Best Online Master’s in Economics Degree Programs of 2024

Economics is concerned with producing, consuming, and transferring wealth within and between countries. Economists study and provide valuable context for gender and income inequality, taxes, trade, and government spending. Individuals interested in pursuing careers in economics should consider obtaining their graduate credentials, as most professional opportunities prefer candidates with a master’s degree.

The total tuition for an online master’s in economics program typically ranges from $15,000 to $50,000. This cost varies depending on your residency status and whether the institution is public or private. If attending as a full-time student, you can complete the required coursework within one to two years.

Graduates of an online economics program qualify for economist, data scientist, and financial analyst roles. Government, private, and international sectors seek qualified candidates to fill these positions. According to Bureau of Labor Statistics data, economists earn an average salary of over $110,000 per year.

Choose your area of study

Economics graduate degrees are available as either a Master of Arts or, more commonly, a Master of Science. The former’s curriculum is more theory-driven, whereas the latter focuses on mathematical and statistical elements.

Online master’s programs in economics follow a general curriculum, though schools offer different concentration or elective options. Common concentration options include applied economics, public economics and policy, global economics, and business economics. These options will help you focus your studies around your interests and chosen career path. Be sure to consider which programs best match your career goals when deciding on where you will attend.

Research schools and programs

You should only consider institutions that have been approved by a DOE-recognized regional accrediting organization, such as the New England Commission of Higher Education or Northwest Commission on Colleges and Universities. These organizations evaluate schools to ensure they provide students with a high-quality education. Those who attend a school that isn’t regionally accredited may be unable to access financial aid or transfer credits to another institution if needed.

Ideally, your master’s in economics program will also be accredited by a respected industry group like the Association for the Advancement of Collegiate Schools of Business (AACSB) or the Accreditation Council for Business Schools and Programs (ACBSP). These programmatic accrediting organizations have particularly high standards for business education.

After confirming the accreditation status, research the following factors:

• Is there a thesis requirement? Some programs provide an optional thesis track. Writing a thesis is advantageous for those interested in academic research or teaching careers. However, a thesis component can extend the length of your degree.
• What is the faculty-to-student ratio? Look for programs with a low faculty-to-student ratio. This metric directly impacts the quality of online courses and the level of support you can expect to receive from faculty members.

To learn more about any schools that you’re interested in, you can visit their website, contact an admissions counselor, follow the school on social media, or attend an in-person or virtual open house.

Prepare for tests and applications

While not all do, many online master’s in economics programs request GRE or GMAT scores alongside your application. If you struggle with standardized tests, consider enrolling in a test prep course before taking the exam.

Test scores, recommendation letters, personal statements, and transcripts are often required and can take several weeks to receive, so prepare your application materials well before their due date. If you miss the submission deadline, you may need to wait until the subsequent semester to apply.

Before submitting an application, always contact an admissions counselor to ensure you have the most accurate information regarding requirements and deadlines.

Select your program

Once you narrow down the programs you’re interested in, submit your application packet by the deadline. If accepted to more than one of your top choices, consider which program best aligns with your professional goals, personal schedule, and financial commitment. To hold your spot, most programs require an enrollment fee by a specific deadline; this fee can be $1,000 or more.

Before making your final decision, review your needs and goals again. Do you plan to attend school full-time or part-time? Are you only interested in 100% online programs, or are you fine with a hybrid program that has a few in-person requirements? Some programs offer asynchronous courses, which can be completed at your own pace, while others only offer synchronous courses, which involve remotely attending lectures and completing assignments at the same time as other students — which of these two online learning formats do you prefer? Your school should accommodate your scheduling needs and learning preferences.

Determine how you’ll pay for your degree

An online master’s in economics can sometimes cost even more than $50,000, though successful graduates are then qualified for high-paying positions. Still, prospective students must consider how they’ll pay the tuition. Many individuals choose to work full-time alongside their degrees. Asynchronous economics programs allow for this scheduling flexibility.

Master’s students should fill out the FAFSA form to determine whether they qualify for federal assistance. It would help if you also met with your school’s financial aid counselor to discuss your payment options. While uncommon, some programs offer scholarships or other funding opportunities for which you might be eligible. Students who served in the military or have family members who served might also qualify for veteran tuition benefits. Those who already work in the field should see if their employer offers tuition assistance benefits as well.