Thinking Of Pursuing a Master’s (MS) in Economics? What You Must Know

Master's in Economics

Economics is a widely studied subject globally, equipping students with knowledge about essential topics like taxation, wealth, interest rates, inflation, and more. These subjects directly influence our decision-making abilities and financial well-being. If you are interested in pursuing a career in economics or a related field, a Master’s in Economics can be a valuable asset. 

In the USA, many top-ranked institutions offer MS in Economics programs, exposing you to a dynamic realm of analysis, critical thinking, and decision-making across diverse sectors, ranging from finance to shaping government policies. These programs are also available as MA degrees in the USA, primarily designed for those with a background in business or economics and interested in pursuing a career in academia or research.

In this blog, we will explore the scope, eligibility criteria, and some prominent universities, with a focus on the United States, for those aspiring to undertake a Master’s in Economics.

Eligibility Criteria

Master’s(MS) in Economics in the US is a 2-year postgraduate program with 4 semesters. While admission requirements for Master’s in Economics programs can differ by university and country, several eligibility criteria are common in most of them.

Bachelor’s degree

Most master’s programs typically require a bachelor’s degree, which is usually a 12+3 year program. If you’ve studied economics or related fields like math, finance, or statistics during your bachelor’s, it can provide a strong foundation in economic theory and analytical skills. 

However, some institutions may not accept a 12+3 year degree, so it’s a good idea to email universities in advance with your academic transcripts to confirm eligibility. Be prepared for a WES evaluation of your undergraduate credentials if necessary. 

If you’re a current undergraduate student in India pursuing a 12+3 degree and want to apply for US-based MS programs, there are one-year PG diplomas offered by top Indian institutes such as the IITs, IIMs, and NITs which you can consider to improve your academic profile.

GRE or GMAT Scores

Some U.S. universities ask for GRE or GMAT scores for Master of Science in Economics (MScEcon) applications, but not all. If needed, it’s a good idea to take these tests and score well. At LilacBuds, we partner with alumni from leading global universities to offer comprehensive online GMAT, and GRE preparation. The aim is to show your analytical skills to admissions committees and increase your chances of getting into the program.

English Proficiency

MS in Economics programs are typically English-based, requiring fluency in reading, writing, and speaking. To enroll, proof of English fluency through TOEFL, IELTS, or PTE is essential, with varying requirements (e.g., 7 on TOEFL or 6.5 on IELTS). Understanding the need, we have meticulously designed test preparation courses to help students with standardized tests and meet the language proficiency prerequisites.

Letters of Recommendation

For MS admission, you’ll usually need letters of recommendation from professors or professionals who can vouch for your academic and analytical abilities, work ethic, and potential for success. Since the recommendation is for MS in Ecom, it is best if your LOR highlights your skills in areas such as data analysis, marketing, product management, and customer service.

Statement of Purpose (SOP)

It is also helpful to provide the admission committee with a copy of your CV, a well-crafted SOP that outlines your academic and career goals.

In your SOP, you should discuss the key topics:

  • Why are you interested in MS in Ecom?
  • What are your relevant skills and experience? 
  • Why are you a good fit for the program?

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Which is the Right University For You?

The United States is home to some of the world’s top universities for economics, making it a popular destination for aspiring economists. 

Here are the best institutions in the US you can consider for MS in Economics. 

University Why is it the best choice?
Massachusetts Institute of Technology (MIT)
  • World-renowned faculty of economists
  • Rigorous and challenging curriculum.
  • Economics program with great research opportunities
Stanford University
  • Close to Silicon Valley
  • Gives exciting chances to combine economics, technology, and entrepreneurship
Georgetown University
  • A diverse set of courses
  • Expert faculty expertise in various economic subfields
University of Chicago
  • Known for its “Chicago School” of economics
  • rigorous approach to economic analysis
Yale University
  • Economics program which emphasizes interdisciplinary study and collaboration with other departments
Columbia University
  • Best private university
  • located in New York City, prime for e-commerce opportunities
  • Top ranked MS Ecom program 
  • World-class faculty, active in research and industry
UT Austin 
  • Highly ranked public university, known for academic excellence
  • Strong alumni network in various industries

In addition to the above institutions, you can also consider UNC Chapel Hill , Georgetown, Boston University to pursue MS in economics in the US.

Financial Considerations

Tuition fees for a Master’s in Economics in the USA range from $20,000 to $60,000 annually for international students, with public universities being more affordable than private ones. For instance, public universities in California charge around $12,000 to $26,000 per year for non-resident students, while private institutions may cost $40,000 to $55,000 per year. Additionally, living expenses like housing, food, and transportation can average around $20,000 to $30,000 yearly in the USA.

There are several ways to finance the cost of studying in the USA, including scholarships, loans, and work-study programs, along with financial aid from universities.

When planning to pursue a Master’s in Economics in the USA, conducting thorough research on the different programs and universities, their costs, living expenses. and financial assistance becomes necessary.

Career Opportunities After MS in Economics

A Master’s in Economics can lead to a variety of rewarding career opportunities, in fact, some of the highest-paying positions, in academia, government, and the private sector. Economists work in a wide range of industries, including banking, finance, consulting, and public policy.

Some common job titles for economists, their responsibilities, and their average salary(in US) include:

Job Titles What do they do? Average Salary (USA)
Financial analyst  Analyze financial data and make recommendations to businesses and investors. $60,000-$90,000
Market research analyst Collect and analyze data about consumer behavior and market trends. $50,000-$80,000
Economist Study the production, distribution, and consumption of goods and services, while evaluating economic issues. $80,000-$1,10,000
Data scientist Collect, analyze, and interpret large datasets to develop new products and services, improve operational efficiency, or identify new market opportunities. $120,000-$1,50,000
Policy Analyst Analyze the impact of government policies and programs. $55,000-$80,000
Consultant Assist companies in making improved decisions, involving tasks like crafting strategic plans, optimizing operations, or introducing new products and services. $75,000-$ 1,00,000
Professor Teach economics courses at colleges and universities. They also conduct research and publish papers in academic journals. $1,30,000-$1,50,000

Pursuing a Master’s in Economics offers a world of opportunities for individuals intending to contribute to shaping government policies to influencing business decisions. 

With esteemed universities and a diverse job market, the US remains a prominent destination for aspiring economists. However, achieving this academic milestone requires careful consideration of your career goals, financial standing, and eligibility criteria. This is where LilacBuds, the admission consultants specializing in aiding your study abroad journey, come in. Our clients have got admits to Yale, Georgetown, Columbia, LSE, Warwick, and many more.

With our guidance and support, we ensure you fulfill all requirements, while making the best choice for yourself. Contact us now and take your first step on this rewarding career.

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