An economics masters degree is an ideal major for those who have an interest in studying the economy, working in business, collecting data, analyzing modern trends in the marketplace, and researching financial documents and materials. In a graduate degree program, students will study important economic topics, such as demand theory, production and cost theory, analysis of market structures, antitrust policy, government regulation of business, inflation theory, international economics, and more. An economics degree often helps students achieve positions as economists, budget analysts, financial analysts, actuaries, and more. But, because an economics degree is based in liberal arts studies, it lends itself well to any number of careers.
Why a Master’s Degree?
Many professions require students to have at least a bachelor’s degree to get started in their careers. Economics, however, is a very different profession from most. The amount of work, research, and analysis entailed in this job often requires students to seek a master’s degree to qualify for business positions. In fact, according to the U.S. Bureau of Labor Statistics (BLS), a master’s degree or Ph.D. is required for most modern economic professions; furthermore, positions in business, research, or international organizations often require a combination of advanced education and work experience. The BLS also emphasizes that students must possess analytical and math skills to excel in their careers. These proficiencies come with time, experience, and education.
Getting Into a Master’s Degree Program
Requirements for admission into graduate degrees in economics are different at each school. However, most schools expect the following credentials from their applicants:
- Bachelor’s degree in economics or related subject
- Relevant work experience
- Professional and/or academic references
- Approved undergraduate GPA
Inside an Economics Master’s Degree Program
It takes two to five years to complete a master’s degree in economics. During their program, students build upon what they learned in their undergraduate degrees in order to help round out their understanding of economics. Students will also be exposed to the insights, critical-thinking, and analytical skills needed to work in today‚Äôs changing economic environment.
Over the years, online degree programs have become more mainstream. In fact, many students choose to complete a masters degree in economics online over a traditional program. An online master’s degree is similar to a traditional graduate degree, yet students are allowed to complete courses at their own pace.
What’s Next for Economics Master’s Degree Holders?
With a graduate degree, students are qualified for high-level economics positions within a variety of fields, including education, health, development, environmental work, and more. According to the BLS, more than half of all economists work in federal, state, and local government entities. These economists are in charge of numerous varied work tasks, such as collecting and analyzing data about the U.S. economy, projecting spending needs, informing policy makers on the economic impact of laws and regulations, and helping businesses and corporations understand how the economy will affect their operations.
A doctorate degree in business administration is an ideal degree for those who have an interest in postsecondary teaching or research. A business Ph.D. helps students advance their understanding of topics like economics through original scholarly research. Once they finish their doctorate studies, students will qualify for numerous teaching and research positions.