3 US universities producing employable economics graduates

An economics degree can set you up for several career paths today. Companies are increasingly relying on the latest technologies to streamline processes and reduce costs, such as artificial intelligence and machine learning. These technologies enable companies to make data-driven decisions, improve efficiency, and create more personalised experiences for customers.

But as this work still needs some form of human touch, that is why governments and organisations still turn to economists to apply their expertise to pricing, advertising, and other areas. According to the US Bureau of Labour Statistics, employment demand is expected to grow 6% from 2022 to 2032.

With the demand up, now is the time to get a master’s degree in said field. Investing in your education with a graduate degree from a top university can equip you with the necessary expertise and credentials. A selection of universities fitting this description is provided below:

The 4+1 degree option is a fast track to obtaining your MSc in Economic Analytics. Source: University of Arkansas

University of Arkansas

The Department of Economics at the University of Arkansas’s Sam M. Walton College of Business offers a Master of Science (MSc) in Economic Analytics. This 10-month, two-semester programme guides students through economic modelling and theory to computational practice and cutting-edge tools. It provides a thorough training in descriptive, predictive, and prescriptive analytics, all of which are taught through 30 hours of coursework.

This STEM-designated programme covers core microeconomic, macroeconomic, and econometric principles before getting into courses like Data Visualisation and Communication, Data Analytics Fundamentals, Forecasting, Data Management Systems, and a two course sequence on machine learning methods in the Economic Analytics capstone, which require you to work on a project. Students can take many elective courses in other areas of business or economics as well.

Students will be equipped with a solid knowledge of econometric and machine learning methods, optimization and computing. These big-data skills, combined with knowledge of economic modelling, will enable them to identify, assess and seize the opportunity for data-driven value creation in the private and public sectors.

What differentiates this programme from others is its machine learning applications and thorough training in causal inference methods for disentangling cause-and-effect in economics and business. The program is also a partner of the NABE-CBE programme, enabling you to become a Certified Business Economist after completion.

With master’s-level economists earning a median pay of US$113,940 per year, it is no surprise that many graduates have gone on to become Data Products Analysts, Business Intelligence Engineers, Programme Managers, Data Scientists, and many other related jobs at high-ranking positions. To join them, apply to the MSc in Economic Analytics today.

Berkeley Economics PhD graduates are sought after by prestigious institutions, including Harvard, MIT, Yale, the US Federal Reserve, and the World Bank. Source: University of California, Berkeley

University of California, Berkeley

From its modest origins in 1903 with a single faculty member focused on “Political Economy,” UC Berkeley’s Department of Economics has risen to become a national powerhouse. Ranked #3 in the US by US News & World Report, the department has a faculty known for its creativity and groundbreaking research.

These scholars, along with their students, have led pioneering work across economic theory, econometrics, and various applied areas. Their impact transcends theoretical contributions; many faculty members serve as high-level policymakers, influencing economies domestically and internationally. The 2023 Citation Laureates, Professors Emmanuel Saez and Gabriel Zucman exemplify this excellence with their Nobel-calibre work. Just a year prior, Professor Yuriy Gorodnichenko secured the prestigious RK Cho Economics Prize, further solidifying the department’s commitment to exceptional scholarship and education.

For aspiring economists, the department offers a world-class PhD in Economics programme designed to nurture original research and advanced study. This rigorous programme follows a two-stage structure. The first stage equips students with a strong foundation in econometrics, economic history, and core economic theory, encompassing both microeconomics and macroeconomics.

As students progress, specialisation takes hold, and independent research flourishes. The programme culminates in a dissertation – a significant contribution to the field of economics.

Experiential learning here allows you to put your skills in data analysis and forecasting into practice through real-life simulations. Source: Drexel University

Drexel University

The MSc in Economics from Drexel University‘s School of Economics trains students in core economics, rigorous quantitative methods, and policy analysis. The goal is to form an understanding of how markets and economies function and the ability to see past short-term turbulence to examine long-term trends — this is what separates junior economists from experienced professionals. Modules in more technical areas, including microeconomic and macroeconomic theory, statistics, and econometrics, are set to expand your skillset, and in turn, employability, even more.

This MSc lets you learn by doing. It’s an approach that puts and tests your data analysis and forecasting through real-life simulations. With the help of professors, you will not only understand the theory but also how to apply it to address current economic issues. 

As the MSc is housed in the LeBow College of Business, you’ll have access to a wider range of courses. Thus, in addition to courses covering Intro Econometric Data Analysis, Mathematical Economics, Microeconomics, Econometrics, Macroeconomics, and Time Series Econometrics, you can choose electives across many disciplines including managerial economics, public finance, game theory, and health economics.

The programme’s success is evident in the achievements of its graduates. Alumni have secured positions at Citi, Facebook, the Federal Reserve Bank of Philadelphia, and JPMorgan Chase just to name a few. Others have pursued doctoral programmes at universities like the University of Colorado, Tulane University, and Washington State University.  

As the programme is STEM-designated, international students with an F-1 visa can apply for a 24-month Optional Practical Training (OPT) extension if they are eligible. The OPT is temporary employment in the US that is directly related to your major area of study.

*Some of the institutions featured in this article are commercial partners of Study International.