Best Online Master’s in Economics Programs: Economics deals with creating, using, and exchanging wealth within and between nations. Economists analyse gender and income inequality, taxes, trade, and government spending. Those aiming for economic careers should consider getting a master’s degree, as many job opportunities prefer this qualification.
The cost of an online master’s in economics varies from $24,000 to $58,000, depending on your residency and whether the institution is public or private. If you attend full-time, you can finish the required coursework in one to two years.
Online economics program graduates can pursue roles like economist, data scientist, or financial analyst in government, private, or international sectors. According to the Bureau of Labor Statistics, these professionals earn an annual salary of $100,000 or more.
How to Choose an Online Master’s in Economics Program
Choose your area of study
You can pursue a graduate degree in economics, opting for either a Master of Arts or, more commonly, a Master of Science. The first one is more theory-oriented, while the latter emphasizes math and statistics.
Online economics master’s programs generally have a standard curriculum, but schools provide various concentration choices like applied economics, public economics and policy, global economics, and business economics. These specialisations allow you to tailor your studies to your interests and career goals.
Research schools and programs
Many economics programs are part of a business school at a university. To ensure a program’s quality, check if the Association accredits it to Advance Collegiate Schools of Business (AACSB), a third-party agency.
- After confirming accreditation, consider the online format. Most online economics programs let you work at your own pace, but some have scheduled discussions or in-person components. Choose a format that suits your learning style and schedule.
- Check if the program requires a thesis. Some offer an optional thesis track, which is beneficial for those interested in research or teaching careers. Keep in mind that a thesis may lengthen your degree.
- Look for programs with a low faculty-to-student ratio. This ratio affects the quality of online courses and the support you receive from faculty members.
You can get more information on these questions on the program’s website, in the FAQs, and in the info sessions. For specific help or questions, reach out to an admissions counsellor.
Prepare for tests and applications
Not everyone, but many online master’s in economics programs ask for GRE or GMAT scores when you apply. If you find tests challenging, consider joining a test prep class before taking the exam.
Getting test scores, recommendation letters, and transcripts takes a few weeks, so get your application stuff ready early. If you miss the deadline, you might have to wait for the next semester to apply.
Select your program
After choosing the programs you like, send in your application before the deadline. If you get accepted to multiple top choices, think about which one suits your career goals, schedule, and budget. To secure your spot, most programs need an enrollment fee by a certain date, usually around $1000 or more.
Determine how you’ll pay for your degree
An online master’s degree in economics can cost over $40,000, but graduates can land well-paying jobs. Prospective students need to figure out how to pay for tuition, and many opt to work full-time while studying. Asynchronous economics programs provide flexibility in scheduling.
Master’s students should complete the FAFSA form to check if they’re eligible for federal assistance. Meeting with the school’s financial aid counsellor is essential to explore payment options. While not common, some programs offer scholarships or other funding opportunities. Military service or having family members who served may qualify students for veteran tuition benefits.
Advantages of Earning an Online Master’s in Economics
Getting an online master’s in economics has some great perks that can pay off both during your studies and afterwards. Here are three advantages to keep in mind as you explore your online learning options.
- Convenience and Flexibility
Online programs are super flexible and can be tailored to your needs. They use tools you can access anytime, anywhere. If you’re already working in economics, it’s easy to juggle school with your professional commitments.
- Career Growth
Economics is a dynamic field, and to climb the professional ladder, a master’s degree often becomes essential. Getting an online MS in economics sets you up for future advancement, opening doors to a wider range of positions, including those with leadership potential.
- Networking and Diversity
Online economics master’s programs attract students and professionals globally. Since economics has worldwide implications, connecting with a diverse group of peers can help you build a strong professional network that will benefit you throughout your career.
Best Online Master’s in Economics Programs
These universities provide best online master’s programs in economics. The courses will enhance your grasp of factors influencing businesses, markets, and consumers. They equip you to analyse data and forecast economic trends. Upon completing the master’s, you can pursue a Ph.D. or work as an economist in government or private financial roles.
Regent University – Virginia Beach, VA
Master of Business Administration in Economics
Regent University offers a 42-credit Master of Business Administration in Economics program in Virginia Beach, VA. The degree can be earned online, on-campus, or through a hybrid format. Graduates will gain skills in integrating legal and ethical considerations, leading teams in both public and private sectors, and analyzing trade policies and financial issues.
The university, rooted in Christian values, provides a Christ-centered education with a blend of biblical examples and contemporary business practices. The program offers flexibility with elective concentrations or personalized plans, and course projects aim to provide students with portfolio-quality material for future job opportunities. The graduate tuition/fees for the program amount to $12,726.
Eastern University – Philadelphia, PA
Master of Business Administration – Social Impact
Eastern University, located in Philadelphia, offers a Master of Business Administration program focused on Social Impact. Tailored for working individuals, this 36-credit program spans two years, accommodating those juggling work and academics.
The Social Impact degree equips students to address societal issues using business innovation tools, fostering an interdisciplinary approach to problem-solving. Graduates become competitive in fields such as entrepreneurship, corporate citizenship, non-profits, government, and philanthropy.
The coursework is online, with a mandatory four-day residency each semester. Derived from Eastern’s 30-year legacy in the MBA in Economic Development, this program has alumni in over 70 countries. The graduate tuition/fees amount to $16,560.
The Chicago School of Professional Psychology at Chicago – Chicago, IL
Masters in Behavioral Economics
The Chicago School of Professional Psychology in Chicago offers an online Master’s program in Behavioral Economics that spans two full-time years. The program, designed by CSPP, aims to equip students with a psychological foundation for analyzing business-related subjects such as human decision-making, negotiation, marketing, and consumer behavior.
Coursework covers topics like neuropsychology, neuromarketing techniques, and consumer motivation. A capstone project, presented as a journal article based on fieldwork research, is required before graduation. Applicants need a bachelor’s degree, and relevant work experience is advisable. Tuition/fees for graduate studies are not specified.
Mercer University – Macon, GA
Master of Business Administration
The typical MBA student at Mercer is 28 years old with five years of work experience. The program is designed for working students, offering a fully online option. It requires 36-45 credit hours and can be finished in just 18 months. Graduates find jobs in various fields like market research, finance, healthcare administration, and account management.
The courses cover ethical leadership, business law, corporate responsibility, and marketing. Students can specialize in Marketing, Finance, Economics, General Business, Human Resources, or Healthcare Management. The cost for graduate tuition/fees is $14,370.
Southern New Hampshire University – Manchester, NH
Master of Science in Applied Economics
Southern New Hampshire University offers the Master of Science in Applied Economics with flexible start dates, allowing students to finish the 36-credit program at their own pace.
The degree can be obtained in as little as 15 months. Upon completion, graduates can pursue careers as economists in both private and public sectors. SNHU is dedicated to teaching students how to apply economic theories to real-world issues, conduct reliable research using quantitative data analysis and econometrics, and more.
The curriculum covers game theory, statistics, mathematics, and econometrics, with a capstone requirement. Prospective students can seek guidance from counsellors during the application process. The graduate tuition/fees amount to $18,810.
University of Missouri – Columbia, MO
Master of Arts in Economics
Recent grads from the University of Missouri’s Master of Arts in Economics program have landed roles like Data Scientists, Institutional Research Directors, Energy Markets Managers, and Economics Lecturers.
This 30-credit program typically spans two years, with students tackling one or two courses each semester. The online classes don’t necessitate any on-campus visits. Core courses cover micro and macroeconomic theory, while electives delve into game theory, economic development, international trade, and global monetary systems. GRE scores aren’t needed for applications, but a minimum 3.0 GPA in the last 60 undergraduate hours is expected.
Graduate Tuition/Fees: $8,640 (in-state) / $23,659 (out-of-state)
American University – Washington, D.C.
Master of Arts in Economics
The American Master of Arts in Economics consists of 30 credits, divided into 10 eight-week courses. All students must complete a final capstone course for graduation. The entire program can be done online, or students have the option to take up to 6 credits on campus.
The faculty focuses on real-world issues and policy, preparing students to make significant decisions about the local and global economy. They develop analytical skills in mathematics and economic models, enabling them to predict changes in economic indicators.
Elective courses cover areas like Labor Economics, Public Economics, Financial Stability and Growth, and Survey of Economic Development. Graduating in 20 months is possible, leading to well-paying job opportunities. The graduate tuition/fees amount to $29,556.
University of Detroit Mercy – Detroit, MI
Master of Arts in Economics
The University of Detroit Mercy’s Master of Arts in Economics program, built on a broad education base, not only teaches economics but also delves into the historical and institutional factors shaping today’s economy.
The curriculum covers both the global and U.S. economies, addressing ethical concerns in economic concepts. Prospective students need at least a bachelor’s or an advanced degree with a 3.0 GPA.
Core classes include Economic Conditions Analysis and International Trade Theory. Electives should be in Economics or, with department approval, a field related to the student’s career goals. The tuition/fees for graduate studies amount to $28,422.
Ohio University – Athens, OH
Master of Accountancy
The online Master of Accountancy at Ohio University has two tracks: advanced and general. The advanced track is for those with accounting experience, while the general track is for business professionals seeking more opportunities.
If you have a business or economics degree, it’s suggested to go for the general track. Both tracks cover quantitative analysis, accounting technology, and data evaluation. The program can be completed in as little as five semesters, and students can start in the fall, spring, or summer. Tuition/fees for graduates are $9,444 (in-state) or $17,436 (out-of-state).
West Texas A&M University – Canyon, TX
Master of Science in Finance and Economics
The Finance and Economics Master’s program at West Texas A&M is highly regarded and consistently ranked among the top in graduate business. It’s a 36-credit program that takes about two years to finish, offering online and hybrid-format courses. To apply, a minimum GPA of 3.0 is required, and if met, no GMAT score is needed.
Many students have work experience in the field. Core courses cover subjects like Theory of Households and Firms, Monetary and Fiscal Policy, Corporate Governance, and Quantitative Analysis. The tuition/fees for graduate students are $4,496 for in-state and $5,185 for out-of-state.
Youngstown State University – Youngstown, OH
Master of Arts in Financial Economics
Youngstown offers a Master of Arts in Financial Economics, open to students nationwide and globally. The program consists of 33 credits and can be finished in six semesters. Prospective students should have a basic understanding of macroeconomics, microeconomics, statistics, or calculus.
Upon completion, graduates will possess a strong foundation in economic theory and financial market analysis. The program provides various elective choices, such as international finance, offering interdisciplinary opportunities.
Graduates are well-prepared for the competitive financial services industry and also have the option to pursue a doctoral study in finance, economics, or related fields. Key program topics include the History of Economic Thought, Urban and Regional Economics, and Health Policy.
Johns Hopkins University – Baltimore, MD
Master of Science in Applied Economics
Prospective students considering the online Master of Science in Applied Economics at Johns Hopkins University should check state-specific details for online programs before applying. The program, consisting of ten courses, enhances economic reasoning skills using econometrics and quantitative techniques.
No specific undergraduate major is required for application. The program comprises four core courses, at least one advanced econometrics course, and five electives. Students customize their course selection based on their goals, with focus areas such as Public Policy, Financial Economics, the Macroeconomy, Spatial Economics, and others.
The cost of graduate tuition/fees is $52,170.
What You’ll Learn in Online Economics Master’s Degree Programs
Studying economics at this level involves combining insights from various fields like history, philosophy, sociology, and math. You’ll gain the skills to make informed decisions based on data and trends.
Each school and program has its own curriculum details. Here are potential courses you might encounter, giving you a preview of what to expect. These classes focus on quantitative analysis and essential economic principles, while also honing communication, problem-solving, and forecasting skills.
Common Courses:
- Applied Mathematics for Economics:
This class uses a quantitative approach to economics, covering mathematical analysis methods used by economists. Topics include integral and multivariate calculus, statistical modelling, and linear algebra. Students solve economic problems, enhancing their quantitative reasoning and research skills.
- History of Economic Thought:
This course explores economic theories and foundations from a multidisciplinary perspective. It delves into theories of value, market organization, and currency, drawing on philosophy, history, sociology, and political science. Students study key economic thinkers and relevant scientific discoveries.
- Globalization and International Trade:
Examining trade policies in the international capitalist system, this course introduces contemporary and neoclassical theories. It explores the ongoing debate between protectionism and free trade, analyzing trade policies globally using economic and political science reasoning.
- Econometrics:
This class familiarizes learners with metric and measurement tools in economics, including regression models, maximum likelihood, predictive forecasting, and nonparametric analysis. Students learn to choose and apply metrics based on the issue at hand and explore variable relationships affecting implementation.
- Economic Capstone:
Many online master’s in economics programs conclude with an integrative capstone. The specifics vary, with some being research-oriented and others emphasizing a practical approach. Students apply their knowledge to solve a problem or address a significant issue in economics.
Specialisation Options
Economics is a versatile field with many applications, and most programs offer additional opportunities for specialization to enhance expertise. Specializations, such as those mentioned below, can distinguish you from others by broadening your skills and deepening your knowledge. They focus on specific areas that align with interests and often connect to potential career paths.
- Data Analytics:
This specialization explores the interaction between economics and data analytics, improving economic research with data science tools.
- Financial Economics:
Those concentrating in financial economics gain extra skills in efficient financial management and currency history.
- Entrepreneurship and Management:
Specialized programs in entrepreneurship and management nurture capable executives and business managers with a strong economic foundation.
- International Economics:
Aspiring professionals benefit from this specialization by applying economic expertise in global trade and commerce.
- Economics and Public Policy:
This concentration merges economic and political analysis to comprehend how markets interact with government actions.
What You Can Do with an Online Master’s in Economics
Economic professionals find rewarding jobs in various industries, not just in economics itself. They apply their knowledge to boost performance and improve returns in finance, government, public polling, and quantitative research.
Here are some examples of careers you could pursue after graduation. According to the Bureau of Labor Statistics, these occupations are expected to see salary increases and positive job growth.
- Economist:
– Independent or team-based work
– Study and assess economic processes, market performance, and trade
– High-level career with demand across sectors
- Political Scientist:
– Examines governments, public policy, and current trends
– Research-based position, analyzing data and developing reports
– Often employed by governments, think tanks, or private organizations
- Mathematician or Statistician:
– Applies quantitative reasoning to solve real-world economic problems
– Uses statistical theories and techniques
– Some focus on developing surveys or opinion polls
- Survey Researcher:
– Works for research firms, nonprofits, businesses, or polling agencies
– Creates surveys to address economic and public life trends
– Determines sample sizes and uses tools to aggregate results
- Actuary:
– Expert mathematicians with financial assessment skills
– Analyzes the risk of investments and transactions using statistics and economics
– Develops strategies to minimize risk and prepares reports for stakeholders
– Primarily employed in finance or insurance industries
FAQs About Online Economics Master’s Degrees
What are the admissions requirements for an online master’s in economics?
To apply to different programs, you usually need certain things. Get these ready before applying:
- Your academic records showing a good bachelor’s degree
- Recent GRE scores (not all schools need this)
- A resume or CV showing your work history
- A statement explaining your goals and why you fit the program
- Letters of recommendation from past mentors or bosses (usually 2-3)
- A writing sample (not always needed, but sometimes)
- Some programs might ask for an interview, which you can do over the phone or via video to avoid travelling.
How long will it take to finish my master’s in economics online?
Typically, most programs need around 30-35 credits. They offer flexibility for different situations and timeframes, aiming for a degree completion in 2-3 years. If you’re going part-time due to work or family obligations, expect the timeline to double in most cases.
For instance, students at Boston College and the University of North Dakota usually finish in about two years. Accelerated programs at UNC Greensboro and the University of Maryland graduate students in just over a year. Keep in mind, that these are average durations, and part-time students are welcome in each program.
Can I earn a master’s in economics 100% online?
Some courses may require a campus visit, typically during the initial phase like program orientation. However, the majority of program tasks can be done online. Some programs also provide a mix of online and hands-on learning, which can be beneficial for those who prefer face-to-face interaction. Participating in hybrid experiences is usually optional.