Learners in economics graduate programs study individual and organizational behavior, macroeconomic theories, and the role of government policy in shaping the economy.
A master's degree in economics prepares graduates for opportunities in several fields. Graduates can pursue positions in business, financial services, healthcare, and technology. Many economics careers feature above-average earning potential. For example, according to the Bureau of Labor Statistics (BLS), economists earned a median annual salary of $105,020 in 2019. The BLS projects employment for these professionals to increase 14% from 2019 to 2029, much faster than the average for all occupations.
Working students can pursue their master's in economics online. These programs offer flexibility and accessibility, which can help enrollees earn their degree while fulfilling other responsibilities. Economics students typically complete their online master's program in about two years.
This article ranks the most affordable economics master's online programs. The following sections also explore career prospects and earning potential for graduates, common program requirements, and scholarships for master's students in the field.
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Top 10 Cheap Online Master's of Economics Programs 2021
This list ranks the most affordable online economics master's programs for 2021. By choosing one of the most affordable economics master's, online students can advance their career while minimizing debt. Learners can use the ranking below to begin identifying programs that fit their budget and career goals.
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Career and Salary Outlook for Economics
An online master's in economics prepares learners for a variety of careers in growing fields. Graduates often work as economists, financial analysts, and budget analysts. These roles offer above-average salaries, and the BLS projects strong job growth for these professionals.
In addition to the following career opportunities, individuals with an economics master's degree can pursue roles in financial services, business management, and research. Health economics specialists can work in the healthcare industry, while an econometrics concentration can lead to opportunities as economic forecasters and econometricians. Graduates can also pursue a doctorate to qualify for positions as economics professors.
| Career | Median Annual Salary | Projected Growth Rate (2019-2029) |
|---|---|---|
| Economists | $105,020 | 14% |
| Financial Analysts | $81,590 | 5% |
| Postsecondary Teachers | $79,540 | 9% |
| Budget Analysts | $76,540 | 3% |
Source: BLS
Accreditation for Economics Programs
Prospective students should check each school's accreditation status before applying. Accredited universities meet high standards for educating students and granting degrees. Academically oriented schools typically earn regional accreditation, which is considered the most prestigious type of accreditation. To obtain regional accreditation, institutions must demonstrate strong student learning outcomes, faculty qualifications, and degree requirements.
Accreditation benefits students in important ways. Credits from accredited schools transfer easier to other institutions, and many graduate programs require applicants to hold a bachelor's degree from an accredited school. Employers often prefer candidates with a degree from a regionally accredited institution. Only learners at accredited schools can receive federal financial aid.
Learners can use the U.S. Department of Education's searchable database to check the accreditation status of any school or program.
Courses in Online Economics Programs
While pursuing any of the most affordable economics master's programs, online students typically complete coursework in economic reasoning, microeconomic theory, macroeconomic theory, and econometrics. These classes help learners build strong research and analytical skills, which graduate students apply to a capstone project or master's thesis.
Learners in graduate-level economics programs often focus their studies by choosing a concentration. Common specialization options include applied economics, econometrics, health economics, and economic theory.
Many online economics master's programs feature the following courses. However, curricula vary by program, so learners should contact their prospective school to verify course availability.
Economics Method and Reasoning This class explores the critical approaches used in economic research. Students learn to identify economic problems, collect and analyze data, and draw conclusions. Graduate students read academic works in the field and develop foundational skills required for advanced master's courses.
Microeconomic Theory and Policy Learners examine the role of behavior in the marketplace. Students explore individual choices, organizational behavior, and market structure, along with influential microeconomic theories. Coursework also examines microeconomics policy and analyzes the role of government in creating economic incentives.
Macroeconomic Theory and Policy This course explores economic trends, theories, and current issues. Learners explore macroeconomic concepts including policy, consumption and investment, and trade. Students also examine the application of macroeconomic theories in research and policymaking.
Mathematical Economics Economists rely on mathematics to perform their job duties. Students in this course build the math skills necessary for graduate-level economics research. Topics may include algebra, precalculus, and statistics. Learners study integration, optimization, and differentiation to prepare for high-level coursework and careers in the field.
Econometrics Students in this class learn to use statistical and mathematical approaches to answer economic questions. This training prepares learners to test hypotheses and forecast economic trends. Coursework introduces students to sample selection, variables, data evaluation, and common econometrics software programs.
Scholarships for Economics Students
Economics graduate students can qualify for many scholarships. The economics discipline bridges social science and business, allowing economics degree-seekers to apply for scholarships in both fields. Private foundations, professional organizations, and government agencies offer scholarships for economics students. Applicants can also research scholarships based on their school or state.
NSF Graduate Research Fellowship
Who Can Apply: The National Science Foundation provides this fellowship to support students in research-based master's programs. Applicants must attend an eligible program at an accredited institution and must provide electronic transcripts, three recommendation letters, and a goals statement.
Amount: $34,000
Hsiao Memorial Social Sciences Scholarship
Who Can Apply: Named for an economics professor at Indiana State University, this scholarship supports economics graduate students with a minimum 3.0 GPA. The committee prefers applicants with Asian heritage who are studying topics related to social or economic need.
Amount: $1,000
GFOA Scholarships
Who Can Apply: The Government Finance Officers Association offers scholarships for economics graduate students who plan to pursue careers in government finance. Applicants must submit a recommendation letter.
Amount: $5,000-$20,000
AfterCollege Business Student Scholarship
Who Can Apply: The Government Finance Officers Association offers scholarships for economics graduate students who plan to pursue careers in government finance. Applicants must submit a recommendation letter.
Amount: $5,000-$20,000
AfterCollege Business Student Scholarship
Who Can Apply: This scholarship supports business graduate students, including learners pursuing an economics degree. Applicants need a minimum 3.0 GPA and must provide information about their work experience, honors, and skills.
Amount: $500
Beinecke Scholarship
Who Can Apply: Graduate students in research-focused disciplines can apply. Applicants must be studying a humanities or social science field, such as economics. Candidates must demonstrate intellectual ability and must have received need-based financial aid during their undergraduate studies.
Amount: $34,000
