Masters in Economics in USA: Top Universities & Fees

The U.S. offers a range of competitive Master's in Economics programs that combine strict academic training with strong career outcomes. For example, A well-rounded M.S. in Economics program at the University of North Carolina has tuition costs around $24,500 (INR 20.9L) for in-state and $46,000 (INR 39.4L) for out-of-state students. 

Admission requirements include GRE/GMAT scores, a 3.0+ GPA, and coursework in calculus and economic theory. The program also offers merit-based scholarships and graduate assistantships for early applicants, making it a strong value option for aspiring economists.

Now, let's discuss the basic details about a Master's in Economics in USA to guide students wishing to study in the US. 

Masters in Economics in USA: Overview

A Master’s in Economics in the U.S. typically takes 1.5 to 2 years to complete and offers flexible intake options. 

Most universities accept students in the Fall (August/September) and Spring (January), with some programs also offering Summer admissions, allowing applicants to choose a timeline that fits their academic and career goals.

Here's a detailed overview of Masters in Economics in USA:

Next, let’s look into the advantages of pursuing a Masters in Economics  Course in the USA.

Why Pursue Masters in Economics in USA?

U.S. economics programs offer flexible specializations, dual degrees (like MBA/MA at NYU and Duke), and strong career outcomes. Graduates earn median salaries over $113,940 (INR 97.4L), with roles in finance, tech, and government. STEM-designated programs also provide up to 3 years of OPT for international students.

Here are some key benefits of pursuing Masters in Economics in USA:

• High income potential and career entry: Many economist positions require at least a master’s degree, with a median wage of $115,440 (INR 98.7L) per year, well above the U.S. median and a steady job outlook (5% growth from 2023-33).
• Diverse career pathways: Graduates step into roles across sectors like finance, consulting, government, policymaking, and academia. Northeastern’s MS in Economics positions alumni at firms such as Amazon, Deloitte, and Goldman Sachs.
• Strong employment outcomes: At Duke, their economics master’s graduates report top employers and excellent placement rates. Boston University alumni include senators of global influence, PhD course candidates, etc, with nearly 20% sponsored by governmental agencies and Fulbright scholars.
• Lifetime earnings: Earning a graduate degree can lead to significant lifetime income gains, approximately $400,000 (INR 3.4Cr) for men and $310,000 (INR 2.6Cr) for women. This highlights the economic advantage of advanced education.

Now, let’s discuss Masters in Economics in USA courses. Here are some of the top universities that offer them on a full-time and part-time basis. 

Top Universities Offering Masters in Economics in USA

Prestigious institutions like MIT and Columbia University offer world-class economics programs with strong academic and career outcomes. MIT’s Masters in Data, Economics, and Development Policy is a one-year program with full tuition at $61,985 (INR 53L). It has a Fall application deadline in January 2025. 

Below is a breakdown of some of the top universities offering Masters in Economics in USA:

Note: Currency conversions are approximate and based on the current exchange rate.

Popular Universities for Masters in Economics in USA

The U.S. hosts over 100 universities offering Master’s in Economics programs, blending academic depth with strong job outcomes. 

Top picks like UW–Madison ($36,000 (INR 30.8L)/year) and Johns Hopkins ($54,550–$56,550 (INR 46.6L- 48.4L)/year) offer flexible 1–2 year formats and high placement rates, with multiple intakes and global recognition. 

Below is a breakdown of the popular universities offering Masters in Economics in USA

Now, let's understand the admission requirements for different Masters in Economics in USA. 

Eligibility Criteria for Masters in Economics in USA

Applicants need a bachelor’s degree in a related field with a solid background in calculus, linear algebra, probability, and programming. Stanford requires coursework in math, stats, and programming, while MIT recommends college-level calculus and Python skills.

Below is a detailed breakdown of the eligibility criteria for pursuing Masters in Economics in USA:

Now that you have covered the eligibility criteria for enrollment in Masters in Economics in USA, let's understand the application process to apply for these programs. 

Application Process for Masters in Economics in USA

The U.S. application process for a Master’s in Economics is competitive and structured. At UW–Madison, applicants must submit transcripts, GRE scores, three recommendations, and proof of math/econ prerequisites. 

Johns Hopkins requires a similar application, including a resume, SOP, two references, course syllabi, and a $75 (INR 6.4K) fee.

Here's a step-by-step application process to apply for Masters in Economics in USA:

Step 1. Know the Timeline

• Stanford: The application portal opens around mid-September, with deadlines for Ph.D. and dual MS options typically in early to mid-December (e.g., Dec 4 for Econ PhD) .
• MIT DEDP: Requires completion of MITx MicroMasters prior to applying. Applications generally open in November, with rolling admission for spring intake.

Step 2. Submit the Online Application

• Stanford applicants create an account in the Graduate Admissions portal, upload all materials, and pay the $125 (INR 10.7K) fee by the program deadline. 
• MIT DEDP applicants apply via MIT’s online system, pay a $90 (INR 7.7K) application fee, and disclose MicroMasters track completion.

Step 3. Prepare and Upload Documents

Common requirements for both institutions include:

• Academic transcripts (unofficial copies allowed; official copies required upon admission)
• Letters of Recommendation:
  • Stanford demands three, submitted before the deadline.
  • MIT DEDP requires two from academic or professional referees.
• Test Scores:
  • Stanford requires GRE and TOEFL (for non-native speakers).
  • MIT DEDP waives GRE; TOEFL (≥100) or IELTS (≥7) required unless exempt.
• Personal/Research Statement:
  • Stanford: statement of purpose + writing sample.
  • MIT DEDP: both personal and research statements (max two pages each).

Step 4. Finalize and Track Application

• Stanford applicants must finalize payment and submit by 11:59 pm PT on the deadline day, then monitor status online.
• MIT DEDP applicants confirm fee payment and track MicroMasters grades, which play a key role in admissions assessment.

Step 5. Decision & Next Steps

• Stanford reviews applications holistically and may offer interviews; offers are sent by the application department.
• MIT DEDP notifies via email; upon acceptance, students submit final official transcripts to matriculate.

 Let's now explore the details of the Masters in Economics in USA, including the specializations and their total duration.

Masters in Economics in USA: Course Details & Specialization

Graduate programs for economics in the U.S. offer electives in areas such as Financial Development, Behavioral Economics, and Data Science applications. 

Many are STEM-designated, enabling up to 3 years of OPT. Dual degrees, research tracks, and policy labs add practical and academic depth to the course.

Here's a list of popular Masters in Economics in USA: 

Now, let's take a closer look at the cost of studying for Masters in Economics in USA. 

Cost of Pursuing Masters in Economics in USA

Master’s in Economics in the U.S. involves significant financial planning. Annual tuition fees range from $50,000 to $85,000 (₹43.4L–₹73.8L), depending on the university. Housing costs vary widely by location, from $500 to $3,500 per month (₹43.3K–₹3L), adding to the overall expenses for studying in the US that students should budget for.

Below is the breakdown of the cost of living in the US for international students: 

Note: Cost estimates are yearly and may vary by city and university. INR amounts are approximate and are subject to change.

Next, let's explore the various scholarships and financial aid opportunities available to help support your Masters in Economics in USA.

Scholarships for Pursuing Masters in Economics in USA

International students can access several competitive scholarships to fund their economics studies in the U.S. The AAUW International Fellowships offer up to $50,000 for women pursuing graduate education. 

Rotary Global Grants provide $30,000–$40,000 (INR 25.6L to 34.2L) for students focused on development-related fields, helping reduce the financial burden of tuition and living costs.

Below is the list of top US scholarships for Indian students that you can avail while taking admission in Masters in Economics in USA: 

Internal Scholarships

MIT’s DEDP Scholarship provides full tuition to MicroMasters graduates, with a priority given to applicants from low-income countries. The Sena Eken Schieber Scholarship supports high-achieving MA students (GPA 3.7+), covering tuition or living costs with added university support and on-campus work opportunities.

Here are a few internal scholarships for Masters in Economics in USA students:

Let’s explore external scholarship options for Masters in Economics programs in USA that you can choose from.

External Scholarships

The Fulbright Scholarship Program offers full funding for 1–2 years to international students with strong academics and leadership potential. The Aga Khan Foundation provides a 50% grant and 50% loan to students from select developing countries admitted to U.S. universities.

Here are a few external fully-funded US scholarships for Masters in Economics in USA:

Next, let's discuss your job options after completing your Masters in Economics course in USA. 

Job Opportunities After Masters in Economics in USA

Graduates with a Master’s in Economics in the U.S. can pursue high-demand roles across sectors. Data Scientists earn an average salary of $127,731 (INR 1Cr), while Policy Analysts make around $85,760 (INR 73.3L) annually. These roles offer strong career growth in fields like tech, finance, government, and consulting.

Here's a detailed look at some of the high-demand job opportunities after doing Masters in Economics in USA: 

Source: Glassdoor, Indeed, Payscale

Note: Currency conversions are approximate and based on the current exchange rate. Salaries and roles may vary based on experience, location, and employer.

Next, let's look at some of the top recruiters for Masters in Economics graduates. 

Top Recruiters for Masters in Economics Graduates in USA

Top global institutions hire economics graduates from U.S. universities. The International Monetary Fund (IMF) offers roles such as Economic Research Officer, with salaries ranging around $100,000 (INR 85.5L). Firms like McKinsey & Company recruit Economic Consultants with compensation reaching up to $200,000 (INR 1.7Cr).

Here are some of the top recruiters for high-paying jobs in the U.S. for Masters in Economics graduates:

Get yourself ready to take the next step toward pursuing a Masters in Economics in USA. In that case, upGrad offers the guidance, resources, and support you need to start this journey with confidence. 

How Can upGrad Help You Study Masters in Economics in USA?

upGrad provides end-to-end support to help students gain admission to top U.S. universities for Master’s in Economics programs. Their offerings include expert-led test preparation for GMAT, GRE, TOEFL, SAT, and IELTS, along with interactive learning and personalized mentorship. 

Students receive customized guidance on application writing, documentation, and university selection. upGrad also offers dedicated support for visa processing, scholarship opportunities, and financial planning, including education loans and budgeting. From shortlisting programs to final submissions, they manage the entire study abroad journey seamlessly.

Interested in studying a Masters in Economics in the U.S.? Book a free counseling session with upGrad’s experts to increase your chances of admission.