Master's Degree Programs in Economics & Psychology

<p>Students wanting to study the intersection of economics and psychology at the graduate level have several options when it comes to master's programs, including the following types of degree programs: </p> <ul><li>Master of Arts in Behavioral Economics </li><li>Master of Behavioral and Decision Sciences </li><li>Master of Science in Behavioral and Computational Economics </li><li>Master of Professional Studies in Applied Economics and Management with a concentration in Applied Behavioral Economics and Individual Choice </li><li>Master of Science in Business Psychology </li></ul><p>These are typically 30-credit-hour programs that can be completed in about 14 months to 2 years with some online learning options. Along with coursework, some programs also require hands-on fieldwork and a final capstone that consists of a research project or report. Although these are programs with unique curriculums (with some focusing more on business, psychology, or economics), there are some common topics that you will likely study in your program. </p> <h3 id="section---BehavioralEconomicsAndFinance"> Behavioral Economics and Finance</h3> <p>Behavioral economics is the psychological study of how people make financial choices, while behavioral finance centers more on how financial markets and institutions make financial decisions. Specific topics you may study include non-linear and logical decision-making, the human elements of finance, and financial analysis. </p> <h3 id="section---ComputationalEconomics"> Computational Economics</h3> <p>Computational economics is a field that combines economic analysis and computer science. In a course of this type, you might study the way that mathematical models can be used to solve issues related to business and economics. This is also a programming-focused course, and you may learn nonlinear and integer programming, numerical analysis, and methods for computer simulations. </p> <h3 id="section---ConsumerBehaviorAndMotivation"> Consumer Behavior and Motivation</h3> <p>On the psychology side of your master's program, you could be required to complete a course that covers the psychology behind purchasing decisions. Usually, courses of this type explore the way that consumers behave within the economic system and what goes into their decision-making process. There is also a focus on how to use an understanding of consumer motivation to affect behavior. </p> <h3 id="section---BehavioralEconomicsAndManagerialPsychology"> Behavioral Economics and Managerial Psychology</h3> <p>The theories of behavioral economics can also be applied to the way that individuals, specifically those in leadership, make decisions. In this course, you may study such topics as groupthink, follower influence, bias, and leadership styles from a psychological perspective. Typically, those topics are then examined within the context of economic decision making. </p> <h3 id="section---PsychologyOfMarketingAndAdvertising"> Psychology of Marketing and Advertising</h3> <p>You might also take a class that centers on the connection between behavioral science, psychology, and marketing/advertising. Some courses might focus on analyzing the ways that consumers react to different types of advertising and how it affects their buying decisions. Other courses may have a larger focus on how to apply behavioral science techniques to marketing strategy, including how to use psychological persuasion, pricing, and subliminal messages to influence consumers. </p> <h2 id="section---AdmissionsRequirementsForEconomicsPsychologyMasterSDegreePrograms">Admissions Requirements for Economics &amp; Psychology Master's Degree Programs</h2> <p>To apply to an economics and psychology master's program, you must already hold a bachelor's degree. Some programs also require some prerequisite coursework, such as classes on game theory, statistics, calculus, and microeconomics. GRE scores may be required by some programs as well. Typical application materials you may also need to submit include letters of recommendation, an essay, a resume, and transcripts. </p> <h2 id="section---EconomicsPsychologyCareerOutlook"> Economics &amp; Psychology Career Outlook</h2> <h3 id="section---Economist">Economist</h3> <p>Economists conduct research into different trends in economics, using surveys, data analysis, statistical analysis, and other means. They might work for the government where they research things like employment numbers, or for a business where they help it understand consumer data. An economist needs at least a master's degree. </p> <h3 id="section---MarketResearchAnalyst"> Market Research Analyst</h3> <p>A market research analyst is someone who aids their organization in understanding current market trends so it can devise a sales and marketing strategy. To do this, they conduct research into demographics, market conditions, and competitors. Market research analysts are required to have a bachelor's degree for most positions; however, certain jobs may require a master's degree. </p> <h3 id="section---IndustrialOrganizationalPsychologist"> Industrial-Organizational Psychologist</h3> <p>An industrial-organizational psychologist is a specialized type of psychologist who solely focuses on the workplace. They might work within an organization to improve employee productivity or well-being, to design employee training programs, or to help with organizational development. To become an industrial-organizational psychologist, you must have a master's degree. </p> <p /> <table border="1"><tr><th>Job Title </th><th> Median Annual Salary (2019) </th><th> Estimated Job Growth (2018-2028)</th></tr> <tr><td> Economist </td><td>$105,020 </td><td> 8%</td></tr> <tr><td> Market Research Analyst </td><td>$63,790 </td><td> 20%</td></tr> <tr><td> Industrial-Organizational Psychologist </td><td>$92,880 </td><td> 13%</td></tr> </table><p><i>Source: U.S. Bureau of Labor Statistics</i> </p> <p>Students have several choices for attending a master's program that has a focus on both economics and psychology, including programs that center on behavioral economics and business psychology. Degrees like these can be useful in careers like market research analyst, I/O psychologist and economist.</p>