Is a Master’s in Economics Worth It?

If you’re contemplating a career in economics, you might be wondering if a master’s degree in the field is really worth it. It’s a valid question considering the commitment of time, effort and resources. 

A master’s degree in economics can be a game-changer in today’s job market. Beyond the promising career opportunities and competitive salaries, getting a master’s in economics unlocks skills and opportunities that make this degree genuinely worthwhile. 

Careers in Economics: Unparalleled Prospects

A master’s in economics opens doors to an extensive range of career opportunities. 

From consulting firms and financial institutions to government agencies and research organizations, economists are in high demand. According to the Bureau of Labor Statistics (BLS), employment of economists is projected to grow 6 percent from 2022 to 2032, faster than the average for all occupations.

The analytical and problem-solving skills honed throughout the program are highly transferable and sought after in various sectors. With a master's in economics, you can work in economic forecasting, policy analysis, market research, and data analytics. 
How to Succeed in Economics: A Master's Degree Comparison Guide

Lucrative Salaries

Let’s address the elephant in the room — earning potential. How much do economists make with a master’s degree?

Pursuing a career in economics can be a rewarding investment. Economists with a master’s degree often enjoy competitive salaries, with their specialized knowledge and quantitative skills commanding impressive compensation packages.

$113,940
Median Salary for Economists

Your earning potential grows as you progress in your career, offering long-term financial stability and a comfortable lifestyle.

Unexpected Value Adds

Apart from the conventional career benefits, a master program in economics offers unique value adds that enhance your personal and professional growth. 

Enhanced Decision-Making Skills

Economics isn’t just about numbers; it’s a field that hones your ability to think critically and make sound judgments. 

Through rigorous analysis and interpretation of complex data, you develop a sharp analytical mindset that empowers you to approach challenges confidently. These decision-making skills extend beyond economics and can be applied to various aspects of life, making you a well-rounded problem solver.

Global Perspective 

In an increasingly interconnected world, having a global perspective is invaluable. A master’s in economics exposes you to international trade, economic development and global policies. 

You gain a deeper understanding of the global economy and its impact on different regions, preparing you to navigate the complexities of international economics with cultural sensitivity and economic acumen. 

Influence and Impact

Economics is a discipline that has the power to shape policies and influence decision-making at both micro and macro levels. 

Armed with a master’s in economics, you have the potential to contribute to important societal issues, influence public policies and make a meaningful impact on the world around you. 

Master’s Degree vs. PhD in Economics: 

A master’s degree isn’t the only path for budding economists. When considering what path you’ll take, it’s important to understand the distinction between a master’s and a PhD in economics. 

• While a master’s degree provides a strong foundation and opens doors to rewarding career paths, a PhD offers deeper specialization and research opportunities.
  
  
• A master’s degree offers a quicker entry into the workforce, while a PhD is ideal if you aspire to become an academic, researcher or industry expert. 

Choosing between the two depends on your career aspirations and personal goals.

Become an Economist at SMU

The field of economics offers unparalleled opportunities for personal and professional growth, enabling graduates to make a real impact on society while enjoying financial stability. From the analytical and decision-making skills developed to the global perspective gained, a master's in economics equips individuals with the tools they need to excel in diverse sectors and navigate the complexities of our interconnected world. 

So, if you're considering a master's in economics, rest assured that the investment in your education will reap rewards throughout your career.

Start your Economics Career —
discover how to become an economist in our guide.