Those considering pursuing graduate study in economics should ideally possess the following qualities:
- Highly rational thinker
- Committed to logic, order, and a sense of practicality
- Able to understand how human emotion and behavior impacts markets
- Comfortable with technical math
- Extremely motivated
- Interested in conducting research
Economics Graduate Programs and Curriculum
Economics graduate schools have different areas of focus, and offer different courses. However, an economics graduate student may encounter the following courses:
- Principles of microeconomics
- Principles of macroeconomics
- Microeconomic theory and public policy
- Technical topics in economics
- Game theory
- Psychology and economics
- Market design
Students might choose electives in areas such as:
- Industrial organization
- Statistics and econometrics
- Advanced theory
- Behavioral and experimental economics
- International economics
- Labor economics
- Public economics
- Health economics
- Econometrics
Students can earn a Ph.D. in economics or a master’s in economics. The Ph.D. requires extensive coursework, passing scores on oral and written exams, and completion of a dissertation based on original research. The master’s degree can be a terminal degree, qualifying the student to pursue certain jobs in the field of economics. It can also be awarded after completion of the preliminary phase of the Ph.D. program.
An undergraduate degree in economics is not necessarily required in order to be accepted to an economics graduate school. However, some schools may require undergraduate coursework in economics and mathematics. In addition, a bachelor’s degree from an accredited undergraduate institution, along with a minimum GPA, is often required. Applicants will also need to provide letters of recommendation, a personal statement, transcripts, GRE and TOFEL scores, if applicable.
Economics Careers
Economists apply economic analysis to a broad range of industries, job opportunities and salaries vary according to industry, experience, level of education and location.
Those holding Ph.D.s in economics are qualified to teach and conduct research at the university level. They might pursue positions with consulting firms and government agencies. Flexibility is required, as hiring is often done based on the graduate’s area of specialty, and opportunities may or may not be local.
Those holding master’s degrees might pursue a career in a variety of areas, including banking, insurance, investment, trade associations and consulting organizations.
Economics Salary and Job Outlook
According to the Bureau of Labor Statistics, in 2010, the annual median pay of an economist was $89,450. The minimum education requirement used in this data was a bachelor’s degree. In comparison, in 2010, financial analysts earned a median of $74,350; market research analysts earned a median of $60,570; and actuaries earned a median of $87,650.
Job growth between 2010 and 2020 is projected to be 6%, which is slower than average. The BLS reports that those with a graduate level degree may have better job prospects than those holding only a bachelor’s.

Data according to:
http://www.bls.gov/ooh/Life-Physical-and-Social-Science/Economists.htm
http://www.bls.gov/ooh/math/actuaries.htm
http://www.bls.gov/ooh/business-and-financial/financial-analysts.htm
http://www.bls.gov/ooh/business-and-financial/market-research-analysts.htm