What is Economics?
Maryland, known for its diverse economy and strategic location on the East Coast, has a strong foundation in economics. With a mix of industries ranging from biotechnology and healthcare to finance and government, the state offers a wide range of opportunities for those interested in pursuing a career in economics. As of May 2020, according to the Bureau of Labor Statistics, Maryland employed roughly 4,850 economists across various sectors; government agencies, research institutions, financial services firms, and consulting companies all employed economists in Maryland.
Maryland is home to many professionals from related fields such as finance, accounting, and business administration - in addition to economists. Maryland's proximity to Washington DC also offers opportunities for those interested in policy analysis or government economics. Maryland's economy remains strong, fueling an increased need for skilled economists and analysts. Job prospects in economics should remain positive over the coming years, providing opportunities for advancement and competitive salaries.
Maryland offers many opportunities for economic professionals looking to make an impactful statement through economics. Maryland can help those interested in economics make their mark by earning degrees in related fields, interning or finding entry-level positions, networking with professionals in the industry, and taking part in internship programs or entry-level positions to kickstart a successful economics career in Maryland.
Students interested in earning a degree through a Maryland economics department will have a variety of schools with economics majors and economics courses available. These may include the University of Maryland - Baltimore County, Towson University, MD Hood College, St Mary's College of Maryland, MD Salisbury University, Washington College, and more. Students looking for the best economics colleges, the best degree programs, or just local schools offering graduate study will have plenty of options in the state of Maryland.
Top Ranked Campus & Online Economics Programs in Maryland
Johns Hopkins University
Score: 90.26
- Undergraduate Tuition
- In-State: $63,340
- Out-of-State:$63,340
- Net Price: $24,034
- Acceptance Rate: 7%
- Retention Rate: 97%
- Graduation Rate: 94%
- Total Enrollment: 31,275
- Undergrad Students: 6,044
- Graduate Students: 25,231
- Grads Salary: $94,000
- Student-to-faculty: 6:1
University of Maryland
Score: 84.72
- Undergraduate Tuition
- In-State: $11,505
- Out-of-State:$40,306
- Net Price: $16,210
- Acceptance Rate: 45%
- Retention Rate: 95%
- Graduation Rate: 89%
- Total Enrollment: 40,792
- Undergrad Students: 30,353
- Graduate Students: 10,439
- Grads Salary: $83,000
- Student-to-faculty: 18:1
University of Maryland-Baltimore County
Score: 75.54
- Undergraduate Tuition
- In-State: $12,952
- Out-of-State:$30,308
- Net Price: $17,692
- Acceptance Rate: 81%
- Retention Rate: 86%
- Graduation Rate: 70%
- Total Enrollment: 13,991
- Undergrad Students: 10,625
- Graduate Students: 3,366
- Grads Salary: $82,000
- Student-to-faculty: 18:1
Towson University
Score: 72.4
- Undergraduate Tuition
- In-State: $11,306
- Out-of-State:$28,326
- Net Price: $14,443
- Acceptance Rate: 79%
- Retention Rate: 82%
- Graduation Rate: 70%
- Total Enrollment: 19,793
- Undergrad Students: 16,861
- Graduate Students: 2,932
- Grads Salary: $70,000
- Student-to-faculty: 15:1
St. Mary's College of Maryland
Score: 71.63
- Undergraduate Tuition
- In-State: $15,236
- Out-of-State:$31,312
- Net Price: $20,714
- Acceptance Rate: 77%
- Retention Rate: 82%
- Graduation Rate: 71%
- Total Enrollment: 1,520
- Undergrad Students: 1,497
- Graduate Students: 23
- Grads Salary: $74,000
- Student-to-faculty: 10:1
Morgan State University
Score: 68.26
- Undergraduate Tuition
- In-State: $8,118
- Out-of-State:$18,800
- Net Price: $13,956
- Acceptance Rate: 85%
- Retention Rate: 74%
- Graduation Rate: 46%
- Total Enrollment: 9,101
- Undergrad Students: 7,609
- Graduate Students: 1,492
- Grads Salary: $78,000
- Student-to-faculty: 17:1
Salisbury University
Score: 68.14
- Undergraduate Tuition
- In-State: $10,638
- Out-of-State:$21,332
- Net Price: $19,756
- Acceptance Rate: 91%
- Retention Rate: 76%
- Graduation Rate: 69%
- Total Enrollment: 7,123
- Undergrad Students: 6,378
- Graduate Students: 745
- Grads Salary: $70,000
- Student-to-faculty: 13:1
Loyola University Maryland
Score: 67.03
- Undergraduate Tuition
- In-State: $55,480
- Out-of-State:$55,480
- Net Price: $33,312
- Acceptance Rate: 83%
- Retention Rate: 85%
- Graduation Rate: 79%
- Total Enrollment: 5,238
- Undergrad Students: 3,977
- Graduate Students: 1,261
- Grads Salary: $76,000
- Student-to-faculty: 13:1
McDaniel College
Score: 66.14
- Undergraduate Tuition
- In-State: $49,647
- Out-of-State:$49,647
- Net Price: $23,733
- Acceptance Rate: 82%
- Retention Rate: 76%
- Graduation Rate: 66%
- Total Enrollment: 3,000
- Undergrad Students: 1,766
- Graduate Students: 1,234
- Grads Salary: $71,000
- Student-to-faculty: 12:1
Frostburg State University
Score: 65.63
- Undergraduate Tuition
- In-State: $9,998
- Out-of-State:$25,180
- Net Price: $16,114
- Acceptance Rate: 88%
- Retention Rate: 72%
- Graduation Rate: 49%
- Total Enrollment: 4,067
- Undergrad Students: 3,263
- Graduate Students: 804
- Grads Salary: $72,000
- Student-to-faculty: 12:1
Hood College
Score: 64.92
- Undergraduate Tuition
- In-State: $45,870
- Out-of-State:$45,870
- Net Price: $23,624
- Acceptance Rate: 78%
- Retention Rate: 73%
- Graduation Rate: 61%
- Total Enrollment: 2,056
- Undergrad Students: 1,202
- Graduate Students: 854
- Grads Salary: $71,000
- Student-to-faculty: 11:1
Washington College
Score: 63.66
- Undergraduate Tuition
- In-State: $54,356
- Out-of-State:$54,356
- Net Price: $31,650
- Acceptance Rate: 75%
- Retention Rate: 83%
- Graduation Rate: 71%
- Total Enrollment: 955
- Undergrad Students: 955
- Graduate Students: N/A
- Grads Salary: $69,000
- Student-to-faculty: 9:1
Mount St. Mary's University
Score: 62.95
- Undergraduate Tuition
- In-State: $47,240
- Out-of-State:$47,240
- Net Price: $24,379
- Acceptance Rate: 80%
- Retention Rate: 68%
- Graduation Rate: 65%
- Total Enrollment: 2,456
- Undergrad Students: 1,896
- Graduate Students: 560
- Grads Salary: $67,000
- Student-to-faculty: 13:1
Goucher College
Score: 58.72
- Undergraduate Tuition
- In-State: $51,250
- Out-of-State:$51,250
- Net Price: $30,945
- Acceptance Rate: 80%
- Retention Rate: 77%
- Graduation Rate: 58%
- Total Enrollment: 1,727
- Undergrad Students: 1,001
- Graduate Students: 726
- Grads Salary: $66,000
- Student-to-faculty: 7:1
Strayer University-Maryland
Score: 51.22
- Undergraduate Tuition
- In-State: $13,920
- Out-of-State:$13,920
- Net Price: $21,488
- Acceptance Rate: 100%
- Retention Rate: 50%
- Graduation Rate: 36%
- Total Enrollment: 1,535
- Undergrad Students: 1,298
- Graduate Students: 237
- Grads Salary: $70,000
- Student-to-faculty: 41:1
Online Economics Education in Maryland
Economics is a dynamic field that studies the allocation of resources in society. It delves into how individuals, businesses, and governments make decisions regarding the production, distribution, and consumption of goods and services. One of the key concepts in economics is the principle of scarcity – that resources are limited but human wants are unlimited.
Economists rely on models to simplify real-world complexities and make predictions about economic behaviors and outcomes. These models help in understanding various phenomena such as inflation, unemployment, market competition, and economic growth. By analyzing data and applying economic theories, economists play a crucial role in shaping policies that influence societies at both micro and macro levels.
Economics extends far beyond traditional analytical analyses; it also explores behavioral economics - which reveals how psychological factors impact decision-making processes regarding economic matters. This multidisciplinary approach offers deeper insights into individual motivations behind financial choices. From consumer behavior analysis to market trend forecasting, economics provides essential tools for meeting society's challenges through empirical research and critical analysis.
Online Associate (AS)
An associate degree in economics provides a strong grounding in economic principles, making it an essential credential for those starting their career or continuing their studies. Typically, these degrees program covers topics like microeconomics, macroeconomics, statistics, and financial analysis - equipping graduates with key tools necessary for analyzing data and making sound decisions. Graduates with this credential can pursue entry-level roles within finance, business, government, or non-profit organizations.
An associate degree in economics offers many advantages in terms of career options, from becoming a financial analyst or market researcher, policy advisor, or furthering your education to the bachelor’s level or beyond. Furthermore, its practical knowledge can aid individuals navigate complex economic environments while contributing meaningfully to an increasingly data-driven world of business and policymaking.
Online Bachelors (BS)
Economics is an engaging field that explores the inner workings of markets, societies, and global systems. Earning a bachelor's degree in economics opens a host of possibilities for those wanting to understand how choices impact individuals and nations. The curriculum in these programs typically encompasses topics like microeconomics, macroeconomics, econometrics, and behavioral economics - equipping students with analytical tools necessary for making sound decisions based on complex data.
Economics degrees don't just involve numbers and graphs; they also delve into human dimensions of economic behavior. Students explore topics like decision-making under uncertainty, incentives shaping behavior, and global economic challenges. These multidisciplinary studies develop critical thinking skills which are invaluable in professional settings outside traditional economics roles. Graduates come out with a firm grasp on how economic theory translates to real world applications - making them invaluable assets in public policy as well as private sectors alike.
Online Masters (MS)
Pursuing a Master of Economics can open doors of opportunity for those wishing to delve further into the inner workings of global markets and economic systems. Students enrolled in such advanced degrees gain analytical tools and critical thinking abilities essential for successfully navigating a complex economic environment. Graduates not only acquire an in-depth knowledge of key economic principles, but can also apply those theories directly in real world situations - making them highly sought after across industries.
Earning a master's of economics can open doors in diverse fields such as finance, consulting, government, policy-making, and academia. Through these program's specialized knowledge individuals can make meaningful contributions toward economic development strategies, financial decision-making processes, and research initiatives designed to address pressing socio-economic issues. As demand for professionals trained in economics rises globally, pursuing this degree can dramatically boost one's professional prospects while making tangible impactful changes on society at large.
Online Doctorate (PhD)
An advanced degree in economics opens doors to an exciting world of research, analysis, and critical thinking. It delves deep into theories, models, policies, and economic strategies which equips students to address complex societal issues with innovative solutions. A PhD can also give you the chance to conduct original research that contributes to our understanding of how economies work and grow over time.
PhD in economics graduates can leverage valuable skills beyond academia. Graduates of these programs are sought out by government agencies, international organizations, and private sector firms for their skills in data analysis and forecasting - skills which are increasingly sought-after as our global economy becomes ever-more dynamic. Therefore, if unravelling economic systems is your passion and shaping policies is what excites you - consider earning your PhD as your path toward an intellectually stimulating yet impactful career path.
Online Certifications
As part of your career in economics, becoming certified can open doors of opportunity. Not only can an economics certification showcase your expertise in the field, it can also demonstrate commitment to professional growth. Given today's volatile economic landscape, employers increasingly value candidates with specific knowledge and abilities - making a certification in economics an invaluable asset.
Economics certifications range from general economic principles to more specialized areas like financial economics or international trade, providing individuals with an edge in the job market by equipping them with tools necessary for navigating complex economic issues and making informed decisions. No matter whether you are recent graduate looking to distinguish yourself or an experienced professional looking to advance, economics certification can give your career prospects an extra boost and enhance success significantly.
Become an Economist in Maryland
If you have a passion for understanding how economies work and enjoy analyzing data and trends, a career in economics may be the perfect fit for you. Maryland, with its strong economy and diverse industries, offers plenty of opportunities for economists to thrive. Here are the steps you can take to become an economist in Maryland.
- Step 1: Earn a Bachelor's Degree in Economics
Beginning your career in Maryland as an economist begins with earning a bachelor's degree in economics or related field from one of Maryland's many universities offering such programs, which will provide you with an excellent grounding in economic theory, research methods, and data analysis.
- Step 2: Gain Work Experience
To be competitive in economics, it is vitally important that students gain work experience via internships or part-time jobs during school. Not only will this give you experience applying economic principles in real world settings but it will also allow you to build professional networks which could prove invaluable when searching for employment after graduation.
- Step 3: Consider Pursuing a Master's Degree
While a bachelor's degree may suffice for entry-level positions in economics, earning a master's degree or related field is essential if you wish to advance further and access higher-paying employment opportunities. Many universities in Maryland offer master's programs in economics that enable you to specialize in areas like labor economics, monetary economics, or environmental economics.
- Step 4: Develop Strong Analytical and Quantitative Skills
Economists must often interpret large datasets, perform statistical analysis, and develop economic models to assess economic trends and make recommendations. Therefore, developing strong analytical and quantitative skills through coursework and practical experience is crucial for succeeding in economics.
What Can I Do with a Bachelor's in Economics?
Earning a bachelor's in economics opens an array of exciting career opportunities that extend beyond traditional roles. With this degree, you could pursue a path as a financial analyst, where your analytical skills are put to the test in evaluating market trends and making investment recommendations. Alternatively, you might become a policy analyst, delving into the intricacies of economic policies and their impact on society.
For those with a creative streak, a career in marketing or market research could be immensely fulfilling. Understanding consumer behavior and market dynamics is crucial for businesses to thrive in competitive landscapes. A bachelor's in economics equips you with the knowledge to make data-driven decisions that drive successful marketing campaigns and product developments. The versatility of an economics degree allows graduates to explore diverse industries and make significant contributions wherever their expertise is needed most.