Economics has been a desirable field of study for decades. The fact that courses in the field continue to remain popular with international students even today is testament to its relevance across industries and technological advancements. The USA makes for one of the most favoured destinations for these students. The hub of latest research and top trends in the field, the country churns out the most skilled economists year after year.
Studying economics in the US can do wonders to your career options. Here are some of the reasons that make the US such a promising destination for aspiring economists:
It is home to top Economics schools across the world. These include the likes of Princeton, Yale, Harvard, and Stanford universities
The USA boasts of offering higher paying jobs than most other countries
American universities offer flexibility in the course structure. For instance, you can choose to study economics with or without Mathematics
The eligibility criteria for Economics courses in the USA tends to vary depending on the course, college/university, and level of study you choose. Typically, however, the following will be required:
A bachelor’s degree in economics or a related field with a grade equivalent to the minimum GPA (usually 3.0)
The minimum required score (usually 6.5 overall for IELTS) in the English Proficiency Test
The minimum required score in GRE/ GMAT (to study MS/ PhD, you’ll need an overall score of 320+ and 4.5 in GRE AWA). Usually, GRE is the widely accepted test for a course in Economics. GMAT becomes relevant for courses involving training in marketing
The duration and cost of the course will vary from one university to the other. Typically, a master’s degree takes 1.5-2 years to complete and costs USD 24,000 – USD 62,000 per year. A bachelor’s degree in the field can take two-four years and cost USD 9,000- USD 35,000 a year. A PhD in Economics can take three-five years and cost between USD 28,000 and USD 40,000 per year.
The USA is home to some of the best colleges and universities for Economics. Here is a list of top USA courses in the field:
PhD in Business Economics
PhD in Economics
Master of Arts in International and Development Economics
Master of Arts in Economics
MS (Economics)
If you are looking to cut down on your cost of studying in the USA, scholarships are a great way to do that. Here are some of the most popular options:
S. No | Scholarship | Scholarship Award (USD) |
1 | Fulbright- Nehru Fellowships (Government-funded) | Tuition fee, accident, and sickness coverage as per US guidelines, airfare, and living costs |
2 | Hubert H. Humphrey Fellowship Program | Tuition fees, travel expenses, monthly stipend, computer subsidy, health insurance coverage. |
3 | #YouAreWelcomeHere Scholarship (Non-Government scholarship) | Two annual and renewable scholarships which include a minimum cover of 50% tuition fees for the selected undergraduate program |
4 | IEFA (Non-Government scholarship) | USD 500 |
5 | AAUW International Fellowships (Non-Government scholarship - awarded to international women students for full-time study and research in the US) | Master’s/first professional degree: USD 5,000 - USD 18,000 |
Read more: Scholarships for international students for undergraduates | postgraduates
An economics degree is one of the most dynamic degrees as it the perfect fit across job sectors and job roles. Operations Analyst, Data Strategist, Business Analyst, Financial Analyst, Financial Forensics, Pricing Analyst, Compensation Manager, Market Research Analyst with scope into Actual Sciences are some of the most coveted job titles in the field.
An average economics major earns $69,466 an year in the USA. The field leads you to some of the highest paying jobs in the global job market. Moreover, demand in the field is only set to go further up. According to the U.S. Bureau of Labor Statistics, the demand for Financial Analysts is likely to grow by 11 percent by 2026*. This is rapid growth when compared with other fields.
Studying economics in the USA not only puts you ahead of your peers on the career front but also expands your horizons by giving you exposure to global perspectives and a multicultural environment. Pursuing a course of your choice in the country can be a life-changing experience. For any doubts, reach out to IDP’s international education specialists and they will help you every step of the way!