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If the infamous 2008 recession taught us one thing, it’s the importance of understanding economics.
Masters Degree In Behavioral Economics
But if you’re interested in pursuing one of the 30 most affordable master’s degrees in economics, you probably already know this.
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A degree in economics gives you a better understanding of how we all (and yourself) fit into the financial big picture. From understanding the cause and effect of oil prices to learning how the housing market affects a nation’s bottom line, economics is one of the most influential degrees you can study.
Choosing to pursue one of these degrees offers a unique insight into the world. It looks closely at individual and community behavior and analyzes the relationships involved in utilizing sometimes scarce resources.
A blend of social science and mathematics, economics is essentially a philanthropic major. A lot of people don’t know that. With a degree in economics, you can use your skills to improve people’s quality of life in their everyday lives. For example, we can consider ways to better allocate resources around the world so that more people have access to food, comfortable housing, education, clean water, and health.
As an economist, you gain a perspective on the world that helps you notice what others miss or take for granted. It allows us to appreciate the intended and unintended consequences of social policies and practices that many are unaware of.
Masters In Behavioral Economics
Don’t forget about job opportunities too. Graduates of an economics program have an excellent chance of finding employment within six months of graduation and earn slightly more than graduates of other majors. You can work in any field, including research, banking, business, government, financial services, consulting, public policy, and nonprofits.
Economists regularly work as consultants, financial managers, public policy analysts, researchers, and more. In many cases, initial entry into these fields requires a bachelor’s degree. However, once you start working, you will find that your career opportunities are somewhat limited with just a bachelor’s degree.
That’s where Masters comes in handy. Not only does it help you get your foot in the door more easily, but it also helps you climb the ranks and progress into higher-paying, more leadership-focused careers.
Don’t fear the price of a degree. It’s true that getting a master’s degree is a big financial deal, but you don’t have to be buried in a pile of debt to go to school. Financial aid opportunities are abundant for students seeking a master’s degree in economics. There are many affordable programs to choose from.
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It all comes down to knowing what to look for. If you are interested in reading more about the cheapest masters degrees in economics, you have come to the right place.
You may not think about economic theory every second of every day, but if you’re thinking about applying to a graduate program in economics, it may be something that weighs heavily on your mind. Admission to these types of programs can vary a bit and sometimes be weird, but ultimately a successful application requires self-reflection about what you want from your career. It has to be done.
What are your educational goals and aspirations? What is your budget for your degree? Do you want to pursue research opportunities or internships while in school? These are all questions you need to answer before making a list of schools you want to apply to.
This is because each Master of Economics degree is similar in content and structure, but differs in terms of optional concentration, extracurricular activities, and research opportunities available. Also, the application period is different for each program. Look for a program that offers a concentration or specialization that matches your goals. For example, if you know you want to work in financial management, it’s wise to only apply to finance-intensive programs.
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You should also consider whether you plan to use your master’s degree as a starting point for your PhD. Some schools do not offer a final master’s degree in economics. Others lay the foundation for a Ph.D. In economics, others are more semi-professional programs.
Consider researching professors who teach in the program you want to apply to. What kind of research are they interested in? Do any of these match your own? Have a clear understanding of each school’s mission and focus specifically on PhD research and future research. If you plan to do so, it is important that you find an instructor with similar research interests to yours.
Don’t deal with making a list of schools to apply to. While it is wise to create a comprehensive list that incorporates safety, reach and target schools, applying to more than 4 or 5 colleges is a waste of resources in terms of time and money.
Once you’ve decided where to apply, research each institution’s unique application requirements. A master’s degree in economics is often not required, but undergraduate coursework in these subjects, such as statistics, macroeconomics, microeconomics, and calculus, may be required. Expect to be asked to meet certain academic cutoffs, such as having a GPA of at least 3.0 on a 4.0 scale.
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When you submit your application, you may be asked to submit a letter of recommendation, resume, transcript, statement of intent, etc. Most programs require you to take the GRE or GMAT before applying.
Admission to these programs is competitive. Make sure your grades and test scores are sufficient before you start submitting your application. The extra effort is worth it!
With a master’s degree in economics, you’ll never run out of career options. But what about graduate payments?
Fortunately, college and government-based financial aid, scholarships and loans can make graduation a little easier. One of the biggest advantages of most of the degrees we’ve included is that almost all of them can be completed online or part-time.
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For this reason, you don’t have to quit your current job. This makes your degree more convenient because you can take weekend and evening classes, it also saves you money because you don’t have to sacrifice a year’s worth (or more!) of your income.
Before you start looking at college costs, the first thing you should do is complete the FAFSA, or Free Application for Federal Student Aid. This form takes into account your income and assets or the income and assets of your parents if you are still living and supporting them.
FAFSA results are used to determine how much you can reasonably expect to pay for your degree. Funds are disbursed from there. Graduate students have slightly more limited options than undergraduates, but that doesn’t mean they can’t afford anything. That’s why it’s so important to take the time to fill out the FAFSA, even if you don’t think you’re eligible.
Many schools offer college and presidential fellowships and scholarships. These include full or partial scholarships and are awarded in the form of tuition waivers or monthly scholarships. In some cases, you may be expected to perform certain duties, such as teaching classes or working with faculty in research positions. These awards are beneficial in that they not only provide significant financial compensation, but also provide valuable work experience.
The Behavioral Economics Of Effort
In addition to loans and work-study awards, there are several grants available to graduate students. Graduate students are not eligible to apply for federally subsidized loan programs, but may apply for federal Perkins and unsubsidized loans. Both require repayment, but most offer lower interest rates than private loans. Student loans should be used as a last resort, but we can offer a solution to paying your tuition.
Many schools participate in the Yellow Ribbon Program. This is a program designed for veterans seeking financial assistance and tuition waivers to return to school. It’s worth contacting your school’s financial aid department to see if you’re eligible.
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