Economic Development Master’s Programs

Overview of Economic Development Graduate Programs

Masters in Economic Development masters programs help prepare students who wish to pursue careers in the public, private, and non-profit sectors—with a focus on sustainable strategies to enhance the economic, social, and political growth of communities.

These programs typically include a multidisciplinary mix of courses that provide students with a solid foundation in economic theory, development, and policy analysis, as well as practical skills in data analytics, critical thinking, and leadership.

What Is Economic Development?

Economic development refers to policies and programs created to improve the economic well-being and quality of life at a local, national, or global level.

Economic development professionals work with industries, government, and community organizations to design and implement strategies to create positive change.

Examples of economic development strategies include:

• Helping local businesses to set up and grow Attracting new business investments, workers, and jobs
• Promoting and leveraging community assets and resources
• Connecting skilled workers with local businesses
• Creating vibrant spaces where people want to live and work
• Expanding and diversifying the tax base
• Improving the overall quality of life of a community

Why Pursue a Masters in Economic Development Program?

An economic development masters program may be an ideal option if you want to help individuals and communities to prosper by developing plans for creating strong, resilient, and inclusive economies.

Economic development professionals deal with diverse issues, including regional and urban planning, geography and mapping, demography, political science, business recruitment, marketing, tourism, recreation, and more.

An economic development masters programs may help prepare you with the knowledge and practical skills to:

1. Understand the causes and impact of social, economic, and population changes
2. Use Geographic Information System (GIS), IMPLAN, or other statistical software and economic models to make data-driven decisions
3. Develop (or improve) sustainable local economies, infrastructure, and services
4. Assess and measure the effectiveness of community programs and other initiatives
5. Develop collaborative strategies with other organizations to enhance community health

Program Requirements and Curriculum

Types of Master’s Degree in Economic Development

Because economic development is a diverse and expansive field, a number of master’s degree in economic development exist. Here are some examples:

• Master of Arts (or Science) in Community Development
• Master of Arts (or Science) in Global Development
• Master of Arts (or Science) in Political Economy
• Master of Arts (or Science) in Urban Studies
• Master of Business Administration with an emphasis in Economic Development
• Among others

Students may opt to pursue one of these Masters in Economic Development or numerous others. Or they might pursue a Master of Arts or Master of Science specifically in Economic Development.

Admissions Requirements

Admissions prerequisites vary depending on the graduate program that you choose. However, all programs will likely require that you have earned a bachelor’s degree from a regionally accredited institution.

Additionally, some schools may require that you have majored in economics—or that you meet specific undergrad course prerequisites in economics, mathematics, and social sciences.b

Common admissions requirements for Development Economic Masters programs include:

• A GPA of 3.0 or higher
• Official transcripts from all schools you’ve attended
• Resume or CV
• Statement of academic purpose
• 2-3 letters of recommendation
• GRE, TOEFL, or IELTS test results

Core and Elective Courses

The goal of many economic development masters programs is not only to provide a strong understanding of core theories and principles, but also to teach students how to apply theory to practice.

These graduate degrees are typically 30 credit hours or less, with core coursework that provides a broad overview of economic development and elective courses that allow you to enhance your knowledge.

Depending on your program, core courses might cover topics such as:

• Economics (micro, macro, and economic theories and applications)
• Economic development (theories, methods, policies, and data analytics)
• Community development (structures, processes, and capacities
• Population, land use, and municipal finance (cost-benefit and impact analysis)
• Applied statistics and econometrics
• Leadership and policy development
• Research methods and applications

While elective coursework may delve into subjects including:

• Local, regional, national, or international development
• Public sector, behavioral, or institutional economics
• Resilient communities and environments
• Community ventures, non-profits, and organizations
• Entrepreneurship
• Law and ethics
• Financial recording and management (grant-writing and fundraising)

These are just some of the many subjects that you may study in your economic development master’s program. It’s important to research the curriculum, specialization options, or concentrations for the programs that you are considering so you could find the one that aligns with your goals.

Capstone Project, Thesis, or Internship

Economic development graduate programs generally include a capstone project, thesis, or internship as part of the degree requirements. These projects offer students the opportunity to highlight their knowledge of economic development theory and practice by applying it to a real-world issue or research question.

If you’d prefer to gain experience in economic development as part of an internship, then be sure to review the capstone requirements for your schools of interest to determine which programs offer a practicum component.

Career Paths in Economic Development

If you want to help ensure that people have access to safe and affordable housing, quality healthcare and schooling, and ample job opportunities then pursuing a role as an economic development professional could be a good fit.

After you graduate from an economic development masters programs, you may pursue a variety of career paths in government or public, private, and non-profit sectors.

Government Agencies

Government agencies may employ economic development professionals to design, evaluate, and implement policies and programs to drive economic growth at the local, state, and federal levels.

Additional job opportunities may be available with national and international government organizations (IGOs) such as the United States Agency for International Development (USAID), the U.S. Foreign Service, the World Bank, the United Nations Development Programme, and UNICEF—which focus on supporting economic growth and development abroad.

Professionals may work on initiatives such as strategic planning, performing cost-benefit analyses, trade promotion, and workforce, entrepreneurship, or small business development.

Job titles in government may include economic development specialist, urban and regional planner, policy analyst, economist, or development director.

The Private Sector

There could be a variety of career opportunities in the private sector for economic developers.

Corporations, financial and insurance companies, consulting firms, and economic development organizations (EDOs) may hire professionals to conduct market research and strategy, develop business retention plans, and analyze business cycles, employment rates, or inflation trends.

Different roles in the private sector may include management or market research analyst, business development manager, project manager, portfolio manager, or economic development consultant.

Non-Profit Organizations

If you have a passion for helping people, communities, and small businesses, you may want to explore economic development roles with non-profit organizations such as Habitat for Humanity, United Way, or CARE International among many others.

These organizations work on initiatives such as providing safe and affordable housing, strengthening education, economic mobility, and access to healthy environments, or working on poverty and social injustice-focused development projects.

Career options in the non-profit space may include program director, development director, project coordinator, or social and community service manager.

Median annual salaries for selected careers, 2023

• Urban and Regional Planner: $85,940¹
• Economist: $85,940²
• Market Research Analyst: $132,650³
• Social and Community Service Manager: $83,190⁴
• Management Analyst: $83,400⁵

Top paying metropolitan areas for Economists, 2023:²