Are you considering pursuing a master’s degree in economics? While the timing is entirely up to you, an economics master’s degree will undoubtedly be worthwhile. It will facilitate your job search, provide a path to advancement, and increase your earning potential.
A masters in economics is not only valuable for economics majors, but it may also be quite useful for those with backgrounds in other areas. This course will improve your ability to utilize statistics and forecasts to assess and interpret trends and changes, and knowledge of economic theory will be valuable in a variety of other fields.
Still, can you get a masters degree without a bachelor’s degree? Although most colleges demand graduate school applicants to have a bachelor’s degree, certain universities still consider other factors, such as job experience, in lieu of an undergraduate degree.
Did you know that only 34% of adults in the United States have a bachelor’s degree? That leaves a substantial percentage of the population without a bachelor’s degree. Even fewer, 9,2%, have a master’s degree.
If you’re one of the many people who don’t have a bachelor’s degree but want to get a master’s, it’s possible. Some institutions may consider your work experience as well as any certifications or diplomas you may have. However, it is critical that you conduct thorough research.
Keep reading to learn how to get into economics without a degree:
What Are The Requirements For a Masters in Economics?
Can you get into economics without a degree? While the majority of applicants to economics graduate schools have a bachelor’s degree in economics, this is not compulsory, and those with other majors are also admitted.
So, what are the master’s in economics requirements? Although many institutions do not require a bachelor’s degree, you will almost always need to have finished the required economic curriculum, and having a bachelor’s degree will almost surely boost your chances of acceptance.
When it comes to getting into a graduate economics program, majors in finance, marketing, andpolitical science are all beneficial. A good background in statistics, mathematics, and calculus is required.
The results of the GRE (Graduate Record Examination) are occasionally necessary. Even if they aren’t, having a track record of good GRE scores will almost certainly increase your chances of being accepted. It is critical to do well in the quantitative parts, while your verbal, writing and analytical scores will also be taken into account.
You will need to give all education transcripts, and it is always advantageous to include letters of recommendation when possible.
How to Get Into Economics Without a Degree?
To prepare for masters in economics without bachelors you should take as many undergraduate economics courses as possible, then focus on extra quantitative courses.
Calculus, statistics, and forecasting can help you build a strong foundation for your graduate courses. In addition, you should familiarize yourself with current trends and theories by reading the most prominent academic literature on the topic.
Is master in economics hard? Yup. The math and statistics you study will be far more sophisticated, and the theory you learn will combine that advanced math and statistics.
If you intend to pursue a master’s degree in economics, a major or minor in statistics or mathematics will be quite helpful. Having a mix of both will also be beneficial.
If you are presently enrolled in economics classes, ask your teachers for any preparation and application tips they may have. Finally, once you’ve determined the school you want to attend, you should conduct extensive research into its specific focus and philosophy.
Jobs will be easy to come by once you have a master’s degree in economics. Not only is economics one of the best-paying areas, but it’s also one of the fastest-growing. In fact, from 2018 and 2028, it is predicted to expand at an annual rate of 8%. However, as you may already know, getting a job with only a bachelor’s degree is difficult. While some entry-level occupations just demand a bachelor’s degree, jobs with a master’s in economics are significantly easier to come by. Fortunately, master’s in economics employment encompasses a wide range of possibilities.
According to current data, the job opportunities for economics graduates are extremely promising. Economics professionals can expect a 14% increase in accessible possibilities by 2029, in addition to a competitive average compensation of $105,020 per year.
Economists do research, study, and analysis of financial information. They evaluate and estimate the supply, demand, and distribution of commodities, services, and resources in a wide range of sectors using mathematical models, trends, and economic forecasting. In most cases, a master’s degree is the minimum level of education required.
The median salary for this position is $105,020.
2.Teacher of Economics at the Postsecondary Level
The minimal requirement for teaching postsecondary economics courses is a master’s degree in economics. This usually entails teaching basic economics classes or working at a community college.
To teach at a higher level, a Ph.D. is normally required.
You can expect to make around $104,370 per year working in this role.
Statisticians gather, organize, and analyze numerical data. This information is then compiled into usable formats for businesses and organizations to use. This data is utilized in an economic context to draw inferences about the financial environment as it relates to business, financial services, and political policy.
While certain entry-level professions may just require an undergraduate degree, the majority of jobs will require a master’s degree.
The average annual salary for this position is $91,160.
In the financial services industry, financial analysts collect and monitor data. They study the data and use it to create useful models, spot trends, and make recommendations. Their findings are used to guide decision-making in the commercial and investing worlds. A bachelor’s degree is the minimal need, but a master’s degree is highly recommended due to the high level of competition for positions in the sector.
You can earn approximately $81,590 per year in this position.
5.Market Research Analyst
Market research analysts collect data and conduct research to assist businesses in identifying trends and developing a marketing strategy. They research market circumstances and use demographic and customer data to develop effective marketing strategies.
Although a bachelor’s degree will get you started, most managerial and upper-level professions require a master’s degree.
The median annual salary for this role is $63,790.
Graduates of economics with advanced degrees who pursue any of the above pathways can expect to earn a median master in economics salary of $75,000 to $110,000 or more, depending on the industry and expertise.
Financial analysis and actuarial science jobs are in high demand and can pay up to $100,000.
Because an economics master’s degree is so adaptable, you can apply your knowledge to a variety of rewarding industries.
Graduate-level economic education will enable you to better grasp personal and public finance, assess political policies, and spot financial trends. Whether you want to specialize in economics or simply want to broaden your knowledge and improve your skills in another field, a masters in economics for non-economics majors can be a practical and rewarding option.
Are you looking for the ideal business program? Whether you want to change careers, grow in your company, or secure a competitive role at a top corporation, a master’s in economics from Copperbelt University can help you achieve your goals.