An online master’s in economics is one of the smartest investments you can make in your career. It allows you to advance your education without putting life on hold, giving you the flexibility to study from anywhere while gaining in-demand skills in economic theory, policy, and data analysis. These programs are designed with working professionals in mind, so you can balance work, family, and school while building expertise that opens doors to careers in finance, government, consulting, business, and even academia.
Does earning an online master’s in economics have to cost a fortune? The answer is no. While graduate school is often associated with sky-high tuition and heavy student loans, there are several universities offering high-quality programs at a fraction of the cost. These affordable programs prove that you don’t need to sacrifice quality for price, as they still provide rigorous coursework, expert faculty, and practical training that prepare you for real-world challenges.
We’ve done the research and compared tuition across multiple schools to bring you this list of the Most Affordable Online Master’s Degrees in Economics. Check below to see the schools that made our list and find the program that best fits your goals.
Top 10 Most Affordable Online Master’s Degrees in Economics
Below, you’ll find our list of the most affordable online master’s in economics programs.
1. West Texas A&M University – $6,733
West Texas A&M University offers a fully online Master of Science in Finance and Economics (MSFE) at a highly affordable graduate tuition of about $6,733. The program requires 36 credit hours, is transfer-friendly, and open to students from all majors.
The MSFE emphasizes practical, real-world applications of finance and economics rather than theory alone. Graduates gain skills that prepare them for careers in financial institutions, consulting, government, policy-making, and even teaching at the high school or community college level.
The program is accredited by the Association to Advance Collegiate Schools of Business (AACSB International), which is recognized worldwide for its high standards in business education.
2. Lamar University – $8,174
Lamar University offers an affordable online MBA program with economics courses for students interested in blending business and economic knowledge. With graduate tuition of about $8,174, the program requires 36 credit hours and can be completed in as little as 16 months through its accelerated format.
Students take classes like microeconomic principles, managerial economics, and other advanced business courses that provide both a broad foundation in management and specialized training in economics.
The program is accredited by the Association to Advance Collegiate Schools of Business (AACSB International).
3. Liberty University – $8,333
Liberty University offers an online master’s in economics with graduate tuition of about $8,333, making it one of the more affordable options for students who want to advance their education without overspending.
The program gives students a clear understanding of how economic policies, markets, and global forces shape businesses and societies. Courses cover areas like microeconomic and macroeconomic theory, global economic environments, and money and capital markets.
Because it is part of Liberty’s MBA structure, students also gain practical business knowledge along the way. Admission requires a bachelor’s degree with at least a 3.0 GPA, and no GRE or GMAT is needed to apply.
4. Georgia Southern University – $8,728
Georgia Southern University offers one of the most affordable online master’s in economics programs, with tuition of $8,728. The Master of Science in Applied Economics is a 30-credit program delivered fully online, making it a flexible choice for working professionals who want to deepen their understanding of economic theory and applied data analysis.
Admission is competitive. Applicants need a bachelor’s degree, at least a 3.0 GPA, and prior coursework in calculus, statistics, macroeconomics, and microeconomics. A current résumé is also required, and while work experience isn’t mandatory, it can strengthen an application. These requirements help ensure students are well prepared for the program’s rigorous training in applied economics.
5. Gardner-Webb University – $9,050
Gardner-Webb University offers an affordable online MBA with a concentration in economics, with tuition of about $9,050. The program is fully online, making it a practical choice for working professionals who want a degree they can complete without putting their careers on hold.
Alongside core MBA courses, students take advanced classes in economics that build both theoretical knowledge and practical skills. This combination prepares graduates to analyze and respond to economic and monetary changes in today’s global economy.
6. Ball State University – $9,392
Ball State University offers an online master’s in economics with a focus on flexibility for students from different academic backgrounds. Graduate tuition is about $9,392, and the program requires between 30 and 51 credits depending on your previous coursework. Even applicants without a business or economics degree are welcome to apply, making it accessible to a wide range of learners.
One of the standout options within the program is its health economics track, which is part of the MBA curriculum. Students in this concentration take courses in areas like health economic analysis, healthcare policy, and management, gaining the skills to evaluate the costs and benefits of healthcare delivery systems.
The program is accredited by the Association to Advance Collegiate Schools of Business (AACSB International), a distinction earned by only about 5% of business programs worldwide, adding extra value and recognition to the degree.
7. University of North Dakota – $9,697
The University of North Dakota in Grand Forks offers an affordable online master’s in economics program, with graduate tuition of about $9,697. The Master of Science in Applied Economics & Predictive Analytics is a 30-credit degree that can be completed in roughly two years.
It’s built for working professionals who want to strengthen their knowledge of economic theory while gaining hands-on skills in data analysis. The program is fully online, and applicants are not required to submit GRE scores.
Students work with datasets using tools like R and STATA, gaining experience in econometrics, forecasting, and predictive analytics. Graduates are well-prepared for data-focused careers in banking, healthcare, government, and energy.
8. Purdue University – $9,992
The Purdue University online master’s in economics stands out as one of the most affordable graduate programs in the field, with tuition set at about $9,992. The degree requires 30 credit hours and can be completed fully online in two to three years, allowing students to balance their studies with work or other commitments.
It is designed with quantitatively minded learners in mind, especially those from STEM backgrounds, who want to gain a deeper understanding of how economics shapes business, markets, and government policy.
Students also have the option to specialize in either Financial Economics or Business & Economics Data Analytics. Both tracks emphasize practical application and data-driven insight, ensuring that graduates leave with the analytical tools needed for roles in finance, policy, and market research.
9. University of Missouri – $10,017
The University of Missouri offers an affordable and flexible online master’s in economics program, with graduate tuition set at about $10,017. The degree is fully accredited by the Higher Learning Commission (HLC) and requires 30 credit hours of coursework, all of which can be completed online without any campus visits.
Most students take one or two classes per semester and finish in roughly two years. The curriculum blends economic theory with practical data analytics, helping students build both a strong academic foundation and in-demand technical skills.
In addition to core courses that cover theory, application, and research, students choose electives that let them specialize in areas such as international trade, public economics, banking, econometrics, applied statistics, and game theory.
10. American University – $31,446
The American University online Master of Science in Applied Economics is a good choice for students looking for an affordable online master’s in economics with strong career value. Tuition is about $31,446, and the 30-credit program can be completed in as little as 20 months, making it a practical option for working professionals who want to advance their skills without a long-term commitment.
Students learn to analyze data, interpret economic models, and apply their knowledge to real-world business and policy challenges. The program also prepares graduates to take the Certified Business Economist (CBE) exam, a credential that can strengthen job opportunities.
Admission is open to students from different undergraduate backgrounds, and with no GRE required, applying is simple: just transcripts, a statement of purpose, recommendations, a resume, and an application fee.
An online master’s in economics doesn’t have to cost a fortune. These affordable programs let you build valuable skills, advance your career, and still keep your budget in check while choosing the one that best fits your goals.
Frequently Asked Questions (FAQs)
1. What is the cheapest online master’s degree in economics?
From our list, West Texas A&M University offers the most affordable option, with tuition around $6,733.
2. How long does it take to finish an online master’s in economics?
Most programs take 18 to 24 months to complete if you study part-time while working. Some accelerated options, like Lamar University’s, can be completed in as little as 16 months.
3. Do I need a background in economics to apply?
Not always. Many programs accept students from any undergraduate field. However, some schools (like Georgia Southern University) require prior coursework in areas such as calculus, statistics, and economics.
4. Do I have to take the GRE or GMAT?
Most of the programs listed do not require GRE or GMAT scores. Instead, schools focus on your undergraduate GPA, transcripts, work experience, and statement of purpose.
5. What careers can I pursue with an online master’s in economics?
Graduates often work in finance, consulting, healthcare, government policy, business analysis, and education. Some also use the degree as preparation for a PhD, law school, or other advanced studies.