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Master's in Economics Programs in Chicago, Illinois

This article compares economic master's degree programs from universities in Chicago, Illinois. A diverse range of programs throughout the Windy City offers graduate students the chance to pursue their unique professional and academic goals.

University of Illinois at Chicago

The University of Illinois at Chicago offers an MA in Economics, an MA in Applied Economics, and an MBA (Master of Business Administration) with a concentration in economics. Students can choose to either write a thesis or take extra coursework to complete their degree.

Roosevelt University

Roosevelt University prides itself in their commitment to introduce students to a wide-variety of disparate economic theories. To this end, students in the Master of Arts in Economics program study marxist, Post Keynesian, feminist, and eclectic approaches alongside more traditional Keynesian and Neoclassical points of view.

University of Chicago

The University of Chicago offers a two-year Master of Arts Program in Social Science (MAPPS) with a concentration in Economics. The university offers a variety of workshops to support student studies, including workshops in applied economics, econometrics, family economics, money and banking, political economy, microeconomics, macroeconomics and international economics, and public policy economics.

DePaul University

The 48 credit hour Master of Science in Economics and Policy Analysis at DePaul University emphasizes both economic theory and data analysis skills. Admitted students have the chance to earn academic credit for a 12-16 week research fellowship at a business, government agency or nonprofit institution in Chicago or another city.

Loyola University, Chicago

Loyola University offers an MBA with an emphasis in economics. Students supplement business management courses with electives in business fluctuations, game theory, international business economics, derivative securities, applied econometrics, or an independent study in economics.

Illinois Institute of Technology

The Illinois Institute of Technology offers a 33-credit hour Master of Science in Finance with a concentration in financial econometrics. The two-course concentration instructs students in how to analyze financial time series using a variety of models and delves into the dynamic linear model of econometrics.

University Programs Offered Tuition for Academic Year (2018-2019)*
University of Illinois, ChicagoMaster of Arts in Economics
Master of Science in Economics
MBA with a concentration in economics
In-state: $13,612
Out-of-state: $23,299
Roosevelt UniversityMaster of Arts in Economics$20,153
University of ChicagoMaster of Arts in Social Science (with a concentration in economics)$57,759
DePaul University Master of Science in Economic and Policy Analysis$19,032
Loyola University of ChicagoMBA (with a concentration in economics)$18,594
Illinois TechMaster of Science in Finance$29,328

Source: *NCES

Earning a Master's Degree in Economics in Chicago

Master's of economics degree programs entail a balance of core coursework (in economic analysis and theory) and electives (classes that students choose to match their research and career interests). In some cases, students can use their elective credits to specialize in one specific area of economics. Common core classes include:

Macroeconomic Theory

Macroeconomic theory classes explore theories of economic growth in the long-term. After reviewing classical economics theories, students may begin to apply these theories to modern problems like stabilizing aggregate demand, analyzing unemployment and inflation, and understanding economic growth. Courses may cover the effects of economic institutions and government policies on large-scale economic growth.

Microeconomic Theory

In this course students review the basic concepts of microeconomic theory, like consumer behavior, general equilibrium, production and costs, resource allocation, welfare, and determination of price. Students may study related theories like game theory and decision-making under uncertainty. In addition, students often practice using mathematical tools to analyze microeconomic problems.

Econometrics

In econometrics classes students learn how to apply their growing mathematical took-kit to solve economic puzzles. This class may include technical skills, like learning how to use computer applications for statistical techniques like regression analysis. Topics may also include simultaneous equations, alternative estimators, multivariate linear regression, error component models, and how to test both static and dynamic models.

Admissions Requirements for an Economics Master's Degree in Chicago, IL

Applicants must have an undergraduate degree. While their bachelor's degree does not necessarily need to be in economics, universities may expect applicants to have completed undergraduate coursework in basic economics, statistics, and calculus. Some programs have minimum GRE test scores and GPA requirements. Applicants must send in their undergraduate transcripts, letters of recommendation from previous professors, and a statement of purpose essay.

Chicago is one of the biggest financial centers of the nation. The Windy City has a lot to offer students who apply to one of the many available economics master's degree programs.