Masters in Economics in USA

“Why can’t we just print money?” asked Donald Trump once, the former president of the United States of America. Going by his words, he seems not to understand the basics of economics. If you shrug at this question, and have an inherent need to pursue economics as a profession, pursuing Masters in Economics in USA does not just serve as the most significant step for you, it allows you to be credible enough to answer questions of people such as Donald Trump. Sounds good so far? Then read this blog on Masters in Economics in USA for a better understanding of the eligibility criteria, top universities, and career prospects of the field!

Why Study Masters in Economics in USA?

Assuming you have decided to study Masters in Economics, the question arises why USA, for this particular study? We touch upon the topic as we answer this question. 

1. Esteemed Universities: Top institutes offering the Masters in Economics are situated in USA. They are ranked as high as in the top 10 colleges in the world, more so as having a well-curated curriculum preparing the students for their careers. 
2. Employment Opportunities: In USA, the opportunities related to employability are projected to increase in the coming years as well. As per BLS USA, the economic industry is expected to grow by 8%.

3. Handsome Salary Packages: Did you know that the median salary of an economist in the USA is 104,340 USD (INR 86 lakh) per annum? That’s how well-off the pay is for the people employed in the industry.
4. Course option: Students who wish to pursue a Masters in Economics in the USA have diverse course options to choose from. They can choose to pursue it part-time or full-time and get in touch with trained faculty.
5. Cultural experience: Studying in the USA offers a unique cultural experience to students. They get a new sense of freedom while interacting with students from different ethnicities and learning about their cultures.

Masters in Economics in USA: Specialisations 

To understand the Masters in Economics in USA, it’s first important to get to know about the various specialisations offered under the degree course. This will help you get familiar with the separate facets of Economics at a Master’s level. Below is the list of specialisations provided for students who want to pursue Masters in Economics in USA. 

• Microeconomics
• International Economics
• Game Theory
• Financial Economics
• Industrial Economics
• Macroeconomics

Top Universities to Study Masters in Economics in USA

What are the top universities to study Master in Economics in the USA? Check out the table below!

University	Course Name	Approx Annual Tuition Fee
Massachusetts Institute of Technology	Master’s in Data, Economics, and Design of Policy (DEDP)	$57,000 –  $62,300
Stanford University	Economics (MA)	$24,500 – $268,910
Yale University	Economics (MA)	$62,000 – $83,900
Northwestern University	BA/MA PROGRAM	$80,000 – $92,000
Columbia University	Master of Arts Program in Economics	$65,000 – $85,900
University of Michigan	Master of Applied Economics	$28,791 – $39,100
University of Minnesota	MS in Applied Economics	$35,632 – $57,000
Rice University	Master of Energy Economics	$57,210 – $78,278

Admission Requirements for Studying Masters in Economics in USA 

The requirements to be considered for admission into an economics specialisation in USA are as follows. 

Eligibility Criteria 

• Students must have completed their 10+2 education from a recognized board with at least 50-55% marks.
• A bachelor’s degree of 4 years in a relevant field is a must to pursue a master’s degree in the USA. 
• The GRE score must be between 300-320 (also depending on the university). 
• Moreover, the student must provide proof of funding for their studies 
• A valid student visa is required for admission as well. 

English Language Proficiency Requirements

The English language proficiency requirements for admission to a Masters in Economics in USA are as follows:

• IELTS: 7.0 – 7.5
• TOEFL: 90 – 100  

Admission Process 

It varies from university to university to get admission Masters in Economics in the USA. One fortunate availability is the presence of help from Leverage Edu. You can avail of our services, and we can guide you, step by step, to enrol in a university of your choice. 

Here’s an easy 5-step process to complete your application process:

1. Call our experts on 1800 572 000 to shortlist your favourite universities and courses. Start your application to multiple universities through our one-dashboard platform.
2. Compile all your documents like SOPs, essays, academic transcripts, LORs and exam scores like IELTS, TOEFL, GRE, GMAT, etc
3. Meet all the application deadlines and start the application process for accommodation, student visas, and scholarships/student loans.
4. Accept the offer letter and meet your teachers, college mates, and roommates virtually
5. Get your visa approved and fly to your dream university.

Documents Required

The following are the basic requirements of documentation for getting admission into a Master in Economics in the USA.

• Graduation transcripts 
• Academic transcript 
• Evidence of citizenship (Passport)
• Name and contact details of two professional references.
• CV/ Resume (updated)
• Letter of Recommendation
• English Language Proficiency Test Score
• Statement of Purpose

Cost of Studying Masters in Economics in USA

Tuition 

To talk about the tuition fees for studying masters in economics in USA, the range comes between 40,000 – 120,000 USD (INR 33 lakh to 99 lakh). 

Accommodation

Additionally, the cost of accommodation is also included in the cost of studying Masters in Economics in the USA. This is between USD 600-1000 (INR 50,000 to 82 thousand) per month.

Scholarships 

Since the cost of studying is relatively high in the USA, there are several scholarships that universities offer that you can apply for. Check the same out below. 

Name of Scholarship	Amount
Rotary Foundation Graduate Scholarship Program	USD 30,000 (INR 25 lakh)
Hsiao Economics Scholarships	USD 1000 (INR 82 thousand)
KC Mahindra Scholarships	USD 5,542 (INR 45 thousand)
Ritchie- Jennings Memorial Scholarship	Can vary

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Masters in Economics in the USA: Career Opportunities 

What does the future look like after completing the master’s course in economics in the USA? The career opportunities, along with their salary are mentioned below. 

Job Profile	Average Salary
Senior Economic Analyst	USD 107,594 (INR 89 lakh)
Economist	USD 116,500 (INR 97 lakh)
Financial Analyst	USD 116,500 (INR 97 lakh)
Analytics Manager	USD 120,000 (INR 1cr)
Credit Analyst	USD 69,996 (INR 58 lakh)

FAQs 

If you want to get into a high-ranked university, you’ll need more than just good grades; you’ll also need a flawless application. You may enlist the assistance of Leverage Edu specialists to assist you with the application process so that you can realise your goals. Call us immediately at 1800 57 2000 for a free 30-minute counselling session.