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A city planner tasked with reducing traffic congestion can use applied economics to model the impact of various interventions — from public transit improvements to congestion pricing — to ensure data-driven decisions that enhance urban mobility. Similarly, healthcare economists evaluating the cost-effectiveness of new medical treatments can apply economic principles to balance patient outcomes with financial sustainability, guiding policy that saves lives and resources. Indeed strong analytical and quantitative skills are useful, which explains why they are sought after by employers across a range of sectors.
An advanced degree in Applied Economics equips you with precisely this skillset. You’ll learn to analyse data, understand economic trends, and apply economic principles to solve real-world problems. You can become an expert in the topic at the University of Maryland, which is home to a dynamic Master of Science in Applied Economics. It is delivered by the Department of Economics, which consistently ranks among the nation’s top 20-30 economics programmes.
This reputation attracts renowned instructors dedicated to nurturing academic excellence. Their expertise translates into lessons that are both academically challenging and directly applicable to industry-level tasks. This exposure can help you develop a strong foundation in public policy analysis, quantitative research methods, and economic modelling.
A curriculum designed for success
The MS in Applied Economics programme is just as impressive as the department its housed in. For the fourth consecutive year, it ranked 1st in the US, according to the TFE Times’ 2023 Ranking of Top Master of Economics Programmes. This recognition underscores the programme’s focus on graduate salaries, student qualifications, and satisfactory employment rates.
Apart from potentially qualifying international graduates for extended stays in the US under Optional Practical Training (OPT) benefits, the STEM-designated programme equips you with a strong foundation in empirical skills, focusing on practical applications of economic principles to policy issues. And by choosing five elective courses from a selection of 11 “field courses,” you will be able to specialise in the specific applications of applied economics that align best with your career aspirations. With such preparation, you will be ready to thrive as an analyst in the public, private, or non-profit sector.
Expert faculty and a collaborative learning environment
You’ll be taught by a distinguished faculty of PhD economists who often hold positions in government agencies, private firms, and NGOs concentrated in the Washington, DC area — some of the very same institutions that actively seek out and hire graduates from the programme. These instructors create a stimulating learning environment, emphasising advanced training in quantitative techniques and econometric modelling.
They will help you gain proficiency in statistical software like Stata and R, equipping you to tackle complex economic issues in areas ranging from macroeconomic and financial forecasting to environmental policy, economic development, and international trade.
Still, the programme’s core focus lies on applied econometrics, emphasising data analysis alongside a master’s-level understanding of economic theory in small seminar-style classes, you will refine your presentation skills, critical thinking abilities, and collaborative work ethic through constructive feedback from instructors and peers.
Source: University of Maryland
Career advancement and networking opportunities
The department has a great placement record, having cultivated strong relationships with employers across Washington, DC and beyond — think private firms and international organisations.
To further boost employability, it partners with the University of Maryland’s Career Centre to organise career fairs and placement events.
The result? Over 90% of the programme graduates secure employment within the field within three months of graduation. They are currently adding value at esteemed organisations like Deloitte Consulting, Ernst & Young, Raven Capital, the World Bank, IMF, many government agencies across the globe, and more.
An affordable option
As the University of Maryland is a public institution committed to providing excellent education at affordable prices, this MS programme offers a significant cost advantage compared to similar programmes in the Washington, DC, area.
At US$4,050 per course, this makes it an attractive option for those seeking a high-quality education without breaking the bank. For example, tuition in Johns Hopkins’comparably ranked Applied Economics master’s degree programme is US$5,400 per course. Over the 10-course degree, that’s a difference of more than US$13,000.
Learn more about the programme.
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