Choosing an economics school is as exciting as it is challenging. You need to consider many factors to make an informed decision. Some colleges for economics might have more in-depth programs, others can boast of outstanding teachers. It is easy to get overwhelmed with research and analysis trying to find the best economics schools.

Before you start looking through the features of different schools for economics, try to create a list of specific requirements. What does the school of your dreams look like? The following list of the best colleges for economics will come in handy during your exploration of the possible options to choose from.

List of the Best Colleges for Economics

As you can see, the list offers you many great educational institutions that can help you reach your academic goals. We will review each of them to help you make the right decision. After getting all the necessary information about the best schools for economics, you will be able to get a clear idea of what you are looking for and what you need to make your dream come true. Here we go.

Harvard University (Cambridge, Massachusetts)

Admission Process: online application, application fee
Audition Requirements: relevant background, writing sample, math preparation, standardized tests, transcripts, statement of purpose, 3 letters of recommendation
Application via: https://gsas.harvard.edu/apply
Tuition & Fees: $52,659
Acceptance Rate: 4-5%

Harvard University is one of the top economics schools in the world. Many professors are leading scholars in their fields and have significantly contributed to economic theory and policy. It means students can learn from and engage with some of the brightest minds in economics. Harvard encourages interdisciplinary study, allowing students to explore connections between economics and other fields, such as political science, public policy, and business.

You can apply here to get a Master of Arts in Economics degree or a Ph.D. in economics. When you apply for economics master’s programs, the admission process will be quite challenging. You will need to prepare your transcripts, write one or more essays explaining your motivation to study here, submit three letters of recommendation, and participate in an interview with an alumnus or alumna of the university.

While the tuition fee is high, there is a good reason for that. In our research of Harvard University, we found that thirty-nine percent of Harvard alumni have started a for-profit or non-profit business, founding over 146,000 enterprises and organizations in over 150 countries. According to the research, these businesses employ 20.4 million people worldwide, creating approximately $3.9 trillion in revenue. Therefore, you have a fair chance of making a considerable impact in the field of economics after graduation.

Pros: academic excellence, world-class faculty, global network, interdisciplinary opportunities, research opportunities
Cons: high cost, competitive environment

Massachusetts Institute of Technology (Cambridge, Massachusetts)

Admission Process: Online application, application fee
Audition Requirements: Standardized tests are not required, personal statement is optional, college transcripts, 3 letters of recommendation,TOEFL/IELTS for international students
Application Deadlines: September 15-December 15
Tuition & Fees: $82,730
Acceptance Rate: 6-7%

Massachusetts Institute of Technology (MIT) is among the best universities for economics due to the many Nobel laureates and renowned economists among its faculty. MIT is at the forefront of economic research. The economics department produces groundbreaking research in various areas, including microeconomics, macroeconomics, econometrics, and more. Students can become a part of its research projects and benefit from exposure to cutting-edge ideas.

MIT is known for its quantitative and analytical approach to economics. The curriculum emphasizes mathematical and statistical methods, making it suitable for students with strong mathematical backgrounds. It is one of the famous economics colleges that focuses on applying economic principles to real-world issues and policy challenges.

MIT’s strong reputation opens doors to a wide range of career opportunities. Graduates from its economics programs often find success in academia, research institutions, government agencies, financial institutions, and multinational corporations. Pay attention to the MIT Sloan Economics Society, which offers networking events, workshops, and resources to help students connect with peers and professionals.

Pros: world-class faculty, cutting-edge research, interdisciplinary collaboration, strong quantitative focus, career opportunities
Cons: intense academic environment, cost of attendance

Stanford University (Stanford, California)

Admission Process: Online application
Audition Requirements: GRE, coursework spreadsheet as part of the online application, 3 letters of recommendation,TOEFL/IELTS for international students
Application Deadlines: November 29
Tuition & Fees: $61,731
Acceptance Rate: 4-5%

Stanford University attracts diverse and talented students from different parts of the world due to its top economics Ph.D. programs and research opportunities. Undergraduate and graduate students can access numerous research facilities, including working on faculty-led projects, pursuing independent research, and participating in research centers and institutes.

The university’s economics faculty includes renowned economists who have made significant contributions to the field. You will be able to learn from leading experts in various subfields of economics. It is the reason why Stanford is one of the top schools in the economics university ranking system. Stanford’s Experimental Social Science Laboratory is a state-of-the-art facility that allows students to conduct experiments, enhancing their understanding of economic behavior.

Stanford has a robust and influential alumni network. Stanford economics program graduates have access to a vast community of successful scholars. The university is in the heart of Silicon Valley, providing students with unique opportunities to engage with the tech and entrepreneurial community.

Pros: outstanding faculty, interdisciplinary opportunities, research opportunities, entrepreneurial ecosystem, applied economics
Cons: competitive admission, cost of attendance

Princeton University (Princeton, New Jersey)

Admission Process: Online application process
Audition Requirements: Prerequisite courses in introductory microeconomics, introductory macroeconomics, statistics and multivariable calculus
Application Deadlines: December 15
Tuition & Fees: $57,410
Acceptance Rate Approximately: 5%

Princeton University boasts a distinguished faculty, including several Nobel laureates, influential economists, and the best undergraduate economics programs. It is also known for its low student-to-faculty ratio, allowing small class sizes and personalized attention. Such an approach encourages friendly relationships between students and professors, facilitating a more engaging and interactive learning experience.

In addition to undergraduate programs, Princeton offers graduate programs in economics, including Ph.D. and master’s programs, providing options for advanced study and research. Its school of economics gives students the opportunity to explore real-world applications of economic principles and engage in policy research.

Princeton has a strong and influential alumni network that spans various industries and sectors. Graduates from Princeton’s economics programs have access to a vast community of successful individuals. The university hosts many seminars, workshops, and conferences where students can interact with faculty, visiting scholars, and experts in economics.

Pros: Nobel laureate faculty, small class sizes, research opportunities, financial aid, interdisciplinary approach
Cons: highly competitive admission, cost of attendance

University of Chicago (Chicago, Illinois)

Admission Process: Online application process
Audition Requirements: College transcripts, at least 1 letter of recommendation,CV, statement of purpose
Application Deadlines: December 5
Tuition & Fees: $59,256
Acceptance Rate: Around 7-8%

The University of Chicago is one of the top universities for economics and is famous for many reasons, including the development of the “Chicago Price Theory.” The theory emphasizes the importance of prices in allocating resources and guiding economic decision-making. The university is home to the Booth School of Business, which offers collaboration opportunities for students interested in the intersection of economics and business.

Its economics department has a history of faculty members who have received Nobel Prizes in Economic Sciences. Its economics Ph.D. programs advocate for free market principles and limited government intervention in the economy. One of the notable features of this school is that it offers flexibility in coursework, allowing students to tailor their studies to their specific interests within the field.

Chicago has a strong alumni network, including influential economists, policymakers, and business leaders. Graduates from Chicago’s economics programs have access to a vast community of successful entrepreneurs.

Pros: strong academic reputation, Nobel laureate faculty, rigorous quantitative training, research opportunities, free market emphasis
Cons: competitive environment, rigorous curriculum

University of California (Berkeley, California)

Admission Process: Online application process
Audition Requirements: GRE is optional, 3 letters of recommendation,TOEFL/IELTS for international students, college transcripts
Application Deadlines: December 4
Tuition & Fees: $14,420
Acceptance Rate: Varies, but around 14-16%

The University of California can be the best school for economics for you because of its commitment to diversity and inclusivity. The diversity enriches the academic experience and fosters a welcoming and inclusive community. Campuses in California benefit from their location in one of the world’s largest and most diverse economies.

This economics university has close ties to the business and technology sectors. This proximity gives its students the chance to get internships, networking opportunities, and career advancement in industries related to economics and business. The Berkeley campus has strong public policy programs and offers opportunities for economics students to engage in policy analysis and research.

The university focuses on global engagement, with opportunities for international study, research, and collaboration. This perspective can be valuable for economics students interested in global economics and international affairs.

Pros: diversity, research opportunities, expert faculty, interdisciplinary focus, financial aid and scholarships
Cons: high enrollment, budget constraints

Yale University (New Haven, Connecticut)

Admission Process: Online application process
Audition Requirements: GRE, TSE, TOEFL/IELTS for international students, college transcripts
Application Deadlines: December 1
Tuition & Fees: $48,300
Acceptance Rate: Approximately 6-7%

Yale University is one of the best economics schools in the US. It strongly focuses on economic history, allowing students to explore economic thought’s historical context and evolution. Yale’s economics department places a significant emphasis on empirical and experimental economics, allowing students to apply economic theories to real-world issues and conduct empirical research with practical applications.

Yale’s economics programs emphasize a global perspective, allowing students to explore international economics and engage in research and study abroad opportunities. It hosts a variety of seminars, workshops, and conferences.

Graduates from Yale’s economics programs have access to a strong alumni network, including influential economists, policymakers, and leaders in various industries.

Pros: Nobel laureate faculty, interdisciplinary collaboration, quantitative training, research opportunities, global perspective
Cons: competitive admission, cost of attendance

Northwestern University (Evanston, Illinois)

Admission Process: Online application process, application fee
Audition Requirements: GRE, TOEFL/IELTS for international students, college/school transcripts
Application Deadlines: November 1
Tuition & Fees: $60,768
Acceptance Rate: Approximately 8-9%

Northwestern University is one of the top economics universities and focuses on applying economic principles to real-world issues. This approach prepares students for careers in government, consulting, finance, and other sectors where economics is crucial.

It is one of the famous colleges with economics majors and hosts several research centers dedicated to economics. These centers allow students to engage in cutting-edge research and collaborate with faculty on important economic topics.

Graduates from Northwestern’s economics programs have access to a strong alumni network, including professionals in academia, finance, government, and various industries. This network can provide valuable connections and career opportunities.

Pros: diverse faculty expertise, empirical focus, research opportunities, interdisciplinary approach, financial economics strength
Cons: competitive admission, intense academic environment

University of Pennsylvania (Philadelphia, Pennsylvania)

Admission Process: Online application process, application fee
Audition Requirements: prerequisite courses, school/college transcripts, essay, 3 letters of recommendation
Application Deadlines: December 15
Tuition & Fees: $38,732
Acceptance Rate: Around 8-9%

The University of Pennsylvania is also one of the best economics universities and a member of the Ivy League, a group of prestigious institutions known for academic excellence. As a result, the economics program benefits from the university’s overall academic reputation and resources.

The economics department at Penn boasts a distinguished faculty with expertise in various subfields of economics. Students of economics graduate programs can learn from leading scholars in microeconomics, macroeconomics, econometrics, and behavioral economics.

Graduates have access to a strong alumni network, including professionals in academia, finance, government, and various industries. The university’s programs emphasize a global perspective, allowing students to explore international economics and engage in study-abroad opportunities.

Pros: Ivy League prestige, interdisciplinary collaboration, renowned faculty, Wharton School collaboration, research opportunities
Cons: competition, resources allocation

Columbia University (New York City, New York)

Admission Process: Online application process, application fee
Audition Requirements: Skype interview, school/college transcripts, essay, letters of recommendation
Application Deadlines: December 14
Tuition & Fees: $41,914
Acceptance Rate: Approximately 6-7%

Columbia University might have the best economics masters programs in the country as it is a member of the Ivy League. The economics department at Columbia boasts a distinguished faculty with expertise in various subfields of economics. Students have the opportunity to learn from leading scholars in areas such as macroeconomics, microeconomics, econometrics, and international economics.

During our research, we have stated that it is one of the renowned economics universities that emphasizes quantitative methods, equipping students with strong analytical and statistical skills. This quantitative training is valuable for careers in academia, research, finance, and policy analysis.

Columbia’s economics programs emphasize a global perspective. Students are happy to explore international economics and go broad to share their experiences with peers.

Pros: New York City location, Ivy League, research facilities, quantitative emphasis, renowned faculty
Cons: high cost of living, class size

The Best Economics Schools in the US 2023

Economics School	College Location	Specializations Offered	Economics Programs	Acceptance Rate
Harvard University	Cambridge, Massachusetts	Macroeconomics, Microeconomics, Development Economics	Undergraduate, Graduate, Ph.D	4-5%
Massachusetts Institute of Technology (MIT)	Cambridge, Massachusetts	Behavioral Economics, International Economics, Finance	Undergraduate, Graduate, Ph.D	6-7%
Stanford University	Stanford, California	Public Policy, Economic History, Labor Economics	Undergraduate, Graduate, Ph.D.	4-5%
Princeton University	Princeton, New Jersey	Game Theory, Economic Theory, Health Economics	Undergraduate, Graduate, Ph.D.	Approximately 5%
University of Chicago	Chicago, Illinois	Environmental Economics, Industrial Organization, Trade	Undergraduate, Graduate, Ph.D.	Around 7-8%
University of California, Berkeley	Berkeley, California	Economic Sociology, Economic Policy, Economic Geography	Undergraduate, Graduate, Ph.D.	Varies, but around 14-16%
Yale University	New Haven, Connecticut	Economic Demography, Economic Forecasting, Urban Economics	Undergraduate, Graduate, Ph.D.	Approximately 6-7%
Northwestern University	Evanston, Illinois	Financial Economics, International Finance, Econometrics	Undergraduate, Graduate, Ph.D.	Approximately 8-9%
University of Pennsylvania (UPenn)	Philadelphia, Pennsylvania	Public Finance, Economic Education, Economic Modeling	Undergraduate, Graduate, Ph.D.	Around 8-9%
Columbia University	New York City, New York	Labor Economics, Economic Growth, Economic Systems	Undergraduate, Graduate, Ph.D.	Approximately 6-7%

Expert Conclusion About Best Economics Programs

After analyzing the unique features and drawbacks of these top schools for economics, take some time to process this information. Each school on the list can bring you an unforgettable studying experience.

Even though all of these colleges have the disadvantage of a highly competitive environment, they prepare you for the real world. You will see that these schools are high in economics ranking charts for a reason.

Now that you’ve had the chance to review the best economics programs in the country, you can make an informed decision. Good luck with your studies!

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