Masters in Economics in USA

The USA is one of the most sought-after places for international students to pursue higher studies. The USA in-houses many top-ranking universities and colleges of the world. Nowadays, with the rise in entrepreneurship, people are looking forward to enrolling in programs that offer the mastery of Economics. The colleges of the USA provide different programs for masters in economics with a course duration of around 1-2 years.

If you are one of those students looking forward to pursuing masters in economics in the USA, this article is for you. We will discuss every detail about pursuing masters in economics in the USA. Read further and get the answers to all your questions.

Masters in Economics in USA: Course Highlights

Course

  • M.A. in Economics
  • M.S. in Economics
  • M.Sc. in Economics

Eligibility

  • Graduation with a minimum required percentage/CGPA in the relevant discipline.
  • The non-native English-speaking candidate must have qualified for any English proficiency test.

Entrance Exams

GRE, IELTS, PTE, TOEFL

Tuition Fees

Up to $60,000 per annum

Jobs

Economist, Market Analyst, Consultant, Researcher, etc.

Average Salary

$104,000

Why Masters in Economics in USA?

The major reason for pursuing higher education in the USA is the presence of world-class universities and colleges in the USA. Besides this, the USA is a famous study destination among international students because of its great education system. However, there are many other reasons for pursuing masters in economics in the USA, 

Which we have mentioned below:

  • Economics is one of the fastest-growing subjects in terms of better scope in the future.
  • Major industries of the USA, like the federal government, finance & insurance, etc., are hiring professional economists.
  • The average salary of an economist in the USA is $104,000.
  • The top 10 universities in the USA provide courses in different specializations of economics like microeconomics, macroeconomics, international economics, financial economics, etc. 

TOP Universities for Masters in Economics in USA

University Name

QS World Rankings

City

Stanford University

3

Stanford

University of California, Berkeley

4

Los Angeles

Columbia University

11

New York

New York University

12

New York

University of Michigan

19

Ann Arbor

Duke University

20

Durham

Boston University

44

Boston

Masters in Economics in USA: Subjects Covered

Different courses for masters in economics in the universities of the USA are specially designed for students inclined towards the studies of economics and financial patterns of the market. 

These courses cover different parts of economics that we have mentioned below:

  • Econometrics: Econometrics is the study of the market's economic phenomena based on mathematical and statistical calculations.
  • Microeconomics: Microeconomics helps in understanding customer behaviour. It helps in the improvement of decision-making procedures.
  • Macroeconomics: Macroeconomics focuses on the study of inflation for the payment balance and poverty reduction.
  • Developmental Economics: Developmental economics is the study of the socio-economic development of countries.
  • Industrial Economics: Industrial economics is the study of different firms and companies, from small-scale to large-scale industries.
  • International Economics: The branch of economics that studies and focuses on the changes in international economic trends.

Cost of Studying Masters in Economics in USA

The cost of studying in the USA includes the cost of living plus the tuition fees of the chosen course. It varies with the different types of courses and universities you choose for your further education. However, we have listed the tuition fees of some top universities and their courses for your reference.

Tuition Fees

University Name

Program

Course

Duration

Tuition Fees in INR (for the complete program)

Stanford University

Postgraduate

Masters of Arts in Energy and Resources

1.5 to 2 years

79.12 Lac

University of California, Berkeley

Postgraduate

Masters of Arts in Energy and Resources

2 years

90 Lac

Columbia University

Postgraduate

Masters of Science in Financial Economics

2 years

62.59 Lac

New York University

Postgraduate

Masters of Arts in Economics

1.5 years

27.23 Lac

University of Michigan

Postgraduate

Masters of Applied Economics

1.5 years

86.29 Lac

Duke University

Postgraduate

MS in Economics and Computation

2 years

86 Lac

Boston University

Postgraduate

Masters of Arts in Economics

1 year

42.40 Lac

Cost of Living in USA

Like the tuition fees of the different courses and colleges vary, the cost of living also varies according to the city and area you choose to live. The cost of living in the USA largely depends on your standard of living. Here, we have listed the average expenditure on different commodities in the USA for reference.

Kind of Expense

Amount in USD

Accommodation

1000 – 1700 USD per month

Food

600 USD per month

Utilities

300 USD per month

Transportation

820 USD per month

Entertainment

250 USD per month

Healthcare & Insurance

500 USD per month

Clothing

120 USD per month

Masters in Economics in USA: Eligibility Requirements

The eligibility requirements also vary according to the different colleges and programs. However, there are some essential and common eligibility requirements for pursuing masters in economics from the universities and colleges of the USA. 

We have mentioned these eligibility requirements below:

  • The candidate must have secured the minimum required percentage in graduation in relevant subjects from a recognized university.
  • The candidate must have qualified English proficiency tests like TOEFL, IELTS, or PTE with a minimum required band score.
  • The candidate must have a LOR (Letter of Recommendation) and an SOP (Statement of Purpose).
  • Some universities and colleges also ask for proven work experience in the relevant field.

Exams Required to Study Masters in Economics in USA

University Name

Exam Accepted

Minimum Band Score

Cornell University

TOEFL, IELTS

TOEFL: 77

IELTS: 7.0

University of California, Berkeley

TOEFL, IELTS

TOEFL: 93

IELTS: 6.5

Columbia University

TOEFL, IELTS

TOEFL: 100

IELTS: 7.5

New York University

TOEFL, IELTS

TOEFL: 105

IELTS: 7.5

University of Michigan

TOEFL, IELTS

TOEFL: 84

IELTS: 6.5

Duke University

TOEFL, IELTS

TOEFL: 90

IELTS: 7.0

Boston University

TOEFL, IELTS

TOEFL: 84

IELTS: 7.0

Scholarships to Study Masters in Economics in USA

Scholarship Name

Description

Eligibility

Amount in USD

Debesh Kamal Scholarships

It is awarded to meritorious students of any international university in the USA, UK, or Canada.

  • The applicant must be an Indian student with the good academic record.
  • The applicant must have received a letter of acceptance from any international university.

$1,385

Hsiao Economic Scholarships

It is awarded to the student pursuing a degree in economics.

  • Graduate student with a minimum 3.0 GPA.
  • The candidate can be a student of any university in the USA.
  • The candidate can be a citizen of any country.

$1,000

KC Mahindra Scholarship

It is a merit-based scholarship awarded to students who aspire to pursue their postgraduation abroad.

  • The candidate must be a meritorious Indian student.
  • Must have completed graduation with high scores from any recognized university.

$5,542

Rotary Foundation Graduate Scholarship Program

It is also a merit-based scholarship program for meritorious students.

  • Meritorious students are involved in activities that are beneficial for the foundation.
  • Great academic performance with a high level of language proficiency.

$30,000

How to Study Masters in Economics in USA

The steps and admission procedure are almost identical for all American colleges and universities. However, some steps may vary as per the course and college. 

We have listed some of the common steps for your reference below:

  • Initially, you need to visit the official website of the shortlisted university.
  • Check the eligibility requirements for pursuing the course of your interest.
  • If you satisfy all the eligibility requirements, take a step ahead and fill out the admission form.
  • Gather all the necessary documents like graduation mark sheet, English proficiency test score card, LOR, SOP, etc. and upload them as per the required size.
  • Gather your funds and make other financial arrangements and pay the registration fees.
  • Wait for the response from the university after submitting the application form and required documents.

Career after Masters in Economics in USA

There is a high demand for an economist and researchers in various industries in the USA. Different companies in the USA provide promising career opportunities after pursuing a master's in economics. Top industries and multinational companies are hiring professionals with masters in economics. We have listed some job profiles after pursuing masters in economics from well-known universities and colleges in the USA.

Job Profile

Salary in USD

Economist

105,033 per annum

Market Analyst

93,030 per annum

Market Researcher

65,810 per annum

Financial Consultant

79,225 per annum

Risk Analyst

76,673 per annum

Investment Analyst

93,428 per annum

Economics Professor

66,237 per annum

TOP Recruiters

The following are the top recruiters of professional economists in the USA:

  • Bank of America Merrill Lynch
  • Apple
  • Citi Bank
  • Chubb
  • World Bank
  • Google
  • McKinsey & Company
  • Ernst & Young
  • JP Morgan

We hope you found the article informative and have found all the necessary insights regarding admission to Masters in Economics in the USA. If you are still confused or have other queries regarding admission, enrol and register with AECC Global. We have the best professionals to guide you throughout the admission procedure. Our professionals will help you to take a step forward in the right direction for your further education. They are always available at your service regarding every possible thing while deciding to study abroad.

So, don't wait anymore; pick up your device and register yourself with AECC Global to seek any professional guidance regarding admission procedures in your favourite university.

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