Study economics in the US: 3 graduate degrees that guarantee success

In the US, the demand for skilled economists is rising — especially as businesses grapple with fluctuating markets, government policies, and global competition. Consider the impact of the COVID-19 pandemic, which forced many companies to pivot their strategies based on shifting consumer behaviour. 

Economists played a crucial role in helping businesses understand these trends, leading to smarter decisions in areas like pricing and supply chain management. This explains why the US Bureau of Labour Statistics reports a whopping US$115,000 as the median annual wage for economists. 

To take on such tasks and reap such rewards, start with an advanced degree. The US is filled with plenty of those; however, specific programmes stand out by offering a blend of rigorous academic training and real-world application, ensuring graduates are not just knowledgeable but also highly employable.

Here are three US universities that can jumpstart your career or take it to new heights.

Master of Science: Policy Economics students on a recent field trip to Federal Reserve Bank of St. Louis. The MSPE includes a vast range of carefully chosen experiences that are supported by reflection, critical analysis, and synthesis. Source: University of Illinois Urbana-Champaign

University of Illinois Urbana-Champaign

For over 40 years, the Department of Economics at the University of Illinois Urbana-Champaign has produced graduates prepared for prominent positions in both public and private sectors in the US and beyond. Armed with the knowledge, skills, and experiences from their Master of Science in Policy Economics degree, these talented students emerge as confident and competent economists and experts, ready for the next steps in their career.

After all, they were taught by the best. MSPE instructors are tenure track faculty members who are experts in their fields. They bring insights and guidance, ensuring you’ll be well-ready to not only master the latest statistical techniques, but also the economics that allows you to design meaningful tests and interpret results.

MSPE students have a great deal of flexibility over their coursework as well as the time to complete the degree. You can complete the programme over one year (and a summer), one and a half years (without a summer), or extending over two years to take more elective coursework. You can choose from nine fields of specialisation too. And, this being a department that never holds ambitions back, the programme allows students to take courses in other professional master’s programmes on campus, particularly Finance and Statistics. There is even a Ph.D. track for students who want to go on to earn a Ph.D. in economics.

As it’s STEM-designated, international students can apply for three years of Optional Practical Training (OPT) after they complete the MSPE to work for a private sector employer in the US.

Perhaps, what really sets this programme apart from the rest, however, is the enrichment activities that are built into the learning experience. Through a variety of one-day and overnight field trips, you will visit a number of US cities and learn about various government offices and institutional agencies.

Through these enrichment activities, you can also expect the faculty and staff that make up the programme to come to know you as an individual as well. You’ll never be just another face on campus. Instead, you will have many opportunities to interact and talk one on one with staff and professors outside of the classroom. Whether it’s casual conversations over coffee or tea with the director, lively debates at local eateries and bars, or friendly competition on the soccer field, there’s little hierarchy but seemingly countless chances to truly be a part of the MSPE community.

So, what are you waiting for? Join the MSPE network of over 2,100 alumni from over 100 countries.

Apply to the University of Illinois Urbana-Champaign now.

From financial analysis to applied research, Economics students are well-prepared to be leaders in the field. Source: Johns Hopkins University Zanvyl Krieger School of Arts and Sciences/Facebook

Johns Hopkins University

The Department of Economics at Johns Hopkins University is a leader in economic theory and empirical analysis that shapes students into future leaders in academia, industry, government, and international organisations. At its Baltimore, Maryland campus, you will be guided by a faculty who encourages you to think critically when conducting research and applying the knowledge and skills gained in class.

The graduate programme is a rigorous doctoral degree that acts as a centrepiece of the department. One of the unique factors of the PhD is the individualised attention you will receive due to the small-sized classes. This one-on-one attention opens many doors to various opportunities especially when conducting research, applying complex economic theories, and making educated financial analyses and predictions. 

Though it is possible to complete this PhD in four years, students usually take five or six years to complete. The first two years will be all about coursework. The first year will dive deeper into microeconomic and macroeconomic theory and statistics/econometrics, while the second year focuses on courses according to your chosen fields. You will be conferred your PhD after successfully presenting a dissertation of an original investigation.

Earning a PhD can be challenging, which is why the department ensures graduate students have a diverse social life outside of the department’s rigorous curriculum and their individual research interests. Throughout the year, the department and the JHU Graduate Representative Organisation host many functions. At the start of the year, they organise a welcome dinner and party to encourage new students to meet their peers, older students, and faculty. After the first term, they throw an annual holiday party immediately following the completion of the first term, as well as an end-of-year barbecue to celebrate the completion of the spring semester.

In recent years, Berkeley Economics PhD graduates have been recruited by prestigious institutions like Harvard, MIT, Yale, the U.S. Federal Reserve, and the World Bank. Source: UC Berkeley/Facebook

University of California, Berkeley

From humble beginnings as a “Political Economy” department with a single faculty member, UC Berkeley’s Department of Economics is today ranked #3 in the US by US News & World Report.

Established in 1903, the department has a distinguished faculty known for their creativity and groundbreaking work across various economic fields. Together with their students, they have led pioneering research in economic theory, econometrics, and major applied areas. 

Their expertise extends beyond theory, as evidenced by their roles as policymakers at the highest levels, both domestically and internationally. Last year, professors Emmanuel Saez and Gabriel Zucman were named 2023 Citation Laureates, a recognition of their work as Nobel-prize class. The previous year, Quantedge Presidential Professor Yuriy Gorodnichenko won the RK Cho Economics Prize, an award reserved for scholars who have contributed to the development of scholarship and education.

For aspiring economic scholars, the department offers a prestigious PhD in Economics programme designed to cultivate original research and advanced study. The comprehensive programme progresses through two stages: preparation for candidacy and dissertation completion. 

The former stage equips students with essential knowledge of econometric methods, economic history, and core microeconomic and macroeconomic theory. Specialisation and independent research take centre stage during the following years, ending in a dissertation representing a significant contribution to the field.

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