Degree Overview: Master’s Degree Program in Global EconomicsMajors Overview May 4, 2015
Get information about master’s degree programs in global economics and their education requirements, coursework, job and wage outlook, and continuing education choices.
Master’s Degree Programs in Global Economics
Many schools offer degree programs in international economics that are a precursor to global economics master’s degree programs that train students for business careers with multinational organizations or abroad. Common employers may include the government, non-profits, and for-profit businesses.
A thorough investigation of current trends, principles, and global finance and economic theories is provided through international economics master’s degree programs. Students typically complete these programs in two years.
Admission criteria typically require incoming students to hold a bachelor’s degree. They are also often required to have completed prior coursework in statistics, macroeconomics, and microeconomics. While few schools, if any, expect incoming students to have prior professional experience in a position involving practical global economics experience, such applicants are given admission preference in some programs.
During the course of a master’s program in international economics, advanced skills are developed by students in aspects of global economic practices and theory. Economic theory and analysis may be examined by students, which aim at deconstructing, evaluating, and forecasting in the global economy. Coursework may also cover issues specific to global economics, including working with developing nations and trade laws. Core coursework may cover topic areas such as:
•International macroeconomic analysis
•Economic growth in developing nations
•International business management
•Global trade theory
•Advanced financial theory
•Global monetary institutions
Job and Wage Outlook
In 2012, about 16,900 individuals were employed in the United States as economists, including both those focused on domestic economics and global economists (U.S. Bureau of Labor Statistics). Federal agencies and U.S.-based companies hire global economists that work for departments that include a global focus or foreign-based offices. Organizations with a global focus, such as the International Monetary Fund and the United Nations, are among the most common employers.
Over the 2012 – 2022 decade, a job growth of 14% has been predicted for economists (BLS). The private sector — with a consistently strong global economic analysis —was expected to witness the strongest growth. In May 2012, economists brought in an average annual wage of $91,860, with a higher average wage of $110,290 banked by those working for the U.S. government.
Continuing Education Choices
Graduates may seek continuing education through the doctorate program in global economics. While a bachelor’s degree may suffice for entry-level positions, more advanced roles may be pursued by individuals with a master’s degree, and top jobs often require candidates to hold a Ph.D. Those seeking careers in college-level academia are also required to hold a Ph.D.