Career-defining economics master’s degrees

The world’s economies are intricately linked, demanding a new breed of economist — one equipped to navigate the growing complexities of international trade, currency fluctuations, and global development.  

Take Asia, for example. In 2016, India implemented demonetisation, a policy that abruptly removed high-value banknotes from circulation, causing significant cash shortages, hampered informal businesses that relied heavily on cash. Saudi Arabia faces a different challenge: its economy is heavily reliant on oil revenue. 

Policymakers from Delhi to Dubai can craft better solutions by mastering advanced economic principles. They could explore alternatives to demonetisation in India or plan for a more diversified Saudi economy that would involve establishing new industries and developing alternative sources of income. Perhaps more importantly, they can evolve into leaders with the knowledge and analytical skills needed to make more informed decisions for the well-being of their nations.

If this is the professional impact you seek to make, start with a master’s degree from one of these leading universities: 

Source: Penn State University

Penn State University

Penn State University’s Department of Economics is a leading R1 research institution, consistently ranking among the top 30 economics departments by US News & World Report. Its strengths lie in International Economics (#9), Microeconomics (#13), and Econometrics (#17). In the US, universities with R1 status are institutions of higher education well known for their prolific research activity.

The department’s mission is two-fold: to spearhead cutting-edge economic research and to nurture the next generation of economists. They achieve this by delivering rigorous programmes grounded in the methodology and ideas of modern economics.

Penn State’s MA in Economics offers several advantages. You’ll learn from the same tenured and tenure-track faculty who guide PhD students and are renowned for their research. You’ll gain a strong foundation in quantitative econometric approaches and learn the cutting edge of economic theory, preparing you for various careers, academic or non-academic. What’s more, the programme leverages Penn State’s research prowess, providing you with valuable experience collaborating with distinguished faculty as you work on your independent research

The two-year Master’s programme covers core microeconomic, macroeconomic, and econometric principles. The first year involves 18 credits of coursework. The second year features 12 additional credits, including a year-long research project with keen supervision by faculty. This project provides a hands-on, immersive experience in economic research. In addition, there are many elective courses that students can take in economics, mathematics, and statistics.

The result? Graduates are extremely well-equipped for careers in academia, government, and the private sector. They also have a strong track record of acceptance into prestigious PhD programmes across the US. By combining renowned faculty, rigorous coursework, and research opportunities, Penn State’s MA in Economics prepares students to excel in their chosen career paths. Learn more Penn State’s MA in Economics.

LSE’s Department of Economics counts nine Nobel laureates among its staff and alumni, playing a key role in significant intellectual advancements over the last five decades. Source: London School of Economics and Political Science/Facebook

The London School of Economics and Political Science

The London School of Economics and Political Science (LSE) is a world leader in economics education, renowned for its cutting-edge research, prestigious programmes, and influential alumni. Founded in 1895, the LSE Department of Economics has a rich legacy of shaping economic thought and nurturing future leaders. 

The department offers many MSc programmes designed to equip students with the advanced analytical and technical skills employers seek. These programmes include MSc Economics, MSc Economics (Two Year Programme), and MSc Econometrics and Mathematical Economics.

The MSc Economics programme, prepares graduates for careers in government, central banking, international organisations, and private sector firms. Its curriculum emphasises core economic theory, macroeconomics, and econometrics, using mathematics for in-depth analysis.

Here, you’ll dive into the complexities of the global economy under the guidance of faculty members, including nine Nobel Prize winners — something student Leo Chi-Chung Ng benefits from. “The level of teaching and research in the MSc Economics programme is excellent,” Ng says. “The teaching is diverse, as each of the lecturers specialise in their own research areas, which allows many in-depth academic discussions. We also had this year’s Nobel laureate teach us in one of the core courses.”

Another advantage is its location in London, a global financial hub. Students can access many academic resources, research institutes, and industry leaders, creating a dynamic environment that prepares them for real-world challenges. The result? Many LSE graduates have landed positions with firms such as Goldman Sachs, JP Morgan, and Bank of America, while others pursued PhD programmes at top universities like MIT and Stanford. 

The University of Oxford is the oldest university in the English-speaking world. Source: University of Oxford/Facebook

University of Oxford

Steeped in tradition and ranked #1 in the world by Times Higher Education for eight years running, the University of Oxford is home to over 13,000 postgraduate students from more than 160 countries and territories. Here, they work with leading academics and with  world-class libraries, laboratories, museums and collections.

As an MPhil in Economics student, you’ll join this cohort, delving into a rigorous curriculum encompassing economic theory, applied economics, and econometric methods. This two-year programme equips you for doctoral research or a career in government, the private sector, or international organisations — the latter eased by Oxford’s enviable networking opportunities. The programme’s flexible structure empowers you to tailor your studies to your specific goals, whether embarking on a DPhil at Oxford, pursuing a PhD elsewhere, or launching your professional journey.

Personalised guidance is paramount at Oxford. Throughout your first year, a dedicated academic supervisor mentors you. During the second year, an MPhil thesis supervisor takes the lead, with the option to involve co-supervisors from outside the department for specialised expertise.

The programme’s success is evident in its the achievements of its graduates. Alumni have secured positions at institutions like the Bank of England, the Bank of Japan, and the European Central Bank. Others have pursued doctoral programmes at universities like Cambridge, Harvard, and MIT. 

Berkeley Economics PhD graduates are sought after by prestigious institutions, including Harvard, MIT, Yale, the US Federal Reserve, and the World Bank. Source: UC Berkeley

UC Berkeley

From its modest origins in 1903 with a single faculty member focused on “Political Economy,” UC Berkeley’s Department of Economics has risen to become a national powerhouse. Ranked #3 in the US by US News & World Report, the department has a faculty known for its creativity and groundbreaking research.

These scholars, along with their students, have led pioneering work across economic theory, econometrics, and various applied areas. Their impact transcends theoretical contributions; many faculty members serve as high-level policymakers, influencing economies domestically and internationally. The 2023 Citation Laureates, Professors Emmanuel Saez and Gabriel Zucman exemplify this excellence with their Nobel-caliber work. Just a year prior, Professor Yuriy Gorodnichenko secured the prestigious R. K. Cho Economics Prize, further solidifying the department’s commitment to exceptional scholarship and education.

For aspiring economists, the department offers a world-class PhD in Economics programme designed to nurture original research and advanced study. This rigorous programme follows a two-stage structure. The first stage equips students with a strong foundation in econometrics, economic history, and core economic theory, encompassing both microeconomics and macroeconomics. 

As students progress, specialisation takes hold, and independent research flourishes. The programme culminates in a dissertation — a significant contribution to the field of economics.

*Some of the institutions featured in this article are commercial partners of Study International.