Best Online Master’s Degrees in Economics Career and Salary Possibilities with an Advanced Economics Degree

Getting in: The Application Process

The application process provides students the opportunity to showcase their prior knowledge and experience in economics and to demonstrate why they would be an asset to the program. Each school has its own application process and due dates, so it’s important for students to find out what is expected well in advance. In general, economics degree programs at the graduate level require the following:

• GRE scores.

  Most online economic master’s programs require Graduate Record Examination (GRE) scores. With so much competition for top-level programs, the fact that students can retake the GRE to improve scores is a benefit.

• Transcripts (paper/electronic).

  Although a bachelor’s degree in economics is not required for admission to most online economics master’s programs, it is helpful if students can demonstrate a strong background in undergraduate economics coursework on their transcripts.

• Statement of purpose.

  Most programs ask students to write a 1-2 page statement of purpose, discussing their reasons for applying to the program and how it relates to their academic and professional goals.

• Letters of recommendation.

  Students should ask 2-3 undergraduate instructors to write letters discussing their aptitude for graduate study in economics.

• Resume.

  Resumes should demonstrate an applicant’s strong academic experience in economics as well as personal accomplishments and qualities that translate well into economics graduate study.

• Scholarly writing sample.

  Many economics departments require a writing sample from undergraduate work for evaluation of basic writing and research skills.

• Application fee.

  The application is not complete without payment of the application fee determined by the institution.

Year 1

Students in the first year of an online master’s in economics program can expect to focus on coursework in core subjects such as mathematical economics, microeconomics, macroeconomics, econometrics, research methods and statistics. Some programs also have an internship component. If not, the first year is also a good time to build experience in the economics field by volunteering for faculty research projects.

Year 2

Second-year students may have the opportunity to choose an area of specialization such as corporate finance, international economics or health economics. Coursework during the second year may also include a capstone seminar. Taking the seminar allows students to learn research methods, the writing of economics, and the presentation of research—all tools necessary to develop a master’s project or paper under the advisement of a faculty member.

Testing & Graduation Requirements

In addition to completing the required coursework, students must demonstrate that they have acquired the necessary skills for a career in economics before graduating. Graduation requirements vary by institution, but most institutions require one or more of the following components:

• Capstone Project.

  This research project in the student’s area of concentration will be presented at the end of the second year.

• Internship.

  Most institutions have an established internship program to provide real-world experience in an area of economics.

• Portfolio.

  Some of the items in a portfolio include final papers and slides from oral and written presentations and relevant computer programs; a resume; and a self-assessment statement that discusses the student’s long-run plans and how the program met those goals.

• Master’s thesis.

  The thesis wraps up the economics master’s experience with a report of presentation that showcases original research and theories. Sample thesis ideas for economics majors include prevalent elasticity, free trade experiences and municipal finances.