost of the Master in Economics Program at NYU is approximately $36,000. This is likely to change anyway. Consult the appropriate authority of the school to ascertain the true cost in case of changes.
Listed among the top Economics Master’s programs in the World, the New York University’s Master in Economics program is worth getting.
Visit the PROGRAM WEBSITE to learn more.
#8. Johns Hopkins University JHU
The Master’s degree in economics at Johns Hopkins is a program that bridges the gap between those who are looking to go into the field of economics and already established professionals. With the sole aim of enabling these professionals and intending professionals to advance, expand or possibly change their career paths.
As one of America’s foremost universities, the JHU is a globally recognised institution for anyone who wishes to acquire a master’s degree in Economics. Having stood the test of time for over one and half centuries, it guarantees quality and affordability.
As a dual degree program students can now earn both the MS degree and MBA at once offering fewer courses. This is a plus for candidates who will also wish to earn an MBA before or after their MS in Economics. They get this faster than when both degrees are pursued separately.
The Johns Hopkins University Master’s in Applied Economics has a wide range of elective courses. These elective courses are to help you narrow down your choice of courses in such a way that it fits your professional goals and interests. The various specialties for the MS in Applied Economics at Johns Hopkins include:
- Financial Economics
- Environmental Economics
- Public Policy
- International Economics and Development
- Spatial Economics and
- Health Economics.
There is also a handful of practical experiences embedded in the program as well as the opportunity to explore machine learning.
Cost of Tuition
You may ask, “How much does it cost to get a masters in economics at Johns Hopkins University”? Well, your question is worth it. The tuition cost for all programs at the JHU is calculated on a per-course basis. Hence the rates vary based on the number of courses and credit load. For a Master’s in Economics at Johns Hopkins University, it is $5,060 per course. On average, the estimated cost of the dual degree program of MS degree and MBA at the JHU is $28,000.
What Is The Program Duration For Masters In Economics At The Johns Hopkins University?
The program duration for the Masters in Economics at Johns Hopkins University is about 12 – 24 months. It is both an Online and Onsite program and as such, distance should not stop you from getting an MS in Economics from The JHU.
#9. Boston University
It is no surprise that Boston University is on the list of the best economics master’s programs in the world and the Best Schools To Do Masters In Economics, this is owing to the school’s determination for excellence. The Boston University MA in Economics helps to equip the graduates with the complex knowledge and quantitative skills essential for dominance in the business world. The graduates go ahead to work as economic analysts in different firms.
Just like other schools listed among the best schools to do masters in economics in the world, Boston University boasts of world-class graduates with MA in Economics. This is because, the curriculum is designed to cover the basics/fundamentals of economic principles, mathematical methods applications and modelling as well as the use of computer software to analyse large scale data.
The program covers the four core courses of economics which are;
- Microeconomics Theory
- Macroeconomics Theory
- Statistics and
The students must complete these core courses and also complete a minimum of 8-semester courses (32 credits).
The program takes about 2 years to complete. Although there is room for the accelerated program which may bring the program to be done in one year. All courses and examinations are required to be completed in at most 3 years from the year of registration. This means no student is allowed to stay beyond 3 years for the MA in Economics at Boston University.
Cost of Tuition
The tuition and other fees are estimated to be around $66,242. This is specifically for full-time students.
#10. University of California San Diego UCSanDiego
The Master of Arts (M.A.) in Economics degree at the University of California San Diego is designed for the interest of three categories of students. The program is quite versatile and intensive. Students who acquire the M.A degree in Economics are prepared with all they need to venture into careers that will keep improving their fortunes. Such careers are in the field of econometrics, international trade and labour.
Among the fields covered are behavioural economics, development, environmental economics, finance, labour economics, international trade, industrial and organizational economics, macroeconomics, political economy, and public finance, in addition to econometrics and microeconomic theory. This is why we have included the UCSanDiego in the list of Best Schools To Do Masters In Economics.
Students who wish to complete the economics master’s degree at the University of California are required to take core courses in Macroeconomics, microeconomics, statistics and econometrics. Other areas include behavioural/experimental economics and development. These areas are quite elective though.
Duration Of Program
The duration of the M.A program at the University of California is about 2 years. Although students can equally earn a PhD without an M.A.
It costs around $15,000 to get an M.A. in Economics at the UCSanDiego.
Other Schools in the List of the Best Schools to do Masters in Economics in the world and top Masters in Economics Programs in the World Include:
#11. The University of Texas at Austin
#12. University of Oklahoma
#13. The University of Illinois at Urbana-Champaign
#14. University of Missouri
#15. The University of Southern California
#16. University of Maryland
#17. North Carolina State University
#18. University of Delaware
#19. Tufts University
#20. University of Pennsylvania
We have listed the best economics master’s programs in the world as well as the best schools to do masters in economics. Some of them are the best Online Schools for master’s in Economics. This post is generally centred on the topics and is to guide you in making the best choices.
Getting a master’s degree in economics comes with so many benefits as stated above and it is worth doing. There is every need to get a master’s degree that counts from reliable schools of economics in the world. This will help you to start up a career as an economist or financial analyst. These are the top graduate schools for economics programs.
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