Is A Masters In Economics Worth It [2022 Guide]
Getting a master’s degree in economics would be worth it because of the benefits attached to going further with your studies.
Most economics students know the value of this while some don’t and they keep asking if getting a master’s in economics is worth it.
This article would provide you with the benefits that come with obtaining a master’s degree in economics.
Is A Masters In Economics Worth It – Best Answers
Yes, getting your master’s degree in economics is worth it, aside from the fact that it makes you above average there are other positive effects.
Going for an advanced degree like a master’s or even MBA, has its benefits to enjoy, such as
- Getting a high-paying job.
- Make your job search fast.
- Makes you more than average.
- Gives you a deeper understanding of your course.
- You will be considered valuable in the firm or company you work with.
Getting a high-paying job comes easy when you have an advanced degree, you don’t have to settle for less.
With a master’s degree, your job search wouldn’t be as difficult as when you just got a Bsc degree.
Being a master’s degree holder makes you more than average, this is because you won’t have to struggle with others having just a BSc degree.
Getting a master’s degree makes you more knowledgeable about your course of study, with a much better understanding of how the course works.
You will be considered and treated well in any company or firm you work with, as they know how valuable you are to the company.
You could choose the area of economics you want to focus on and broaden your knowledge in it.
This tends to increase your efficiency and sharpen your needed skill in this area.
Deciding If Master’s Degree In Economics Is Right For You
You might have heard people saying that getting a master’s degree may not be your solution or may not yield results.
This could be that you struggled throughout your graduate days and wouldn’t want to go back to a higher level of struggle.
Another reason could be that you lost interest during your graduate degree and wouldn’t want to continue.
This could also be that you were forced to study economics and don’t have any skills needed for it.
Knowing the required skill makes you learn more easily, the needed skill to exceed in obtaining your master’s degree are;
- Communication skill
- Analytical & critical-thinking skills
The communication skill needed here goes beyond the oral and written form of communication.
Although the oral and written form of communication is also very important.
You need to be able to communicate and explain your research to others that are not in the same role or field as you.
When you can explain properly to someone and the person gets to understand you and the information you are trying to pass, that’s what’s needed.
Analytical & Critical-thinking Skills
Having analytical skills goes a long way when you can spot errors.
For you to have an eye for errors, and be able to give solutions to the issues spotted, makes you exceptional.
Having critical thinking skills makes it fast for you to give out solutions to issues that may arise.
This will lead us to the types of economic master’s degrees.
The Types Of Masters Degree In Economics
There are different types and ways you could get a master’s degree in economics.
This all depends on the type you would go for, they are;
- Online program
- Campus program
- Fast pace learning
This type of master’s is obtained through online classes, where you register for the program online at any university of your choice that offers an online master’s degree program for economics.
Most online master’s programs let you learn on your own time, which means you can finish the process faster or not based on how committed you are.
The campus program is done at the university where you have to go to the school either daily or as scheduled for your class.
Although some schools mix online learning with their physical classes it’s still known as an on-campus program, because the rate you go to the school for classes would be higher than the online classes.
Fast Pace Learning
This is when you arrange for a fast pace of learning, where you are being taught with a faster syllabus so you cover everything within a shorter time.
But this has been seen to have a disadvantage, especially for economics students that study technical courses.
Specialization is when you pick one out of the various forms or branches of economics to major in.
This makes you more focused and gives you an easier way to understand your area of specialization better.
Now that you have known the types of master’s programs, you need to know how to choose between the programs mentioned.
Factors To Consider When Choosing An Economics Master’s Programs
Several factors influence the decision of students when deciding on the type of master’s program to choose.
The factors include;
- School Accreditation
- Course accreditation
- The cost
The most important factor should be accreditation.
You should know if the school you decide to have your master’s program with has been approved by the accrediting authorities.
This means that the school has a high standard of teaching and the certificate given is valuable.
Another important factor would be course accreditation, knowing if economics is accredited by Association to Advance Collegiate Schools of Business, (AACSB).
This proves that the school has the right to all the needed resources to teach the particular course.
You could find this on the school website or the webpage of the Association to Advance Collegiate Schools of Business, (AACSB).
This is also an important factor to consider because having enough money influences your decision if you would prefer campus, online, accelerated, or specialized programs.
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What You Learn In Economics
You will get to learn some courses that relate to data collection, numbers, and figures.
They are Microeconomic Theory, Applied Econometrics, Labor Economics, Public Economics, Financial Stability and Growth, and Advanced Mathematical Economics.
While studying these courses you always tend to develop certain skills that would help you.
There is so much to learn when it comes to figures and numbers, but your course will be dependent on the university you get to attend for your master’s program.
This leads to career opportunities in economics.
The Career Field In Economics
Statistics have shown that economics-related jobs are high-paying jobs that will still grow in years to come.
Economics is an important part of several companies, which means in every company there would be a vacancy for economics-related jobs.
They gather and study economic data and give predictions for future financial data trends.
They work with both private, and government sectors and also tech companies.
This is similar to an economist as they also gather data and give future predictions although they work with a larger number of data.
The survey researcher studies the data gotten from the survey and uses it to predict future surveys and how they can be improved.
Actuary deals with the examination and management of uncertainty and risk.
Examples of this prediction are natural disasters, they study and predict the rate of occurrence.
They work with insurance companies.
Budget analysts are always employed by companies where they make budget report and look over their spending.
This ensures that the company did still within the spending limit not below or above but just fine.
Management consultants are employed by both private and big government agencies.
They advise these companies on how to save their money and maximize the money with low risk involved.
Senior Financial Analyst
They are responsible for the financial aspect of the company, they oversee the company’s investment and its decisions.
They study past results and use them to work on future results.
They conduct online and past market trends of a product, they use this to come up with a certain price that wouldn’t be over or underpriced.
What Is The Salary For An Economics Master’s Holder?
Master holders in economics are always known for their high-paying jobs.
And based on the Center on Education and the Workforce (CEW) says that those people with degrees normally make up to $68,000 to $182,000 a year.
And the median income level is usually $109,000 a year.
According to the Bureau of Labor Statistics, they predict the growth of employment for economists from now to 2029 is 14%.
They gave the annual median salaries of some of the career part in economics to be;
- Financial Managers – $134,180
- Actuaries – $111,030
- Economists – $108,350
- Mathematicians and Statisticians – $93,290
- Personal Financial Advisors – $89,330
- Financial Analysts – $83,660
- Postsecondary Teachers – $80,790
- Budget Analysts – $78,970
- Market Research Analysts – $65,810
- Survey Researchers – $59,870
If you look toward making more it’s advisable to get a certificate, and this brings us to the next subheading.
What Is The Job Description Of An Economist?
The job description of an economist is the collection, analysis, research, and conclusion of data results.
They work with past results to predict future results.
They tend to use mathematical and statistical terms and figures while analyzing their results.
All these come in handy whether it’s a prediction in the business sector when determining the price of the product or another business sector that requires critical thinking.
It is also helpful with the prediction of natural disasters, flooding, or hurricanes.
Certifications For An Economist
For you to increase your potential earnings and also increase your skills through a certificate in economics.
This isn’t necessary when going through the process of graduation, but it’s highly favorable for more job sealers, they tend to give you certain respect because of it the certificate.
These are the three organizations that you could apply for.
Although not all economic fields require a certificate, that is why research on the job.
- The American Academy of Financial Management
- The International Economic Development Council
- The National Development Council
The American Academy of Financial Management
This organization wants to serve its global members and stakeholders as they were the world leaders in education and reinforcing the international knowledge of executives and also potential leadership of financial-based institutions.
The International Economic Development Council
They are the largest membership organization for economic developers, as they aid stimulate economic well-being and quality of life for their communities.
They are the top resource for economic development organizations.
And most importantly the organization advances the economic development profession.
The National Development Council
The National Development Council tries to improve the lives of millions of people through new economic opportunities and community improvement.
All these organizations are important because they often offer courses that you would be given certificates for and they are related to economics and are beneficial to join.
Professional Organizations For Economists
These are international professional organizations you could join, they teach you more and strengthen your knowledge.
You are most likely to enjoy the benefits of being a member.
They include ;
- World Economics Association
- American Economic Association
- Society for the Advancement of Economic Theory
- National Association for Business Economics
- National Economic Association
World Economics Association (WEA)
The World Economics Association (WEA) has established a large association that is primarily provided for their nation’s economists.
In addition to fostering a diversity of economic analysis methods, the World Economics Association will carry out the same for the global community of economists.
The organization is mostly for awareness creation and open space for idea sharing.
It is powered by the American Economic Association and the Royal Economic Society of the United Kingdom.
American Economic Association (AEA)
The American Economic Association
(AEA) is a non-profit, non-partisan, scholarly association that is dedicated to the discussion and publication of economics research.
The Association offers a variety of career-enhancing activities and services to assist experienced and aspiring economists.
Professors of economics from universities make up its membership and it offers a variety of services, such as periodicals, regular meetings, and job resources.
Society For The Advancement Of Economic Theory
Society For the advancement of economic theory also known as SAET is an organization for economists.
Their goal is to increase theoretical economics knowledge and to make it easier for academics in economics, mathematics, game theory, and other areas to communicate with one another.
National Association For Business Economics (NABE)
National Association For Business Economics (NABE) is the largest international association of applied economists, strategists, and academics committed to the application of economics.
Although the economic association is US based, it gives out important updates and news for economic professionals.
National Economic Association (NEA)
National Economic Association (NEA) is an organization that is specially engaged in creating and disseminating knowledge of economic topics that are exceptionally important to fostering economic progress among native people.
All these organizations are recognized worldwide, and they can help boost your knowledge of economics.
And also being a part of any of these organizations gives you a sense of belonging, as it is a place where learning and sharing of ideas never end.
Alternatives For Master’s Degree In Economics
You may consider getting a higher or advanced degree but you don’t want a master’s degree.
Below are the degrees that are an alternative to getting a master’s.
- Master’s in Business Administration
- Master’s in Science of Economics
- Master’s in Finance
Master’s In Business Administration (MBA)
This is a graduate degree that is focused on business administration, it gives theoretical and practical training on businesses and investment.
This is important for people who want management skills to ensure their survival in a competitive business area.
Master’s in Finance
By obtaining a degree in finance you get exposed to several specific careers in finance.
This helps you to get a deeper understanding of monetary issues that are usually related to banks or investments. And this program is for a shorter period.
Master’s In Science Of Economics
A Master’s In Science of Economics is a postgraduate degree that helps you get a deep understanding of economics with analytical and practical skills that are both involved.
Difference Between Masters In Economics and MBA
The difference between these two degrees are;
- MBA is expensive to obtain while a master’s degree is not that expensive.
- A master’s in economics requires a stronger background in mathematics while MBA doesn’t require a strong mathematics background.
- MBA programs are usually broader while masters are normally deeper.
- Based on jobs the salaries of MBA degree holders tend to be higher than master’s holders.
- Most firms and companies prefer an MBA holder to a master’s holder.
Choosing Between Masters In Economics & MBA
Your individual career goals and interests will always determine whether a master’s in economics is preferable to an MBA.
Although they both apply to a wide range of businesses, the two programs have different objectives and focus.
Below are some differences between the two degrees to assist you to choose which one to go for.
For Master’s in Economic
- It is more focused and specific, thereby giving a deeper understanding of the course.
- It requires a stronger mathematics background.
- This degree is often obtained by people who want to work with fiscal data.
- It offers a general degree that touches on investment strategies, especially business management.
- It is mostly more expensive to pursue.
- It is usually obtained by people who want management roles, mostly in the business sector.
The Difference between a Graduate Certificate & Masters in Economics
There are certain differences between a graduate and a master’s certificate, this is because a master’s degree is higher than a graduate certificate.
The difference between a graduate and a master’s certificate includes;
For Graduate Certificate
- The graduate certificate usually takes about 3 – 4 years to finish.
- A graduate certificate focuses on certain competencies and typically expands on prior knowledge.
- A graduate certificate is typically taken to demonstrate to employers your commitment to the profession or to get more information in a similar industry.
- A graduate certificate is more affordable than a master’s degree.
While for Masters’s certificate
- A master’s program usually takes two years to finish.
- The certificate shows a comprehensive education program, which is typically more respected by employers.
- It demonstrates a commitment to greatly expanding your understanding.
- Obtaining the certificate generally results in better and more lucrative jobs.
- This certificate is preferred by the majority of companies above a graduate certificate.
Obtaining A Masters Degree In Economics Online
Getting a masters in economics is now known and mostly regarded as one of the best graduate degrees one could have.
The Possibilities for high-paying employment in a range of areas exist for those with this degree.
Meanwhile, the flexibility of online economics degrees can allow you to design a timetable that fits your life and workload.
This applies even when the course curriculum is most challenging and needs are research-intensive.
You need to get the ability to gain the skills you need for this degree because this would make you a valuable employee in a variety of fields.
You also need to check which online master’s in economics programs best meet your goals because there are several types of economics, and you could decide if you want to socialize or not.
Frequently Asked Questions
Is Master in Economics Hard?
It is mostly considered hard because of its complexity and the presence of mathematics involved.
Is MA Economics Math Heavy?
It depends on your area of specialization, although maths is taught and you must have an understanding of it, it isn’t the only course taught.
Can you be an Economist With Only a Masters?
Yes, you can as your graduate degree is basic.
What is a Masters in Economics Called?
It is called Master of Economics (MEcon or MEc)
What Pays more Finance or Economics?
They are considered averagely equal because there isn’t much difference.
Does Economics Have a Future?
Yes, it does because statistic has shown that in years to come it will still be of great importance.
What Should we do after Ma Economics?
After obtaining your master’s degree you could go apply for a job or further your education.
Are Economics Graduates in Demand?
Yes, economics graduates are in demand.
Which is Better Political Science or Economics?
Economics is seen to be better than political science as it has a wider scope covering several major courses.
What Kind of Math is used in Economics?
Calculus is the common type of maths that is found in economics.
Is Economist a Stressful Job?
Most economists find their job stressful, as it entails critical and logical thinking.
Which Country Pays Highest Salary to Economists?
The United States.
Indeed getting a master’s degree is worth it, because it is all in the process of academic pursuit.
It gives you an edge over others with no degree and also motivates you into getting another advanced degree.
This also can assist you in beginning the process of obtaining your degree before you start, so you are sure of making the right decisions.