A master’s in economics is a great opportunity for students interested in the field of economics to expand their knowledge and learn in more depth about economic concepts. Receiving a masters in economics can offer you various career opportunities in several industries and fields. In this article, we will discuss the details of pursuing a masters in economics by exploring its definition, the benefits it offers, specialization options, curriculum and timeline, as well as considerations for international students.
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What is Economics?
Economics is considered to be a social science that focuses on analyzing production, distribution, and consumption of goods and services. By studying economics, you will understand why organizations or individuals make certain decisions when allocating scarce resources for production, distribution, and consumption. Earning a masters in economics is, definitely, a good decision if you are interested in learning about how humans try to meet their unlimited needs with only a limited amount of resources available.
Benefits of Pursuing a Masters in Economics
Here are some of the benefits of pursuing a master’s in economics.
Economics is Related to Your Everyday Life
Earning a masters in economics isn’t only helpful if you want to pursue a career in an economics related field, but actually, economics is a very useful tool that you can use in your everyday life. It allows you to better understand financial trends and see what those trends lead to. Even if you are not planning on working in an economics related field, the theoretical principles that you learn in economics can still be practically applied. For example, having a masters in economics can be very beneficial for your entrepreneurial life. Having an economic perspective while running a business will be very beneficial for the business since it will allow you to make better decisions when it comes to allocating resources.
Specialization
By obtaining a masters in economics, you will be able to specialize in whatever area that you are interested in. Specializations in economics include, but are not limited to, macroeconomics, microeconomics, and environmental economics.
Macroeconomics
Macroeconomics concentrates on studying the economy as a whole. By doing so, you will be able to identify and research economic trends that affect the society that we live in. In this specialization, you will discuss topics like gross domestic product (GDP), unemployment, and inflation.
Microeconomics
In microeconomics, you will focus more on how individuals and businesses function in the economy. In this specialization, you will be able to identify the patterns in the behaviors of individuals and businesses, while also learning about how they make decisions.
Environmental economics
By specializing in environmental economics while pursuing a master’s in economics, you will be conducting research on several environmental topics. Some of these topics discuss renewable energy sources, limiting the use of fossil fuels, reducing pollution, and protecting endangered species. Environmental economists help businesses and corporations identify the externalities of their project while also trying to find environment friendly alternatives.
Timeline and Curriculum
Typically, it takes one to two years to complete a masters in economics program if you are attending the program full time. However, the time it takes to complete the program depends on which program you choose and if you are attending as a full-time or part-time student. Usually, the curriculum for a masters in economics would cover advanced economic theory, quantitative methods, statistical analysis, and applied research. Besides learning theoretical courses in the classroom, graduate students pursuing a master’s in economics will have the chance to apply their knowledge practically. This may involve working on projects or interning in a corporation that will help the student gain hands-on experience.
Tuition and fees for masters in economics may be different depending on which program you choose. Nevertheless, many programs allow applicants to apply for need-based or merit-based financial aid, or to apply for scholarships and fellowships. In addition, it is possible to receive federal or private loans to finance your education.
Requisites and Admissions
Some programs require students to have a Bachelor’s degree in economics or a related field, but a Bachelor’s degree four-year equivalent from an accredited university should suffice in some cases. Several other programs require students to complete prerequisite courses that ensure that they are prepared to participate in the program without struggling academically. Additionally, alongside the application, many programs require students to submit a statement of purpose, a resume, transcripts, and one or more letters of recommendation. The GMAT or GRE scores are required by some schools, but are optional in others. So it’s a good idea to check out the requirements for the program you want to participate in before applying.
Masters in Economics for International Students
To enroll in a masters in economics program, international students that come from countries that don’t speak English as their first language are expected to submit TOEFL or IELTS scores to demonstrate their ability to speak the English language.
Masters in Economics Post-Graduation Salaries
Graduates with a master’s in economics tend to pursue different career paths in different industries. However, according to ZipRecruiter, the average masters’ economics salary is about $210,000. This means that the average hourly pay for a Masters in Economics is about $101.
Conclusion
In conclusion, a master’s in economics degree can be a good step towards advancing your career. A degree in masters in economics is unique since it allows you to choose between different industries to work with and different career paths. There are many benefits for earning a master’s in economics. For instance, you can specialize in an area that you are interested in when receiving a masters in economics degree. Some common areas of specialization include, but are not limited to, macroeconomics, microeconomics, and finance. In addition, jobs for graduates with a masters in economics can be very high paying. Ultimately, it is up to you to choose which masters in economics program to enroll in based on your needs. However, make sure to choose the program that you think is the best fit for you.
