Masters in Economics in USA: Top Colleges, Admissions, Fees, Scholarships, Jobs

Masters in Economics in USA is usually a 1-2 year-long program costing up to between 40,000 - 120,000 USD (32.53 lakhs - 97.57 lakhs INR). MS in economics in USA is offered at some of the best globally ranked institutions like MIT, UCLA, UC Berkeley, etc. The Program is also available with a MA degree which is majorly designed for those with a bachelor’s degrees in business or economics discipline. The average annual tuition fee for MA or MS in Economics is somewhere between 30,000 USD- 70,000 USD (24.39 lakhs - 56.91 lakhs INR) per year.

Admissions to international students for top economics colleges in the USA are offered mostly during the fall session. A Masters in economics in USA, is an entry-level requirement for becoming an economist in the country. Applicants can also apply for CPA USA, and sit for the CPA exam after completion of masters in economics in the USA. Those Completing an MA in Economics may earn an average salary of 79,000 USD (64.23 lakhs INR) per annum while graduates with MS in Economics earn an average salary of 84,000 (68.3 lakhs INR) per year .

Course Highlights

Top Universities for Masters in Economics in USA

Tabulated below are the top colleges for pursuing masters in economics in USA , along with the program deadlines and total fees:

Note: The economics program at MIT is a blended online/residency program. Students are required to first complete online MIT micromasters before applying for the DEDP program. The academic qualification for completing micromasters is judged on the basis of five rigorous courses along with in-person proctored exams.

What is a Masters in Economics?

Specialisations Offered:

• Financial Economics
• Macroeconomics
• Microeconomics
• International Economics
• Game Theory
• Industrial Economics

A Master's in Economics in USA will help you investigate factors involved in the consumption, production, and distribution of goods and services. It will help a student understand the dynamics of economic actions and their effect on both consumers and the company.

Why Study Masters in Economics in USA?

• Seven US universities have found prominent places in the top 10 Economics colleges in the world.
• Projected employment in the field of economics is around 22,800 by 2028 as per BLS, USA. This is the second most growing industry as projected for 2018-2028.

• The median pay of an economist is around 104,340 USD/annum.
• Top recruiters include Federal government (22%), scientific research and development services (19%), management and scientific-technical consulting services (13%), state government (9%), and finance & insurance (6%).

Masters in Economics in USA: Admissions Requirements

When planning to study in the USA, international applicants are required to fulfil specific criteria to be admitted to their college of choice. Various entrance tests are also required for pursuing higher education in the USA. International students must be familiar with the admission requirements for studying in the USA before making applications. The basic admission requirements for pursuing masters in economics in USA are as follows:

Masters in Economics in USA: Eligibility

• To study in the US one must have 16 years of education, which is 10+2+4. Suggesting a 4 year bachelors is mandatory for pursuing masters in the USA.
• Language proficiency:
  • IELTS: 7.0 - 7.5
  • TOEFL: 90 -100
• GRE score between 300 - 320
• Funding to support their studies
• USA student visa, applications for which can be made after acceptance in a university.

MS/MA in Economics in USA Requirements

International applicants must be aware of the deadlines, requirements and admission process to study in the USA. Given below are the details of the documents required for pursuing MA/MS Economics in USA:

• Official transcripts: Usually required at the time of accepting offers. May be required along with the applications. In other cases, applicants may be asked for certified copies of transcripts
• English language test scores of IELTS, TOEFL or equivalent
• 2 to 3 Letter of Recommendation
• SOP/Personal Statement/Letter of Intent
• Resume:

Also Check:

How International Student can Pursue CPA in USA

CPA USA (Certified Public Accountant) is an accounting qualification where an individual with required education and experience is granted a licence to practise in USA. To obtain the licence international applicants are required to sit for the CPA exam conducted by AICPA (American Institute of Certified Public Accountants). The details of CPA USA are given below:

Cost of studying a Master of Economics in USA

Cost of studying a Master of Economics in the USA can be broadly categorised into tuition fees, cost of living, etc. The estimates for each segment are stated below:

Tuition Fees

The overall cost of pursuing the program from top economics colleges in USA ranges from 40,000 - 120,000 USD (32.52 lakhs - 97.57 lakhs INR). This amount may seem too much for a student on a budget. You can always apply for scholarships available to study masters in USA. The below table shows annual tuition fees for Master of Economics in each university:

Cost of Living in USA

The cost of living is an important fragment of the cost of studying in USA. It is important for an international student to be prepared to spend a humongous amount on the cost of living when expenses are not monitored well. Given below are minimum annual living expenses for each university:

Masters in Economics in USA: Scholarship

Studying masters in USA can burn a hole in your pockets if the budget is not well planned. Students are henceforth suggested to ensure that they apply for the scholarship available to international applicants to ease down this burden. There are a variety of funding options available to Indian Students in the USA. Read some of the popular scholarships available for international students in the USA:

In case you are unable to get any of the scholarships, loans available for international students in USA are another option for funding your studies.

Masters in Economics in USA: Jobs Opportunities

One of the most reputed job designations for applicants who have completed their masters in economics is CPA in USA. Apart from CPA, you can be hired as an economist and at other posts. Some of the job trends related to the field include:

• Masters in the entry-level degree in the field in USA.
• The largest employment is offered by the federal government (22% of the total).
• Around 65% of economics graduates get employed within six months of completion of degree and around 15% go for further studies.
• Financial analysts’ jobs will grow by around 11% by 2026.

Tabulated below are top paying jobs after MA/MS in Economics in USA:

Also Check: Jobs and Post-degree opportunities in USA

Masters in Economics in USA: Comparison By University

Comparison of top universities in USA for Master of Economics program on the basis of program/degree they offer along with basic admission criteria:

Masters in economics in USA, a degree best suited for students with a previous background in economics or advanced mathematics can cost you anywhere around 40,000 - 120,000 USD (32.52 lakhs - 97.57 lakhs INR). With education giants like MIT, Stanford, UC Berkeley, UCLA offering the program, MS in economics in USA is considered one of the best masters in economics programs in the world. The degree is capable of offering you lucrative jobs with cushy median salaries of up to 200,000 USD (1.62 Crores). The degree opens your pathway to pursuing a PhD from the USA, which can offer you a hike of as much as 23% on your previous salaries.

FAQs

Ques. What is the cost of studying for a Masters in Economics in USA?

Ques. Can I become an economist with a Masters degree in USA?

Ques. Should one take the GRE or GMAT to study masters in economics in USA?

Ques. Is it possible to study Masters in economics in USA without GRE?

Ques. What is the eligibility to pursue masters in economics in USA?

Ques. What are the top universities for masters in economics in USA?