The process at a glance
- 01Choose Programme
Select between MA and MS
MA Economics (general, academic). MS Economics (quantitative, often STEM-designated). MS in Financial Economics (specialised, STEM). Verify CIP code for STEM OPT — programmes in economics departments may use 45.0601 (non-STEM) or 45.0603 (STEM).
- 02Prepare Application
Build competitive credentials
Strong grounding in mathematics (multivariable calculus, linear algebra, probability, real analysis for top programmes). GRE Quant 165+ expected. Economics research experience or strong academic writing samples. IELTS 7.0+.
- 03Track STEM Status
Confirm STEM designation
Duke MA Economics and MS Economics are STEM-designated. Chicago MAPSS-Econ is not. Columbia MA Economics is STEM. Yale IDE is STEM. Always verify the programme's CIP code on the I-20, not the department name.
- 04Plan Career Path
Target economics employers
Economic consulting: NERA, Cornerstone, Compass Lexecon. Finance: investment banks, asset managers. Central banks: Federal Reserve (limited roles for non-US citizens). Tech: data scientist roles. PhD preparation: strong MA performance leads to top PhD programme placement.
Why Study Economics in the United States?
Choosing to pursue a Master's in Economics in the United States offers international students access to top-ranked programs, expert faculty, and diverse career opportunities. The United States's higher education system is globally recognized for academic excellence and innovation in Economics education.
Admission Requirements
Admission requirements for Economics Master's programs include a relevant bachelor's degree, strong academic record, English proficiency evidence, and supporting documents. Most programs require GRE scores, letters of recommendation, and a compelling statement of purpose outlining your research interests. Deadlines vary but typically fall in late winter for fall admission.
Tuition and Funding
The cost of a Economics Master's degree ranges from $25,000 to $65,000 annually, with additional living expenses of $15,000-$25,000. Funding options include scholarships, assistantships, and external grants. Teaching and research assistantships are common ways to offset costs while gaining valuable experience in your field.
Career Outcomes
Career prospects for Economics Master's graduates are strong, with opportunities across industries. Starting salaries range from $60,000 to $120,000. The Social Sciences sector offers particular growth potential. Employers value the advanced training and international perspective that graduates bring to their organizations.
Post-Graduation Work Authorization
Post-graduation work options depend on your study country. US students can use OPT with STEM extension for Economics. UK students can apply for the Graduate Route visa for 2 years. Canadian students qualify for the PGWP for up to 3 years. Start researching these options early in your program.
An Economics Master's with STEM designation — such as Duke's MS Economics — combines rigorous quantitative training with the full 36-month OPT benefit.
MA vs MS in Economics and the STEM designation question
The most important decision for international Economics Master's students is whether their programme carries a STEM-designated CIP code. Programmes using CIP code 45.0603 (Econometrics and Quantitative Economics) are STEM-designated and provide 36-month OPT. Programmes using 45.0601 (Economics, General) are not STEM-designated and provide only 12-month OPT. Duke's MA Economics and MS Economics are both STEM-designated (45.0603). Columbia's MA Economics is STEM-designated. Chicago MAPSS-Economics uses 45.0601 (non-STEM). Yale's MA International and Development Economics is STEM-designated. Before accepting any offer, confirm the exact CIP code your programme will report on your I-20. The programme name and department are not determinative — two programmes with similar names at different universities may have completely different CIP codes and therefore very different OPT durations.
Economics placement corridors: consulting, Fed, and PhD preparation
Economics Master's graduates from US programmes follow several career corridors. Economic consulting (NERA, Cornerstone Research, Compass Lexecon, CRA International) is the largest employer of terminal Master's graduates and these firms have strong H-1B sponsorship records. Government economists at the Federal Reserve Board, Federal Reserve Banks, and Congressional Budget Office offer cap-exempt H-1B — but many Fed positions require US citizenship or permanent residence for certain roles. Private-sector economists in finance (investment banks, asset managers) and technology (data scientist roles) also sponsor H-1B. The PhD preparation corridor is significant — many Economics Master's programmes are designed as feeder programmes for top PhD programmes, and strong MA performance with a thesis can lead to PhD admission with full funding. If your goal is academia, the PhD path with fresh F-1 and OPT is a strategic option.
STEM OPT economics and long-term career planning
Economics Master's students in STEM-designated programmes benefit from 36-month OPT, providing three H-1B lottery attempts. Economic consulting firms (NERA, Cornerstone) are E-Verified and have established F-1 to H-1B pipelines — many graduate recruiting cycles include dedicated international candidate tracks. For non-STEM economics graduates, the 12-month OPT window requires early and aggressive job targeting. Target cap-exempt H-1B employers: Federal Reserve Banks, university research centres (NBER, university-affiliated economic research centres), and non-profit research organisations (Urban Institute, Brookings, RAND). If your first Master's is non-STEM, a second STEM-designated Master's in economics or a related field provides a fresh OPT period. PhD enrolment is also a viable pathway — funded PhD programmes provide a new visa and eventual STEM OPT for PhD holders.
Flashcards
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What you learned
End-of-guide quiz
1 question
- 01
An Economics MS (STEM-designated) graduate on 36-month OPT works at a consulting firm. After 2 H-1B lottery failures, what is their remaining strategy?
0 / 1 answered
Official sources
Verify rules, fees, and forms on first-party government sites. This guide is educational and not a substitute for your DSO, solicitor, or licensed adviser.
Procedural deep-dives
For statutes, forms, deadlines, and evidence standards, use these legal owners on MyCaseworks.
- US student visas hub
F-1, CPT, OPT, and STEM OPT procedural guides in one place.
- F-1 document checklist 2026
What to assemble for I-20, DS-160, and the consular interview.
- OPT & STEM OPT complete guide
Post-completion work authorisation after you graduate.
Frequently asked questions
What GPA do I need for Economics Master's programs?+
Most programs require a minimum 3.0 GPA on a 4.0 scale. Competitive programs may require 3.5+.
When should I apply for Economics Master's programs?+
Applications are typically due between December and March for fall enrollment. Start preparing materials 8-12 months before deadlines.
Can I work while studying for my Master's in Economics?+
Yes, international students can typically work on campus up to 20 hours per week during semesters and full-time during breaks.
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