Top Universities for Masters in Economics in USA for International Students

Imagine mastering the art of analysing complex financial systems, predicting economic trends, and shaping global economic policies. 

Pursuing a Master’s in Economics in the USA can turn this vision into reality, offering a blend of rigorous academic training and practical insights that open doors to high-impact careers worldwide. 

With a curriculum designed to equip you with cutting-edge analytical skills, this program often spans 1-2 years and offers numerous specialisations to tailor your expertise.

In the United States, for instance, Economics graduates can expect to start their careers with an average annual salary ranging between INR 1.2 Cr and INR 2.46 Cr (USD 1,50,000 - USD 3,00,000), reflecting the high demand and significant value of this expertise in the global job market.

Graduates typically find lucrative opportunities in finance, government, consulting, and academia, making this a strategic choice for those aiming to drive economic change and achieve professional success.

Why study for a Master in Economics in USA?

Pursuing a Master’s in Economics in the USA offers many advantages, shaping your academic journey and professional future. 

Here’s why studying in the USA can be a game-changer:

• Globally Recognised Business Schools

The USA is home to some of the world’s most prestigious business schools and economic programs. Institutions like Harvard University, MIT, and the University of Chicago are renowned for their rigorous curricula, cutting-edge research, and influential faculty. A degree from these institutions provides high-quality education and carries significant weight in the global job market, enhancing your credentials and opening doors to elite career opportunities.

• Focus on Specific Industries

Economics programs in the USA often have specialised tracks tailored to the country's major industries. For instance, you can dive into finance at top programs in New York or explore economic implications in technology hubs like Silicon Valley. Additionally, with healthcare being a significant sector, many programs offer courses in health economics, providing insights into one of the largest and fastest-growing industries globally.

• International Exposure

Studying in the USA offers exceptional international exposure. Many programs include opportunities for global exchange programs, where students can study abroad or participate in internships with multinational companies. This international experience broadens your understanding of global economic systems and enhances your cultural competence and global network.

• Strong Alumni Network

The USA boasts a vast and influential alumni network from its top economics programs. Connecting with this network can provide valuable mentorship, career advice, and job opportunities. Alumni from renowned institutions often hold positions in influential organisations worldwide, and being part of this network can facilitate introductions and collaborations that propel your career forward. Harvard University's Economics program includes influential figures like Janet Yellen, the current U.S. Secretary of the Treasury, and Ben Bernanke, former Chairman of the Federal Reserve.

• Post-Graduation Work Opportunities

Graduates with a Master’s in Economics from a U.S. institution have robust post-graduation work prospects. The USA’s dynamic economy and diverse job market create numerous opportunities across various sectors such as finance, consulting, government, and academia. Additionally, many programs offer support through career services and job placement programs, enhancing your chances of securing a role that aligns with your career goals.

What are the Top 10 Universities for Masters in Economics in the USA?

The United States is home to some of the world's leading universities offering Masters in Economics programs. These programs are known for their rigorous curriculum, exceptional faculty, cutting-edge research opportunities, and strong alumni networks. 

They often provide specialised financial economics, international economics, and econometrics tracks, enabling students to tailor their education to their career goals.

Here are the top universities in the USA to study economics:

What are the Top MS Specialisations for Economics in the USA?

The USA offers various in Economics catering to diverse interests and career goals. The most popular specialisations include International Financial Economics, Development Economics and Industrial Organisations.

Below is a detailed look at some of these specialisations:

Financial Economics

• Focus: Financial markets, investment strategies, risk management, and financial instruments.
• Career Paths: Investment banking, asset management, financial consulting, risk analysis.
• Best For: Students aiming for careers in finance, banking, and corporate finance sectors.

Development Economics

• Focus: Economic development, poverty reduction, policy analysis, and sustainable growth.
• Career Paths: International organisations (e.g., World Bank, IMF), NGOs, government agencies, development consultancy.
• Best For: Those interested in global development issues and working with international organisations or government bodies.

International Economics

• Focus: Trade policies, global markets, exchange rates, and international financial systems.
• Career Paths: Multinational corporations, international trade organisations, policy analysis, economic advisory roles.
• Best For: Students pursuing careers in global trade, international business, and economic policy.

Econometrics and Quantitative Economics

• Focus: Statistical methods, data analysis, economic modelling, and quantitative techniques.
• Career Paths: Data analyst, economic consultant, policy analyst, research scientist.
• Best For: Those with a strong interest in data analysis, statistics, and quantitative research.

Environmental Economics

• Focus: Environmental policies, resource management, sustainability, and economic impact of environmental changes.
• Career Paths: Environmental consultancy, government agencies, NGOs, research institutions.
• Best For: Students passionate about environmental issues and sustainable development.

Health Economics

• Focus: Healthcare systems, health policies, economic evaluation of health services, and public health.
• Career Paths: Health policy analyst, healthcare consultant, public health researcher, pharmaceutical industry roles.
• Best For: Those interested in the intersection of economics and healthcare, policy-making, and public health.

Labor Economics

• Focus: Labor markets, employment policies, wage determination, and workforce dynamics.
• Career Paths: Labor market analyst, HR consultant, policy advisor, academic researcher.
• Best For: Students focused on employment issues, labour policies, and workforce development.

Public Economics

• Focus: Government policies, public finance, taxation, and welfare economics.
• Career Paths: Government agencies, policy think tanks, public finance consultancy, academic roles.
• Best For: Those interested in public policy, governance, and economic roles within the public sector.

Behavioral Economics

• Focus: Psychological factors in economic decision-making, consumer behaviour, and market anomalies.
• Career Paths: Behavioral analyst, market research, policy advisory, academic research.
• Best For: Students intrigued by the psychological aspects of economic behaviour and decision-making.

Industrial Organisation

• Focus: Market structures, competition, regulatory policies, and firm behaviour.
• Career Paths: Market analyst, competition policy advisor, business consultant, regulatory agencies.
• Best For: Those interested in market dynamics, competition analysis, and corporate strategies.

What are the Course Curriculum of Masters in Economics in USA?

The curriculum for a Master’s in Economics program in the USA is designed to provide students with a comprehensive understanding of economic theories, quantitative methods, and applied economics. 

Below is a typical structure, including core subjects, elective options, and practical components.

Core Subjects

• Microeconomic Theory
  • It focuses on the behaviour of individuals and firms when making decisions regarding the allocation of resources.
  • Topics: Consumer theory, production theory, market structures, game theory.
• Macroeconomic Theory
  • Studies the performance, structure, and behaviour of an economy as a whole.
  • Topics: Economic growth, inflation, unemployment, monetary and fiscal policy.
• Econometrics
  • Combines statistical methods with economic theory to analyse economic data.
  • Topics: Regression analysis, time series analysis, panel data, hypothesis testing.
• Mathematical Economics
  • Applies mathematical methods to represent economic theories and analyze problems.
  • Topics: Optimization, linear algebra, calculus.

Elective Options

Students can choose from various electives based on their interests and career goals. Popular electives include:

• Financial Economics
  • Topics: Financial markets, portfolio management, derivatives, risk management.
• International Economics
  • Topics: Trade theories, international finance, exchange rates, global markets.
• Development Economics
  • Topics: Economic development, poverty reduction, growth strategies, policy analysis.

Thesis or Project Requirements

• Thesis-Based Programs:
  • Require students to conduct original research on a topic of their choice, culminating in a written thesis.
  • Suitable for those aiming for academic or research-oriented careers.
• Coursework-Based Programs:
  • Focus on completing a set number of courses, often including a capstone project or comprehensive exam.
  • Suitable for those seeking practical knowledge and skills for industry roles.

Practical Components

• Internships
  • Provide real-world experience and professional networking opportunities.
  • Often integrated as part of the program to apply theoretical knowledge in practical settings.
• Research Projects
  • Allow students to work on specific economic issues, often in collaboration with faculty or industry partners.
  • Enhance research skills and provide hands-on experience.
• Case Studies
  • Involve the analysis of real-world economic problems and the application of theoretical concepts to find solutions.
  • Develop critical thinking and problem-solving skills.

Typical Course Sequence

• First Year (Core Courses)
  • Microeconomic Theory
  • Macroeconomic Theory
  • Econometrics
  • Mathematical Economics
• Second Year (Electives and Specialisation)
  • Selection of electives based on chosen specialisation.
  • Thesis or capstone project preparation (if applicable).
  • Internships or practical components.

What are the Top Undergraduate Courses for Masters in Economics in USA?

Having a relevant undergraduate background is crucial for successfully transitioning into a master's in economics program in the USA. 

Here are some recommended undergraduate degrees and areas of study that are beneficial for various Masters in Economics specialisations:

What are the Admission Requirements for a Master in Econmics in the USA?

Pursuing a Master’s in Economics in the USA offers a blend of rigorous academic training and extensive professional opportunities.

American universities are renowned for their cutting-edge research, distinguished faculty, and diverse specialisations. The programs emphasise advanced quantitative skills, economic theory, and practical applications, preparing students for impactful careers in various sectors.

With a focus on research excellence and a strong analytical foundation, MS in Economics degrees from U.S. institutions are highly respected worldwide. 

While admission rates vary by institution, it is generally estimated that acceptance rates for MS programs in Economics in the USA range from 20% to 40%, reflecting the competitive nature of these programs.

Here's a breakdown of the application requirements to study in USA:

Academic Requirements

• Minimum GPA: Most programs require a minimum undergraduate GPA of 3.0 to 3.5 on a 4.0 scale. Top-tier universities may have higher GPA expectations.
• Specific Subject Requirements: Applicants generally need a strong economics, mathematics, and statistics background. Courses in calculus, linear algebra, and econometrics are often required.
• Standardised Test Scores: Many programs require GRE (Graduate Record Examination) scores. Some programs may accept GMAT (Graduate Management Admission Test) scores, but the GRE is more commonly preferred. Minimum score requirements vary by institution, with competitive programs often expecting higher scores.

Documents Requirements

• Transcripts: Official transcripts from all post-secondary institutions attended, showing courses taken and grades earned.
• Recommendation Letters: Typically, two to three letters of recommendation from academic or professional referees who can attest to the applicant's qualifications and potential.
• Statement of Purpose: A personal statement outlining the applicant’s academic interests, career goals, and reasons for pursuing the MS in Economics.
• CV/Resume: A detailed curriculum vitae or resume highlighting academic achievements, work experience, and any relevant skills or accomplishments.
• Additional Documents: Some programs may require a writing sample, proof of English proficiency (e.g., TOEFL or IELTS scores) for non-native speakers, or specific application forms.

Visa Requirements

• Visa Process: International students pursuing an MS in Economics in the USA must obtain an F-1 student visa.
• Types of Visas: The F-1 visa is the primary visa for academic studies. In some cases, J-1 visas are used for exchange programs.
• Necessary Documents:
  • Form I-20: Issued by the university, confirming acceptance and eligibility for a student visa.
  • DS-160 Form: Online nonimmigrant visa application form.
  • Visa Application Fee: Payment of the SEVIS (Student and Exchange Visitor Information System) fee.
  • Financial Proof: Documentation showing sufficient funds to cover tuition and living expenses.
  • Passport: Valid passport with at least six months remaining before expiration.
  • Visa Interview: A visa interview at a U.S. embassy or consulate is typically required.

Work Permit

The United States offers exciting opportunities for skilled professionals from around the world. If you're an international student or worker aiming to secure a job in the US, obtaining the proper work authorisation is essential. This involves navigating the process of acquiring a work permit.

Here's a breakdown to get you started:

Do I Need a Work Permit?

If you're a foreign national, you generally need a US work permit to be employed. However, there are exceptions for specific categories, such as diplomats, international students under specific circumstances (e.g., Optional Practical Training after graduation), and spouses of certain visa holders.

Types of Work Permits

Various work permits are available, each catering to specific employment situations. Here are some common examples:

• H-1B Visa: This visa is for speciality occupations requiring a bachelor's degree or higher and demonstrating a shortage of qualified US workers. The employer typically initiates the application process.
• O Visa: This visa is for individuals with extraordinary ability in the sciences, arts, education, business, or athletics.

Obtaining a Work Permit

The process for obtaining a work permit can vary depending on your visa category. Generally, it involves these steps:

• Secure a Job Offer
• Apply for the Work Permit
• Pay the Application Fee
• Attend Biometrics Appointment (if required)
• Wait for Processing

Additional Tips:

• Check Specific Requirements: Always refer to the admissions website of your chosen program for the most up-to-date and detailed information on their specific requirements.
• Meet Deadlines: Application deadlines for MA programs in Psychology typically fall between March and November. Be sure to research and adhere to the specific deadlines of your chosen universities.

By diligently preparing these academic documents, standardised tests (if required), and visa paperwork, you can increase your chances of securing admission to a top MA program in Psychology in the USA.

What is the Cost of Studying Masters in Economics in USA?

Earning a Master’s in Economics in the US provides valuable expertise and career opportunities, but it requires a significant financial investment. 

Here’s a breakdown to help you plan effectively:

Tuition Fees

• Range: Annual tuition fees typically range from INR 22,50,000 to 45,00,000 (USD 30,000 to 60,000).
• Factors Affecting Cost:
  • University Type: Public universities usually offer lower tuition than private institutions. For instance, a program at a state university might cost around USD 35,000 (INR 26,25,000) annually, while a private university program could cost closer to USD 50,000 (INR 37,50,000) annually.
  • Program Specialisation: Specialized programs requiring advanced econometric tools or additional resources may have higher fees. A general Economics program might cost USD 30,000 (INR 22,50,000) annually, while a program focusing on Financial Economics or International Economics could cost around USD 40,000 (INR 30,00,000) annually.

Additional Costs

• Student Fees: Mandatory fees can range from USD 1,000 to USD 3,000 (INR 75,000 - 2,25,000) annually, covering services such as library access, student activities, and technology.
• Health Insurance: Health insurance is essential and may cost between USD 1,000 and USD 5,000 (INR 75,000 - 3,75,000) annually, depending on the plan and coverage.
• Living Expenses: Accommodation, food, transportation, and other living expenses vary by location. In a moderate-sized city, you should budget at least USD 1,500 to USD 3,000 (INR 1,12,500 - 2,25,000) per month for living expenses.

What is the Cost of Living in USA?

The United States is home to some of the best cities to live in the world. According to the US embassy and consulates in India, more than 2.6 lakh students from India are currently pursuing higher education in the USA. 

The cost of living for international students in the USA varies widely depending on the location. Students can expect to spend between INR 8,25,000 (USD 10,000) and INR 16,50,000 (USD 20,000) annually. 

The key factors influencing living costs include:

• Accommodation: It ranges from INR 41,250 to 1,37,500 per month (USD 500 to 1,500), depending on on-campus or off-campus and the city's cost of living.
• Transportation: Public transportation can cost around INR 4,125 to 8,250 per month (USD 50 to 100), with higher costs in metropolitan areas.
• Food: Monthly groceries and dining out expenses can range from INR 16,500 to 49,500 (USD 200 to 600).
• Utilities: Electricity, heating, cooling, water, and internet costs typically range from INR 8,250 to 24,750 per month (USD 100 to 300).

Living in major cities like New York, Los Angeles, or San Francisco is generally more expensive than living in rural areas or smaller towns.

Let’s look at the cost of living in different cities in the USA:

• New York City

Note: Currency conversions are approximate and may vary based on exchange rates.

• California (e.g., Los Angeles)

Note: Currency conversions are approximate and may vary based on exchange rates.

• Chicago

Note: Currency conversions are approximate and may vary based on exchange rates.

What are some Scholarships for a Masters in Economics in USA?

Scholarships for international students pursuing a Master’s in Economics in the USA can significantly reduce the financial burden of graduate education. Scholarships, and external funding options from various organisations and foundations.

Various funding opportunities are available through universities, government programs, and external organisations. These scholarships can help cover tuition fees, living expenses, and other associated costs.

Here are the top scholarships to lessen your financial burden:

What are the Top Jobs After Masters in Economics in USA?

Have you heard that economists surveyed by Reuters have predicted that the GDP will increase at a rate of 2.0%?

Graduates with an MS in Economics in the USA have a wide range of career opportunities across diverse industries. This program provides students with valuable analytical and quantitative skills applicable to various fields, including finance, consulting, government, and international organisations.

MS in Economics graduates can utilise their expertise in economic analysis, data interpretation, and research to pursue leadership roles and shape key strategic decisions within companies. 

What is the Career Scope after Masters in Economics in USA?

Common career paths include positions in financial analysis, economic consulting, market research, and public policy analysis.

Graduates with an MS in Economics in the USA have diverse career options. The program equips students with advanced analytical, quantitative, and research skills, preparing them for leadership roles across various industries:

• Consulting: Economists often work as consultants, providing insights and strategic recommendations to businesses and government agencies.
• Finance: Roles include financial analysts, investment bankers, and economic advisors, where they apply their knowledge to financial markets, risk assessment, and economic forecasting.
• Marketing: Economists contribute to market research, consumer behaviour analysis, and strategic planning.
• Technology: In the tech sector, roles include data analysts and economic advisors, where they help companies leverage economic data for strategic decisions.

The MS in Economics program prepares students to tackle complex economic problems, manage data-driven projects, and lead teams in high-stakes environments.

What is the Average Salary after a Masters in Economics in USA?

Here is a list of job opportunities you get after studying for a Masters in Economics in the USA, along with their salary.

Note: Currency conversions are approximate and may vary based on exchange rates.

What are the Top Recruiters for Masters Economics in USA?

Did you know that Goldman Sachs is known for high compensation packages and rigorous recruitment processes?
 

These prominent recruiters are consistently looking for talent in the field of economics in the USA: