10 Best Deals: Master’s Degree in Economics Online 2023

Every thriving society relies on a healthy economy. If your undergraduate work was in economics, you have:

• a solid understanding of economic theory
• the analytical skills to interpret how policies will affect markets
• the ability to make managerial decisions

You may now be considering the move to increase your earnings while also attaining greater job satisfaction. Earning a master’s degree in economics online will help you achieve these goals. Here you will find some of the best online economics masters degrees out there.

A great incentive to go back to school is that the employment future for those who hold online master’s in economics is bright. About 80% of advanced degree holders find work in:

• banks
• consulting firms
• research institutes
• international organizations

The remainder are hired by government authorities and other agencies. Job growth is projected to be high for those with a master’s degree in economics online.

As with any master’s coursework, the degree may be considered as terminal or as the required precursor for a doctoral degree. The time spent on achieving a master’s degree is typically 18-24 months. For students not planning to proceed to doctoral work, a thesis is often a requirement.

Earning a master’s degree in economics covers the major fields of:

• economic theory
• applied economics
• econometrics

Within these three broad categories, students will study:

• macroeconomics
• microeconomics
• applied fields
• methodology
• other related subjects

Most programs currently emphasize mathematics as the most important element of study.

What does an online masters economics do?

Because healthy societies depend on healthy economies, economists are influential people. They will always be necessary to assess how government and business policies impact life. Those who can analyze complexities in markets are especially essential.

An advanced degree in economics will provide you with the ability to work with:

• numbers
• large sets of data
• variables

You will be able to move into a variety of high-paying careers, such as:

• financial management officer
• quantitative analyst
• data analyst
• liability/claims adjuster
• research officer
• planning analyst
• industry analyst
• performance research analyst.

Listed below are other specific careers you will be eligible for, along with job descriptions:

Actuaries assess the economic dangers of monetary risk using:

• statistics
• financial theory
• mathematics

As an economist, you will assess information about the nation’s economy, which includes:

• labor statistics
• productivity
• earnings
• prices

In addition, you will predict future spending outlays and keep government and policy bodies informed as to the economic effect of laws and regulations.

As a financial analyst, you will analyze a specific area of economics, such as a product or region, to understand how new factors will influence investments.

As a data scientist, you will use the skills and information of this relatively new field to bring order to the mass of information available to modern agencies and businesses.

As a statistician/econometrician, you will use statistical procedures to analyze data and help untangle knotty problems in the worlds of:

• engineering
• science
• business
• other fields.

Do you need a specific kind of bachelor’s degree or background?

Applicants for a master’s degree in economics must have the following elements in their undergraduate background:

• A bachelor’s degree awarded by an accredited college or university
• A GPA of 3.0 (on a 4.0 scale)

These three economic courses must be passed with at least a B:

• Introductory microeconomics
• Introductory macroeconomics
• Calculus, or the equivalent

However, any of these can be substituted by a CLEP exam, with a grade of 65, scaled, or an AP exam, with at least a grade of 4.

What does the degree cover?

The online master’s degree in economics emphasizes the broad areas of:

• economic development
• financial economics
• regulatory issues

Academic programs provide a basis for creating economic models with quantitative procedures such as econometrics. They also offer ways to apply economic analysis in settings that may range from the Applied Economics/Business concentration to the Advanced Theory or option for a thesis.

Any optional or additional coursework is dependent upon the emphasis of the program. In degrees that emphasize theory, students often study the usual main subjects, but at deeper levels. For those planning to earn only a master’s degree, coursework will delve into economic issues involving:

• labor
• industry
• health
• agriculture
• development
• public finance

Students may also pursue a specialization in a particular area, such as:

• agricultural economics
• development economics
• financial economics
• international economics, or others.

What are entry requirements for an online masters economics?

Applicants must have achieved undergraduate work in calculus-based economics, at least at the intermediate level, and usually as a major. A necessary level of mathematical training may include courses in:

• linear algebra
• mathematical analysis
• probability
• statistics.

These will be useful for very technical courses you will take like applied economics and game theory.

What degree program should I choose?

Your master’s degree focus will depend on your own interests. Are you intrigued by policymaking? You might like the idea of employment in:

• a bank
• international organization
• government agency

You should consider an online master’s degree in policy economics. If you dream of research and analysis with employment in a financial institution, you might pursue a graduate degree in quantitative economics online. Financial aid is another factor. Federal financial aid isn’t as good for master’s degrees. However you may be able to get financial aid from your company or organization. And some programs have better financial aid than others. So make sure you make a lot of inquiries.

What jobs are available for degree holders?

A wide range of employment opportunities are available for those with a master’s degree in economics online, including:

• economist
• policy analyst
• professor
• consultant
• budget analyst
• data scientist
• statistician
• market researcher

A larger and more current list can be found by searching JOE (Job Opportunities for Economists).

How do I find the online master’s program that is right for me?

Any online college can be assessed in the same ways as traditional academic institutions. Legitimate colleges and universities provide:

• an appealing faculty to student ratio
• accreditation
• essential and desired courses
• competitive tuition

Potential students may verify each of these elements electronically.

You need to measure other factors on a subjective basis:

• sufficiency and flexibility of course offerings
• course materials
• turnaround time for evaluation of assignments
• technology support
• post-graduation career resources

Are a particular school’s tech support centers, for instance, within reach 24/7? Does the college offer assistance in finding employment after graduation?

If you’re interested in an online master’s degree in economics you should make sure that a desired school’s online coursework fulfills your state’s requirements for licensure. Online master’s degree programs in economics may include an internship so that students will be able to put to use what they have learned in their classroom learning and experiences. Also, many colleges and universities require a period of on-campus attendance. So it is in your interest to see if this requirement applies to the program for which you are applying. College rankings like this one are a great way to collect a lot of information quickly!

What salaries can I expect?

Salaries vary from region to region but may range from $59,000 to $90,000 for those holding a master’s degree in economics. Listed below are a few sample average yearly salaries (payscale.com):

• Analyst manager–$89,000
• Data analyst–$58,000
• Senior data analyst–$80,000
• Economist–$82,000
• Financial analyst–$63,000
• Senior financial analyst–$83,000
• Research analyst–$57,000

According to the Bureau of Labor Statistics (BLS), employment for actuaries will increase about 18% by 2024. Employment for financial analysts will grow 12% by 2024, which exceeds the average for all occupations. Between 2016 and 2026, overall employment of economists is predicted to grow 6 percent, in keeping with the average for all occupations. Job prospects should be greater for those holding a master’s degree or Ph.D., and who show strong analytical abilities and experience in using statistical analysis software.

Why should I study online instead of in a traditional brick-and-mortar college?

If you have already set out on a career, or you have personal responsibilities, working toward an online degree has many advantages. While pursuing an online education, you can work at your own pace as you fulfill your daily duties. Many colleges and universities charge a lower tuition for online classes. A extra benefit is that you will save on:

•  gas
• parking fees,
• travel time

Some online schools offer an accelerated course of study for those wishing to complete a degree more quickly.

Does getting an online degree result in a different diploma than those awarded by a brick-and-mortar college?

Online coursework is most often exactly comparable to courses offered in traditional classes Your diploma will look the same as those earned by students who physically attend the school. Programs are created so students may complete them wholly online. In certain segments of the courses, students will work together.

How will I pay for an online masters in economics?

Some online schools may offer the same tuition rate to out-of-state students as to those who are in-state. A master’s degree typically requires a year and one-half to two years of full-time study. You usually must complete from 36 to 60-semester credits of study (or 60 to 90 quarter-credits). This equals 12 to 20 college courses.  Federal student aid and scholarships are available in the same manner as for traditional college students.

What kinds of skills does online college require?

Online studies call for a particular set of organizing skills and discipline toward responsibilities. Most colleges and universities have a short online test for assessing these skills. Much of what you learned in achieving your bachelor’s degree will still apply to online graduate school. Technical savvy is obviously important in online education. However,  your ability to search for and read this article shows that you have the needed skills to pursue an online master’s degree in economics.

Ranking Methodology for Online Masters Economics Degree

This ranking of the 10 best deals on online master’s in economics programs used several factors. Those factors are shown at this link.

Top Offerings: Masters in Economics Online

#1 – West Texas A&M University

Online Master of Science in Finance and Economics

Website

The MS in financial economics online masters degree at WTAMU does not require a business degree. The program is 36 to 45 credit hours and is available 100% online. Local students who wish to take some courses on campus may do so. Most students complete the program within two years. There are five semesters. Spring, Fall, and two summer semesters. This is a great and flexible way to earn your master’s in economics online.

Tuition: $5,760

#2 – University of North Dakota

Online Master in Applied Economics and Predictive Analytics

Website

The online master’s in economics at University of North Dakota is 30 credits. The program is normally completed in two years. This program fuses the two fields of economics and data analytics. The program also covers machine learning approaches to these subjects which is cutting edge. This is a high value degree. Economists and data analysts with this degree can expect explosive job growth in the field. BLS estimates a 10-year growth rate of 22%. The BLS estimates a median salary in the field of $127,000 per year.

Tuition: $12,257

#3 – Youngstown State University

Online Master of Arts in Financial Economics

Website

This online master’s in economics prepares you to make financial decisions for organizations. The program covers topics like corporate-level financial management. The program also covers othe areas of finance. It’s ideal for people in banking, insurance, and financial advising. The degree is normally completed in two years. Graduates from the program work for companies like First National Bank and HBK Valuation Group.

Tuition: $12,989

#4 – University of Missouri

Online Master of Arts in Economics

Website

This masters in economics online, like the others featured, requires no campus visits. The program is 30 credits. The program is typically completed in two years but can be completed faster. The University of Missouri recognizes the importance of data science and data analysis in economics. The program focuses on data analytics applications. Subjects cover analytics software, programing language, and their use in economics. You can choose four electives, which allows you to tailor your degree to your needs.

Tuition: $15,780

#5 – Georgia Southern University

Online MS Applied Economics

Website

This degree is designed to develop your analytical skills in economics. This includes economic development and financial economics. The focus is applying quantitative and analytical skills to market analysis. Applicants to Georgia Southern University must have an 3.0 or higher GPA. They must have completed courses in calculus and statistics. Macro and micro economics courses are also required. Relevant work experience is also considered.

Tuition: $19,890

#6 – Purdue University

Online Masters Economics

Website

Purdue’s Krannert School of Management at Purdue University is a top business school. It’s rare to find online programs in such a school priced so low. This online masters degree in economics offers three specializations. These are business and data analytics, financial economics, and public economics and policy. Data science is more and more essential in economics. The faculty in this program teach with cutting edge methods. They employ big data, machine learning, and advanced software. They also use game theory and experimental economics in the classroom.

Tuition: $21,087

#7 – University of Detroit Mercy

Online Masters Economics

Website

Detroit Mercy offers two online master’s in economics degrees. These are an MA in economics, and an MA in financial economics. Both are flexible 30-credit programs. The first degree focuses on economics in a more general sense. The financial economics degree focuses on the world of domestic and international finance. The online program can be completed in just one year. GRE and GMAT are not required for admission.

Tuition: $21,276

#8 – Ball State University

Online MBA in Health Economics, Policy, and Administration

Website

This is the only MBA included in this ranking. While there are many cheap MBA programs online, few are AACSB accredited. This one is. It also offers a concentration in health economics. It’s lighter on the economics than the other degrees in the ranking. But the program is perfect for healthcare professionals looking for an online economics master’s tailored to their field.

Tuition: $21,546

#9 – George Mason University

Online Master of Financial Economics

Website

This nationally ranked economics program focuses on providing students with flexible world-class education. Students study real world problems. They conduct research in government, policy, business, and nonprofit settings. The resources of the on-campus career center are made available to online students. Rolling admissions means you can apply to start your online degree now. George Mason’s location just 40 minutes outside Washington DC makes it a great place for people who want to work in or around the federal government.

Tuition: $27,000

#10 – American University

Online MA Economics, Applied Economics Specialization

Website

Students can complete this masters degree in economics online at American University in just 20 months. The school’s Washington DC location is perfect for economics students. There are plenty of internship and job opportunities for economists in that city. The renowned faculty are often sources for major media companies in the United States. They have been quoted in the Los Angeles Times, CNN, and The Boston Globe. 96% of this program’s graduates are working in the field or earning another graduate degree within six months.

Tuition: $37,447

Updated by Adam Birch 2023

Other rankings of online programs:

This concludes our ranking of the top ten great deals on online masters economics degrees.