The field of economics is expected to see substantial growth over the last few years due to an increase in available data. Also, the industries and need for professionals with appropriate training and skills have increased.
The evolution of the field brings in new opportunities for those who hold masters in economics. Below we are going to explore the most common industries that this advanced education works in.
In this article, we are also going through some of the top job titles that professionals with masters in economics hold. This guide also offers advice on how to choose a master’s in economics program that is right for you.
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Outlook of economics career:
A graduate education increases the earning potential by 28 percent across 28 percent as compared to other industries. The field of economics is no different. As of recent stats, economics professionals earn a median salary of $105,020 per year. While those with graduate degrees earn up to $185,020 yearly.
A competitive salary is not the only reason for pursuing a master’s in economics. However, organizations across industries now rely on economics professionals resulting in anticipated 14 percent growth in job opportunities in economics by 2030.
Bureau of Labor Statistics (BLS) identifies that competition for jobs in the field of economics has increased. This competition is mainly due to the growing need for training and advanced skill sets that can only be obtained in graduate economics degrees.
This is one of the main reasons BLS declared that most roles in this field require a master’s degree in economics or higher.
Top sectors for professionals in economics:
Professionals who graduate from a masters in economics program obtain hands-on learning experience. They also have an understanding of core tools and competencies that students with an undergraduate degree do not possess.
As a result, these individuals have the benefit of applying their skills in different settings.
Three main sectors employ economics professionals.
Many with masters in economics decide to take on roles of data scientists, analysts, or economists with a variety of fields. From biotechnology to banking, there exist many initiatives of private sectors that require the statistical analysis skills of an economist.
Economist professionals might work with consulting firms, private banks, pharmaceutical companies, biotechnology companies, tech startups, and much more.
Though all of these sectors have grown technology sector has seen the largest rise in opportunities for economist professionals.
Economics professionals can apply their skills to a variety of fields within governmental or public sectors. They may take on local, national, and state roles within government agencies. The top organizations in which economics professionals work include the Bureau of Labor Statistics and Federal Reserve Bank Service’s Central bank.
There also exist many global opportunities for those with masters in economics. The professionals with masters in economics may work with organizations such as International Monetary Fund’s World Bank or United Nations among others.
Top Jobs for those with masters in economics:
Here are the top five job titles for professionals with masters in economics.
An economist is one of the most common job titles with a master’s in economics. The main job of economists is to analyze and gather data using statistical models to evaluate and report on global trends. It also holds the responsibility to advise organizations based on collected insights.
Economists also offer solutions and recommendations to problems based on statistical data. Moreover, with roles spanning the private sector, international organizations and more professionals like economists are in demand. The average salary of the economist is $129,826 per year.
2) Data scientists:
The responsibility of data scientists is to gather and analyze unstructured data sets. Data scientists develop and design data modeling processes, algorithms, predictive models. They also use statistical systems to perform custom analyses. The average salary of data scientists is about $116, 185 per year.
Data scientists also use gathered data to help answer questions. They also guide partners in determining economic policies.
3) Professor of economics:
Professor of economics applies their real-world experiences and skills to shape a modern generation of economists.
The educators with masters in economics also cover a wide range of topics ranging from statistical and econometric tools to quantitative methods of data analysis. Academia is a common path for those who want to seek for nonpractical application of their economics training.
The average salary of a professor of economics is about $84,675 per year.
4) Senior Financial Analyst:
The role of financial analysts is to help corporations in making strategic investments. It also holds the responsibility to make business decisions by evaluating recent trends, demographics, and economic factors that might affect their finances.
At the senior level, financial analysts may analyze an organization’s accounting data. They also evaluate risk and demonstrate the projection of future long and short-term growth. Senior financial analysts also present recommendations for ways to maintain, adjust or otherwise improve the financial position of the company.
Financial analysts may work in mortgage banks, commercial banks, and an investment bank, or another type of similar organization.
The average salary of a senior financial analyst is about $81,081 per year.
5) Data Analyst:
Don’t confuse data analysts with data scientists. The main job of a data analyst is to evaluate previously compiled data to reach trends, draw conclusions and solve problems occurring within organizations.
Data analysts also maintain and create data collection systems and tools. They also interpret data using statistical models and communicate with business teams about key findings.
The average salary of data analysts is about $67, 3377 per year.
There is a high demand for people with masters in economics. Economics graduates are highly needed in the global labor market and also help in problem and analytical solving skills developed by economic students.
The career of economics in banking:
Banking careers are very popular with economics graduates. The career of economics in banking offers scope for earnings and has a high demand for economists.
Graduates with masters in economics are highly valued for roles in financial planning, financial control, risk analysis, data analysis, and consultancy.
Banking careers are mostly concerned with advising and providing services to banking clients and customers.
While careers in accountancy focus on recording, classifying, and interpreting financial data.
Best Master’s Degrees in Economics
1. Yale University
Yale’s master of international and development economics started in 1955. This one-year cohort program enrolls just 30 students annually, which allows for close mentoring between students and professors.
To complete the degree’s credit requirement, students must enroll in two additional electives. With their professor’s approval, learners can choose electives offered by another Yale graduate school.
2. Columbia University in the City of New York
Columbia offers a free-standing master of arts in economics for students who wish to earn an MA without committing to a doctorate. The program considers applications only from full-time students. Students with a bachelor’s in a non-economics field may apply, but they must have a strong background in subjects such as linear algebra, college-level calculus, and statistics.
The degree consists of seven core classes and three electives that learners can complete in three semesters. In addition to coursework, students must write a research paper based on one of their elective classes.
3. Stanford University
Stanford offers a master’s in economics as part of a doctoral program. Students must complete at least 45 quarter credits beyond a bachelor’s degree. Of these credits, 40 must be offered by the Department of Economics.
Many first-year graduate students receive department fellowships that cover their tuition and fees and come with a stipend to cover basic living expenses. The university offers several research and teaching fellowships during each school year.
4. Duke University
Duke’s master’s in economics comprises 30 credits that learners can complete in four semesters. The curriculum includes courses such as applied econometrics in microeconomics, international monetary economics, non-market valuation, and industrial organization.
Students must enroll in at least three classes in computational methods, computer science, mathematics, or statistics. Learners must also complete a capstone course.
5. Rice University
The master of energy economics at Rice comprises 40 credits that full-time students can complete in 12 months. The university spreads the courses out during the fall and spring semesters and two seven-week back-to-back summer sessions.
The curriculum includes courses in applied econometrics for energy markets, transportation economics, microeconomics of the energy sector, and the economics of energy and the environment. Degree-seekers must complete an internship or practicum prior to receiving the degree.