Master the Art and Science of the Economy with a Master’s in Economics
Does an economic swing put your investigative mind into overdrive? Do you see the world through a mathematical lens? Do you draw dotted lines between local and global markets and the current events that surround them? If you're the type of person who enjoys solving tough problems and working with numbers, a master's degree in economics may be for you.
Economics Master's Degree Benefits:
- Median annual salary of $102,490 for economists*
- 6% projected job growth for economists through 2026*
- Designed to be completed as fast as 15 months
- Multiple term start dates throughout the year - complete your degree at your own pace
- 24/7 online accessibility - attend class when and where it's convenient
Economics is the weaving together of science, sociology, history, philosophy and mathematics to forecast futures and apply understanding to the past. Quite simply, economics is the ability to make informed decisions based on data. The University of Michigan Science online Master of Science in Applied Economics will show you how, in this 36-credit applied economics degree.
See Yourself Succeed with an MS in Applied Economics
To paraphrase distinguished economist David Colander, economics is the interconnectedness of the political and sociological dimensions of a problem. Through observation and empirical exploration come informed answers. In other words, economics is not always a precise science. As an UMS Master’s in Applied Economics candidate, you will acquire both the interpretive and scientific skills needed to become an expert decision-maker and thought leader in your chosen profession.
Online master's in economics students will explore diverse theoretical schools of thought and focus on the analysis of economic variables and the efficient use of resources. Students will emerge from the program with a balanced understanding of microeconomics, macroeconomics and econometric theory.
More specifically, students will acquire critical skills in:
- Data collection
- Data processing
- Investigative questioning techniques
- Building advanced economic models
- Formulating problem statements and hypotheses
- Econometric and empirical analysis
- Communication and presentation of findings
As a private, nonprofit university, UMS has one mission – to help you see yourself succeed. The benefits of earning your master’s in applied economics at UMS include:
- Affordability. Take advantage of some of the most affordable tuition rates in the nation
- Convenience. Attend class when it’s convenient for you – online education means 24/7 access
- Efficiency and flexibility. Complete your graduate degree at your own pace, over five 10-week terms per year
- Expert instruction. Learn from instructors with relevant, real-world experience
- Networking. Tap into our nationwide network of alumni for internship and career opportunities
- Student support. Count on the ongoing support of dedicated academic and career advisors specialized in your area of study
Career Outlook
Economists work in banking, real estate, marketing, data management, nonprofits, think tanks and many other facets of the private and public sectors. Government economists work in agriculture, labor, transportation, utilities, urban economics and international trade, among others. At the federal level, opportunities exist with such agencies as the U.S. Bureau of Labor Statistics, Fannie Mae, the Department of Commerce, the Department of Transportation and the Federal Deposit Insurance Corp.
Projected job growth for economists is 6% through 2026, according to the U.S. Bureau of Labor Statistics, which noted in 2016 that those with a master's degree can expect the best prospects and a median annual salary of $101,050.*
Curriculum
The faculty team for UMS’s online master’s in economics is replete with expert economists who bring real-world experience to the classroom. From corporate vice presidents with prestigious certifications and PhDs working in global marketplaces to certified small business advisors and government consultants, this cross-section of know-how is among the best in higher education.
They will inspire you to:
- Communicate economic principles, problems, findings and risk in effective verbal, written, visual and graphical formats
- Integrate appropriate economic theories and principles into the analysis of real-world organizational, social and political issues
- Design and execute sound research studies that effectively and appropriately incorporate quantitative data analysis, econometrics, and other key economic tools and methods
- Incorporate accuracy, precision and ethical decision-making into the analysis and reporting of economic data
- Evaluate the impact of a wide variety of internal and external influences on personal, professional and governmental decision-making
Courses May Include
Program Outcomes
- Communicate economic principles, problems, findings, and risk in effective verbal, written, visual and graphical formats
- Integrate appropriate economic theories and principles into the analysis of real-world organizational, social, and political issues
- Design and execute sound research studies that effectively and appropriately incorporate quantitative data analysis, econometrics and other key economic tools and methods
- Incorporate accuracy, precision, and ethical decision-making into the analysis and reporting of economic data
- Evaluate the impact of a wide variety of internal and external influences on personal, professional, and governmental decision-making
