A Master of Arts or Master of Science in economics is the minimum educational requirement for most economist jobs. Master's programs typically take at least one to two years of full-time study, depending on the type of program, according to "Princeton Review." Additional factors, such as your undergraduate preparation and graduate course load, also affect the length of time it takes to get your degree.
Courses Required for Admission
You must have a bachelor's degree to begin a master's program in economics, but you don't necessarily need an economics major. Typical admissions requirements include undergraduate classes in calculus, statistics, microeconomics and macroeconomics. If you're admitted to a master's program but don't have all the required prerequisites, you'll have to complete them before beginning graduate classes. This may add a semester or even more to the time required to complete your degree.
Classes and Credit Requirements
Students working toward a M.A. in economics typically complete a core of economics classes in macroeconomics, microeconomics and econometrics and then choose advanced classes in a specialty, such as applied economic analysis or quantitative financial economics. Programs also usually typically include a project or thesis. On the semester system, universities usually require a minimum of 30 credit hours for a master's in economics, but some programs and specializations require as many as 36 semester hours. With a full-time graduate load of nine or more semester units, students can complete a 30- to 36-unit program in one and a half to two years.
Other Typical Degree Requirements
Attaining a M.A. in economics that includes a thesis may take more time than a program that substitutes a research project. For example, a master's with a project option may take as little as a year and a half at the University of North Carolina at Charlotte. On the other hand, if you choose a thesis option, you must conduct research, prepare your thesis and defend it before a master's committee. Depending on your progress, this process may add a semester or more to your degree. Many master's programs require passing comprehensive exams at the end of the program. If you fail the exams the first time, you may be allowed to retake them, but this could delay your graduation.
Students who take less than a full-time load may need three years or longer to complete a master's in economics. For example, if you take only one three-unit class per semester, a 30-unit degree requires 10 semesters, or five years. Many schools set a time limit for earning your degree. For example, the University of North Carolina at Charlotte allows six calendar years to complete a master's degree with a thesis.
Some universities offer an accelerated program combining the bachelor's and master's degree in five years. Students typically enter the special program after completing the first two years of a bachelor's in economics. Once admitted to the accelerated track, they can count some advanced economics classes during their junior and senior years toward both degrees. Students can receive the master's degree one year after the bachelor's.
Job Outlook and Salary
Achieving a master's in economics will enable you to become a policy analyst, financial consultant, market researcher or data scientist. In 2017, the Bureau of Labor Statistics indicated that $102,490, or $49.27 per hour was the average annual salary for this profession. An average growth of six percent is expected between now and 2026. Top earners reported a salary of $121,920 and they worked in finance and insurance.