50 Best MBA Programs in Economics in 2024

Top 10 MBA Program in Economics – ROI, Salary, Tuition

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50 Best Economics MBA Programs Table: ROI, Salary, Tuition

Easily sort the table below by Rank, School Name, ROI, Tuition, Average Starting Salary, and State to find and to compare programs. Click on any school for a comprehensive review.

Rank	University	ROI	In State Tuition	Avg. Starting Salary	State	Online
1	Northwestern University	54.00%	$162,030	$175,000	IL	No
2	Stanford University	55.04%	$165,591	$182,272	CA	No
3	Massachusetts Institute of Technology	48.59%	$164,000	$159,391	MA	No
4	Columbia University	44.96%	$180,258	$162,099	NY	No
5	Duke University	48.33%	$157,546	$152,297	NC	Yes
6	New York University	50.42%	$160,130	$161,475	NY	No
7	The University of Michigan	55.99%	$137,056	$153,465	MI	Yes
8	University of Southern California	48.70%	$154,339	$150,314	CA	Yes
9	The University of North Carolina at Chapel Hill	65.25%	$102,314	$133,517	NC	Yes
10	Harvard University	58.40%	$149,820	$175,000	MA	No
11	Indiana University Bloomington/Indianapolis	112.02%	$60,858	$136,352	IN	Yes
12	University of Massachusetts Boston	318.68%	$19,499	$124,277	MA	Yes
13	Brigham Young University	101.87%	$58,544	$119,281	UT	No
14	Georgetown University	55.50%	$124,814	$138,552	DC	Yes
15	Dartmouth College	48.31%	$165,442	$159,842	NH	No
16	Southern Methodist University	60.97%	$100,541	$122,609	TX	Yes
17	University of California, Berkeley	54.73%	$139,628	$152,831	CA	No
18	The University of Texas at Dallas	171.45%	$35,918	$123,163	TX	Yes
19	Emory University	49.36%	$151,689	$149,759	GA	Yes
20	University of California, Los Angeles	51.61%	$142,142	$146,727	CA	No
21	Cornell University	35.29%	$219,688	$155,048	NY	No
22	University of Washington	95.81%	$76,890	$147,340	WA	No
23	Washington University in St. Louis	43.91%	$134,020	$117,687	MO	Yes
24	Michigan State University	172.92%	$34,564	$119,539	MI	Yes
25	University of Minnesota	68.17%	$89,402	$121,882	MN	Yes
26	The George Washington University	51.26%	$113,090	$115,951	DC	Yes
27	The University of Texas at Austin	60.02%	$120,432	$144,564	TX	No
28	University of Virginia-Darden	51.95%	$151,200	$157,090	VA	Yes
29	University of South Carolina	182.06%	$26,485	$96,435	SC	Yes
30	University of California, Davis Business School	61.53%	$88,634	$109,075	CA	Yes
31	Boston College	49.36%	$118,336	$116,815	MA	No
32	Carnegie Mellon University	50.21%	$147,456	$148,067	PA	Yes
33	Boston University	48.65%	$124,248	$120,884	MA	Yes
34	Texas A&M University	93.21%	$62,000	$115,585	TX	Yes
35	University of California, San Diego	48.93%	$106,246	$103,969	CA	No
36	The University of Georgia	196.87%	$30,606	$120,510	GA	Yes
37	Northeastern University	48.77%	$102,582	$100,063	MA	Yes
38	University of Utah	88.54%	$65,700	$116,348	UT	Yes
39	Fordham University	64.08%	$99,497	$127,511	NY	Yes
40	Case Western Reserve University	52.08%	$92,040	$95,875	OH	Yes
41	Indiana State University	263.16%	$19,000	$100,000	IN	Yes
42	Lehigh University	69.45%	$68,900	$95,699	PA	Yes
43	New Jersey Institute of Technology	74.73%	$66,576	$99,501	NJ	Yes
44	The University of Iowa	240.52%	$23,453	$112,820	IA	Yes
45	Santa Clara University	72.74%	$83,860	$122,000	CA	Yes
46	Brandeis University	45.33%	$120,223	$109,000	MA	No
47	University of Florida	221.35%	$26,473	$117,197	FL	Yes
48	University of Hartford	156.62%	$30,168	$94,500	CT	Yes
49	The Ohio State University	50.31%	$106,123	$106,779	OH	Yes
50	Queens University of Charlotte	105.03%	$41,940	$88,100	NC	Yes

What is an MBA in Economics?

An MBA in Economics is a specialized graduate degree that blends advanced economic theory with core business management principles. This program equips students with a deep understanding of economic concepts and their practical application in business decision-making, while also developing essential leadership and strategic management skills.

The curriculum typically includes:

• Microeconomic and Macroeconomic Analysis
• Econometrics
• Game Theory
• International Trade
• Financial Economics
• Core MBA subjects (e.g., Marketing, Operations, Strategy)

Popular career paths for MBA in Economics graduates include:

• Economic Consultant
• Financial Analyst
• Policy Advisor
• Investment Banker
• Corporate Strategist

The job outlook for MBA in Economics graduates is robust, with strong demand in both private and public sectors. Salaries vary widely based on role and industry, but graduates can expect competitive compensation, with median annual wages for economists at $105,630, and potential for significantly higher earnings in senior roles or specialized fields like finance and consulting.

MBA in Economics Vs Master Degree in Economics

The main difference between a master’s degree and an MBA is highly specialized coursework versus the comprehensive study of business. Master’s degrees offer students highly specialized and theoretical knowledge of economics while the MBA includes coursework like business law, operations management, marketing, financial management, statistics.

Students in a Master’s in Economics program will take the full breadth of economics coursework including microeconomics, macroeconomics, applied econometrics and mathematical economics. Depending on your career aspirations, you may want to weigh your options. If you plan on entering academia, the Master’s degree in Economics may be the best route. On the other hand, if you plan on working for a large bank, you may want to develop a more balanced understanding of business principles prior to entering the corporate world.

A Masters Degree in Economics is for students who want to continue their education and attain a Ph.D., or who want to work in the fields of research, public policy or consulting, a Master’s in Economics may be the better choice.

An MBA in Economics provides a broad swath of business knowledge, and may be the best choice for those who want to work in a managerial capacity.

Key Highlights for Economics MBA Programs

Compare Online Economics MBA Program Averages to Campus Averages

When comparing online and campus-based Economics MBA programs, prospective b-students should consider many factors. Online programs offer lower average tuition costs ($43,995 vs : $43,995.15) and better average graduate ROI (148% vs 148%), while campus programs have slightly higher average graduate salaries ($82,261 vs $82,261). Both program types have comparable GMAT scores, full-time faculty numbers, and student-faculty ratios, indicating similar academic rigor and support.

Averages	Online Economics MBA Programs	Campus Economics MBA Programs
Average MBA Tuition	$39,263	: $43,995.15
Average Graduate Salary	$80,346	$82,261
Average Graduate ROI	154%	148%
Average GMAT Scores	562	568
Average Full-Time MBA Faculty	73	71
Average MBA Student Faculty Ratio	: 17:1	16:1

Read about our ranking methodology.

What is the Average Salary for MBA Economics Graduates?

The average graduate salary range for MBA in Economics graduates is quite wide. At the lower end, Elizabeth City State University MBA reports an average starting salary of just $35,850 for its MBA in Economics graduates. On the other hand, Stanford University boasts the highest average starting salary at an impressive $182,272.

The average starting pay across all finance MBA programs hovering around $82,261.

This substantial difference in starting salaries is due to a number of factors including reputation and ranking of the business school, the strength of its alumni network, the cost of living in the state and region, and the industries and locations where graduates find employment. Prospective b-students can research career outcomes and salary data of their target MBA programs to get a clearer picture the earning potential post-graduation.

While a high average starting salary is undoubtedly attractive, the savvy b-student will consider other factors like tuition costs, financial aid, and the overall return on investment when choosing an MBA in Economics program.

Average Salaries for Economics MBA Graduates

• Average: $82,261 from 866 Economics MBA Programs
• Lowest: $35,850 from Elizabeth City State University MBA
• Highest: $182,272 from Stanford University

Average Economics MBA Graduate Salary by State

1. District of Columbia - $121,848
2. New Hampshire - $113,255
3. Massachusetts - $100,630
4. Arizona - $97,127
5. Wyoming - $93,010
6. Illinois - $92,682
7. Washington - $91,447
8. California - $90,698
9. Michigan - $89,920
10. Pennsylvania - $89,328
11. Utah - $89,172
12. Nevada - $88,249
13. Maine - $87,535
14. Minnesota - $86,736
15. Virginia - $86,642
16. Tennessee - $84,991
17. New Jersey - $84,703
18. Texas - $83,926
19. Colorado - $83,807
20. Indiana - $83,648
21. Iowa - $83,468
22. Connecticut - $83,241
23. New York - $81,215
24. Maryland - $80,131
25. Nebraska - $79,913
26. Georgia - $79,652
27. Alaska - $79,087
28. Ohio - $77,307
29. Wisconsin - $76,959
30. Oregon - $76,503
31. Rhode Island - $75,889
32. Oklahoma - $75,600
33. Hawaii - $74,209
34. Florida - $73,349
35. Idaho - $72,446
36. North Carolina - $71,631
37. Missouri - $71,608
38. Montana - $69,487
39. Alabama - $67,949
40. South Carolina - $67,447
41. New Mexico - $67,250
42. West Virginia - $66,028
43. Vermont - $66,000
44. Kentucky - $65,025
45. Kansas - $64,772
46. Mississippi - $64,196
47. Arkansas - $62,951
48. Delaware - $62,333
49. Louisiana - $55,392
50. North Dakota - $50,600
51. South Dakota - $50,102

What is the Average Tuition for Economics MBA Programs?

Investing in your future with a finance MBA can be a very smart decision. On average, you can expect to pay $43,995.15 for a finance MBA program. However, tuition rates can vary significantly, with the most expensive programs costing up to $219,688.00 and the most affordable options starting at $7,048.00.

When comparing in-state and out-of-state tuition for MBA programs in Economics, you’ll find that in-state students pay an average of $43,995, while out-of-state students face an average tuition of $54,350. With such a wide range of tuition costs, spanning from $7,048.00 to $219,688, it’s essential to carefully consider your options. Factors that impact tuition rates include your enrollment status, the program type, and whether you attend a private college or public institution. Choosing a highly respected program could provide better value for your money than opting for an out-of-state school.

The ROI of an online MBA program is often more favorable than traditional programs, as students can continue working while studying. According to a 2017 US News survey, the average salary for students three months after graduating from an online MBA program was $96,974, a 22% increase from the average entering salary. The highest average salary increases for online programs hover around 60%. With the right program choice and financial planning, an online finance MBA can be a worthwhile investment in your future, leading to increased earning potential and career advancement opportunities.

Average Tuition for Economics MBA Programs

• Average: $43,995 from 440 Economics MBA Programs
• Lowest Economics MBA: $7,048 from The University of Rhode Island
• Highest Economics: $219,688 from Cornell University

Average Tuition Costs by State for MBA Programs

1. New Hampshire - $103,312
2. District of Columbia - $83,309
3. Massachusetts - $74,395
4. Oregon - $61,583
5. New York - $61,321
6. California - $59,093
7. Pennsylvania - $54,581
8. Connecticut - $51,233
9. New Jersey - $51,100
10. Maryland - $50,582
11. Illinois - $48,710
12. Washington - $48,319
13. Ohio - $47,833
14. Virginia - $45,876
15. Michigan - $45,734
16. Minnesota - $44,597
17. Tennessee - $44,060
18. Arizona - $40,003
19. Colorado - $38,995
20. Texas - $37,995
21. North Carolina - $37,844
22. Florida - $37,711
23. Utah - $36,682
24. Wisconsin - $33,557
25. Louisiana - $33,470
26. Indiana - $32,023
27. Missouri - $31,909
28. Vermont - $31,878
29. Georgia - $31,430
30. Rhode Island - $29,922
31. Delaware - $27,790
32. Oklahoma - $27,566
33. Wyoming - $26,460
34. Iowa - $25,779
35. Kentucky - $25,407
36. South Carolina - $25,244
37. Montana - $24,913
38. West Virginia - $21,722
39. Alaska - $21,467
40. Nebraska - $21,340
41. Hawaii - $21,288
42. Mississippi - $21,282
43. North Dakota - $21,022
44. Alabama - $21,005
45. Nevada - $20,392
46. Maine - $19,935
47. Kansas - $19,893
48. New Mexico - $18,520
49. Arkansas - $17,073
50. Idaho - $15,079
51. South Dakota - $14,503

Typical Classes for an Economics MBA Program

Using economic theory as a tool to help organizations achieve goals is the primary concern of business economics. Specifically, business economists deal with firm behavior in response to the market and determine how it will affect operations, today and tomorrow. Business economists are concerned with pricing policy, monetary policy, predicting economic impacts, measuring demand, and applying economic models to management decisions. Courses in business economics emphasize capital markets and macroeconomic policies, international business economics, forecasting, and business decision making.

• Macroeconomics – This course analyzes the economic performance of the US and other national economies. How the government and its policies shape the rules of the game for business activity and influence the economic performance of businesses and nations are stressed. Specific topics include measuring national economic performance, the determinants of productivity and output growth, consumption and investment, labor markets and unemployment, inflation and monetary policy, taxes and government spending, and economic fluctuations.
• Microeconomics – This course will provide students with an understanding of the basics of microeconomic theory and their application to business decisions. Topics include the theory of consumer choice and demand; production and the behavior of firms; market power and market structure; the efficiency of competitive markets; factor markets; externalities; the economics of information, and behavior under uncertainty.
• Money and Banking – This course examines the role of money and credit in the economy, with an eye toward understanding government regulation of financial markets and Central Bank operations. The economics of the financial system with a special emphasis on the theories and history of payment and credit instruments and the management of risk by financial intermediaries is considered. Building on the foundations of money and credit, we will investigate the macroeconomic consequences of government involvement in financial markets, and the policies of the Federal Reserve in particular – from promoting financial stability to the management of the business cycle.
• International Financial Policy – This course will help students develop an understanding of issues in international macroeconomics that are important for managers operating in the global marketplace. It will cover theories of the determination of exchange rates and interest rates, the management of foreign exchange risk, international capital flows, debt and currency crises, international monetary and exchange rate regimes, the roles of the international financial institutions in developing countries, and other characteristics of international financial markets.
• Advanced Microeconomic Analysis – Topics to be covered include supply and demand, consumer behavior, capital markets, cost and production, competitive markets, and choices under uncertainty. The emphasis of the course will be on understanding the basic principles of microeconomic theory and learning how to use these principles to analyze real-world problems.

What is the Average ROI for Economics MBA Programs?

The average ROI full-time for MBA programs in Economics is 148% with a highest of 567% and the lowest of 30%.

Return on investment (ROI) is an essential factor when considering which MBA program(s) to apply to. To calculate ROI, consider both the tuition for the MBA program and the average salary a graduate earns. The average tuition cost for an MBA degree in Economics is approximately $43,995.15, while the average starting salary for MBA graduates is around $82,261.06. To calculate ROI, you need to subtract the tuition from the salary and divide by the tuition cost. This will give you a rough estimate of how much value you will get out of the MBA Economics.

The average ROI for all MBA programs in the United States is 146%. The average ROI for Economics programs is 148%.

ROI for Economics MBA Programs

• Average: 148% from 866 Economics MBA Programs
• Lowest: 30% from Rochester Institute of Technology
• Highest: 567% from Tennessee State University

Average ROI by State for MBA Programs

1. Idaho - 270%
2. New Mexico - 235%
3. Indiana - 224%
4. Maine - 220%
5. Nevada - 216%
6. North Dakota - 208%
7. Rhode Island - 208%
8. Nebraska - 207%
9. Kansas - 203%
10. Georgia - 201%
11. Arkansas - 201%
12. Montana - 196%
13. Hawaii - 189%
14. Alaska - 187%
15. Mississippi - 185%
16. Kentucky - 179%
17. Oklahoma - 178%
18. Wyoming - 176%
19. Utah - 174%
20. Alabama - 174%
21. South Dakota - 173%
22. Texas - 171%
23. Tennessee - 170%
24. Arizona - 170%
25. Iowa - 168%
26. Missouri - 159%
27. California - 152%
28. South Carolina - 152%
29. Wisconsin - 148%
30. North Carolina - 147%
31. Illinois - 142%
32. Minnesota - 140%
33. West Virginia - 137%
34. Florida - 135%
35. Maryland - 132%
36. Ohio - 131%
37. Washington - 131%
38. Louisiana - 127%
39. Virginia - 126%
40. Connecticut - 125%
41. Colorado - 125%
42. Delaware - 125%
43. Michigan - 122%
44. Pennsylvania - 104%
45. Vermont - 104%
46. Massachusetts - 102%
47. New York - 97%
48. New Jersey - 88%
49. New Hampshire - 65%
50. Oregon - 64%
51. District of Columbia - 62%

What is the Average GMAT Needed for Economics MBA Programs?

The Graduate Management Admission Test (GMAT) is a standardized examination used by MBA schools to assess their applicant pool. The test is strategically designed to measure an applicant’s analytical, verbal, writing and mathematical skills. The GMAT is used as a predictor of success in MBA programs and tests one’s ability to successfully handle the advanced quantitative and qualitative study of business and management.

The average GMAT scores full-time MBA programs in Economics is 568 with a highest of 737 and the lowest of 318

More than 233 AACSB accredited MBA programs do not require their applicants to take GMAT exam. Many well-known programs such as the University of Michigan and the University of California, Los Angeles no longer require the exam. If you are unsure where you would like to take your program, then you should take the GMAT sooner rather than later so you don’t lose time meeting the score requirement of a program.

The average GMAT score needed for a Economics MBA program from an institution is between 318 from Clark Atlanta University to 737 from Stanford University. The average GMAT scores for Economics MBA programs is 568.

Average GMAT Score for Economics MBA Programs

• Average: 568 from 866 Economics MBA Programs
• Lowest: 318 from University of Wisconsin-River Falls
• Highest : 737 from Stanford University

Average GMAT Scores by State for MBA Programs

1. New Hampshire - 643
2. Vermont - 640
3. District of Columbia - 639
4. Massachusetts - 623
5. Oregon - 608
6. Indiana - 602
7. Oklahoma - 597
8. Maryland - 586
9. Ohio - 582
10. Mississippi - 581
11. Idaho - 579
12. New York - 579
13. Minnesota - 577
14. Pennsylvania - 571
15. Illinois - 571
16. New Mexico - 569
17. Missouri - 566
18. Montana - 565
19. Iowa - 565
20. Tennessee - 564
21. Texas - 564
22. Maine - 562
23. Washington - 561
24. Nevada - 557
25. South Carolina - 556
26. California - 555
27. Connecticut - 555
28. Virginia - 554
29. Arkansas - 553
30. Georgia - 551
31. New Jersey - 551
32. Michigan - 550
33. Wisconsin - 550
34. North Dakota - 550
35. Arizona - 549
36. Nebraska - 549
37. Utah - 547
38. Colorado - 544
39. South Dakota - 544
40. Kentucky - 541
41. Kansas - 536
42. Rhode Island - 536
43. Delaware - 534
44. North Carolina - 533
45. Florida - 532
46. Louisiana - 528
47. Alaska - 524
48. Hawaii - 520
49. Alabama - 515
50. West Virginia - 507
51. Wyoming - 460

Student / Faculty Ratio for Economics MBA Programs

Faculty to student ratio is an important factor in the quality of education you will receive. The lower the ratio, the more individualized attention you will receive. The more individualized attention you receive, the greater the odds you will understand the material better.

Student / Faculty Ratio for Economics MBA programs offering a Economics concentration varies between 1:1 and 63:1 with an average of 16:1 students.

The ratios provided are based off all MBA programs regardless of concentration. To discover what the ratio is for the program you are interested in, research the faculty pages of the school and average size of the programs. Faculty could be part or full time. Many also work in the concentration and can provide the students with real-world examples.

Which Economics MBA Programs Have the Highest Student Enrollment?

When reviewing how the student population is spread across program formats, you will find the highest concentration of students are, then part time, then full time. The concentration is spread based on flexibility. The higher the flexibility (aka the least amount of scheduled class time), the higher the number of students.

The average Student Enrollment for full-time MBA programs in Economics is 318 with a highest of 3,933 and the lowest of 3

There are pros and cons to small cohorts versus large cohorts. Small cohorts can become very cohesive and encourage each other to make it through the program. However, if the personality dynamic is off, it is hard to find new group members in a smaller pool of students.

The large cohorts cultivate a variety of approaches to solve the same problem, help others to think outside of the box and foster creativity. However, you could feel like just a number and desire more individual attention. When researching schools, try to reach out to current students and ask about the culture to help you decide which type of culture best suits you.

Career Outlook, Job Opportunities, Roles, Industries for a Economics MBA

Where Do Economists with an MBA Work?

Graduates of an MBA in Economics program will have the ideal educational background for employment in banking, insurance, data analytics, forecasting, labor arbitration, regulation and urban and regional planning. Graduates will also have the opportunity to further their studies in Ph.D. programs in economics, statistics, or additional studies in business or law. 

An Actuary serves as a professional who analyzes the financial consequences of risk. Actuaries use mathematics, statistics, and financial theory to study uncertain future events, especially those of concern to insurance and pension programs. Actuaries are in high demand and the profession is always on the cutting-edge of the newest risk management technologies.

Sector	Description
Econometricians	Econometricians are typically employed by the federal government and are responsible for the design, development, maintenance, evaluation, and replication of short and long-term economic models, to develop economic forecasts or simulations.
Financial Analysts	Financial Analysts guide businesses and individuals making investment decisions. They assess the performance of stocks, bonds, and other types of investments.
Mathematicians	Mathematicians conduct research to develop and understand mathematical principles. They also analyze data and apply mathematical techniques to help solve real-world problems.
The Professor of Economics	A Professor of Economics will be a member of both the University and the college community. He or she will be part of an intellectually stimulating research community which performs at the highest international levels in research, publications, and lectures.
StatisticiansStatisticians use statistical methods to collect and analyze data and to help solve real-world problems in business, engineering, healthcare, or other fields.

What Skills Do Successful Economists with an MBA Need?

A master’s degree or Ph.D. is required for the most highly coveted economist jobs. Positions in business, research, or international organizations often require a combination of graduate education and work experience.

• Analytical skills: Economists must be able to review data, observe patterns, and draw logical conclusions. Economists, for example, are responsible for analyzing historical employment trends to make future projections on jobs.
• Communication skills: Economists must be able to explain their work to others. They may give presentations, explain reports, or advise clients on economic issues. They may collaborate with colleagues and sometimes must explain economic concepts to those without a background in economics.
• Critical-thinking skills: Economists must be able to use logic and reasoning to solve complex problems. For instance, they might identify how economic trends may affect an organization.
• Detail oriented: Economists must pay attention to details. Precise data analysis is necessary to ensure accuracy in their findings.
• Math skills: Economists use the principles of statistics, calculus, and other advanced topics in mathematics in their economic analyses.
• Writing skills: Economists must be able to present their findings clearly. Many economists prepare reports for colleagues or clients; others write for publication in journals or the news media.

How We Rank Economics MBA Programs

The team at responsible for program rankings at MBAGuide.org comprises of data science and product management experts. Our ranking team works independently from the editorial team and is not influenced by editorial decisions.

MBAGuide.org employs a comprehensive ranking methodology that combines quantitative data (80% of the score) with qualitative assessments (20%) to evaluate MBA programs. The quantitative component considers factors such as student-faculty ratio, tuition, enrollment, and post-graduation salaries, while the qualitative aspect incorporates editorial ratings and school reputation, providing a well-rounded view of each program’s quality and value.