While there is some overlap between the study of economics and the study of finance (the latter considered by some as an offshoot of economics), they are distinct practices. For one, Economics looks at the economy of regions (city, state, country, continent) – big picture – while finance is more focused on single companies or industries. However, that is just the beginning of the distinction, although the full distinction is beyond the scope of this introduction.
Because economics is primarily about how regions consume goods and services (as well as their production and distribution), there is always a need for indviduals with advanced degrees in economics. Although economics is considered a social science, it is heavily math-oriented, with newer programs often having an element of Data Science in the curriculum.
Careers in Economics
Regardless of what your interest is in Economics, you are possibly looking for information on an affordable masters degree, maybe even an online degree. This ranking gives you the 25 most affordable online master’s in economics and related studies. The ranking methodology is below the following list of potential economics careers /working environments. As may become evident in the list, a graduate economics degree can lead to crossover roles in finance.
- Actuary
- Analyst
- Banking
- Behavioral Economist
- City Planner
- Community Planner
- Consultant
- Corporate Strategist
- Data Scientist
- Director of Institutional Research
- Economic Development Incentive Specialist
- Economist
- Energy Markets Manager
- Executive Director of Economic Development Corporation
- Executive Financial Leadership
- Federal Government Economic Development Agency
- Financial Advising
- Financial Analysis and Management
- Financial Reporter
- Forecaster
- Personal Financial Consultation
- Policy Maker
- Qualitative/ Quantitative Behavioral Scientist
- Quantitative Modeling Analyst
- Research Analyst
- Research Associate
- Risk Manager
- State Planner
- Teacher/ Lecturer in Economics (high school, college)
Affordable Degrees Ranking Methodology
Data for the colleges listed in this article comes from NCES (National Center for Education Statistics) and IPEDS (Integrated Postsecondary Education Data System) Data Center, both maintained by the U.S. Dept of Education.
- Step 1: Query NCES for public U.S. institutions offering “distance” graduate programs in any of the following topics:
- Applied Economics
- Business/Managerial Economics
- Consumer Economics
- Development Economics and International Development
- Economics, General
- Economics, Other
- International Economics
- Step 2: Refine the results with data from IPEDS, of colleges offering online master’s programs.
- Step 3: Combine the two resulting data sets based on IPEDS ID.
- Step 4: For each institution, add any mandatory graduate fees to the graduate in-state tuition (which is an average of all programs at a given institution), to determine approximate yearly tuition+fees cost.
- Step 5: Sort ascending by estimated in-state cost.
- Step 6: Manually verify that an institution actually has one or more online/ hybrid master’s degree programs in the above topics.
NOTE: Actual tuition for a master’s in economics at a given institution may vary greatly from their institutional graduate average. Verify all costs before applying to any college/ university.
Best, Most Affordable Online Master’s Degrees in Economics and International Development
25. University of Detroit Mercy
Detroit, Michigan
University of Detroit Mercy (UDM, est. 1877) is a private, nonprofit institution affiliated with the Roman Catholic Church. The current institution is from the merger of two older institutions, one founded by the Jesuits, the other by the Religious Sisters of Mercy. It serves students on three campuses and online.
UDM offers top-value bachelor’s through doctorate level degrees, plus certificate programs. It has two cheap online/ hybrid programs in economics or related topics:
- Master of Arts in Economics (MAE)
- Master of Arts in Financial Economics (MAFE)
Both are 30-credit (minimum) low-cost online programs expected to take one year, and for which no GRE/ GMAT is required. The MAE prepares students for careers in areas of business and finance, government, law, non-profits, in roles such as analysts, forecasters, planners, teachers (high school, college). Sample online economics courses include: Economic Analysis of Enterprises; Quantitative Foundations of Economic Analysis. A thesis option is available. The MAFE prepares students for similar careers, as well as in financial institutions (including central banks, commercial and and investment banks, research organizations). Sample courses include: Financial Economics; Money and Capital Markets.
- In-state: $28,422 (avg. grad tuition+fees)
- Out-of-state: $28,422 (avg. grad tuition+fees)
- Awards from: U.S. News & World Report (Best Value Schools; Best Colleges for Veterans; National Universities)
- Notable alumni: Actor/ comedian Keegan-Michael Key (Key and Peele, madTV); actress Anita Barone (The Jeff Foxworthy Show, Friends)
- #students: 5,111
- #grads: 2,231
- Has housing: Yes
- Accreditation: Higher Learning Commission
24. Northeastern University
Boston, Massachusetts
Northeastern University (NU, est. 1898) is a private, nonprofit institution. Originally founded as a school for men, this coed university currently serves students on five campuses (including Toronto, Canada) and online. It also has partnerships with nearly 100 institutions in over 30 countries.
NU offers top-value bachelor’s through doctorate level degrees, plus certificate programs. It has one of the least expensive online/ hybrid programs in economics or related topics: a low-cost Master of Science in Commerce and Economic Development (MSCED). Delivered jointly by the College of Professional Studies and the College of Social Sciences and Humanities, this is a 33- to 36-credit online, STEM-designated program of 1.5-2.5 years. Students choose from one of four concentrations: Economic Analysis; Economic Entrepreneurship; Financial Economics; Data Analytics. The affordable online curriculum develops the skills necessary for career opportunities in economic development and international trade, amongst others, possibly with government agencies or international or nonprofit organizations. Sample courses include: Applied Microeconomic Theory; Applied Econometrics; Commerce and Economic Development. Completion of a Capstone project is required.
- In-state: $24,309 (avg. grad tuition+fees)
- Out-of-state: $24,309 (avg. grad tuition+fees)
- Awards from: Bloomberg Businessweek; Princeton Review; U.S. News & World Report (Most Innovative Schools; National Universities; Best Value Schools; Best Online MBA Programs; Best Online MBA Programs for Veterans; Best Online Graduate Business Programs – Excluding MBA; Best Online Graduate Business Programs for Veterans – Excluding MBA); Washington Monthly
- Notable alumni: Talk show host Wendy Williams; comedian Patrice O’Neal
- #students: 21,627
- #grads: 7,718
- Has housing: Yes
- Accreditation: New England Commission of Higher Education
23. Chicago School of Professional Psychology at Los Angeles
Los Angeles, California
Chicago School of Professional Psychology at Los Angeles (TCSPP, est. 1979) is a private, nonprofit institution and a member of the TCS System. While not an HBCU (Historically Black College/ University) nor HSI (Hispanic-Serving Institution), TSCPP-LA has a significant percentage of African American/ Black and Hispanic/ LatinX students (2nd and 3rd largest groups, respectively). The LA campus is one of several that serve TCS students.
TCSPP offers high-value bachelor’s through doctorate level degrees, plus certificate programs. It has one low cost online/ hybrid program in economics or related topics: a Master of Arts in Behavioral Economics (MABE). This is an affordable online program expected to take two years (full-time). In short, the online master’s degree program “blends psychology and economics to provide a fuller understanding of human behavior and preferences.” The curriculum covers: economics and finance; game theory; cognitive, consumer and social psychology; public policy; statistics. Sample online courses include: Brain and Behavior; Consumer Motivation; Choice Architecture. Completion of two Capstone seminars are required, which collectively includes 30 hours of fieldwork and the submission of a journal article produced from data collected during the fieldwork.
- In-state: $22,601 (avg. grad tuition+fees)
- Out-of-state: $22,601 (avg. grad tuition+fees)
- Awards from: President’s Honor Roll for Community Service
- #students: 2,628
- #grads: 2,481
- Has housing: No
- Accreditation: WASC Senior College and University Commission
22. Penn State University-World Campus
University Park, Pennsylvania
Penn State University (PSU, est. 1855) is a public institution and a member of the Pennsylvania State University System. Penn State, which has the distinction of being considered a public equivalent of an Ivy League school, has been offering distance education since the 1890s. Originally founded as a high school, it now serves students on 20+ campuses and learning centers, and online through its World Campus (PSU-WC, est. 1998) division, which delivers distance education programs.
PSU-WC offers economical associate’s through doctorate level degrees, plus certificate programs. It has one of the cheapest online/ hybrid programs in economics or related topics: a Master of Professional Studies in Community and Economic Development (MPS CEDEV). Delivered by the Department of Agricultural Economics, Sociology, and Education, this is a 30-credit online program. It builds the knowledge and skills necessary for career roles that contribute to various aspects of community and economic development, including community capacity, infrastructure, local economy enhancement, services, sustainable communities, etc. Sample courses include: Principles of Local Economic Development; Community and Economic Development: Theory and Practice; Methods and Techniques for Community and Economic Development. Alternatives: a 15-credit Community and Economic Development Graduate Certificate (credits applicable to the CEDEV program).
- In-state: $21,772 (avg. grad tuition+fees)
- Out-of-state: $21,772 (avg. grad tuition+fees)
- Awards from: PSU – Forbes Magazine; U.S. News & World Report (Top Public Schools; Best Colleges for Veterans; National Universities; Most Innovative Schools; Best Value Schools); Washington Monthly
- Notable alumni: PSU – Entrepreneur Herman Fisher (co-founder Fisher-Price Toys); actors Jonathan Frakes (Star Trek: TNG) and John Aniston (Days of Our Lives) and father of Jennifer Aniston
- #students: 14,458
- #grads: 6,112
- Has housing: No
- Accreditation: Middle States Commission on Higher Education
21. Southern New Hampshire University
Manchester, New Hampshire
Southern New Hampshire University (SNHU, est. 1932) is a private, nonprofit institution. Originally founded as a small, private, for-profit business school, it became nonprofit in1968, and has offered Internet-based distance education programs since 1995. The university serves about 30 times as many students online (~90,000) as are on-campus (~3,000), for which it has earned a Distance Learning Award for Excellence in Online Technology from the United States Distance Learning Association (USDLA). It also serves students on this main campus and two other locations.
SNHU offers economical associate’s through doctorate level degrees, plus certificate programs. It has one inexpensive online/ hybrid program in economics or related topics: a cheap Master of Science in Applied Economics (MSAE). The MSAE is a 36-credit online master’s degree program with a completion time of 15 months or longer. The online curriculum honors the multidisciplinary nature of economics and prepares students to work with multi-sourced data and make decisions, particularly on “the political and sociological dimensions of a problem.” Skills gained include: data collection and processing; building of advanced economic models; econometric and empirical analysis; reporting of findings. Sample online courses include: Mathematics and Statistics for Economics; Game Theory and Industrial Organization; Capstone.
- In-state: $18,810 (avg. grad tuition+fees)
- Out-of-state: $18,810 (avg. grad tuition+fees)
- Awards from: Fast Company (World’s Most Innovative Companies); U.S. News & World Report (#1 Most Innovative Schools North (survey); Regional Universities North); Washington Monthly (Best Colleges for Adult Learners)
- Notable alumni: Author/ comic book writer Ron Fortier (The Green Hornet, The Terminator)
- #students: 104,068
- #grads: 21,375
- Has housing: Yes
- Accreditation: New England Commission of Higher Education
20. Regent University
Virginia Beach, Virginia
Regent University (Regent, est. 1977) is a private, nonprofit, interdenominational Evangelical institution. It was founded by televangelist Pat Robertson and incorporates a Evangelical Christian worldview into its academic offering.
Regent offers low-cost associate’s through doctorate level degrees, plus certificate programs. It has one cheap online/ hybrid program in economics or related topics: a top-value Master of Business Administration (MBA) with a concentration in Economics. This is an ACBSP-accredited master’s degree program with a choice of online or on-campus courses. Graduates of this affordable online master’s degree program can find employment in economics- or finance-based roles or environments, such as: Economist, Financial Reporter, Financial Analysis and Management; Research Analyst; Executive Financial Leadership; Personal Financial Consultation. Contact the admissions department for more information about the curriculum.
- In-state: $16,179 (avg. grad tuition+fees)
- Out-of-state: $16,179 (avg. grad tuition+fees)
- Awards from: National Security Agency and the Department of Homeland Security (National Center of Academic Excellence in Cyber Defense Education (CAE-CDE)); U.S. News & World Report (National Universities; Top Performers on Social Mobility; Best Online MBA Programs; Best Online MBA Programs for Veterans; Best Online Graduate Business Programs – Excluding MBA; Best Online Graduate Education Programs; Best Online Graduate Education Programs for Veterans); Victory Media (Military Friendly Schools)
- Notable alumni: Actor Tony Hale (Arrested Development); reality show winner Brennan Swain (The Amazing Race)
- #students: 9,889
- #grads: 5,536
- Has housing: Yes
- Accreditation: Southern Association of Colleges and Schools, Commission on Colleges
19. Southern Illinois University – Carbondale
Carbondale, Illinois
Southern Illinois University – Carbondale (SIU, est. 1869) is a public institution and a member of the Southern Illinois University System. Originally founded as a teacher training school, it has had diversity in its enrollment since the first year, currently having a 30% ethnic minority enrollment, and an average undergrad age of 23.5.
SIU offers affordable associate’s through doctorate level degrees, plus certificate programs – with over 200 programs in total. It has one of the lowest-cost online/ hybrid programs in economics or related topics: a cheap Master of Business Administration (MBA) with a concentration in Agribusiness Economics (ABE) – one of only about 10 such public programs available in the USA. Delivered jointly by the College of Business in collaboration and College of Agricultural Sciences, this is a 43-credit, online, AACSB-accredited master’s degree program expected to take about two years. This ABE builds the skills necessary for agribusiness economics management roles, such as in the areas of banking and finance, business and farm management, farm appraisal, market and policy analysis and more. Sample courses include: Agribusiness Economics Research Methodology; Agricultural Development; Problems and Policies of the Agricultural Sector.
- In-state: $15,626 (avg. grad tuition+fees)
- Out-of-state: $32,528 (avg. grad tuition+fees)
- Awards from: Association for Advancement of Sustainability in Higher Education/ STARs (Silver LEEDS rating); Forbes Magazine (America’s Most Entrepreneurial Universities); INSIGHT Into Diversity Magazine (Higher Education Excellence in Diversity (HEED) Award); League of American Bicyclists (Bicycle Friendly University); Princeton Review (Green Colleges); U.S. News & World Report (Top Public Schools; National Universities; Best Online MBA Programs; Best Online MBA Programs for Veterans); Victory Media (Military Friendly School); Washington Monthly (Top 25 Best 4-Year Colleges for Adult Learners 2016)
- Notable alumni: Actors Jim Belushi (According to Jim) and Dennis Franz (NYPD Blue); WWF/ WCW/ TNA wrestler Randall Poffo (aka Macho Man Randy Savage)
- #students: 12,817
- #grads: 3,265
- Has housing: Yes
- Accreditation: Higher Learning Commission
18. Mercer University
Macon, Georgia
Mercer University (Mercer, est. 1833) is a private, nonprofit institution. Originally founded as a boys prep school, it is the state’s oldest private institution, and currently serves students at multiple campuses and learning centers, and online.
Mercer offers high-value bachelor’s through doctorate level degrees, plus certificate programs. It has one affordable online/ hybrid program in economics or related topics: an inexpensive Master of Business Administration (MBA) with an Economics concentration. (Finance and four other concentrations also available.) Delivered by the Stetson School of Business and Economics, this is a 36- to 45-credit, online, AACSB-accredited master’s degree program expected to take at least 18 months and which includes completion of a Capstone experience. Sample online courses include: Micro and Macro Economics; Managerial Economics. Alternatives: Mercer offers four dual-degree (master’s or doctorate) options with the MBA: Accountancy; Pharmacy, Divinity; Physical Therapy.
- In-state: $14,674 (avg. grad tuition+fees)
- Out-of-state: $14,674 (avg. grad tuition+fees)
- Awards from: President’s Higher Education Community Service Honor Roll with Distinction; Princeton Review; U.S. News & World Report (Best Value Schools; Best Colleges for Veterans; National Universities; Best Online MBA Programs; Best Online Graduate Business Programs – Excluding MBA)
- Notable alumni: Griffin Bell, former U.S. Attorney General (under President Jimmy Carter); Nathan Deal, former Governor of Georgia; musician Gregg Allman (The Allman Brothers)
- #students: 8,740
- #grads: 3,943
- Has housing: Yes
- Accreditation: Southern Association of Colleges and Schools, Commission on Colleges
17. Wright State University
Dayton, Ohio
Wright State University (WSU, est. 1967) is a public institution. It serves students on two campuses and online.
WSU offers low-cost bachelor’s through doctorate level degrees, plus certificate programs – nearly 300 affordable degree programs in total. It has one of the least expensive online/ hybrid programs in economics or related topics: a Master of Business Administration (MBA) with a concentration in Business Economics (BE) – with Finance and eight other concentrations also available. Delivered by the Raj Soin College of Business, this is a 40.5-credit, AACSB-accredited master’s degree program with choice of online or on-campus courses, and full- or part-time study options. Students get a grounding in typical MBA curriculum topics integrated with the principles of Economics. Sample courses include: Survey of Economics; Economics for Managers;
- In-state: $14,298 (avg. grad tuition+fees)
- Out-of-state: $24,286 (avg. grad tuition+fees)
- Awards from: Forbes Magazine; Princeton Review; U.S. News & World Report (National Universities; Best Online MBA Programs; Best Online Graduate Business Programs – Excluding MBA; Best Online Graduate Business Programs for Veterans – Excluding MBA); Washington Monthly
- Notable alumni: Singer/ dancer/ TV host Nicole Scherzinger (lead singer in the Pussycat Dolls, host on The X Factor)
- #students: 14,403
- #grads: 3,478
- Has housing: Yes
- Accreditation: Higher Learning Commission
16. Johnson & Wales University-Online
Providence, Rhode Island
Johnson and Wales University (JWU, est. 1914) is a private, nonprofit institution and a member of the Johnson and Wales University System. The Online division delivers distance education programs, while JWU itself serves students on four campuses.
JWU offers best-value bachelor’s through doctorate level degree programs. It has one low-cost online/ hybrid program in economics or related topics: a cheap Master of Science in Global Tourism and Sustainable Economic Development (MS-GTSED). This is a 30-credit online master’s degree program expected to take at least two years. Unique amongst the master’s of economics programs in this ranking article in that it focuses on application of economic development principles to tourism destinations. Sample online courses include: Tourism Economics; Global Tourism Marketing and Branding; International Tourism Development, Economic Issues and Strategic Solutions in the Developing World.
- In-state: $13,350 (avg. grad tuition+fees)
- Out-of-state: $13,350 (avg. grad tuition+fees)
- Awards from: U.S. News & World Report (Best Online MBA Programs; Best Online Graduate Business Programs – Excluding MBA)
- Notable alumni: Celebrity chefs Graham Elliot, Tyler Florence, Anna Olson, Chris Santos
- #students: 1,508
- #grads: 618
- Has housing: No
- Accreditation: New England Commission of Higher Education
15. Xavier University
Cincinnati, Ohio
Xavier University (Xavier, est. 1831) is a private, nonprofit institution affiliated with the Jesuits/ Catholic Church. It incorporates Jesuit Catholic values into its programs, but welcomes all faiths (over 20 religions are practiced on campus).
Xavier offers low-cost associate’s through doctorate level degrees, plus certificate programs. It has one cheap online/ hybrid program in economics or related topics: a top-value Master of Science in Health Economic and Clinical Outcomes Research (MS-HECOR). This is a 39-credit online master’s degree program expected to take two years to complete. it is ideal for individuals planning on careers in health analytics, health economics and health services research. HECOR graduates find career opportunities in biotech, clinical research, consulting, hospitals, medical device companies, pharmaceuticals, public health agencies. The curriculum is divided into five course groups: Core; Statistics and Analytics; Economics and Healthcare Systems; Economic Evaluation and Modeling; Capstone. Sample core courses include: Health Economics; Economic Evaluation and Simulation Modeling.
- In-state: $11,716 (avg. grad tuition+fees)
- Out-of-state: $11,716 (avg. grad tuition+fees)
- Awards from: Forbes Magazine (Top Colleges 2019); Kiplinger’s Personal Finance (Best Value); U.S. News & World Report (Most Innovative Schools; Best Colleges for Veterans; Regional Universities Midwest; Best Value Schools)
- Notable alumni: Pulitzer Prize-winning writers Jack Miles and Garry Willis
- #students: 7,127
- #grads: 2,132
- Has housing: Yes
- Accreditation: Higher Learning Commission
14. SUNY Empire State College
Saratoga Springs, New York
SUNY Empire State College (ESC, est. 1971) is a public institution and a member of the State University of New York (SUNY) System. It serves primarily working-adult students at 35 campuses/ learning centers, plus online.
ESC offers economical associate’s through master’s level degrees, plus certificate programs. It has one low cost online/ hybrid program in economics or related topics: a cheap Master of Arts in Community and Economic Development (MACED). Delivered by the School for Graduate Studies, this is a best-value 36-credit online program. The curriculum combines topics in economic development and community development, suitable for individuals who will seek career roles in public policy and producing positive economic outcomes in communities. Sample core online courses include: Public Policy Analysis; Principles of Community and Economic Development; Stakeholder Sensitive Business Models. Alternatives: MACED students can add a graduate certificate to further tailor their studies. ESC also offers a dual-degree bachelor’s/ master’s option with a choice of a bachelor’s (BA/ BS/ BPS) in either Business, Management and Economics or Public Affairs.
- In-state: $11,625 (avg. grad tuition+fees)
- Out-of-state: $23,185 (avg. grad tuition+fees)
- Notable alumni: Actor Alan Rachins (L.A. Law, Dharma and Greg); author/ producer Deborah Gregory (The Cheetah Girls)
- #students: 10,424
- #grads: 1,117
- Has housing: No
- Accreditation: Middle States Commission on Higher Education
13. Western Illinois University
Macomb, Illinois
Western Illinois University (WIU, est. 1899) is a public institution. Originally founded as a teacher training school, it currently serves students on two campuses and online. While it is not an HBCU (Historically Black College/ University) nor an HSI (Hispanic-Serving Institution), it has 22% and 46% African-American/ Black students enrolled at the Macomb and Quad Cities campuses, respectively, and 12.1% and 11.7% percent Hispanic/ LatinX students, respectively
WIU offers affordable bachelor’s through doctorate level degrees, plus certificate programs – nearly 120 economical degree programs in total. It has one of the least expensive online/ hybrid programs in economics or related topics: a cheap Master of Arts in Community and Economic Development (MACED). This is a minimum 36-credit hybrid program with online courses and some face-to-face meetings, with an expected 17-month timeline. Students gain or build on skills in community and economic development, and marketing and data analysis, with a generous choice of elective courses to customize studies. Sample courses include: Small Community Development; Advanced Economic Development Practices; Sustainability and Community Economic Development.
- In-state: $11,604 (avg. grad tuition+fees)
- Out-of-state: $11,604 (avg. grad tuition+fees)
- Awards from: Princeton Review (Best in the Midwest); U.S. News & World Report (Best Online MBA Programs; Best Online Bachelor’s Programs); Washington Monthly (Best Bang for the Buck); Victory Media (Military Friendly School)
- Notable alumni: Actors John Mahoney (played Martin in the Frasier series) and Michael Boatman (Spin City); Pulitzer Prize winner Mark Konkol (journalist at Chicago Sun-Times)
- #students: 8,502
- #grads: 1,748
- Has housing: Yes
- Accreditation: Higher Learning Commission
12. University of Missouri-Columbia
Columbia, Missouri
University of Missouri-Columbia (Mizzou, est. 1839) is a public institution and a member of the University of Missouri System. It serves students on-campus and online, with nearly 80% of undergrads (AY17-18) having taken at least one distance/ online class, and 34% for grad students.
Mizzou offers affordable bachelor’s through doctorate level degrees, plus certificate programs – including 120+ online programs. It has one of the cheapest online/ hybrid programs in economics or related topics: a low-cost Master of Arts in Economics (MAE). Delivered by the Department of Economics within the College of Arts and Science, this is a 30-credit online master’s degree program with an expected two-year timeline. The MAE is particularly designed for the individual seeking data-analytic roles in economics, either in economic development, international development or trade, or in the public sector. Topic areas include banking, econometrics, economic development, international trade and monetary systems, macroeconomic and microeconomic theory, Quantitative economics. Sample courses include: Economics of International Trade; Introduction to Game Theory; Problems in Economics.
- In-state: $10,017 (avg. grad tuition+fees)
- Out-of-state: $25,351 (avg. grad tuition+fees)
- Awards from: Forbes Magazine; U.S. News & World Report (Best Online Graduate Education Programs; Best Online Graduate Education Programs for Veterans); Washington Monthly
- Notable alumni: Actors Brad Pitt and Jon Hamm (Mad Men); Walmart founder Sam Walton
- #students: 29,843
- #grads: 7,359
- Has housing: Yes
- Accreditation: Higher Learning Commission
11. Purdue University
West Lafayette, Indiana
Purdue University (Purdue, est. 1869) is a public institution and a member of the Purdue University System. The Purdue system serves students at this main campus, three regional campuses, the joint IUPUI campus (with Indiana University), several Polytechnic leraning centers, and the Global (formerly Kaplan University locations) and Online divisions.
Purdue offers low-cost associate’s through doctorate level degrees, plus certificate programs – over 180 degree programs in total. It has one inexpensive online/ hybrid program in economics or related topics: a cheap Master of Science in Economics (MSE). Delivered by the Krannert School of Management, this is a 30-credit, AACSB-accredited master’s degree program with a choice of online or hybrid delivery, and a 20- to 36-month timeline. It builds the analytic and qualitative skills required for evaluating, forecasting and optimizing “key economic and business outcomes.” Students tailor their studies by choosing one of four specializations: Business and Data Analytics; Financial Economics; Public Economics and Policy; Advanced Theory (on-campus requirements). Sample core courses include: Statistics for Economists; Math for Economists; Econometrics .
- In-state: $9,992 (avg. grad tuition+fees)
- Out-of-state: $28,794 (avg. grad tuition+fees)
- Awards from: Forbes Magazine; Kiplinger’s Personal Finance; U.S. News & World Report (Best Online Graduate Education Programs); Washington Monthly
- Notable alumni: Astronauts Gus Grissom and Neil Armstrong, amongst many others
- #students: 44,474
- #grads: 10,739
- Has housing: Yes
- Accreditation: Higher Learning Commission
10. University of North Dakota
Grand Forks, North Dakota
University of North Dakota (UND, est. 1883) is a public institution and a member of the North Dakota University System. The university, which has the only law and medical schools in the state, has enjoyed visits from six sitting presidents, including most recently Barack Obama, Bill Clinton and Ronald Reagan.
UND offers top-value bachelor’s through doctorate level degrees, plus certificate programs – with 250+ fields of study. It has one cheap online/ hybrid program in economics or related topics: an affordable Masters of Science in Applied Economics (MSAE). This is a 30-credit master’s degree program with a choice of online or on-campus courses and expected timeline of least two years. (Online classes are both synchronous and available for later streaming.) The MSAE is designed for individuals planning economic careers in analysis, consulting, economic or strategic development, forecasting, or research, in private or public sectors. Sample online courses include: Economic Forecasting; Econometrics; Demographic Methods for Economists. Alternatives: accelerated dual-degree bachelor’s/ master’s option in Economics.
- In-state: $9,697 (avg. grad tuition+fees)
- Out-of-state: $23,435 (avg. grad tuition+fees)
- Awards from: Forbes Magazine; U.S. News & World Report (Top Public Schools; National Universities; Best Online Graduate Education Programs; Best Online Graduate Education Programs for Veterans; Best Online MBA Programs; Best Online Graduate Business Programs – Excluding MBA); Washington Monthly
- Notable alumni: Pulitzer Prize winners Maxwell Anderson and Mel Ruder; Hockey Hall of Fame and former NHL goalie Ed Belfour (including Chicago Blackhawks and San Jose Sharks)
- #students: 13,847
- #grads: 3,328
- Has housing: Yes
- Accreditation: Higher Learning Commission
9. Ball State University
Muncie, Indiana
Ball State University (BSU, est. 1918) is a public institution. Originally founded as a founded as a teacher training school, it was established on the land and assets (of an older private institution) purchased and donated to the state by the industrialist/ philanthropist Ball Brothers. It enjoyed record enrollment for Fall 2019 – the most in its entire 100+ year history – and it earned the #1 position for being a top campus for students with disabilities in a ranking published by College Magazine.
BSU offers economical associate’s through doctorate level degrees, plus certificate programs. It has one of the lowest-cost online/ hybrid programs in economics or related topics: Master of Business Administration (MBA) with one relevant concentration in Health Economics, Policy, and Administration (HEPA; Finance, General and three other concentrations also available). Delivered by the Miller College, this is an AACSB-accredited master’s degree program (with choice of online, blended or on-campus courses). Credit requirements vary depending on whether a student holds an undergrad business degree (30-33 credits) or not (up to 51 credits, variant on concentration). The HEPA concentration builds the skills necessary for individuals to analyze cost/ benefits of healthcare delivery models and financing from various perspectives (manufacturers, patients, providers). Sample courses include: Health Economic Analysis; Health Economics and Policy; Risk Management and Insurance.
- In-state: $9,392 (avg. grad tuition+fees)
- Out-of-state: $22,328 (avg. grad tuition+fees)
- Awards from: Forbes Magazine; INSIGHT into Diversity (Higher Education Excellence in Diversity (HEED) Award); Princeton Review (Best in the Midwest; Green Honor Roll); U.S. News & World Report (Top Public Schools; Top Performers on Social Mobility – #1 statewide; National Universities; Best Online MBA Programs; Best Online Graduate Education Programs; Best Online Graduate Education Programs for Veterans); Victory Media (Military Friendly School); Washington Monthly
- Notable alumni: David Letterman, former late night TV show host; Garfield comic strip creator Jim Davis
- #students: 21,884
- #grads: 5,724
- Has housing: Yes
- Accreditation: Higher Learning Commission
8. Youngstown State University
Youngstown, Ohio
Youngstown State University (YSU, est. 1908) is a public institution. Originally founded by the YMCA as a single-course program in law, it now serves students online and on one of the state’s safest campuses. It joined the Ohio System of Higher Education in 1967.
YSU offers low-cost associate’s through doctorate level degrees, plus certificate programs – over 150 degree programs in total. It has one of the least expensive online/ hybrid programs in economics or related topics: a cheap Master of Arts in Financial Economics (MAFE). Delivered by the College of Liberal Arts and Social Sciences, this is a 33-credit online master’s degree program (with choice of on-campus studies) and optional thesis. The curriculum builds the skills necessary to make financial decisions, including: analyzing macro- and microeconomic models; econometrics; interpreting stock valuations; managing financial capital, etc. Potential careers include roles in banking, financial advising, insurance and others. Sample courses include: The Economics of Financial Markets and Institutions; Econometrics; Financial Accounting and Finance for Decision Making. Alternatives: YSU offers a 4+1 dual-degree Bachelor’s and Master’s option for the MAFE.
- In-state: $9,384 (avg. grad tuition+fees)
- Out-of-state: $13,884 (avg. grad tuition+fees)
- Awards from: U.S. News & World Report (Regional Universities Midwest; Top Performers on Social Mobility)
- Notable alumni: Actor Ed O’Neill (Modern Family, Married… with Children); ESPN football commentator and former NFL quarterback Ron Jaworski
- #students: 12,607
- #grads: 1,165
- Has housing: Yes
- Accreditation: Higher Learning Commission
7. Murray State University
Murray, Kentucky
Murray State University (MSU, est. 1922) is a public institution. It serves students on five campuses/ regional campuses plus online.
MSU offers economical associate’s through doctorate level degrees, plus certificate programs – over 140 degree programs in total. It has one affordable online/ hybrid program in economics or related topics: a top-value Master of Science in Economic Development (MSED). Delivered by the Department of Economics and Finance within the Arthur J. Bauernfeind College of Business, this is a 30-credit online master’s degree program (with choice of on-campus courses and full- or part-time studies). It builds skills in multiple areas of economic development, including: business recruitment; city, regional and urban planning; demography; economics; education; geography and mapping; hospitality; infrastructure; marketing; political science; tourism. Sample courses include: Introduction to Economic Development; Economic Development Methods; Economic Development Finance.
- In-state: $9,114 (avg. grad tuition+fees)
- Out-of-state: $14,400 (avg. grad tuition+fees)
- Awards from: Forbes Magazine; Safe Campus; U.S. News & World Report (National Universities; Top Performer on Social Mobility); Victory Media (Military Friendly School 2019-20)
- Notable alumni: Historical romance novelist Jude Deveraux
- #students: 9,454
- #grads: 1,398
- Has housing: Yes
- Accreditation: Southern Association of Colleges and Schools, Commission on Colleges
6. Gardner-Webb University
Boiling Springs, North Carolina
Gardner-Webb University (GWU, est. 1905) is a private, nonprofit institution affiliated with the Baptist State Convention of North Carolina. Originally founded as a high school, it incorporates Baptist Christian ideals into its academic programs. It serves students on campus and online, with about 30% of all students taking all courses online.
GWU offers best-value associate’s through doctorate level degrees, plus certificate programs. It has one low-cost online/ hybrid program in economics or related topics: a cheap Master of Business Administration (MBA) with an emphasis in Economics (Finance and nine other emphases available). Delivered by the Graduate School of Business/ Godbold School of Business, this is a 36-credit hybrid master’s degree program. It builds leadership skills for businesses in all sectors (public, private, non-profit), combining principles of economics. Completion of a Strategic Management Capstone is required. Alternatives: dual-master’s degree options with MBA and Nursing or MBA and Divinity. Contact admissions for more information about the Economics emphasis.
- In-state: $9,050 (avg. grad tuition+fees)
- Out-of-state: $9,050 (avg. grad tuition+fees)
- Awards from: U.S. News & World Report (National Universities; Top Performers on Social Mobility)
- Notable alumni: Novelist/ poet Ron Rash; NBA All-Star and Naismith Basketball Hall of Fame inductee Artis Gilmore
- #students: 3,598
- #grads: 1,562
- Has housing: Yes
- Accreditation: Southern Association of Colleges and Schools, Commission on Colleges
5. Georgia Southern University
Statesboro, Georgia
Georgia Southern University (GS, est. 1906) is a public institution and a member of the University System of Georgia. It serves students on three campuses and online.
GS offers low-cost associate’s through doctorate level degrees, plus certificate programs – over 140 degree programs in total. It has one cheap online/ hybrid program in economics or related topics: a high-value Master of Science in Applied Economics (MSAE). Delivered by the Department of Economics within the Parker College of Business, this is a 30-credit online, asynchronous, AACSB-accredited master’s degree program with no campus visits. It builds analytical skills in the areas of “economic development, financial economics, market analysis, quantitative analysis, and regulatory analysis and issues.” Sample elective courses include: International Economics; History of Economic Thought; Regional Economic Development.
- In-state: $8,728 (avg. grad tuition+fees)
- Out-of-state: $28,610 (avg. grad tuition+fees)
- Awards from: Green Ribbon Schools; Military Times; Princeton Review; U.S. News & World Report (National Universities; Best Online Graduate Education Programs; Best Online MBA Programs; Best Online MBA Programs for Veterans; Best Online Graduate Business Programs – Excluding MBA); TIME Money magazine; Victory Media
- Notable alumni: Country music singers Luke Bryan and Ben Hayslip
- #students: 26,408
- #grads: 3,278
- Has housing: Yes
- Accreditation: Southern Association of Colleges and Schools, Commission on Colleges
4. Peru State College
Peru, Nebraska
Peru State College (PSC, est. 1865) is a public institution and a member of the Nebraska State College System. Originally founded as a private seminary by the Methodist Episcopal Church, it is the state’s oldest institution and serves students on campus and online.
PSC offers economical bachelor’s and master’s level degrees, plus certificate programs. It has one of the least expensive online/ hybrid programs in economics or related topics: a top-value Master of Science in Organizational Management (MSOM) with a concentration in Entrepreneurial and Economic Development (EED). This is a 36-credit hybrid master’s degree program whose curriculum combines topics in economic development, entrepreneurship and organizational management. Students have a choice of Internship, Thesis or Action Research Project. Graduates gain the skills to launch their own business or participate in others in a way that contributes to their community. Sample courses include: Economic Development; New Venture Planning and Financing; Study Design and Data Collection.
- In-state: $8,670 (avg. grad tuition+fees)
- Out-of-state: $8,670 (avg. grad tuition+fees)
- Notable alumni: Astronomer Edison Pettit, with a crater named after him on both the Moon and Mars
- #students: 2,114
- #grads: 263
- Has housing: Yes
- Accreditation: Higher Learning Commission
3. University of Southern Mississippi
Hattiesburg, Mississippi
University of Southern Mississippi (USM, est. 1910) is a public institution and a member of the Mississippi Institutions of Higher Learning. It comes in third on our ranking of the best, most affordable online master’s in economics degrees. Originally founded as a teacher training school, it currently serves students on two campuses and online.
USM offers cheap bachelor’s through doctorate level degrees, plus certificate programs. It has one low cost online/ hybrid program in economics or related topics: an affordable Master of Science in Economic Development (MSED). Delivered by the College of Business and Economic Development, this is a 30-credit, hybrid, AACSB-accredited master’s degree program with a choice of thesis or Economic Development Mentorship. (Comprehensive exam required.) Graduates will gain the skills to “manage public-private investment collaborations to facilitate sustainable growth in the economy.” Sample courses include: Economic Development Data Analytics and Theory; Entrepreneurship and Tech-Based Development; Com.unity Data Analytics
- In-state: $8,624 (avg. grad tuition+fees)
- Out-of-state: $10,624 (avg. grad tuition+fees)
- Awards from: Forbes Magazine; U.S. News & World Report (National Universities; Top Performers on Social Mobility); Washington Monthly
- Notable alumni: Singer/ songwriter Jimmy Buffet (possibly best known for Margaritaville); Hall-of-Fame football player Brett Favre; celebrity chef Cat Cora
- #students: 14,509
- #grads: 2,589
- Has housing: Yes
- Accreditation: Southern Association of Colleges and Schools, Commission on Colleges
2. University of Houston-Victoria
Victoria, Texas
University of Houston-Victoria (UHV, est. 1973) places second in our ranking of the best, most affordable online master’s degrees in economics. It is a public institution and a member of the University of Houston System, serving students on this main campus, a learning center, and online, and has transfer partnerships with a half dozen community colleges. UHV is designated an HSI (Hispanic-Serving Institution) and has an undergrad population of 40% Hispanic/ LatinX. Its overall enrollment leans to female (about 65% to 35% male).
UHV offers low-cost bachelor’s and master’s level degree programs – around 70 degree programs in total. It has one of the cheapest online/ hybrid programs in economics or related topics: an affordable Master of Science in Economic Development and Entrepreneurship (MSEDE). This is a 30-credit, online, AACSB-accredited master’s degree program that combines the aforementioned specialties. Graduates gain the skills to launch and sustain their own business, grow a community through their business, consult for other owners, or work in chambers of commerce, companies, consulting firms, government agencies and more. Sample online courses include: introduction to Economic Development and Entrepreneurship; Methods in Economic Development; Theory and Practice of Regional Economic Development. Completion of a Capstone project (Theory and Practice of Regional Economic Development) is required.
- In-state: $7,559 (avg. grad tuition+fees)
- Out-of-state: $15,029 (avg. grad tuition+fees)
- Awards from: Princeton Review; U.S. News & World Report (Regional Universities West; Top Performers on Social Mobility)
- #students: 4,336
- #grads: 1,135
- Has housing: Yes
- Accreditation: Southern Association of Colleges and Schools, Commission on Colleges
1. West Texas A & M University
Canyon, Texas
West Texas A&M University (WTAMU, est. 1910) earns first place in our ranking of the best, most affordable online master’s degrees in economics. It is a public institution and a member of the Texas A&M University System. Originally founded as a teacher training school, it serves students online and on a campus considered one of the safest in the state. While not an HSI (Hispanic-Serving Institution), its Hispanic/ LatinX enrollment is over 25% (2nd largest enrollment group).
WTAMU offers low-cost bachelor’s through doctorate level degree programs – about 100 degree programs in total. It has one inexpensive online/ hybrid program in economics or related topics: a cheap Master of Science in Finance and Economics (MSFE). Delivered by the Paul and Virginia Engler College of Business, this is a 36-credit online master’s degree program (with choice of on-campus instruction) expected to take two years. It is intended for individuals working in or seeking roles in economics- or finance-related environments (business departments, government, private sector, consulting, teaching at high school or college level, etc.). The online curriculum includes courses in Theory of Households and Firms, Monetary and Fiscal Policy, Corporate Governance, Corporate Finance, Asset Valuation, International topics, Quantitative Analysis. Sample courses include: Advanced Microeconomic Theory; Advanced Macroeconomic Theory; International Economics and Economic Development.
- In-state: $6,733 (avg. grad tuition+fees)
- Out-of-state: $7,560 (avg. grad tuition+fees)
- Awards from: U.S. News & World Report (Top Public Schools; Top Performers on Social Mobility; Regional Universities West; Best Online MBA Programs; Best Online MBA Programs for Veterans; Best Online Graduate Business Programs – Excluding MBA; Best Online Graduate Business Programs for Veterans – Excluding MBA)
- Notable alumni: Actor French Stewart (Mom, 3rd Rock from the Sun); wrestlers Terry Funk, Dory Funk Jr., Dusty Rhodes, Tito Santana
- #students: 10,029
- #grads: 2,653
- Has housing: Yes
- Accreditation: Southern Association of Colleges and Schools, Commission on Colleges
Other Rankings of Interest:
- 15 Best Affordable Economics Degree Programs (Bachelor’s)
- 25 Most Affordable Online Master’s of Finance Degrees
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- 25 Most Affordable Online Master’s of Accounting Degrees
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