Programs in international economics provide education in the theory and history of market analysis. These degrees prepare students to work in finance and consulting within the local and international markets. The MS in International Economics degree gives students the educational background to work for private and public finance and consulting companies in the local and international markets. PhD students learn to analyze how current trades and investments affect the current economic status of different markets, based on current theory and historical occurrences.
Master of Science in International Economics
The Master of Science in International Economics is designed to educate students about the cause-and-effect relationships of the economic forces that spur the global market. Students develop analytical and quantitative skills and techniques for studying the fluctuating international markets. All applicants are required to have a bachelor's degree, although not necessarily a degree in economics, and typically need a GPA of at least 3.0 or scores from the GMAT or GRE. While an applicant's bachelor's degree does not need to be in economics, most programs require several courses about microeconomics, macroeconomics and calculus in a student's background.
Students in master's programs take intermediate and advanced courses in economics and mathematics, and many courses in master's programs transfer toward a Ph.D. These courses include:
- Advanced microeconomics and macroeconomics
- Economic law
- Corporate economic and finance
- Managing investments
- Developing economics
- International trade policies and regulations
Doctor of Philosophy in International Economics
A Ph.D. in International Economics program gives students in-depth knowledge and a strong foundation in historical and modern economic theory. Students are required to have a bachelor's degree in a related field or in some cases have taken courses in intermediate microeconomics and macroeconomics and have a basic knowledge of linear algebra, calculus, probability and statistics. Some programs will allow students to finish these courses during their first year in the program. Others incorporate a master's degree in the coursework. The programs teach students how to research and analyze current and past international issues in the economic market, including international policies and regulations, taxation in different markets and international trade fluctuation.
Doctoral courses in international economics teach students advanced theories designed to analyze the current and historical international issues. These courses include:
- History of the international markets
- Advanced history of economics
- Economic research methods and writing
- International financial markets
- Monetary theory
Salary and Career Information
According to the U.S. Bureau of Labor Statistics (BLS) economists earned a median annual salary of $99,180 in May 2015. The BLS predicted that economist employment will grow 6%, about the average, in the years 2014 through 2024.
Doctoral graduates can qualify for several employment opportunities, including working as a professor. From 2014-2024, the BLS predicted that post-secondary teachers would see a job growth of 13%. Economics professors earned a median annual wage of $94,000 in May 2015.
Economics graduate degree programs cover advanced concepts, and are best for students who are interested in working in economic research, theory and policy.