If you’re passionate about understanding how economies work, solving financial problems, and making data-driven decisions, then a Masters in Economics in USA can be a life-changing opportunity. The USA is home to some of the world’s best universities, offering advanced programs that shape future economists, analysts, and policy experts. A degree from a top US university not only enhances your knowledge but also boosts your career. According to the U.S. Bureau of Labor Statistics, jobs for economists are expected to grow 6% by 2032, and the average salary for professionals in this field is $113,940 per year.
In this topic, we’ll explore everything you need to know about Masters in Economics in USA.
Why choose USA For Master’s in Economics
Pursuing a Masters in Economics in USA is a top choice for international students due to its prestigious universities, high salaries, strong research opportunities, and career growth prospects. Below are reasons why studying economics in the USA is an excellent decision.
- Top-Ranked Universities: USA has 30+ universities in the top 100 for economics (QS 2025).
- High Salaries & Job Demand: Average salary for economists: $113,940 per year (BLS 2025).
- STEM-Designated Programs: Allows 3 years of OPT for international students.
- Wide Specialization Options: Fields like Financial Economics, Data Science, and Public Policy.
- Strong Research & Internship Opportunities: Work with IMF, World Bank, and Federal Reserve.
- High ROI: Tuition fees: $30,000–$60,000 per year, salaries up to $150,000 post-graduation.
- Scholarships & Funding: Aid from Fulbright, World Bank, and university assistantships.
- Top Employers: Companies like Goldman Sachs, Amazon, and McKinsey hire economics graduates.
- Networking & Career Growth: Access to global alumni networks & H-1B work visa opportunities.
- Multicultural Learning Environment: Over 1.1 million international students in the USA
Admission Requirements for a Masters in Economics in USA
Getting into a Master’s in Economics program in the USA requires meeting some basic requirements. Here’s what you need:
1. Education
- You need a 4-year bachelor’s degree in Economics, Mathematics, Statistics, or a related subject.
- Most universities ask for a minimum GPA of 3.0 to 3.5 on a 4.0 scale.
- Some programs require you to have studied calculus, microeconomics, and macroeconomics before applying.
2. Test Scores
- GRE (Graduate Record Examination): Some universities require it, but many do not (e.g., MIT, University of Wisconsin).
- English Proficiency Test: If English is not your first language, you need IELTS (6.5-7.0). TOEFL (90-100).
3. Documents Needed
- Statement of Purpose (SOP): A short essay explaining why you want to study economics and your future plans.
- Letters of Recommendation: Usually 2 or 3 letters from professors or employers.
- Resume (CV): A summary of your education, skills, and work experience.
- Transcripts: Official records of your previous education.
4. Work or Research Experience (Not always required, But Helpful)
Some universities prefer students who have done internships, research, or jobs related to economics. To get admission into the top universities it is advisable to have some work experience in the portfolio to boost your admission chances in Masters in Economics in USA.
5. Application Deadline
- Fall Intake (Most Common): Apply between December and February.
- Spring Intake (Fewer Options): Apply between August and October.
Types of Master’s in Economics Degrees in the USA
Master’s programs in economics vary in focus and structure. Below are the main types:
| Degree Type | Duration | Key Features |
| Master of Arts (M.A.) in Economics | 1-2 years | More theoretical, often includes a thesis. Suitable for students considering a PhD |
| Master of Science (M.S.) in Economics | 1-2 years | More quantitative, with a focus on data analysis, econometrics, and applications |
| Master of Applied Economics (M.A.E./M.S.A.E.) | 1-2 years | Practical focus on real-world economic issues and business applications |
| MBA with an Economics Specialization | 2 years | Combines business management with economic principles. |
| Master of Public Policy (MPP) or Master of International Economics & Finance (MIEF) | 1-2 years | Specialized programs for policy analysis or international finance. |
Top Universities for Masters in Economics in USA
Here are some of the best universities offering Master’s in Economics programs:
| Universities Name | Ranking | Program Name | Estimated Tuition (Annual) |
| Harvard University | 1 | Master of Economics (M.A.) | $55,000 |
| Georgetown University | 22 | Master of Science in Economics | $54,672 |
| Stanford University | 5 | M.A. in Economics | $56,487 |
| Columbia University | 6 | M.A. in Economics | $60,000 |
| New York University | 11 | M.A. in Economics | $53,000 |
| Arizona State University | 34 | Master of Science in Economics | $34,704 (Out-of-State) |
| Duke University | 15 | MS Economics and Computation MA in Economics | $58,600 |
| University of California, Los Angeles | 19 | Master of Applied Economics, Master of Quantitative Economics | $50,000 |
| University of Michigan | 18 | M.A. in Applied Economics | $48,000 |
| Cornell University | 7 | MS in Applied Economics and Management | $40,888 |
| Johns Hopkins University | 24 | Master of Arts in Economics | $58,720 |
| University of Texas at Austin | 36 | Master of Arts in Economics | $21,168 (In-State), $39,648 (Out-of-State) |
| Massachusetts Institute of Technology | 2 | Master of Applied Science in Data, Economics, and Development Policy | $57,590 |
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Master’s in Economics in the USA Without GRE
Many universities in the USA have started waiving the GRE requirement for Master’s in Economics programs, making the application process more accessible. Some programs have permanently removed GRE requirements, while others offer waivers based on GPA, work experience, or prior academic achievements.
Top Universities Offering Master’s in Economics Without GRE
| University Name | Program Name | GRE Requirement | Tuition Fees (per year) |
| Massachusetts Institute of Technology (MIT) | Master’s in Data, Economics, and Design of Policy (DEDP) | GRE Waiver Available | $57,590 |
| University of Wisconsin-Madison | M.S. in Economics | GRE Waiver Available | $12,197 (In-State), $25,305 (Out-State) |
| Ohio University | M.A. in Economics | Not Required | $9,444 (In-State), $17,436 (Out-State) |
| DePaul University | M.S. in Economics & Policy Analysis | Not Required | $43,000 |
| Southern Methodist University (SMU) | M.A. in Applied Economics | Not Required | $48,030 |
| California State University – Long Beach | M.A. in Economics | Not Required | $17,000 (In-State), $28,000 (Out-State) |
| American University | M.A. in Economics | Not Required | $47,000 |
| University of San Francisco | M.S. in Applied Economics | Not Required | $51,000 |
| Northeastern University | M.S. in Economics | GRE Waiver Available | $52,000 |
| The New School (New York) | M.A. in Economics | Not Required | $48,000 |
Program Structure and Curriculum to study Masters in Economics
Here is the program structure and course curriculum of Masters in Economics in USA:
Duration
Most Master’s in Economics programs in the USA are designed to be completed in one to two years of full-time study. Some programs offer part-time options, which can extend the duration to three or more years.
Core Courses
The curriculum typically includes a mix of core and elective courses. Core courses often cover fundamental topics such as:
- Microeconomic Theory
- Macroeconomic Theory
- Econometrics
- Mathematical Economics
- Statistical Methods
Elective Courses
Elective courses allow students to specialize in areas of interest. Common electives include:
- International Economics
- Labor Economics
- Development Economics
- Financial Economics
- Public Economics
Thesis vs. Non-Thesis Options
Some programs require a thesis, while others offer a non-thesis option that may involve additional coursework or a capstone project. The choice between thesis and non-thesis options often depends on the student’s career goals and academic interests.
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Career Prospects and Salary after Masters in Economics
Here are the career prospects and salary after graduating with a Master’s degree in Economics from USA.
Job Roles
Graduates with a Master’s in Economics can pursue a variety of roles, including:
- Economist
- Data Analyst
- Financial Analyst
- Policy Analyst
- Consultant
- Academic Researcher
Industries
Economists are employed in a wide range of industries, including:
- Government (e.g., Federal Reserve, Bureau of Labor Statistics)
- Financial Services (e.g., investment banks, hedge funds)
- Consulting (e.g., McKinsey, Boston Consulting Group)
- Technology Companies (Google, Amazon, Microsoft)
- Academia (e.g., universities, research institutions)
- Non-Profit Organizations (e.g., World Bank, IMF)
Salary Expectations
Salaries for economists vary based on factors such as experience, location, and industry. The following table provides an overview of median salaries for common job roles:
| Job Role | Median Salary |
| Economist | $120,630 |
| Data Analyst | $76,000 |
| Financial Analyst | $83,660. |
| Market Research Analyst | $63,920 |
| Investment Banker | $120,000+ |
| Policy Analyst | $80,000 |
| Consultant | $85,260 |
| Academic Researcher | $78,230 |
Top Employers for Economics Graduates
Master’s in Economics graduates in the USA get hired by leading companies, government agencies, and research institutions.
| Employer | Sector | Estimated Salary of Economist |
| Goldman Sachs | Finance | $140,000 |
| McKinsey & Company | Consulting | $135,000 |
| Federal Reserve Bank | Government | $120,000 |
| Amazon | Tech and Data | $125,000 |
| The World Bank | Policy and Research | $130,000 |
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Specializations in a Master’s in Economics
Students can tailor their degree based on their career goals. Some popular specializations in Masters in Economics in USA include:
- Financial Economics
Financial Economics focuses on the application of economic principles to financial markets and institutions. This specialization is ideal for students interested in careers in investment banking, asset management, or financial consulting.
- International Economics
International Economics examines the economic interactions between countries, including trade, finance, and policy. This specialization is suitable for those interested in working for international organizatiwolarships & Funding: Seek assistantships and external funding.
- Apply for a Student Visa (F-1 Visa): After receiving an admission offer.
Visa and Immigration Rules for International Students
International students need an F-1 Visa to study in the U.S. After graduation, they can apply for:
- OPT (Optional Practical Training): Up to 12 months of work authorization, extendable to 36 months for STEM-designated programs.
- H-1B Visa: Work visa sponsored by employers after OPT.
Comparison of Master’s in Economics vs. MBA in Economics
Many students are unsure whether to pursue a Master’s in Economics or an MBA with an Economics specialization. The table below highlights the key differences:
| Criteria | Master’s in Economics | MBA with Economics Specialization |
| Focus | Economic theories, econometrics, quantitative analysis | Business management, finance, and economic decision-making |
| Duration | 1-2 years | 2 years |
| Best For | Research, policy analysis, government, finance | Corporate management, consulting, investment banking |
| Tuition Fees | $40,000 – $65,000 per year | $60,000 – $100,000 per year |
| Career Roles | Economist, data analyst, financial analyst | Business strategist, investment banker, management consultant |
| Salary Expectation | $80,000 – $120,000 | $100,000 – $150,000 |
Best Cities in the USA for Economics Students
Choosing the right city for study and career opportunities can be crucial
| City | Why Choose This City? |
| Boston, MA | Home to Harvard, MIT, and leading research institutes. |
| New York City, NY | Financial hub with opportunities in Wall Street firms. |
| San Francisco, CA | Growing demand for data economists in tech firms. |
| Chicago, IL | Top-tier universities and economic policy research centers. |
| Washington, D.C. | Ideal for careers in government policy and think tanks. |
Common Challenges Faced by International Economics Students
Studying in the USA comes with challenges. Here are some common difficulties and how to overcome them:
| Challenge | Solution |
| High Tuition Costs | Apply for scholarships, graduate assistantships, and part-time jobs. |
| Competitive Admission | Maintain a high GPA and gain research experience. |
| Visa and Immigration Hurdles | Stay updated with USCIS guidelines and apply early. |
| Cultural Adjustment | Join student groups and networking events to integrate smoothly. |
Conclusion
A Masters in Economics in USA is a valuable investment for students aiming for high-paying careers in finance, consulting, policy analysis, and more. With strong academic programs, excellent faculty, and numerous job opportunities, studying economics in the USA is an excellent choice for aspiring economists.
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