Are you looking to pursue masters courses in Economics from the USA but are confused about which university to apply for? Look no further as we will try to resolve all your queries around the admissions in the USA such as the admission requirements, tuition fee, job prospects, top recruiters, a glimpse of the top universities, cost of living and university’s requirements to help you in finalising the decision. Before proceeding with the details around masters in Economics in the USA, it is imperative that you go through the module and curriculum of the program and whether you will be a better fit for this program or not.
A Masters degree in Economics from the USA can be a boon for students who seek a rewarding career in major industries of the USA, like the federal government, finance & insurance and stock exchanges like NYSE.
Given below are the course highlights for Master in economics in US
Type of Degrees
Available
MA, MS, MAS
Duration of the course
1.5-2 years
Admission process
Merit-based, GRE and TOEFL/IELTS
Average Annual Tuition fees
30,000 $- 70,000 $
Job Roles
Economist,
Consultant,
Policy Analyst,
Budget Analyst,
Statistician,
Market Researcher and others
Average Salary
79,000 $ (approx) - 84,000 $ ( approx)
Top Recruiters
Bank of America Merrill Lynch
Citi Bank
Apple
Chubb
The World Bank
Ernst and Young
Google
McKinsey & Company
JP Morgan
Reasons for Studying Masters in Economics in the USA-
There are many reasons for studying MS in Economics in the USA. They include:
The USA is home to the world’s best universities and colleges for economics.
The USA is one of the leading economies in the world.
Skilled graduates will have even more job opportunities over the next 7-8 years, with the country witnessing rapid economic growth.
Median pay stands at roughly $104,340 per year or INR 77.75 lakh.
Leading recruiters include scientific research and development firms, Federal Government organizations, consulting firms, insurance and finance companies, and State Government organizations.
Excellent scope of future research and innovation.
The Master in Economics program in the US is offered to students in practical and theoretical methods. The course is designed for students belonging to mathematics or economics backgrounds. The following subjects are included in the core course structure of masters degree in economics from the USA:
Econometrics,
Game Theory,
Interpretational Economics.
Macro and Microeconomics
Moreover, students seeking master's in economics in USA also have the option of specialization, such as Financial Economics, Labour Economics, International Economics, Business Economics, and International Economics, which allows them to gain practical knowledge.
MS in Economics in the USA- Top Universities
The USA has some of the highest-ranked global universities for Economics. The QS Global Rankings (2020) showcased 21 American universities in its top-50 international Economics institutions. Here are some of the top institutions:
Name of Institution
Name of Course
Cost of Program
New York University
Masters of Arts in Economics
$36,544
Columbia University
Master of Science in Financial Economics
$66,584
MIT
Masters in DEDP (Data, Economics and Development Policy)
$1250-$ 5000
UCLA
Master of Applied Economics
$33,238
University of Michigan
Master of Applied Economics
$26062
Duke University
MS Economics and Computation
$31,987-$35,893
Stanford University
Masters of Arts in Energy & Resources
$63,000
University of Wisconsin
Master of Science in Economics
$36,000
Boston University
MA in Economics
$68,924
Cornell University
Master of Science in Applied Economics and Management
$20,800
University of Minnesota
MS in Applied Economics
$ 30,438
The economics courses at some institutions are hybrid programs, i.e. combining on-campus and off-campus learning.
Requirements to study Masters in Economics in the USA
Students have to furnish all necessary documents as well as check the eligibility criteria.
Eligibility to study MS in Economics in the USA:
16 years of education under the 10+2+4 system is necessary.
A four-year Bachelor’s degree is compulsory for doing your master’s in Economics in the USA.
Proof of language proficiency for aspirants from non-English speaking countries.
Student visa for the USA (you can apply after getting your acceptance letter from the university).
Here are the specific requirements across top USA universities for masters in economics:
Name of Institution
Minimum Criteria
English Language Proficiency Examination Scores
University of California, Berkeley (UCB)
83-86%
TOEFL: 93 IELTS: 6.5
New York University
87-89%
TOEFL (iBT): 105 IELTS: 7.5
Columbia University
UG in relevant subject
TOEFL (iBT): 100, (pBT): 600 IELTS: 7.5
University of Michigan
80-82%
TOEFL (pBT): 560, (iBT): 84 IELTS: 6.5
MIT
UG degree
TOEFL: 100 IELTS: 7.0
Duke University
90-92%
TOEFL (iBT): 90; (pBT): 577 IELTS: 7.0
UCLA
83-86%
TOEFL (pBT): 560, (cBT):220, (iBT): 87 IELTS: 7.0
Boston University
UG in relevant degree
TOEFL (iBT): 84 IELTS: 7.0
Cornell University
UG in relevant degree
TOEFL (iBT): 77 IELTS: 7.0
University of Minnesota
83-86%
TOEFL (iBT): 79 IELTS: 6.5 PTE: 59
University of Wisconsin
UG degree with Calculus & Linear algebra
TOEFL (iBT): 92 (pBT): 580 IELTS: 7.0
When it comes to GRE (Graduate Record Examination) scores, they are not needed at some institutions like the University of Wisconsin and MIT, while some like Columbia University require GRE 310. Many universities require GRE scores between 150 and 170.
Personal Statement, SOP (Statement of Purpose), or Letter of Intent, stating why the candidate wishes to opt for a specific program and why the university is an ideal choice for them.
CV or Resume.
Universities usually announce admission results within four and eight weeks from the closure of the application deadline. The timeline for announcing the results will vary across universities. Candidates should keep checking the official portals for tracking their applications.
Job Opportunities after MS in Economics in the USA
A master’s in economics in the USA is often the ticket to a fulfilling professional career in the future. Many aspirants choose to sit for the CPA entrance examination and clear it to get CPA certification. Many others also take up employment as economists and analysts.
The Federal Government is one of the biggest employers of skilled economics graduates, and a majority of them get jobs within 5-6 months after completing their courses. Jobs for financial and economic analysts are also growing rapidly and are expected to witness double-digit increases over the next five years. International students may pursue CPA USA, by appearing for the examination organized by AICPA (American Institute of Certified Public Accountants).
Graduates also take up positions like benefits and compensation managers, economists, financial analysts, credit analysts, economic consultants, financial managers, auditors, actuaries, financial risk analysts, investor relationship associates, investment analysts, and more. An MS in economics is ideal for those with academic backgrounds in advanced mathematics or economics. With leading institutions and a flourishing job market, the USA is the best destination for graduates in the field. After completing their courses, many students also pursue PhDs, leading to great future research prospects and hikes in average salaries if they venture into the corporate sector.
All non-native students need valid student visas for pursuing economics in the USA. The mandatory documents include the following:
The receipt of application fee payment
Passport that is valid for at least six months
Form I-20 and Form DS-160
Original academic transcripts and mark sheets
Return flight ticket, showing intentions to come back home after finishing the course
Scores in standardized tests such as IELTS and TOEFL
Proof of funds for covering tuition and living costs
After applying with all necessary documents, candidates have to appear for a personal interview. Upon clearing the interview successfully, they are issued their student visas for studying in the USA.
A masters in economics may be costly for many students. However, there are many scholarships available to lower the study cost and cover some added expenses. Here is a list of available scholarships for students:
Name of Scholarship
Amount of Scholarship
Hubert H. Humphrey Fellowship Program
Travel costs, tuition costs, computer subsidies, stipend for each month, coverage in terms of health insurance
Hsiao Economics Scholarships
$1000
Debesh Kamal Scholarships
$1,385
KC Mahindra Scholarships
$5,542
Ritchie- Jennings Memorial Scholarship
May Vary
Rotary Foundation Graduate Scholarship Program
$30,000
Even if you cannot get any of these scholarships, there are study loans available for international students. These are alternative options for covering your educational costs.
How many years does it take to study economics in the USA?
A Bachelor’s degree in Economics (BA or BSc) will require four years. At the same time, a Master’s of Economics degree will take two years on average. This is, however, applicable only for those doing full-time master’s courses in economics. Part-time courses and online programs may require comparatively lesser time.
How Can I Study Economics in the USA?
You can start by short-listing universities and applying to those where you meet the eligibility criteria. You will require a Bachelor’s degree of four years in economics or any relevant subject, while scoring the minimum percentage required by the institution. GRE scores may be necessary along with scores in English proficiency tests like IELTS or TOEFL. The average IELTS and TOEFL scores should be ideally 7.0 and 85, respectively. Upon applying with all your documents, including the LORs, SOP, and academic transcripts, you will have to pay the application fees online as well. Thereafter, once your application is processed, you will be intimated through the university’s acceptance letter. You will then have to go through the procedure necessary for getting a student visa.
Should one take the GRE or GMAT to study masters in economics in the USA?
GMAT is considered by most B-schools in the US, GRE is also accepted by some of the universities (Harvard, Stanford, Yale, MIT, etc.)
Is it possible to study for a Masters in economics in the USA without GRE?
Some universities like the University of Wisconsin and MIT do not ask for GRE scores, while some universities like Columbia University require GRE score of 310.
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