Best Economics Colleges and Universities in the World
About Economics
Economics is a broad social science issue that includes the study of scarcity and choice, as well as how people use resources, respond to rewards, and make decisions to maximize their own and society’s well-being. It aids in the understanding of money and finances, as well as historical trends and future projections, allowing one to make better choices with a finite number of available resources. If the study focuses on individual decisions such as a family’s debt then it is termed microeconomics, whereas decisions involving government debts are termed macroeconomics. Since the nineteenth century, economics has grown fast, generating a wealth of job options for students interested in pursuing a career in it.
Duties of an Economist
Economists are financial experts who analyze business and its related developments for a living. They generally have the following responsibilities, regardless of the business or specialty in which they work:
- Explore finite resources and come up with ways to achieve optimum output using them
- Study human behavior to understand their wants and needs
- Evaluate programs
- Conduct surveys
- Analyze data and information
- Prepare and finalize budgets
- Assessing policies
- Predict future economic conditions based on the historical trends
- Identify economic problems and offer solutions
- Device business strategies
- Publish articles on the market and financial trends
Popular degrees for pursuing a career in Economics
Economics is for people who want to make financial decisions, influence public policy, and learn about the world in new ways. Following are some of the popular degrees in economics:
Bachelor’s Programs
A bachelor’s degree in economics is the minimal requirement for a fruitful career in economics. This degree offers entry-level positions in the field of economics.
- Bachelor of Arts in Economics (B.A.)
- Bachelor of Science in Economics (B.S.)
A B.A. degree in economics focuses more on qualitative modules, whereas a B.S. degree in economics focuses on mathematics, statistical theories, and techniques.
Master’s Programs
A master’s degree in economics equips students with the advanced knowledge and quantitative skills required to excel in the work field. It is the gateway to a doctoral degree. There are typically two types of master’s degrees:
- Master of Arts in Economics (M.A.)
- Master of Science in Economics (M.S.)
Students can choose from a variety of specialties for their master’s degree. Students can also major in economics and get an MBA. Some universities even offer economics masters and doctoral degrees in the same program.
Doctoral Programs
A doctoral degree or P.h.D is the most advanced degree with morse focus on research on microeconomics, macroeconomics, econometrics, and quantitative analysis. It is preferred by individuals who want to enter academics
Specializations in Economics
- Financial Economics
- International Development Economics
- International Economics
- Natural Resource Economics
- Applied Economics
- Economics And Law
- Business Economics
- Econometrics And Quantitative Economics
Duration of Programs in Economics
The duration of an economics course varies per university, but the following is a general timeline of economics courses provided by top universities:
| Country | Bachelor’s Degree | Master’s Degree | Doctoral Degree |
| USA and Canada | 4 years | 1-2 years | 4-6 years |
| UK | 4 years | 1-2 years | 4-6 years |
| Australia | 4 years | 1-2 years | 4-6 years |
Career opportunities for Economists
Economists work in both the public and private sectors in a variety of settings such as
- Marketing and consulting
- Charitable, not-for-profit organizations
- International Relations
- Media and journalism
- Law firms
- Academics
- High street and city banks
- Medicine
- Insurance and accounting firms
- Business
- Policymakers
- Finacial analyst
Average salaries for Economists
The salaries for economists vary from country to country and depend on the job type. An average economist in the USA earns 98,693 USD/year. Entry-level jobs in the USA for economists pay an average of 70,354 USD/year, and experienced ones pay 149,507 USD/year. (Source: Talent, USA).
In the UK, the average salary for entry-level economists is 46,169 USD/year and 91,330 USD/year for high-level jobs. The average salary in the UK is around 59,033 USD/year. (Source: Talent, UK).
The average salary for economists in Canada is 85,750. The entry-level pay is 68,925 USD/year, while the most experienced workers make 109,805 USD/year. (Source: Talent, Canada).
Australian economists get paid an average salary of 108,724 USD/year, starting at 95,373 USD/year and reaching up to 140,294 USD/year. (Source: Talent, Australia).
| Country | Average salary in USD/year |
| Australia | 108,724 |
| USA | 98,693 |
| Canada | 85,750 |
| UK | 59,033 |
Top 50 Universities in the world for Economics based on ranking (Shanghai/U.S. News & World Report/QS):
| Shanghai Ranking | U.S. News & World Report Ranking | QS Ranking | University | Country | Bachelor Programs | Master Programs |
| 1 | 5 | 7 | University of Chicago | USA | Click Here | Click Here |
| 2 | 1 | 2 | Harvard University | USA | Click Here | Click Here |
| 3 | 2 | 1 | Massachusetts Institute of Technology (MIT) | USA | Click Here | Click Here |
| 4 | 3 | 5 | University of California, Berkeley | USA | Click Here | Click Here |
| 5 | 16 | 4 | Princeton University | USA | Click Here | Click Here |
| 6 | 8 | 11 | Columbia University | USA | Click Here | Click Here |
| 7 | 4 | 3 | Stanford University | USA | Click Here | Click Here |
| 8 | 7 | 6 | London School of Economics and Political Science | UK | Click Here | Click Here |
| 9 | 9 | 12 | New York University | USA | Click Here | Click Here |
| 10 | 15 | 8 | Yale University | USA | Click Here | Click Here |
| 11 | 14 | 14 | Northwestern University | USA | Click Here | Click Here |
| 12 | 6 | 13 | University of Pennsylvania | USA | Click Here | Click Here |
| 13 | 46 | 15 | University of California, Los Angeles | USA | Click Here | Click Here |
| 14 | 19 | 10 | University of Cambridge | UK | Click Here | Click Here |
| 15 | 11 | 9 | University of Oxford | UK | Click Here | Click Here |
| 16 | 43 | 16 | University College London | UK | Click Here | Click Here |
| 17 | 21 | 21 | Duke University | USA | Click Here | Click Here |
| 18 | 74 | 20 | University of California, San Diego | USA | Click Here | Click Here |
| 19 | 23 | 22 | University of Toronto | Canada | Click Here | Click Here |
| 20 | 46 | 78 | University of Maryland, College Park | USA | Click Here | Click Here |
| 21 | 27 | 151-200 | Arizona State University | USA | Click Here | Click Here |
| 22 | NA | 151-200 | University of Toulouse 1 | France | Click Here | Click Here |
| 23 | 12 | 19 | University of Michigan-Ann Arbor | USA | Click Here | Click Here |
| 24 | 25 | 35 | Cornell University | USA | Click Here | Click Here |
| 25 | 38 | 59 | University of Minnesota, Twin Cities | USA | Click Here | Click Here |
| 26 | 13 | 17 | National University of Singapore | Singapore | Click Here | Click Here |
| 27 | 17 | 18 | Bocconi University | Italy | Click Here | Click Here |
| 28 | 29 | 28 | Boston University | USA | Click Here | Click Here |
| 29 | 91 | 56 | Carnegie Mellon University | USA | Click Here | Click Here |
| 30 | 59 | 68 | The University of Texas at Austin | USA | Click Here | Click Here |
| 31 | 22 | 25 | University of Warwick | UK | Click Here | Click Here |
| 32 | 30 | 101 | University of Southern California | USA | Click Here | Click Here |
| 33 | 73 | 23 | University of British Columbia | Canada | Click Here | Click Here |
| 34 | 10 | 43 | Erasmus University Rotterdam | Netherlands | Click Here | Click Here |
| 35 | 71 | 30 | University of Zurich | Switzerland | Click Here | Click Here |
| 36 | 93 | 52 | University of Wisconsin- Madison | USA | Click Here | Click Here |
| 37 | 245 | 151-200 | University of Oslo | Norway | Click Here | Click Here |
| 38 | 97 | 50 | University of California, Davis | USA | Click Here | Click Here |
| 39 | 156 | NA | University of Bonn | Germany | Click Here | Click Here |
| 40 | 129 | 56 | Pompeu Fabra University | Spain | Click Here | Click Here |
| 41 | 109 | 151-200 | Washington University in St. Louis | USA | Click Here | Click Here |
| 42 | 24 | 151-200 | Indiana University Bloomington | USA | Click Here | Click Here |
| 43 | NA | 60 | KU Leuven | Belgium | Click Here | Click Here |
| 44 | 67 | 116 | The Ohio State University – Columbus | USA | Click Here | Click Here |
| 45 | 44 | 92 | Vrije Universiteit Amsterdam | Netherlands | Click Here | Click Here |
| 46 | 163 | 69 | University of Copenhagen | Denmark | Click Here | Click Here |
| 47 | 31 | 53 | Imperial College London | UK | Click Here | Click Here |
| 48 | 157 | 96 | Johns Hopkins University | USA | Click Here | Click Here |
| 49 | 131 | 119 | Stockholm University | Sweden | Click Here | Click Here |
| 50 | 50 | 112 | University of Washington | USA | Click Here | Click Here |
Top Universities in the USA for Economics:
| Shanghai Ranking | U.S. News & World Report Ranking | QS Ranking | University | Country | Bachelor Programs | Master Programs |
| 1 | 5 | 7 | University of Chicago | USA | Click Here | Click Here |
| 2 | 1 | 2 | Harvard University | USA | Click Here | Click Here |
| 3 | 2 | 1 | Massachusetts Institute of Technology (MIT) | USA | Click Here | Click Here |
| 4 | 3 | 5 | University of California, Berkeley | USA | Click Here | Click Here |
| 5 | 16 | 4 | Princeton University | USA | Click Here | Click Here |
Top Universities in the UK for Economics:
| Shanghai Ranking | U.S. News & World Report Ranking | QS Ranking | University | Country | Bachelor Programs | Master Programs |
| 8 | 7 | 6 | London School of Economics and Political Science | UK | Click Here | Click Here |
| 14 | 19 | 10 | University of Cambridge | UK | Click Here | Click Here |
| 15 | 11 | 9 | University of Oxford | UK | Click Here | Click Here |
| 16 | 43 | 16 | University College London | UK | Click Here | Click Here |
| 31 | 22 | 25 | University of Warwick | UK | Click Here | Click Here |
Academic Requirements for Studying Economics
The academic requirements for pursuing a degree in economics may differ from one university to another, but the following are the typical criteria as given by the top universities:
Bachelor’s level
- A high school diploma or GED
- Personal statement of intent
- High school transcripts
- Recommendation letter
- ACT/SAT score
- TOEFL/IELTS score
Master’s level
- A bachelor’s degree in economics or a related field of study with a GPA score of 3.0-3.5
- Personal statement of intent
- Recommendation letter
- TOEFL/IELTS score
- Some programs also ask for Graduate Management Admissions Test (GMAT) or the Graduate Record Examination (GRE) scores
- Internships/research experience
