Online Master's Degree in Economics - Best of 2024

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The simple definition of the field of economics is the study of wealth production, consumption, and transfer. In professional terms, there are few degrees offering more job flexibility in the financial field than a master’s degree in economics. While a master’s degree in this field is not the highest degree available, it is one that can result in a lucrative and rewarding career.

Economics involves the analysis of large amounts of data to evaluate and monitor economic trends. This information is used to develop forecasts regarding various economic issues including inflation, employment taxes, and business cycles. Economists usually specialize in particular areas, known as concentrations.

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Requirements of a Master’s Degree?

A master’s degree is a graduate degree economics program. In order to pursue this advanced degree, the candidate must generally have completed a bachelor’s economics program first. The bachelor’s degree does not necessarily have to be in the same field as the potential master’s degree, but the candidate must meet all prerequisites of any economics degree program they choose to enter. That may mean taking additional classes in order to achieve eligibility for a master’s economics program.

A master’s degree in economics generally requires students to complete between 30 and 36 credit hours. If enrolled full-time, that works out to about nine credit hours per semester. Most students can complete a master’s degree in economics within two years, including online students. Some economics programs are designed for completion within 12 to 18 months such as an online master's in economics degree.

There are also combined undergraduate and master’s economics degrees, in which the student may complete this combined economics program to receive a bachelor’s and master’s degree in their field in five years. For those wishing to pursue a further advanced degree, there are also joint master’s and PhD programs. A master’s in economics also usually requires writing a thesis to obtain the degree. There are some non-thesis degrees available, but these require additional economics program coursework.

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Top 20 Best Online Masters in Economics

Johns Hopkins University

Score: 92.84

Graduate Tuition
- In-State: $62,840
- Out-of-State: $62,840
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

Purdue University

Score: 84.72

Graduate Tuition
- In-State: $9,718
- Out-of-State: $28,520
Net Price: $12,576
Acceptance Rate: 53%
Retention Rate: 90%

Graduation Rate: 83%
Total Enrollment: 51,528
Undergrad Students: 38,593
Graduate Students: 12,935
Grads Salary: $83,000
Student-to-faculty: 14:1

Boston College

Score: 82.64

Graduate Tuition
- In-State: $35,784
- Out-of-State: $35,784
Net Price: $30,559
Acceptance Rate: 17%
Retention Rate: 95%

Graduation Rate: 91%
Total Enrollment: 15,287
Undergrad Students: 9,982
Graduate Students: 5,305
Grads Salary: $85,000
Student-to-faculty: 12:1

Northeastern University

Score: 80.61

Graduate Tuition
- In-State: $27,728
- Out-of-State: $27,728
Net Price: $35,827
Acceptance Rate: 7%
Retention Rate: 97%

Graduation Rate: 91%
Total Enrollment: 30,013
Undergrad Students: 16,302
Graduate Students: 13,711
Grads Salary: $87,000
Student-to-faculty: 16:1

University of Detroit Mercy

Score: 78.33

Graduate Tuition
- In-State: $22,250
- Out-of-State: $22,250
Net Price: $18,197
Acceptance Rate: 91%
Retention Rate: 85%

Graduation Rate: 73%
Total Enrollment: 5,360
Undergrad Students: 3,156
Graduate Students: 2,204
Grads Salary: $84,000
Student-to-faculty: 11:1

George Mason University

Score: 75.31

Graduate Tuition
- In-State: $13,726
- Out-of-State: $35,677
Net Price: $18,479
Acceptance Rate: 90%
Retention Rate: 85%

Graduation Rate: 71%
Total Enrollment: 39,049
Undergrad Students: 27,014
Graduate Students: 12,035
Grads Salary: $82,000
Student-to-faculty: 16:1

University of Arizona

Score: 74.24

Graduate Tuition
- In-State: $12,718
- Out-of-State: $32,290
Net Price: $17,075
Acceptance Rate: 87%
Retention Rate: 86%

Graduation Rate: 68%
Total Enrollment: 49,403
Undergrad Students: 38,751
Graduate Students: 10,652
Grads Salary: $80,000
Student-to-faculty: 17:1

University of Missouri-Columbia

Score: 72.28

Graduate Tuition
- In-State: $12,000
- Out-of-State: $30,000
Net Price: $19,889
Acceptance Rate: 79%
Retention Rate: 89%

Graduation Rate: 75%
Total Enrollment: 31,304
Undergrad Students: 23,745
Graduate Students: 7,559
Grads Salary: $73,000
Student-to-faculty: 18:1

West Virginia University

Score: 71.95

Graduate Tuition
- In-State: $10,908
- Out-of-State: $28,260
Net Price: $12,202
Acceptance Rate: 88%
Retention Rate: 79%

Graduation Rate: 62%
Total Enrollment: 24,741
Undergrad Students: 19,059
Graduate Students: 5,682
Grads Salary: $75,000
Student-to-faculty: 17:1

New Mexico State University

Score: 70.39

Graduate Tuition
- In-State: $5,181
- Out-of-State: $18,023
Net Price: $10,407
Acceptance Rate: 78%
Retention Rate: 72%

Graduation Rate: 51%
Total Enrollment: 14,268
Undergrad Students: 11,591
Graduate Students: 2,677
Grads Salary: $76,000
Student-to-faculty: 16:1

Penn State World Campus

Score: 70.02

Graduate Tuition
- In-State: $24,406
- Out-of-State: $24,406
Net Price: $19,551
Acceptance Rate: 82%
Retention Rate: 75%

Graduation Rate: 36%
Total Enrollment: 13,979
Undergrad Students: 8,210
Graduate Students: 5,769
Grads Salary: $94,000
Student-to-faculty: 16:1

University of North Dakota

Score: 69.73

Graduate Tuition
- In-State: $11,963
- Out-of-State: $17,944
Net Price: $17,359
Acceptance Rate: 83%
Retention Rate: 79%

Graduation Rate: 63%
Total Enrollment: 13,876
Undergrad Students: 9,928
Graduate Students: 3,948
Grads Salary: $74,000
Student-to-faculty: 17:1

Murray State University

Score: 69.18

Graduate Tuition
- In-State: $9,414
- Out-of-State: $9,414
Net Price: $11,042
Acceptance Rate: 84%
Retention Rate: 77%

Graduation Rate: 58%
Total Enrollment: 9,479
Undergrad Students: 7,679
Graduate Students: 1,800
Grads Salary: $69,000
Student-to-faculty: 16:1

American University

Score: 68.83

Graduate Tuition
- In-State: $32,224
- Out-of-State: $32,224
Net Price: $41,369
Acceptance Rate: 41%
Retention Rate: 86%

Graduation Rate: 79%
Total Enrollment: 13,885
Undergrad Students: 7,917
Graduate Students: 5,968
Grads Salary: $76,000
Student-to-faculty: 11:1

University of North Carolina at Greensboro

Score: 66.35

Graduate Tuition
- In-State: $5,375
- Out-of-State: $19,505
Net Price: $10,979
Acceptance Rate: 92%
Retention Rate: 73%

Graduation Rate: 58%
Total Enrollment: 17,978
Undergrad Students: 14,198
Graduate Students: 3,780
Grads Salary: $65,000
Student-to-faculty: 17:1

Youngstown State University

Score: 66.04

Graduate Tuition
- In-State: $6,547
- Out-of-State: $6,727
Net Price: $11,900
Acceptance Rate: 81%
Retention Rate: 78%

Graduation Rate: 49%
Total Enrollment: 11,071
Undergrad Students: 8,822
Graduate Students: 2,249
Grads Salary: $69,000
Student-to-faculty: 18:1

West Texas A&M University

Score: 64.33

Graduate Tuition
- In-State: $5,088
- Out-of-State: $6,378
Net Price: $17,001
Acceptance Rate: 92%
Retention Rate: 68%

Graduation Rate: 45%
Total Enrollment: 9,242
Undergrad Students: 6,901
Graduate Students: 2,341
Grads Salary: $76,000
Student-to-faculty: 17:1

Georgia Southern University

Score: 61.96

Graduate Tuition
- In-State: $4,986
- Out-of-State: $19,890
Net Price: $15,352
Acceptance Rate: 89%
Retention Rate: 72%

Graduation Rate: 53%
Total Enrollment: 25,481
Undergrad Students: 21,979
Graduate Students: 3,502
Grads Salary: $66,000
Student-to-faculty: 22:1

University of North Carolina at Pembroke

Score: 61.26

Graduate Tuition
- In-State: $4,280
- Out-of-State: $17,339
Net Price: $8,208
Acceptance Rate: 90%
Retention Rate: 72%

Graduation Rate: 45%
Total Enrollment: 7,666
Undergrad Students: 5,643
Graduate Students: 2,023
Grads Salary: $56,000
Student-to-faculty: 14:1

SUNY Empire State University

Score: 59.68

Graduate Tuition
- In-State: $11,310
- Out-of-State: $23,790
Net Price: $9,704
Acceptance Rate: 100%
Retention Rate: 59%

Graduation Rate: 25%
Total Enrollment: 9,407
Undergrad Students: 7,735
Graduate Students: 1,672
Grads Salary: $73,000
Student-to-faculty: 17:1

Where Do You Earn a Master’s Degree?

You’ll earn a master’s degree in economics from a university, either in-person, online, or in a hybrid program that is a combination of the two. While community colleges do not offer master’s degrees, they are a good way for a student to pursue an interest in economics when working toward an associate degree. Before going on to pursue a master’s degree in economics, the student must have a solid understanding of economic theory as an undergraduate.

Online Vs. Traditional Education in Economics

There are differences between an online degree and an on-campus or in-person master’s degree in economics. The right choice depends on a variety of factors including the candidate’s work schedule, family obligations, and proximity to a university. It may also depend on whether the employer offers tuition reimbursement and any stipulations attached to that.

Find Your Online Economics Program

The nature of economics does lend itself well to an online format at the master’s degree level. While on-campus degrees are traditionally more respected, that is changing as more students decide to pursue their education online and more online options become available from well-respected universities.

In a traditional brick-and-mortar setting, master degree candidates may have better opportunities to interact with professors and network with other students. Both may prove advantageous from both an educational and career perspective. Personal attention is limited in an online format. In a traditional setting, students may also take advantage of the school’s facilities and programs, such as the library or gymnasium.

Flexibility is key when taking courses online. The candidate has the ability to study at their convenience. On-campus classes take place at specific times, and working students may not have the ability to attend them. An online master’s degree is also generally less expensive than one earned on-campus, especially as there are no boarding or traveling expenses when compared to a traditional economics program on-campus.

What are the Admission Requirements?

An undergraduate degree in economics is not a prerequisite for a master’s degree. However, most economics programs require successful completion of basic mathematics and economics courses. Usually, at least a B average in undergraduate coursework is required for consideration for a master’s program.

Prerequisites for a master’s degree in economics include:

Academic records from all accredited colleges or universities attended
Graduate Record Examination (GRE)
Resume/Curriculum Vitae
Two or three letters of recommendation
A personal statement
Application and fees

Most of these prerequisites are similar to those required for an MBA or other master’s degree program.

Why Earn a Master’s Degree?

A bachelor’s degree in economics can get you started in a good career, but it will not qualify you for the highest-level positions. For those, you must earn a master’s in an economics degree program. You may find schools offering a dual BS/MS in economics. It is often possible to complete this dual degree within five years.

Economics is the sort of major in which graduate school is usually necessary to advance anywhere in the field of financial economics. There are few entry-level opportunities for those earning only a bachelor’s degree in economics, and little or no on-the-job training available. Students considering majoring in economics as undergraduates should realize beforehand they will need to become graduate students eventually.

When you earn a master’s degree in economics, you will develop a very specific set of skills. These particular skill sets are in high demand by employers who need experts in the field. Keep in mind that employment history will also play a role, as employers prefer the combination of relevant employment with a graduate degree in economics.

Why a Degree in Economics?

A master’s degree in economics offers true economic value for economics graduates, as it is one of the highest-paying types of master’s degrees for prospective students. There are a variety of specializations available at the graduate level of economics degree. It’s a degree offering a great deal of flexibility in both online programs and career choices, and provides excellent marketability.

An economics degree offers transferable skills, as it focuses on everything driving the global marketplace such as economic theory, public economics, applied economics, international economics, economic analysis and data analytics to name a few. Some students may have trouble deciding between a degree in finance or economics, and there is some overlap. Keep in mind that earning an economics degree provides more of an education in finance than a finance degree does in economics.

The extent of an economics education has a much broader reach. Economists focus on analysis and policy, which is not the case with finance. Put it this way – economists may find employment in the same institutions as those with finance degrees such as banks, corporations, and multi-national companies, but are often found in think tanks, universities, government, and non-profit organizations. There is simply a better scale of opportunity.

What’s Involved in a Master’s Degree?

Core courses for a master’s degree in economics focus on analytic strategies, industry trends, policy evaluation, and forecasting.

Here are some of the core courses and elective courses you may expect to take:

Agricultural Economics
Development Theory
Financial Economics
Game Theory
Health Economics
Industrial Organization
International Trade
Labor Economics
Law and Economics
Macroeconomics Theory
Microeconomics Theory
Non-market Valuation
Public Economics
Statistics for Economists
Transportation Economics

Concentrations for a master’s degree in economics include:

Applied Economics
Behavioral Economics
Business Economics
Econometrics, Business and Data Analytics
Economic Development and Planning
Economic Forecasting
Economic History
Economic Theory
Financial Economics
Financial Management
Health Economics
International Economics
Public Economics
Qualitative Economics
Theoretical Economics
Trade and Global Value Chains

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What to Consider When Choosing a Master’s Program in Economics

Choose a program offering the concentration in which you are interested.

Economics requires conducting a great deal of research. Put those research skills to use when determining which master’s program best suits your economics programs needs and goals.

Accreditation

Accreditation is a vital part of choosing a school for a master’s program in economics. Applicants know whether the institution meets the minimum standards required, and whether any previous credits earned are transferable. Only consider schools accredited by the Council on Higher Education (CHEA).

Its regional accrediting agencies include:

Middle States Commission on Higher Education
New England Commission of Higher Education
Northwest Commission on Colleges and Universities
Southern Commission of Colleges and Schools Commission on Colleges
WASC Senior College and University Commission

Accrediting agencies specifically covering economics includes the Association to Advance Collegiate Schools of Business (AACSB International). Only 5% of business schools globally receive this prestigious accreditation.

Further Economics Education

MBA

An MBA with a focus on economics is a good alternative to a master’s degree in economics. For those economics students who are not certain they want to devote their careers to economics per se, an MBA serves as a more general graduate business degree. While the MBA student can focus on economics, it is not the primary course of study.

Length of study and completion costs for economics programs are similar for both degrees. As noted, so are prerequisites. An MBA offers more professional flexibility overall to economics students, especially if the student would like to take on a managerial role. An MBA may make more sense than a master’s degree in economics if the economics students do not have a strong background in mathematics.

Doctorate or PhD

It can take between five and seven years for most economics students to earn a doctorate in economics. It’s among the more difficult doctorates to earn. Besides an intense interest in economic theories and models, a PhD candidate must possess excellent math skills. The majority of those pursuing a PhD in this field focus on academic careers. Academic careers may involve teaching or research.

However, these candidates are also in demand in the corporate sphere and higher-level government agencies where the person may help determine policy. Some earning doctorates in economics become consultants in the financial markets, where they can potentially earn huge amounts of money. Someone with the skill set to complete a doctoral program in economics can work in virtually any sector, since statistics and analysis form the basis of decision making.

Certification

In the field of economics, certifications are less important than earning a graduate degree. However, there are certifications most economists will earn and that are necessary for particular career paths.

These include:

Certified Economic Developer:
This is the most prestigious certification for those working as economic developers. Overseen by the International Economic Development Council, candidates must have worked full-time in the economic development field for at least four years for consideration. Applicants must complete four training courses along with two elective courses. Successful completion of the training courses ensures that the candidate has a deep, fundamental knowledge of economic development. The elective courses permit the candidate to pursue the disciplines with which they are most concerned. There is an oral component to the exam, in which applicants must demonstrate their economic development experience. Recertification takes place every three years.
Chartered Economist:
This was the first certification offered in the economics field. Applicants must hold an accredited master’s degree in either economics or financial economics, along with a minimum of three years of work in economics or finance. Those passing the examination become board-certified in economics or certified economic policy analysts. Certification is offered by the Chartered Certified Economists USA Certification Board ™, part of the Global Academy of Finance and Management.
Certified Public Accountant:
Requirements for becoming a CPA depend on the jurisdiction, which includes the 50 states, Washington, D.C., Guam, the Mariana Islands, Puerto Rico, and the Virgin Islands. All jurisdictions require a bachelor’s degree with 150 hours of coursework to sit for the exam. States specify the number of hours necessary in accounting-related studies for exam eligibility. The types and level of courses will vary by state. Someone with a master’s degree in economics would still have to fulfill all accounting and business course requirements to take the certification exam.
Project Management Professional:
Project managers with PMP certification earn more than those without this credential. The Project Management Institute offers a Certified Associate in Project Management (CAPM)® and Project Management Professional (PMP). While the educational prerequisites are not as demanding as other certifications, in that PMP candidates need only a four-year degree, they must have at least 4,500 hours in leading and directing projects and 35 hours of project management education to qualify. It is possible for someone who did not earn a bachelor’s degree but has at least 7,500 hours’ experience in leading and directing projects to earn the PMP.

Available Careers with an Economics Master’s Degree

Careers available for those with a master’s degree in economics include:

Data Analyst:
This tech career involves collecting and analyzing data and draw “meaningful” conclusions for the client or industry for which they work.
Data Scientist:
This job entails the collection and analysis of big sets of data. They work with unstructured data that does not fit easily into a database. Once analyzed, they process the data and draw models for their organizations.
Economist:
An economist collects data, conducts economic research, analyzes trends, and creates forecasts based on that information and analysis. They focus on practical economic applications in economic development in either the private sector or public sphere.
Financial Analyst:
These professionals are employed by financial institutions to assess the performance of stocks and other investments. They provide investment advice and construct portfolios for individuals and businesses. The job requires staying abreast of current economic development and market trends.

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Market Research Analyst:
Virtually every industry employs economic research and market research analysts. They study market conditions in relation to potential sales of products and services.
Quantitative Analyst:
Known as a “quant”, this role involves applying mathematical economics and quantitative methods to business and data analytics to identify and resolve potential issues of risk management and finances. They may work at investment banks, insurance companies, hedge funds, and similar institutions, developing algorithms to make efficient trades or creating complex models identifying investment opportunities and risks.
Statistician:
This job involves the application of statistical methodology to address real-world issues. Data is then interpreted for the purposes of making business or policy decisions.

Salary Expectations

Those with a master’s degree in economics will start out making more money than someone with only a bachelor’s degree. Income will only increase as the person gains experience and moves up the career ladder.

The average base salary for someone with a master’s in economics is $105,000.

The average salaries for those positions attainable with a master’s in economics includes:

Chief Financial Officer – $218,000
Data Analyst – $87,000
Data Scientist – $64,000
Economist – $121,000
Economic Consultant – $76,000
Economic Development Director – $97,500
Financial Analyst – $54,000
Market Research Analyst – $55,000
Quantitative Analyst – $112,000
Senior Data Analyst – $79,000
Senior Finance Manager – $121,500
Senior Risk Manager – $111,500
Statistician – $96,000

Keep in mind that not all of these jobs require a master’s degree. Those with a master’s degree should earn more than the average salary.

Outlook

The outlook for those with a master’s degree in economics is bright. In the next decade, jobs are expected to grow 14%, which is much faster than average. Careers are plentiful in the public and private sector.

Employment growth in certain careers open to those with a master’s degree in economics is even stronger. For example, the BLS expects the demand for statisticians to grow by 33% over the next ten years.

The critical thinking skills necessitated by economics is transferable to a wide range of businesses and industries. Success depends on the ability of companies to know what the economic future may hold, and economists serve as prognosticators. This is truly a wise career choice for those seeking flexibility in an intellectually stimulating field and a successful, in-demand job. There’s no need to feel “stuck” in a particular job or industry or part of the country if it doesn’t suit you. These skill sets are needed everywhere.

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Frequently Asked Questions

Do I have to have a master’s to work in this field?

There are many careers in economics that students might find interesting once they complete their undergraduate degree. These include positions as consultants, insurance analysts, financial managers, or even public policy analysts. The thing that all of these careers have in common outside the fact that they are great positions for those who have a lot of economics knowledge is that you will need a master’s degree to obtain any of them. In fact, those who wish to work in the field of economics rather than finance or accounting will nearly always need to earn a master’s degree. You may find a career in a related field with a bachelor’s, but economics careers are very competitive and require a lot of in-depth knowledge to succeed.

What will you need to get into a master’s economics program?

As with many focused master’s degrees, those who apply are going to need to have completed some very specific steps before they are eligible for admittance. This may include completing certain prerequisite courses such as those in statistics, calculus, and economics. In this field, you are also likely to be required to complete the GMAT or GRE and have a passing score before you can be admitted to the program.

Is there an option to complete an accelerated master’s in economics?

Yes. There are several accelerated master’s in economics programs around the country. Most of these programs offer all coursework online, so you may have the option of earning an online economics master's degree or online master's in financial economics no matter where you live. The shortest of these economics degree programs takes only one year to complete, rather than requiring two years as most master’s degree programs do. However, it’s important to understand that you will be incredibly busy during your completion of one of these accelerated programs. You still need to complete all pertinent coursework and may also need to complete a thesis, depending on the track you choose or have access to.

Best Online Masters in Economics Degrees for 2024

Get Matched With Economics Programs

Requirements of a Master’s Degree?

Compare Popular Online Economics Programs

Search Programs

Top 20 Best Online Masters in Economics

Johns Hopkins University

Purdue University

Boston College

Northeastern University

University of Detroit Mercy

George Mason University

University of Arizona

University of Missouri-Columbia

West Virginia University

New Mexico State University

Penn State World Campus

University of North Dakota

Murray State University

American University

University of North Carolina at Greensboro

Youngstown State University

West Texas A&M University

Georgia Southern University

University of North Carolina at Pembroke

SUNY Empire State University

Where Do You Earn a Master’s Degree?

Online Vs. Traditional Education in Economics

Find Your Online Economics Program

What are the Admission Requirements?

Why Earn a Master’s Degree?

Why a Degree in Economics?

What’s Involved in a Master’s Degree?

Find Online Economics Schools

What to Consider When Choosing a Master’s Program in Economics

Accreditation

Further Economics Education

MBA

Doctorate or PhD

Certification

Available Careers with an Economics Master’s Degree

Search Programs Offering Economics Majors

Salary Expectations

Outlook

sources:

Frequently Asked Questions

Do I have to have a master’s to work in this field?

What will you need to get into a master’s economics program?

Is there an option to complete an accelerated master’s in economics?

sources:

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