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12 July 2023

5 minutes read

Masters in Economics in the USA

Key Takeaways

  • Diverse Specializations: Programs offer specializations like Applied and Financial Economics.
  • Top Universities: Prestigious schools offer programs; tuition ranges from $20,000 to over $60,000.
  • Eligibility and Admission: Requires a relevant bachelor’s degree, GRE scores, and English proficiency.
  • Career Prospects: Graduates pursue roles in government, finance, and research sectors.
  • Financial Aid: Scholarships and financial aid options are available for eligible students.

If you’re considering pursuing a Master’s in Economics in the USA in 2024, you’re making a significant decision that can shape your career and prospects.

This comprehensive guide will provide you with essential information about studying economics in the USA, including top universities, eligibility criteria, admission requirements, job opportunities, and more.

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Master in Economics Programs in the USA

master in economics programs in the usa

Economics is a dynamic field, and pursuing a Master’s degree in the USA opens doors to various programs that cater to different interests. Here are some key program areas to consider:

  • Applied Economics: Focuses on practical applications of economic principles in real-world scenarios.
  • Financial Economics: Explores the financial aspects of economics, including investment, risk analysis, and financial markets.
  • Development Economics: Concentrates on economic growth, poverty alleviation, and development policies.
  • Environmental Economics: Examines the economic impact of environmental issues and sustainability.
  • International Economics: Analyzes global economic relations, trade, and international business.

The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood.

John Maynard Keynes

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Top Universities for Masters in Economics in the USA

Choosing the right university is crucial for your academic and career success. Here are some top universities known for their exceptional economics programs in the USA:

UniversityLocationAnnual Tuition Fees (USD)
Harvard UniversityCambridge, MAVaries; typically around $49,653*
Massachusetts Institute of Technology (MIT)Cambridge, MAVaries; approximately $56,450*
Stanford UniversityStanford, CAVaries; around $57,861*
University of ChicagoChicago, ILVaries; approximately $57,642*
Princeton UniversityPrinceton, NJVaries; typically around $52,800*
University of California, BerkeleyBerkeley, CAVaries; approximately $11,442 (in-state) and $26,544 (out-of-state)*
Yale UniversityNew Haven, CTVaries; typically around $43,300*
Columbia UniversityNew York, NYVaries; approximately $51,000*
New York University (NYU)New York, NYVaries; around $44,000*
University of PennsylvaniaPhiladelphia, PAVaries; approximately $46,200*

Note: The tuition fees can vary based on factors such as residency status, program choice, and scholarships or financial aid availability. It’s advisable to check the specific tuition fees for your chosen program at each university.

Contents and Specializations for Masters in Economics in the US

SpecializationDescription
Applied EconomicsPractical application of economic principles in real-world scenarios.
Financial EconomicsFocuses on financial aspects, including investment and financial markets.
Development EconomicsConcentrates on economic growth, poverty alleviation, and development policies.
Environmental EconomicsAnalyzes the economic impact of environmental issues and sustainability.
International EconomicsExamines global economic relations, trade, and international business.
Labor EconomicsStudies labor markets, workforce dynamics, and employment policies.
Health EconomicsFocuses on healthcare systems, policies, and cost-effectiveness.
Public Policy EconomicsAnalyzes economic aspects of public policy, including taxation and government spending.
EconometricsEmphasizes statistical and mathematical methods for economic analysis.
Quantitative EconomicsUtilizes advanced quantitative techniques in economic research.
Economic Data AnalysisFocuses on data collection, analysis, and interpretation for economic decision-making.
Industrial OrganizationExamines market structure, competition, and regulatory policies.
Monetary EconomicsStudies central banking, monetary policy, and financial markets.
Game TheoryAnalyzes strategic interactions and decision-making in economic scenarios.

Note: The availability of these specializations may vary among universities, and students can choose the one that aligns with their career goals and interests.

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Eligibility Criteria and Admission Requirements

Eligibility Criteria

Before applying for a Master’s in Economics program in the USA, you must meet specific eligibility criteria, which may vary among universities. Generally, you will need:

  • A bachelor’s degree in economics or a related field.
  • Competitive GRE scores (may be optional for some programs).
  • Proficiency in English (TOEFL or IELTS scores for international students).
  • Letters of recommendation.
  • Statement of purpose (SOP) outlining your goals and objectives.

Admission Requirements

Admission requirements can differ between universities but commonly include:

  • Online application form submission.
  • Transcripts from previous institutions.
  • GRE scores (if required).
  • TOEFL/IELTS scores (for international students).
  • Letters of recommendation.
  • Statement of purpose (SOP).
  • Application fee.
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Top Paying Industries for Economists in the US

Did You Know?

The Federal Executive Branch is the top-paying industry for economists in the US, with an average annual salary of $130,980, highlighting the lucrative opportunities in government roles for economics graduates.

IndustryAverage Annual Salary (USD)
Federal Executive Branch$130,980
Scientific Research and Development Services$127,380
Management, Scientific, and Technical Consulting Services$117,700
Securities, Commodity Contracts, and Other Financial Investments and Related Activities$116,300
Computer Systems Design and Related Services$112,720
Insurance Carriers$111,540
Oil and Gas Extraction$111,100
Aerospace Product and Parts Manufacturing$110,520
Federal Government, excluding postal service$108,370
Nondepository Credit Intermediation$108,220

Job Opportunities After Masters in Economics in the USA

job opportunities after masters in economics in the usa

Completing your Master’s in Economics opens doors to various career opportunities, such as:

Job TitleJob DescriptionAverage Annual Salary (USD)
EconomistConducts economic research and analysis for organizations, government agencies, or research institutions.$109,230
Financial AnalystAnalyzes financial data, investments, and market trends for financial firms.$91,160
Policy AnalystEvaluate and influence economic policies for government bodies or think tanks.$61,340 – $117,080
Data AnalystUtilizes quantitative skills to analyze and interpret data for decision-making.$67,970 – $106,780
ConsultantProvides economic expertise to businesses or government agencies to solve complex problems.$86,200 – $129,890

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Cost of Studying Masters in Economics in the USA

The cost of studying for a Master’s in Economics can vary depending on the university, location, and program. Here’s a breakdown of potential expenses:

  • Tuition Fees: Tuition fees can range from $20,000 to $60,000 or more per year, depending on the university and program.
  • Cost of Living: On average, students should budget around $15,000 to $30,000 per year for living expenses, including accommodation, food, transportation, and personal expenses.
  • Scholarships: Many universities offer scholarships to international students based on merit, need, or specific criteria.

Economics is a study of man in the ordinary business of life.

Alfred Marshall

Scholarship Opportunities and Financial Aid

Scholarship NameDescriptionEligibility Criteria
Fulbright Foreign Student ProgramProvides funding for international students to study in the USA.Open to students from various countries.
Joint Japan/World Bank Graduate Scholarship ProgramOffers scholarships to students from World Bank member countries.Must be a national of a World Bank member country.
American Economic Association (AEA) Minority Fellowship ProgramSupports underrepresented minority students pursuing economics degrees.Open to U.S. citizens or permanent residents.
The Paul & Daisy Soros Fellowships for New AmericansA merit-based scholarship for immigrants and children of immigrants.Applicants must be New Americans (immigrants).
Rotary Foundation Global GrantsProvides funding for graduate-level studies in various fields, including economics.Rotary club endorsement and application are required.

Note: The eligibility criteria and application procedures for these scholarships may vary, and applicants need to review the specific requirements on the respective scholarship program’s official websites.

Conclusion

Pursuing a Master’s in Economics in the USA in 2024 can be a transformative experience, providing you with knowledge and skills that open doors to rewarding careers.

Be sure to research universities, prepare your application materials diligently, and explore financial aid options to make the most of your educational journey in economics.

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FAQs

What are the eligibility criteria for international students to apply for a Master’s in Economics program in the USA?

Eligibility criteria may vary between universities, but generally, international students need a bachelor’s degree in economics or a related field, competitive GRE scores (if required), English language proficiency (TOEFL or IELTS scores), letters of recommendation, and a statement of purpose (SOP) outlining their goals and objectives.

Is it necessary to take the GRE (Graduate Record Examination) for admission to Master’s in Economics programs in the USA?

While some universities may require GRE scores as part of their admission process, others may offer GRE waivers based on your academic background or work experience. It’s essential to check the specific requirements of the universities you are interested in.

Are there scholarships available for international students pursuing a Master’s in Economics in the USA?

Yes, many universities in the USA offer scholarships to international students, which can be based on merit, financial need, or other criteria. It’s advisable to explore scholarship opportunities offered by individual universities and external organizations.

What are the job prospects after completing a Master’s in Economics in the USA?

Graduates with a Master’s in Economics have various career options, including roles as economists, financial analysts, policy analysts, data analysts, and consultants. They can work in government agencies, financial institutions, research organizations, and private companies, among others.

What is the typical duration of a Master’s in Economics program in the USA?

Master’s in Economics programs in the USA generally take two years to complete. However, some universities may offer accelerated or part-time options with varying durations. The specific program length can depend on the university and your course load.

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