Masters in Economics in USA: Find Out the Best Universities for Masters in Economics in USA

The Masters in Economics program is appropriate for aspiring graduate students who want to advance their academic credentials. The MS economics USA program is prepared for a wide range of careers, from financial consulting to scholarly positions and all in between. Some of the reasons to pursue masters in economics in USA are:

• The United States is the fastest growing economic country.
• With the country's significant economic expansion over the next 7-8 years, skilled graduates will have even more career prospects.
• According to the BLS, employment in economics is expected to be around 22,800 by 2028.
• One can expect and annual salary of around USD 104,340 (INR 77, 00,000)
• Students pursuing the best economics masters programs in USA can also seek scholarships offered by universities, and the government.

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For students who are keen to study MA economics USA, there are some of the best universities you need to check upon. We have listed best universities for masters in economics in USA:

1. MIT
2. Stanford University
3. Columbia University
4. University of Michigan
5. Boston University

Let us discuss in detail about each universities in USA.

1. MIT

The Massachusetts Institute of Technology was founded in 1861 as a private research institute. The MIT Department of Economics offers inaugural master's program- Master's in Data, Economics, and Development Policy. It is also the first MIT program to only be offered in a hybrid (online/residential) format.

2. Stanford University

A Joint Degree program offered by the Department of Economics and the Stanford Law School allows students to earn a degree, along with an M.A. in Economics or a J.D. along with a Ph.D. in Economics. Additionally, there are a number of condensed legal programs available to graduate students in economics that expose students to the law but don't culminate in a J.D. rather than a master's degree.

3. Columbia University

Columbia University, founded in 1754 by George II of Great Britain, is a private research university Students who want to advance their understanding of economic theory and its applications or prepare themselves for employment in the field of economics can enroll in the Master of Arts program at the Department of Economics at Columbia. The curriculum gives students the opportunity to extend their education through elective courses provided by the department.

4. University of Michigan

The University of Michigan, one of the best universities for masters in economics in USA, was founded in 1817. The Master's degree in Applied Economics is a policy-oriented curriculum that places a strong emphasis on using economic principles and techniques to solve real-world issues that arise in a range of sectors. Typically, it takes students in this program 1.5 years to finish their work.

5. Boston University

Boston University, based in Boston, Massachusetts, is a private global research institute. The MA in Economics provides its graduates with the in-depth understanding and quantitative abilities necessary for an economic analyst in the commercial world, consultancy industry, a central bank, or government. The elective course, is taught by our own research experts, fostering quantitative abilities and specialized knowledge in almost all of the key fields of economics.

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Masters in Economics program in US is offered to students in practical and theoretical methods. The program is designed for aspirant students coming from background in mathematics or economics. Some MS in economics universities in US provide students with the opportunity to participate in internships or study abroad.

The following subjects are included in the core course structure of MSC economics USA:

• Econometrics
• Macro and Microeconomics
• Game Theory
• Interpretational Economics.

Furthermore, students seeking masters in economics in USA also have the option of specializations, which further allows gaining practical knowledge.

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Students seeking admission need to know the MS in economics in USA eligibility helping to take the process ahead.

1. Educational Qualification
2. English Language Proficiency Test Scores
3. Entrance Exam Scores
4. USA Student Visa
5. Additional Requirements

Let us check in details:

• Educational Qualification

To study MS economics USA, one must have completed 16 years of education (10+2+4). In the US, a four-year bachelor's degree is required before obtaining a master's degree with the GPA of 3.0.

• English Language Proficiency Test Scores

For international students applying for an MS in economics in US, they must submit their English Language Proficiency test score. However, the score may vary depending on the university.

• TOEFL: 100
• IELTS: 7.0
• GRE- 310
  
  
• Entrance Exam Scores

You will need to undergo US entrance exam scores, such as the SAT/ACT for MS economics USA. These scores are rarely sought, but if you have already taken the test, keep them on file.

• USA Student Visa

To apply for a USA student visa, international students should apply after getting an acceptance letter from the applied university. And also, check before applying for an F-1 student visa which is valid based on the program in which you enroll.

There are various documents required for MA economics USA, the following list of documents are:

• Academic Transcripts
• 3 Letter of Recommendation
• SOP
• Updated Resume
• Financial Fund Proof
• Current Photographs (passport size)

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There is a certain admission process to seek admission as per the masters in economics in USA requirements. Below are the following steps:

1. Search for the US universities offering a masters in economics.
2. Examine the admissions requirements of the university.
3. Fill out the application form online and pay the application fee as required by the particular US universities.
4. Ensure that all documents are submitted before the application deadline.
5. If a student meets the required admission needs, the university invites the student to take the entrance exam.
6. Prepare for the interview rounds with the university for the applied MA economics USA program.
7. If you clear the interview and other practical rounds you will get an acceptance letter from the US university.
8. Revert with the confirmation letter within the allotted timeline and pay the tuition fee.
9. Apply for a USA student visa as soon as possible before the intake begins.

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The cost for pursuing MS economics in USA completely depends on the college, its ranking, and location. Below we have mentioned the cost of studying masters in economics in US and the cost of living.

Tuition Fees

The overall cost of pursuing the masters in economics universities in US is around USD 40,000 (INR 3161680) annually.

Cost of Living

The cost of living is significant when considering studying in the US. The average cost of living also depends on the location and the university. On an average the cost of living in USA monthly is USD 2,813 (INR 22, 23, 45). We have tabulated below the facilities and cost per month. 

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Many students may find a master economics US quite expensive. However, there are numerous scholarships available to help with study costs and other expenses. These scholarships are offered by university or state covering half or full cost of study. Here is a list of possible student scholarships:

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Once you complete the best economics masters programs in the US, you will have good working opportunities. There are top companies hiring fresh masters from reputed universities. An average annual salary offered for a master in economics fresher is around USD 73,000 (INR 57, 70,066).

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In the United States, a master's degree in economics is best suited for students with a prior experience in economics or advanced mathematics. The degree opens the door to obtaining a PhD in the United States, giving you the pay increase of up to 23% compared to the previous salary. If you are keen on taking MA economics in USA, seek assistance from Yocket professionals.