Masters Programs in Economics

What Could You Learn in a Masters in Economics?

Those pursuing a master’s degree in economics may wish to work in government or private sector gathering data and making informed decisions about economic activities and trends. Companies often have a lot of raw data available to them that may provide some insight into the world around them, business practices, customer trends, and other aspects. They use statisticians to help them take that data and turn it into usable information for planning and execution of tasks within the company.

In the private sector these individuals may work in private banks, startups, consulting firms, or tech companies, for example, to gather information and data based on what those organizations need. Government agencies and international organizations may also use these individuals to help them gather information and make decisions.

To pursue these positions individuals often need to have core skills. Those skills may include some business education but often includes a significant amount of mathematics and software skills.

25 Schools Graduating Students with a Masters in Economics

According to NCES, these are 25 schools by the number of graduating students in the area of Masters in Economics for the 2019/2020 school year:

Courses for a Masters in Economics May Include

The goal of many of these programs is to prepare students with the ability to use a quantitative approach to solving economic problems and to build and test economic models against various theories, often using complicated economic tools. They may also learn how to work with other people and how to research topics important to their field of research and development.

Take a look at some of the courses that may be a part of a master’s degree in economics. Each school sets requirements and specific course options while also providing electives that allow students to choose what is interesting and applicable to their needs.

Introduction to Mathematical Economics

This course is designed to lay the foundation for future courses in the program. Topics typically covered include logarithms and differential calculus. Static analysis of linear models, multivariate differential calculus, all with an emphasis on applications to economics, may also be included.

Microeconomic Theory

The course often focuses on the behavior of individuals and firms and how they interact in the economic marketplace. Types of market structure and the effects they have on firm behavior is also typically covered. The role of the government in the economy and public policy and how they influence the economy are other likely subjects.

Macroeconomic Theory

In this course, students look at inflation and unemployment. Other topics that may be covered include business cycles, income determination, and long-run growth. An analysis of monetary and fiscal policy and financial crisis is typically covered.

Applied Econometrics

In this course, students may learn the application of statistics and mathematics to economics. This is done to test hypotheses and to learn to forecast future trends. The use of statistical software is also introduced in this course for many students..

Labor Economics

This course often covers a variety of topics and how they relate to labor as a whole. Topics that may be covered include wages, employment, collective bargaining, and pricing. Empirical studies of wage differentials and collective bargaining wages are main focuses of this course typically.

Public Economics

This course often focuses on market equilibrium and market efficiency. Public sector programs and the financing of government intervention are covered in many cases. Taxation and deficit financing are also topics often looked at in this course.

Find Funding for Masters Programs in Economics

Those considering a master’s degree in economics who need help with funding may find several paths available to them. NCES found that the average graduate tuition for the 2018 to 2018 school year was $18,947. Paying for that out of pocket may prove difficult. For graduate students who wish to complete their education, then it’s important to consider funding options available to them.

There are several potential ways to pay for college. Here is a look at some of those.

Scholarships

Scholarships are one of the options many students seek out as a first step. That’s because students often do not have to repay scholarships. That opens the door for reducing costs for master’s degree programs and makes it easier for many to continue their education. There may be scholarships for completing a master’s degree in economics available.

Federal Loans

Federal loans may be one option for paying for college costs even at the graduate level. Loans available for graduate programs are a bit different and not as readily available as they are for undergraduate loans, though. Those who are considering this route may be able to tap into low-cost loans that fit their needs if they meet loan qualifications.

Here is a look at some of the options for graduate degree programs through federal student loans:

• Direct Unsubsidized Loans: These are available to graduate schools and professional students. Unlike direct subsidized loans, which are made available to undergraduate students with demonstrated financial need, direct unsubsidized loans do not have a need based requirement. More students may be eligible for them.

• Direct PLUS Loans: These are made available to professional or graduate level students. They are designed to pay for educational expenses that are typically not paid for through other loans. Eligibility for these loans is not based on financial need. However, some require a credit check to be performed, and borrowers may not qualify without meeting other requirements in some cases.

• Direct Consolidation Loans: These loans enable a student to combine all of their undergraduate and graduate level federal debt into one new loan. This consolidation loan is typically provided after a student completes their education.

Individuals need to check all eligibility requirements for each loan offer before determining which one may be correct for their needs.

Private Student Loans

Private student loans may be an option for those who are looking for help with master’s degree costs. Private student loans are not backed by the federal government but rather by third party providers. As a result, they have very different terms and conditions, typically. It is important for individuals to take a closer look at each component of a private student loan to determine if it may fit their specific needs.

It’s a great idea to compare the following on each student loan before making a borrowing decision for them:

• Credit score requirements and any income requirements for the lender
• Limitations on repayment adjustments may be applicable
• It may be difficult to consolidate these loans in comparison to federal loans
• There may be fees associated with obtaining the loan or applying for it
• Some loans offer a fixed rate APR while others charge a variable rate

It’s worth taking a closer look at all of the options available before making a decision on which loan to select for a master’s degree program.

Is economist a great career?

One career path that some may wish to pursue with a master’s degree in economics is becoming an economist. This job requires people to formulate plans based on research and repairs related to economic conditions. This may include understanding and predicting economic programs and the distributions of goods or services as they apply to this. This job often entails collecting and processing economic and statistic data from a range of sources.

Those who wish to work in this field may need specific skills. That may include technology skills such as using analytical or scientific software such as SAS, MiniTab, and IBM SPSS Statistics. It may also involve the use of internet browser technology, presentation software, and spreadsheet software.  Additionally, many careers in this path may also require computer and electronics skills, critical thinking skills, math skills, and the ability to actively listen and make decisions.

Work activities may include reviewing professional data and literature to maintain knowledge of the industry, preparing technical reports and presentations, and supervising other people. Many also work to forecast economic, social, or political trends as they apply to the job or company.

Those who work in this field typically need to have a graduate degree such as a master’s degree or a PhD. They may need to have extensive skills and experience to work as an economic or work under another economist to gain valuable skills. It’s less likely for a person to receive on-the-job learning for this type of work instead, relying on their master’s degree to help them complete work-related tasks.

• Critical Thinking — Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions, or approaches to problems.
• Mathematics — Using mathematics to solve problems.
• Reading Comprehension — Understanding written sentences and paragraphs in work-related documents.

2023 Median Salary for Economists

Here are the 2023 median salary details for those who work as an economist, according to the BLS.

Is statistician a great career?

A statistician may be another path to consider for those with a master’s degree in economics. This is a field in which people work to develop and apply math and statistics theory in an effort to collect, organize, interpret, as well as summarize data as it relies to their tasks. There are various specific fields of study and application here including biostatistics, business statistics, economic statistics, and agricultural statistics.

Some of the tasks required in this field include analyzing and interpreting statistical data as a way to identify relationships within that information and working to understand trends and how those trends may affect the results of research. They may also prepare data for processing by organizing it in various ways. They then use that data to create charts, bullets, and graphs to explain the information they’ve learned from the information.

To perform this job, individuals may need a range of skills, including analytical and scientific software experience, database user interface and query software, presentation software, data mining software, and other forms of development software. They may rely on their math, critical thinking, reading, and complex problem-solving skills to perform their work. Many in this field need to have abilities with math reasoning, number facility, and deductive reasoning.

• Critical Thinking — Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions, or approaches to problems.
• Mathematics — Using mathematics to solve problems.
• Reading Comprehension — Understanding written sentences and paragraphs in work-related documents.

Activities on the job may include analyzing data to develop and find trends, evaluate technical data to determine the effects it may have on plans, and prepare data for analysis by others.

To work in this field, many employers expect a person to have a master’s degree and have completed graduate school. They may receive some on the job experience, but this is minimal in most cases.

2023 Median Salary for Statisticians

Here is the 2023 median salary for statisticians according to the BLS by state:

Find the best Economics masters programs

Use our degree finder to find the best economics masters programs that fit your goals. You may find online and on-campus economics masters programs near you.