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

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Yocket Editorial Team
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Economics is not limited to money. It is about comprehending people's decisions and why they do so. Students taking up masters in economics in USA will be able to understand complicated and significant issues such as tax rates and inflation. Students who want to study MA economics USA should be able to read scholarly papers and grasp Maths.

A master's degree in economics is required to work as an economist in the United States or any country. Students can now apply for CPA USA and take the CPA exam after completing a master's degree in economics. Starting the journey of an economist with MS economics USA is certainly a boost to your career. One major reason US is an ideal destination for masters in economics is top-quality universities. So, if you're the one who wants to pursue MSc economics USA, we have curated a guide below with all the needed details to get admission efficiently.

Table of contents

Why Study 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.

Suggested: Find Out 11 Benefits of Doing MS in US

Top Universities in USA For Masters In Economics

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.

Type

Private

QS World University Ranking 2023

1

QS Subject Ranking 2022

2

Programs Offered

Masters in DEDP (Data, Economics and Development Policy)

Program Fees  (Annual)

106,900 USD  (INR 84,49,589)

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.

Type

Private

QS World University Ranking 2023

3

QS Subject Ranking 2022

3

Program Offered

Joint Degree program in Economics

Program Fees (Annual)

56,487 USD

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.

Type

Private Research

QS World University Ranking 2023

22

QS Subject Ranking 2022

12

Programs Offered

Master of Science in Financial Economics

Program Fees (Annual)

USD 84,000 (INR 66,39,528)

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.

Type

Public

QS Ranking 2023

25

QS Subject Ranking 2022

21

Program Offered

Master of Applied Economics

Program Fees (Annual)

USD 115800 (INR 91,53,063.60)

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.

Type

Private

QS Ranking 2023

108

QS Subject Ranking 2022

27

Program Offered

MA in Economics

Program Fees (Annual)

USD 56,904 (INR 44,97,805)

Suggested: Top 8 MS Public Universities in USA for International Students

Course Curriculum Of Masters in Economics in USA

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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Eligibility Criteria & Admission Requirements for Masters in Economics in USA

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.

Documents Required for MS in Economics in USA

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

Suggested: What are Document Requirements for Masters in USA?

Admission Process for MS Economics in USA

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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Cost of Studying MSC Economics USA

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. 

Facilities

Cost Per Month (Approx)

Accommodation

USD 2000 (INR 158212)

Food

USD 250 (INR 19776)

Study Materials

USD 700 (INR 55374)

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Scholarship for Masters in Economics US Universities

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:

Scholarships

Amount Granted

Hsiao Economics Scholarships

USD 1000 (INR 74,516)

Debesh Kamal Scholarships

USD 1,385 (INR 1,03,205)

KC Mahindra Scholarship

USD 5542 (INR 439437)

Rotary Foundation Graduate Scholarship Program

USD 30,000 (INR 22,35,492)

Suggested: Best Scholarship for MS in USA for Indian Students

Career Opportunities After Completing Best Masters in Economics USA

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).

Job Opportunities

Average Payscale (Annual)

Financial Analyst

USD 35,100 (INR 27,74,374.20)

Economic Consultant

USD 36,000 (INR 28,45,512)

Credit Analyst

USD 30,000 (INR 23,71,260)

Financial Risk Analyst

USD 54,000 (INR 42,68,268)

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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.

Frequently Asked Questions about MS Economics USA

Ques. How many total years students have to spend to complete MA in economics?

Ans: A Master of Economics degree will typically take two years to complete. This, however, is only applicable to students pursuing full-time master's degrees in economics.

Ques. Is USA a right country to study MA in Economics?

Ans: Yes, USA is the right country because it is the fastest growing economy and is offering good job scope for fresher from the field. Moreover, students get the best education in top universities.

Ques. Is it possible to become economist after completing Masters in Economics?

Ans: Yes, a master's degree in economics is required to pursue a profession as an economist in the United States.

Ques. Can I seek admission for masters in economics without GRE?

Ans: Yes, many universities in the United States do not demand for a GRE score when applying for a master's degree in economics.

Ques. What is the overall cost of studying in masters in economics in USA?

Ans: The overall cost of pursuing masters in economic course in US is around USD 40,000 (INR 3161680) annually

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