In an applied economics master's program, students learn the fundamentals of economic analysis and how economic principles affect private businesses, international corporations, and governments. These programs typically combine lecture-based courses, student-directed research, and experiential learning opportunities such as local internships.
To enroll in an applied economics program at the master's level, applicants are typically required to possess a bachelor's degree in economics, and have previous coursework in statistics, microeconomics, and macroeconomics. Once enrolled, the master's program may be offered at full-time, part-time, or online study, and usually takes two years or less to complete.
Master's Degree in Applied Economics
In a master's program in applied economics, students develop an understanding of economic theory through training in the collection of data, data analysis and practical problem-solving. Core course requirements are mostly in advanced economic theory, and these classes are complemented by focused study in the student's area of interest.
Studies range from theory-based economics courses to practical training in corporate finance. Due to the breadth of the field, students are typically allowed to choose a concentration which then informs their research. Specialization options include public policy, corporate economics, and the economics of developing nations.
Common courses include the following:
- Microeconomic theory
- Macroeconomic theory
- International economics
- Consumer behavior and price theory
- Introductory econometrics
- Economic model building
Employment Outlook and Salary Info
According to the U.S. Bureau of Labor Statistics, the mean annual salary for economists was $116,020 in May 2018. Employment for economists was projected to grow by 8% from 2018-2028, which is about as fast as the average for all occupations.
Continuing Education Information
A license may be required for certain positions in the economics field, though this varies by industry and specialization. For example, professionals in the securities industry pursue licensure through the Financial Industry Regulatory Authority (FINRA). A Ph.D. in applied economics is rarely required for employment, though it may be pursued by student interested in teaching or advanced research positions.
In order to gain theoretical and practical economic training, students can pursue a master's degree in applied economics. This degree includes both general studies in the field and specialization options, so graduates are ready for careers in the industry or further study in their area of interest.