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Online master's programs in economics are designed to give you a profound understanding of economic theories, practices, and real-world applications. You'll study how resources are distributed and utilized, analyze the impact of decisions made by individuals and firms on the economy, and understand the role of government in influencing economic growth and stability. 

As part of your coursework, you may be tasked with projects that require extensive research on economic trends, data modeling assignments to predict market behaviors, or case study analyses exploring the impact of economic policies.

The curriculum of an online economics degree will help you develop valuable technical skills like econometrics, data analysis, and statistical programming. You'll also gain essential soft skills, such as critical thinking, problem-solving, and effective communication. 

An online economics master's program typically requires the completion of 30-36 credit hours. Many programs are meant to be finished in one year of full-time study, but some programs may require two years.

Online master's in economics programs often include some kind of culminating activity, such as a research project, thesis, or capstone course. A few programs also require you to get real-world experience through an internship.

Some of the core courses usually included in an online economics master's program are:

• Macroeconomic Theory: This course delves into the broader aspects of an economy, helping students understand national income, employment, inflation, and fiscal policies. Students will explore the factors affecting an entire economy and the formulation of policies.
• Microeconomic Theory: In contrast to its macro counterpart, this course focuses on individual decision-making units like households and firms. Students learn about supply, demand, market structures, and the role of prices in resource allocation.
• Econometrics: Econometrics bridges economics and statistics, teaching students how to apply statistical methods to economic data. This course is crucial for forecasting, policy evaluation, and understanding economic relationships.
• International Economics: By looking at the global economy, students gain insight into trade theories, exchange rates, and the impact of globalization. They'll also explore the dynamics of international trade and finance.
• Development Economics: This course focuses on the economic aspects of developing countries, addressing issues like poverty, infrastructure, and economic policies. Students will examine strategies for economic growth and development.
• Monetary Economics: Understanding money, banking systems, and financial markets is the key component of this course. Students learn about the role of money in the economy and the influence of monetary policy.

Click on the schools and economics programs above to learn more about what online courses are offered in these master's degrees.

Without a doubt, cost is one of the biggest factors when you're deciding whether to earn a master's degree. Tuition, books, supplies, and additional fees all need to be factored into your estimated total cost, but tuition is by far the most significant. To start developing an estimated total cost, you can establish your tuition expenses by multiplying a school's per-credit tuition rate by the number of required credit hours in its program. 

One savvy way to save money is to opt for an online program like one of the most affordable master's in economics degrees listed above. Many colleges and universities charge lower tuition rates for their online degree programs. Distance learning also eliminates room and board fees, as well as transportation expenses. 

As an online student, you can apply for financial aid if you're enrolled in an institutionally-accredited program. To apply, you simply need to fill out the Free Application for Federal Student Aid (FAFSA). Based on this one form, financial aid officers will determine whether you qualify for grants, fellowships, and scholarships funded by the schools and by the federal and state governments.

If your FAFSA form demonstrates true financial need, you're likely to receive grants and fellowships. These are the best types of financial aid to get because you don't have to repay them. 

However, if you're not awarded enough grant and scholarship money to cover the full cost of earning a master's degree, you may be offered a student loan. You don't have to accept the loan, but it may be your best option. Just be sure to use our student loan repayment calculator to find the total cost of repaying the loan with interest. Also, you may want to try to secure a federal student loan, which is likely to feature a lower interest rate and better repayment terms than a private student loan.

If you're willing to invest a little more time into finding sources of funding, you can research whether you qualify for any private scholarships. These are usually sponsored by nonprofits, community and civic organizations, and even some corporations. Awards are often based on academic achievement, community service, and other factors besides financial need, and they don't have to be paid back. You'll need to submit separate applications for each scholarship.

Holding a master's degree in economics opens doors to a variety of high-demand professions in both the public and private sectors. Economists, data analysts, policy advisors, and financial consultants are some of the many roles that professionals with an advanced understanding of economics can fill. 

Economists often work for the government or for consulting services organizations. Using both existing and new data that they collect, they analyze data, forecast trends, and advise businesses and other organizations on important decisions. According to the Bureau of Labor Statistics (BLS), the median annual wage for economists was . The BLS projects that demand for professionals will increase by 1% over the next decade, which has slowed down quite a bit in recent years. 

If you're intent on becoming an economist, earning an online economics master's degree is definitely worth it. According to the BLS, you'll need this advanced degree to land a job with a government agency or consulting firm. 

Other possibilities include data scientists (), actuaries (), and financial analysts ().

Pursuing further educational opportunities, like a PhD in economics, can lead to roles in academia, high-level consultancy, or policy-making positions in governmental institutions. 

You have many options for earning an online master's degree in economics, which can make it somewhat challenging to figure out which is the best one for your needs. As you review each possible school, research its tuition rates, student services, faculty, and financial aid funding. Then, explore each program's curriculum to ensure it will equip you for the career you have in mind.

You'll also want to choose a college or university that has earned institutional accreditation like all of the schools on our list of the most affordable master's in economics degrees. 

You may also want to choose a program that has been accredited by the (AACSB). This program-level accreditation ensures that the curriculum is designed to prepare you to excel in the field of economics. 

Neither an MBA nor a master's in economics is better than the other, but one may be better suited to your long-term career aspirations and interests. 

There are plenty of MBAs online to choose from, and we even have one included in the list above that entails an Economics concentration. While an MBA offers a broader perspective on business management, a master's in economics provides specialized knowledge in economic theories and applications. If you want a degree that combines both factors, you might want to explore the list above a bit more closely to investigate the MBA in Economics options.

The admission requirements for master's programs in economics are somewhat similar across schools. You'll need to have a bachelor's degree, but not necessarily a bachelor's in economics. However, if your undergraduate studies didn't include essential courses in economics, finance, statistics, and other related subjects, you may need to take prerequisite classes before taking your core master's courses. These extra courses may impact the total cost of earning the degree.
When you submit your online application, you'll also need to submit transcripts from your undergraduate degree. It's possible that you'll be required to have maintained a GPA of at least 3.0. At some point, you'll probably also be asked for a resume, a personal statement regarding your career goals, letters of recommendation, and possibly GRE scores.