The Top 6 Schools for a Master’s in Economics Online | 2024 Best Programs List

A master’s in economics online can lead to a rewarding, engaging, and interesting career. These degrees, which can be accessed entirely online, help you understand the principles of trade, production, pricing, demand, supply chains, labor, and countless other factors that are part of the overall economy.

Does money make the world go around? Everyone will have a different answer, but one thing is certain: money matters. (How much it matters is the real debate.) And because it matters, companies, businesses, and people need economists who understand how to manage, spend, invest, and save.

Choosing the right degree for your future can be difficult, so it’s important to research the programs and select the best online economics master’s degree for your specific needs. Let’s look at the top programs, so you can make the best choice for your interests and career goals…

Article Navigation: How Do These Programs Work? | Types of Economics Master’s Programs | The 6 Most Prestigious Master’s in Economics Online | Master’s in Economics Online: Potential Careers | How to Become a Certified Business Economist | Become an Economics Expert with a Master of Arts in Economics Online

How Does a Master’s in Economics Online Work?

A master’s in economics is a challenging degree that requires months of rigorous study. Thanks to online learning, however, the programs are more accessible and convenient. The process starts by selecting a degree and applying to the program. It ends with graduation and, most likely, a job as a top economist.

Just like there are different types of economists, there are various types of economics degrees. Aspiring economists can choose between a Master of Arts or a Master of Science. They can also choose a Master of Applied Economics, which has a specific focus on the practical application of economic principles.

Once you select a program, you’ll need to apply through the school. This will include numerous documents such as transcripts, letters of recommendation, and a statement of purpose. Assuming you are approved, the classes will be hosted online with various lectures and class discussions that you must join. You’ll need to make sure your software and programs are compatible with the school’s platform.

Some programs allow you to access recorded lectures while others require attendance at certain times.

Most programs last about two years, but there exist accelerated options that can take only 12 months to complete. Some schools offer a master’s in economics part-time, although this type may take longer to complete.

Once complete, you can become a leading professional in economics. But first, you need to select the right type of master’s degree.

Types of Economics Master’s Programs

A master’s degree in economics online can come in many forms. There are countless specializations and areas of focus. But, first, you need to select a Master of Arts (MA), a Master of Science (MS), or a Master of Applied Economics.

Master of Arts

A Master of Arts degree is the most broad, rounded, and theoretical of all the different options. Like a Bachelor of Arts degree, these programs are based on the liberal arts. While they focus on economics, they will weave in various aspects of history, literature, and the social factors that may impact, or be impacted by, economic principles.

For example, one of the top Master’s in Economics online programs is an MA from the University of Detroit Mercy. This degree requires students to complete classes in financial economics and the theory of global trade. There are also courses in labor economics, economics of the public sector, and business forecasting. Elective classes are far-ranging, allowing students to pursue specific interests.

Master of Science

A Master of Science in Economics is more technical, scientific, and mathematical. There will be lessons on the history of economics and economic literature, but most of the courses will dial into specific, technical subjects.

The MS in Economics from Purdue University provides a strong example. This degree includes core courses in econometrics, math for economists, and statistical analysis. Students in the business and data analytics focus complete coursework in advanced quantitative economics and financial econometrics.

Master of Applied Economics

If you’re looking for a Master’s in Economics online that has the most applicable and practical uses, a Master of Applied Economics is the best choice. Quite simply, these degrees focus on how economic principles apply at the everyday level. Other economics degrees explore broad-level production, distribution, and consumption of goods and services, while applied economics takes a deeper, more ground-level approach to how these principles are applied.

Applied economics is, essentially, the economics of everyday life. Students in an applied economics program study how economic theories impact real-world situations. The courses often use mathematics to predict outcomes based on numbers, research, and analysis.

The 6 Most Prestigious Master’s in Economics Online

1. University of Detroit Mercy

   Degrees: Master of Arts in Economics; Master of Arts in Financial Economics
   Tuition (In-State & Out-of-State): $953 per credit hour
   Accreditation: Higher Learning Commission

   This Master of Economics online comes with a classic liberal arts education. Students don’t just learn the fine details of economic theory. They also learn about history, institutions, and cultures that shape the global economy. This is a flexible online program that prepares students for immediate job placement but can also be used to advance into a doctoral program.

   After graduation, students understand the fine details of economics. In particular, how these systems are part of all institutions, governments, and industries. They will understand, and have a strong awareness of the moral, legal, and ethical issues involved in the world economy.

   The program consists of 30 credit hours, including 15 credit hours from required courses. These required courses, which all students must complete, include “Economic Analysis of Enterprises,” “Quantitative Foundations for Data Analysis,” and “Theory of International Trade.” Students must complete either five additional elective classes or a master’s thesis and three electives. There are over 20 electives. You can consider subjects ranging from broad economic policy to quantitative foundations in data analysis.

   Detroit Mercy, founded in 1877, is the largest Catholic university in Michigan.  Accredited by the HLC, the school offers numerous online programs, including this world-class economics master’s online.

   Find Out More:
   Master of Arts in Economics
   Master of Arts in Financial Economics

    

2. George Mason University

   Degree: Master of Arts in Economics
   Tuition (In-State & Out-of-State): $1,065 per credit hour
   Accreditation: Southern Association of Colleges and Schools Commission on Colleges

   Offered through George Mason’s College of Humanities and Social Sciences, this MA program takes a wide approach to economics. It blends a variety of economic theories, allowing graduates to look at issues from many perspectives. Graduates understand the fundamental issues impacting the global economy, as well as different ways to understand and analyze these issues.

   Classes in this degree consist of five core courses and a series of electives. Core courses cover micro- and macroeconomics, mathematical economics, and applied econometrics. Students can select from electives in detailed topics like “Causal Inference in Economics,” “Experimental Economics,” and “Market Process Theory.”

   This is an ideal program for current professionals advancing their careers. Thanks to a flexible format, the program can accommodate nearly any student. While an undergrad degree in economics is encouraged, applicants with degrees in other fields are welcome to apply.

   Find Out More:
   Master of Arts in Economics

    

3. Purdue University

   Degrees: Master of Jurisprudence/MS in Agricultural Economics, MS in Agricultural Economics/International Agribusiness, Master of Science Economics
   Tuition (In-State & Out-of-State): $4,859.00 per semester
   Accreditation: Higher Learning Commission

   Purdue University has established itself as one of the nation’s leaders in online education. Students seeking an economics master’s can enroll in one of four programs through Purdue’s online school.

   Purdue offers many master’s degrees in economics and each has a unique specialization. For example, the MS in Economics divides into four specializations. Three of the options are completely online, while the fourth is a hybrid option that requires a full year of in-person attendance.

   There is also a Master of Jurisprudence, a law program that focuses on agricultural economics. This degree covers issues like development, trade, policy, and agribusiness issues. If you desire a degree focused specifically on agribusiness, the Master of Economics focused on international agribusiness may be the best choice.

   If you are pursuing the Advanced Theory focus during your MS in Economics, there is an in-person requirement. In this case, the core classes are online, while the final year takes place at Purdue’s campus in West Lafayette, Indiana.

   Purdue offers some of the most diverse and flexible online economics degree master’s programs. By offering economics degrees that are ideal for people interested in the all-important agricultural industry, they have become one of the leading sources for online economics education.

   Find Out More:
   Master of Jurisprudence/MS in Agricultural Economics
   MS in Agricultural Economics/International Agribusiness
   Master of Science Economics

    

4. Northeastern University

   Degree: Master of Science in Commerce & Economic Development
   Tuition (In-State & Out-of-State): $1,755 per credit hour
   Accreditation: Higher Learning Commission

   Students interested in technology, leadership, and public policy should consider this high-quality degree. The program is ideal for understanding how technology and leadership shape economies.

   This Master’s degree in Economics online takes 12 to 18 months to complete. With an accelerated plan, students can finish the degree in a calendar year. Entry times are in the fall, spring, winter, and summer, allowing for even greater flexibility and accessibility.

   This Master of Science degree is highly technical. In fact, it’s one of the STEM-designated programs offered by Northeastern University.

   The curriculum in this online Master’s of Economics includes five required courses. Among other classes, students must complete “Applied Microeconomic Theory,” “Applied Econometrics,” and “Commerce and Economic Development.” Students can then select from a variety of electives that include, “Introduction to Analytics,” “Economics of Human Capital,” and “Law and Economics.”

   Find Out More:
   Master of Science in Commerce & Economic Development

    

5. American University

   Degree: Master of Arts in Economics
   Tuition (In-State & Out-of-State): $1,922 per credit hour
   Accreditation: Middle States Commission on Higher Education

   American University, based in Washington. D.C., has a full selection of acclaimed online programs, including this Master’s in Economics online. This program, which is available 100% online, provides a full understanding of economic theory, along with the analytical skills needed to excel as an economist.

   There are core studies and elective courses. All students must complete the six core courses, which include:

   – Micro- and macroeconomic theory
   – Applied econometrics
   – Mathematical economics

   There is also an Economics MA Capstone Seminar that must be completed by all students.

   To complete the program, students must choose electives like “Labor Economics,” and “Financial Stability and Growth.” Each course in this program is only eight weeks long, and students can complete the degree in as little as 20 months. Students can complete the entire project online or, if they are in the D.C. region, can complete 6 credit hours on campus.

   Find Out More:
   Master of Arts in Economics

    

6. Johns Hopkins University

   Degrees: MBA/MS in Applied Economics (Dual); MS in Applied Economics; MS in Financial Economics
   Tuition (In-State & Out-of-State): $5,190 per course
   Accreditation: Middle States Commission on Higher Education

   Johns Hopkins University is among the most respected schools in all academia. Known for healthcare, business, and scientific research, this school trains some of the brightest minds on the planet. With economics master’s degree online programs, Johns Hopkins does not require in-person attendance to learn from this world-class institution.

   For people seeking an MS in Economics online, there are a few different options. They offer two Master of Science programs: one in Applied Economics and another in Financial Economics. They also offer a dual Master of Science/Master of Business Administration in Applied Economics.

   The MBA/MS program is unique. This program allows participants to complete two degrees simultaneously. Graduates hold an MBA from Johns Hopkins’ Carey Business School and a Master’s in Economics online from the Krieger School of Arts and Sciences. The program also has six optional specializations, including digital marketing, entrepreneurial marketing, financial management, and investments.

   Find Out More:
   MBA/MS in Applied Economics (Dual)
   MS in Applied Economics
   MS in Financial Economics

    

Master’s in Economics Online: Potential Careers

Economists have the chance to work in numerous professions. The most direct position, of course, is that of an economist. For this, you need a master’s degree in order to conduct research and prepare reports related to monetary and fiscal issues. Economists research various sectors, including education, labor, trade, government, and more. By analyzing data and presenting their findings, they help others understand the economy and make the best financial decisions.

Economists are well-paid for their work. According to the Bureau of Labor Statistics, the median salary for economists in May 2022 was $113,940. The best-paid economists work for consulting groups and the federal government (both medians are over $130,000). The top 10% for all economists, regardless of industry, is $207,230.

Graduates of Master’s in Economics online programs enjoy a stable job market. Employment of economists is expected to grow by 6% between 2023 and 2033. As data continues to influence decisions, economists will be needed to generate information, analyze results, and communicate findings to employers and clients.

Employment for graduates of the best online Master’s in Economics is available in any state and virtually any city. According to the BLS, the “state” with the highest concentration of economists is the District of Columbia. In the nation’s capital, there are 5.67 economists for every 1,000 jobs, a rate that far outpaces the position in other areas. Second place goes to Maryland, which has 0.37 economists for every 1,000 jobs. Third place travels out to Alaska, which has 0.34 economists per 1,000 workers.

After completing an online Master’s in Economics, you don’t necessarily have to become an economist. Here are a few other career options, along with median salaries, that you might pursue after graduation

Mathematician ($99,960)

These professionals analyze data and use computational techniques to answer questions and solve problems. Work can include applying mathematical theories and techniques, creating studies and surveys, or developing statistical models. In addition to a master of science in economics online, some training in mathematics and statistics may be required.

Actuary ($113,990)

Actuaries are, essentially, experts at calculating the financial cost of risk. Using statistical data, they help companies and organizations make decisions. They may help companies decide whether or not to make an investment or how much to charge for a certain service. 80% of actuaries are employed in the insurance and finance industry.

Related Article: How to Become a Mortgage Broker: Education, Licensing & Salary

Financial Analyst: ($96,220)

These experts help people and organizations create long term financial plans. Their expertise includes stocks, bonds, and a variety of other investment products; they use this knowledge to guide investment decisions. A bachelor’s degree (usually in economics, business, or financial planning) is the basic requirement for this occupation, but an online master’s degree in economics can help propel a career and open new opportunities.

Related Article: How To Become a Financial Analyst of Financial Advisor

How to Become a Certified Business Economist

The BLS does not list a certification requirement for economists. However, you can advance your career by completing a variety of credentials, including the:

• Certified Business Economist credential from the National Association of Business Economists (NABE)

The CBE program acts as a link between academic studies, including online economics master’s programs, and the requirements of a professional setting. There are seven important factors and steps to becoming a Certified Business Economist:

1. The examination: The CBE Exam is offered online or at testing centers throughout the United States. It’s based on an advanced body of knowledge that was created by leading economists and includes subjects like applied economics, business application of stats, economic management, and macro vs microeconomics.
2. NABE membership: Applicants must be NABE members “in good standing” with the organization.
3. Experience: Two years of experience is required. This must be in applied business economics or a related field.
4. Education: A four-year (bachelor’s) degree, at a minimum, is required.
5. Curriculum: Two classes, the Communication and Presentation Skills for Business Economists and the Writing Skills for Business Economists certificate courses must be completed.
6. Ethics: The NABE has a specific list of guidelines that describe the professional conduct of an economics professional. NABE members must strictly adhere to these guidelines.
7. Continuing education and renewal: Finally, members must renew their CBE certification every two years. Certification is done by completing 30 hours of continuing education.

After graduating with a master’s degree in economics online, you may consider the CBE credential to boost your career and open new opportunities.

Become an Expert with a Master’s in Economics Online

Economics is a fascinating, all-encompassing topic. If you want to become part of this interesting subject, apply to one of the best online master’s in economics today. These programs bring flexible schedules, world-class instruction, and the chance to work in some of the best jobs in the market.

Visit GetEducated.com to learn more about the top online economics master’s programs.