You may have heard some jokes about economists even before you\u2019ve ever entered a board room. Take these old digs for example:<\/p>\n
While you might not ponder economic theory in line at the grocery store, economic policies have a lot to do with what you\u2019ll pay for your bananas. Economists research, analyze, and forecast a variety of issues that have become essential to roles in government and private industry alike. In fact, a master\u2019s degree in economics is one of the\u00a0most lucrative master\u2019s degrees<\/a>\u00a0you can earn.
\nMonster places a graduate degree in economics among the\u00a0top 10 best-paying\u00a0<\/a>graduate degrees, with a median pay higher than engineering and computer science.<\/p>\nPath to Admission<\/h3>
\nA graduate education in economics is, well, like the economy: variable and idiosyncratic.
\nApplying to master\u2019s programs in economics requires a thoughtful and deliberate research process that takes into account your career aspirations and works backward from there. In the U.S., many schools don\u2019t offer terminal master\u2019s degrees in economics, and while some master\u2019s programs may lay the groundwork for eventually pursuing a PhD in economics, they are primarily designed as quasi-professional degrees. Many master\u2019s degrees in the U.S. are awarded \u2018\u2019en route\u201d to a PhD program, usually after the first year of study.
\nYour path to admission to a master\u2019s degree in economics should begin with\u00a0thorough research<\/a>\u00a0of each program\u2019s educational specialty and scope. Does the program focus on applied economics, financial economics, or another narrower field?
\nFor example, if your interests lie in policymaking and working for a government, bank, or international organization, you will fit in best within a policy economics master\u2019s program. If you lean toward research and analysis and working for financial institutions, a quantitative economics graduate degree may be best for you. The program you choose will determine the courses you take, the theories you study and apply, and your career opportunities, so choose carefully.
\nAfter you\u2019ve researched each program\u2019s particular scope, you will want to dive deeper and research professors within each of those programs to uncover which professor\u2019s research interests match your own and whether they\u2019re taking on graduate students. This is important for several reasons. When you apply, you will need to demonstrate an understanding of each school\u2019s mission, and that includes understanding the research taking place at each institution. Next, finding a professor with similar research interests is an important step for securing your future thesis advisor. Not only that, but your application to a graduate program may be rejected simply due to your interests not being compatible with current faculty, as you may not be able to find an advisor.
\nA bachelor\u2019s degree in economics is not required for graduate admission into economics programs, but most programs will require intermediate coursework in macroeconomics and microeconomics, as well as a strong background in statistics, mathematics, and calculus.
\nWith your application, you will submit your transcripts, letters of recommendation, and resume. Many graduate programs may ask you to also submit a\u00a0statement of purpose<\/a>, and almost all programs will require that you\u00a0take the GRE<\/a>\u00a0and possibly even the\u00a0Mathematics Subject Test<\/a>.
\nAdmission into\u00a0top economics graduate programs<\/a>\u00a0is extremely competitive, and your GRE score is an integral part of your overall application. A\u00a0high GRE score<\/a>, especially on the quantitative portion of the test, is a must-have. We\u2019ve said it before: a low GRE score is an\u00a0application killer<\/a>, according to 41% of graduate school admissions officers.
\nWhile most economics graduate programs will put an emphasis on your performance on the quantitative portion of the GRE, don\u2019t assume that the verbal or\u00a0writing sections<\/a>\u00a0don\u2019t matter or that the quantitative section is \u201ceasy.\u201d Also, remember that your master\u2019s degree will often culminate\u00a0in a thesis, which is a large body of writing. You must be able to express and articulate your thoughts and ideas clearly in writing.
\nEven with a strong command of mathematics, remember that, at its core, the GRE is a critical-thinking test\u2014not a math test. Consider that the\u00a0math on the quantitative section<\/a>\u00a0of the GRE covers topics you may not have seen since high school. You may be familiar with poring over multivariate calculus, but when was the last time you worked with proportions or geometry?
\nWhat You Will Study<\/h3>
\nYour master\u2019s degree in economics may take several different paths, depending on your program curriculum\u2019s scope and your personal interests. You may study macroeconomic and microeconomic theory, applied statistics and econometrics, or economic and trade policy and development economics. Not all master\u2019s degrees approach the study of economics in the same way,\u00a0making your thorough research<\/a>\u00a0all the more important before you apply to graduate programs. The American Economic Association has an\u00a0exhaustive list of master\u2019s and PhD programs<\/a>\u00a0across the United States that can guide you as you begin your search.
\nCareer Paths<\/h3>
\nA master\u2019s degree in economics is surprisingly versatile, and your ability to manipulate and work with numbers, variables, and large data sets can transition you into a number of lucrative careers. If you\u2019d like to see what\u2019s available, the American Economic Association also publishes\u00a0job listings for economists<\/a>(adorably called \u201cthe JOE\u201d). Here are just a few of your possible career paths:
\nActuary<\/h4>
\nActuaries analyze the financial costs of risk and uncertainty. They use mathematics, statistics, and financial theory to assess the risk that an event will occur, and they help businesses and clients develop policies that minimize the cost of that risk. According to the Bureau of Labor Statistics (BLS), actuaries will see an\u00a018% increase in employment by 2024<\/a>, much faster than the average increase.
\nEconomist<\/h4>
\nNearly half of all economists work in federal, state, and local government. Federal government economists collect and analyze data about the U.S. economy\u2014including employment, prices, productivity, and wages, among other types of data. They also project spending needs and inform policymakers on the economic impact of laws and regulations. While seeing an\u00a0average rate of job growth<\/a>, holding a master\u2019s degree will have a definite advantage in employment.
\nFinancial Analyst<\/h4>
\nFinancial analysts generally focus on trends affecting a specific industry, geographical region, or type of product. For example, an analyst may focus on a subject area such as the energy industry, a world region such as Eastern Europe, or the foreign exchange market. They must understand how new regulations, policies, and political and economic trends may affect investments. According to the BLS,\u00a0employment of financial analysts<\/a>\u00a0is projected to grow 12 percent between 2014 and 2024, faster than the average for all occupations. A growing range of financial products and the need for in-depth knowledge of geographic regions are expected to lead to strong employment growth.
\nData Scientist<\/h4>
\nSkills in big-picture thinking and mathematical modeling make economics graduate degree holders ideal in modeling, building, and manipulating the huge data sets used by everyone from Google to the federal government. This is a relatively\u00a0new and growing field<\/a>\u00a0as government agencies and businesses attempt to make sense of, organize, and profit from their accumulated information.
\nStatistician or Econometrician<\/h4>
\nStatisticians use statistical methods to collect and analyze data and help solve real-world problems in business, engineering, the sciences, or other fields. According to the BLS, these analysis wizards will see\u00a0huge job growth<\/a>\u00a0of up to 34% by 2024.
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