Masters in Economics in USA: Top Universities, Requirements, Jobs

Studying a Master’s in Economics in USA is the second most opted course after an MBA in the USA. The master’s course in Economics is also offered as a STEM course in the USA, usually termed an MS or MSc in Economics. Thousands of international students pursue a masters in US universities after graduation and Business and Economics plus STEM-related subjects are usually preferred. 

Since the Economics course at the PG level is considered a STEM course, the applicants will get the benefit of staying back options in the USA. All major details about US universities offering Master's in Economics have been discussed in detail in the article below. Applicants looking at studying in USA and pursue the Masters in Economics course can find all related details in this article. 

Master’s in Economics in USA Highlights 

Best Universities for Masters in Economics in USA

As per US News & World Report for the category ‘Best Economics Schools’ rankings for the year 2024 have been released. The rankings are as follows for only US universities offering Economics courses: 

A majority of Ivy League schools rank and offer the renowned Masters in Economics in USA to students. Applicants must note, that the rankings are dynamic and can change annually. Thus, those relying on rankings to pursue Masters in Economics in USA should check for recent ranking data and then shortlist universities for application. 

Pursuing Master’s in Economics in USA 

There are several reasons to pursue a master's in economics in the USA, be it for networking, good job opportunities or even better remuneration. Following is a list of reasons to consider if wish to pursue a Master’s in Economics in the USA: 

• There are different types of Economics to pursue like - MA or MS or MSc or even a specialization of MBA in the USA or Applied Economics too.
• US universities like Johns Hopkins University offer Master’s in Economics in these areas of specialization too like Environmental economics, Financial economics, Health economics, International economics and development, Spatial economics and Public policy. Any one of these can be opted by applicants. 
• If the Master’s in Economics in the USA is offered under STEM education, then applicants can opt for STEM OPT extension available for F-1 visa holders in the USA.  
• Applicants can look for various lucrative job opportunities after completing their master’s in Economics from the USA and can earn anywhere between USD 79,000 to USD 114,000 per annum. 
• Also, Economics postgraduates in the USA can get an opportunity to work with leading technological companies and also look forward to working with financial services offering companies as well. 

Apart from all the above-enlisted reasons, one major reason to pursue a Master’s in Economics in the USA is because the USA is one of the biggest economies in the world and there are ample opportunities for bright minds in the US itself.

Masters in Economics Course Structure in USA

Masters in Economics in USA is an amalgamation of core topics and some of the specialised courses of study. Some of the core subjects that have to be mandatorily taken up while pursuing Masters in Economics are as follows:

1. Microeconomic Theory: Covers concepts like consumer and producer behaviour, market structures, and game theory. 
2. Macroeconomic Theory: Includes economic growth, inflation, unemployment, and monetary policy. 
3. Econometrics: Focuses on statistical methods used to analyze economic data and test hypotheses. 
4. Mathematics for Economists: Provides a strong foundation in calculus, linear algebra, and other mathematical tools essential for economic analysis.

The core courses may vary from university to university in USA, thus, applicants will have no other option but to study these core courses. But applicants will have an option to choose their preferred specialisation while taking up Masters in Economics in USA. 

Masters in Economics in USA Specializations

Some of the popular Masters in Economics in USA specialisations are as follows:

• Financial Economics
• International Economics
• Labour Economics
• Environmental Economics
• Health Economics
• Public Economics
• Behavioural Economics
• Econometrics

Apart from these, there can be other specialisations as well like - Game Theory, Industrial Organization, Urban Economics, Computational Economics and others. 

Masters in Economics in USA Requirements 

Those applying for a master’s in Economics as international students will have to fulfil the following requirements: 

• Transcripts and mark sheets if needed 
• GPA of 3.0 or above on a 4.0 point scale in bachelor’s degree 
• GRE or GMAT scores if required by the university in question 
• ELP scores of either - TOEFL / Duolingo / IELTS 
• Academic essays  
• Statement of purpose (SOP) 
• 2-3 letters of recommendation if required at the university 
• A completed application form with the requisite fee 

Please note, that the application process for admissions to Master’s in Economics courses may vary per university and the departments offering these courses.  

Masters in Economics in USA Without GRE 

There are a couple of US universities offering Master’s in Economics which do not require GRE scores. These universities are as follows: 

• MIT 
• University of Wisconsin - Madison 
• Ohio University 
• DePaul University 
• Southern Methodist University (if GPA is above 3.0) 
• California State University - LA 

There may be other universities as well that offer MS in the USA without GRE scores, but there may be a few that will waive the GRE for those who have met a certain GPA score or completed certain credits and may not be universally available for all students at large. Also, check out the top universities in the USA without the GRE. 

Salaries for Master’s in Economics Grads in the US 

For those who wish to make a career after pursuing a Master’s in Economics from the USA can go for the following job roles with their corresponding median wages: 

(Source: Light cast) 

Apart from the above-given job roles, a few job sectors can be considered after an MA in Economics in the USA, like: 

• Banking & Finance  
• Insurance 
• Data Analytics 
• Forecasting 
• Labor Arbitration 
• Higher Education and Research 
• Regulation 
• Urban and Regional Planning 

Top Employers for Master’s in Economics in the USA 

Some of the most popular employers that have visited the US universities to employ graduates of Master’s in Economics have been tabulated below: 

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