Is a Master’s in Economics Worth It?

Key Takeaways:

• Is a master’s in economics worth it? Yes—graduates often enjoy high-paying, high-demand careers with this degree.
• What can you do with a master’s in economics? Potential economics careers include economist, financial analyst, policy advisor, data scientist, and more.
• How much do economists make? The median salary for economists is $113,940 (U.S. Bureau of Labor Statistics), with long-term growth potential.
• What high-value skills can you learn? Econ master’s programs equip you with analytical, decision-making, and global economic skills that are valued across industries.
• Where can you learn how to become an economist? Explore SMU’s flexible, innovative, and nationally ranked programs.

Wondering if a master’s degree in economics is worth the investment? You’re not alone. With the time, cost, and effort involved, it’s important to weigh the long-term benefits before making a decision. 

The good news? Graduate studies in economics can open doors to high-paying jobs, leadership roles, and specialized career paths in finance, policy, data analysis, and more. This advanced degree not only boosts your earning potential but equips you with in-demand skills—like econometrics, statistical modeling, and economic forecasting—that today’s employers are actively seeking. 

Master’s in Economics Jobs: High-Demand Careers with Strong Earning Potential

A master’s degree in economics prepares you for a wide range of high-demand, high-paying careers. Whether you’re interested in working for consulting firms, financial institutions, government agencies, or research organizations, this degree demonstrates to employers that you possess the skills needed to succeed. 

According to the U.S. Bureau of Labor Statistics (BLS), employment of economists is projected to grow 6 percent by 2032, which is faster than the average growth rate for all occupations. This growth reflects the growing need for professionals who can analyze complex data and inform strategic decisions.

With a master’s in economics, you can pursue roles in economic forecasting, policy analysis, market research, data analytics, and more. The analytical, statistical, and problem-solving skills you develop during the program are highly transferable across various sectors, including healthcare, technology, and public policy. 

Master’s in Economics Salary: What You Can Expect

Let’s talk about earning potential—one of the most significant factors when considering graduate school. 

So, how much do economists make?

According to the BLS, the median salary for economists is $113,940 per year. With a master’s degree, your specialized training in data analysis, econometrics, and economic modeling can lead to even higher salaries, especially in roles within finance, consulting, and government.

As you gain experience, your earning potential increases, offering long-term financial stability, upward mobility, and a strong return on your educational investment. 

Surprising Benefits of an Econ Master’s Degree

Beyond landing a great job or earning a competitive salary, an econ master’s degree—whether an M.S. in Economics or an M.A. in Economics—offers several lesser-known advantages that support both personal and professional development. These unexpected value-adds are what make the degree even more versatile and rewarding. 

Strengthened Decision-Making and Analytical Skills

Econ master’s programs teach far more than theory—they sharpen your ability to think critically, analyze complex data, and make confident, well-reasoned decisions. These decision-making skills are highly transferable across industries and help you approach both professional and everyday challenges with clarity and confidence.

A Global Economic Perspective 

In today’s interconnected world, understanding international markets and global economic trends is a significant asset, and economics master’s programs prepare you to do just this. Through coursework in international trade, economic development, and global policy, you’ll gain a well-rounded, global economic perspective that prepares you to lead in cross-cultural and international settings with economic expertise and cultural sensitivity. 

The Ability to Influence Policy and Create Impact

Economists often play a key role in shaping policies that affect everything from education and healthcare to climate change and finance. With a master’s in economics, you can contribute to meaningful change by influencing public policy, driving innovation, and solving real-world problems at both the local and global levels.

Comparing Economics Graduate Programs: Master’s vs. Ph.D. 

If you’re exploring economics graduate programs, you may be weighing the difference between a master’s vs. Ph.D. in economics. Both degrees offer valuable opportunities, but they serve distinct purposes depending on your goals.

• A master’s in economics equips you with practical skills for entering the workforce sooner. It’s ideal if you’re aiming for roles in government, finance, consulting, or data analytics. This path offers a strong foundation in economic theory, statistics, and real-world application, and is often completed in two years or less.
• On the other hand, a Ph.D. in economics is a long-term commitment—typically 5-7 years—focused on original research and academic specialization. It’s best suited for those who want to pursue careers in academia, policy research, or high-level theoretical work.

Ultimately, the choice between a master’s degree and a Ph.D. in economics comes down to your career goals, desired time investment, and whether you’re more interested in applying economics or producing new knowledge in the field.

Become an Economist with SMU’s Econ Master’s Programs

If you're considering a master's in economics, rest assured that the investment in your education will reap rewards throughout your career.. From the analytical and decision-making skills developed to the global perspective gained, this degree will equip you with the tools you need to excel in diverse sectors while navigating the complexities of our interconnected world.

At SMU, you can choose from two economics master’s programs—the M.A. in Applied Economics and the M.S. in Applied Economics and Predictive Analytics—consistently ranked among the best economics programs per the TFE Times. Both programs help transform business-oriented and tech-savvy students into professional economists, business analytics experts, and business leaders.

So, what are you waiting for? Take the next step today.

Download our guide—How to Succeed in Economics—to explore the variety of economics graduate programs offered at SMU and where they can lead.