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Interested in going to the best economics school? Below, we’ll be going over the best colleges for economics and what they can offer potential students.
Economics has become a very sought field of study for a long time. It can lead to a plethora of career opportunities in countless fields. This guide will help you find the best school to get your economics degree.
Below, you’ll find a list of the best schools for economics and what sets them apart from the rest.
Ranked #1 for best economic school in the US
Location: Cambridge, Massachusetts
Acceptance rate: 3.41%
Program duration: four years for an undergraduate degree, five years for a PhD
Tuition: $54,269
Harvard University offers both undergraduate and graduate degrees in economics. The economics department at Harvard offers undergraduates opportunities to enhance their knowledge.
Undergraduates have the opportunity to join a Semester Undergraduate Program for Economics Research (SUPER), where they get paired up with a faculty member for a semester-long research assistant program. There are also many other research assistant internships and funding opportunities available to students.
Harvard’s PhD program offers students fellowships, research assistantships, and teaching fellowships. These hands-on experiences will prepare students for their futures in the economic field.
Ranked #1 for best economic school in the US
Location: Cambridge, Massachusetts
Acceptance rate: 4.7%
Program duration:
Tuition: $59,750
The Economics Department of MIT offers three undergraduate majors: Economics, Mathematical Economics and Computer Science, and Data Science.
MIT offers students research opportunities under MIT's Research Opportunities Program (UROP). UROP has students work closely with faculty members to hone their technical skills in modern economics.
MIT's Department of Economics has also introduced its first Master's program in Data, Economics, and Development Policy (DEDP). This Master's program combines both online and in-person classes.
For higher education, MIT offers a doctoral program where students take microeconomic theory, macroeconomics, and econometrics classes. Students also collaborate with faculty members in various research in conjunction with their studies.
Ranked #1 for best economic school in the US
Location: Stanford, California
Acceptance rate: 3.7%
Program duration: four years for an undergraduate degree and five years for a PhD
Tuition: $61,731
Stanford University provides an undergraduate degree in economics. They offer many economic programs that can advance to a major or a minor in economics. Stanford's Department of Economics also offers students a chance to participate in research opportunities.
Stanford University does not offer a stand-alone Master's degree in economics. However, a master's option is available as an add-on degree for those currently enrolled in the Economics PhD program.
Stanford offers only a PhD minor to those pursuing a PhD in another field. There are joint degree programs available at Stanford, such as their JD/MA and JD/PhD programs.
Ranked #4 for best economic school in the US
Location: Princeton, New Jersey
Acceptance rate: 5.8%
Program duration: four years for an undergraduate degree and five years for a PhD
Tuition: $59,710 for undergraduate
Princeton University’s Department of Economics offers students pursuing both an honors undergraduate degree and a non-honors undergraduate degree a chance to participate in independent research.
Students participate in two intensive year-long independent research projects: Junior Independent Work (JIW) and the Senior Thesis.
JIW begins in the Fall semester and has students attending lectures, workshops, and advisor meetings. Students will then complete their Junior Paper in the Spring term. To complete their undergraduate degree, students must write their Senior Thesis.
Ranked #4 for best economic school in the US
Location: Berkeley, California
Acceptance rate: 11%
Program duration: four years for an undergraduate degree and five or six years for a PhD
Tuition: $15,678 for undergraduate, and $5,850 for PhD
The University of California Berkeley's Economics department offers undergraduate and PhD degrees to students.
Their undergraduate program offers students research opportunities to enhance their skills and knowledge. For instance, their Undergraduate Research Apprentice Program (URAP) has students working closely with faculty members on innovative research.
Berkeley's PhD program for economics is designed for students who want to pursue economics in a more advanced and technical environment. The Economics Department also helps students who have received or will receive their PhD in Economics to find suitable placements.
For more information on how to get into UC Berkeley, check out our college guide.
Ranked #4 for best economic school in the US
Location: Chicago, Illinois
Acceptance rate: 5%
Program duration:
Tuition: $61,179 for undergraduate
At the University of Chicago, students can obtain their undergraduate degree in economics by specializing in either Business Economics or Data Science. UChicago gives students the chance to partake in research opportunities.
The University of Chicago also offers a Master's program in the Social Sciences. However, students can concentrate on economics if they desire. Students would work with faculty members on their MA thesis. The program is one year long.
If you want to apply to this excellent school, take a look at our UChicago college guide with all the info you’ll need to know.
Ranked #4 for best economic school in the US
Location: New Haven, Connecticut
Acceptance rate: 4.4%
Program duration:
Tuition: $64,700 for undergraduate, $47,600 for Masters, and $46,900 for PhD
Yale University's Department of Economics offers undergraduate, graduate, and doctoral degrees to students interested in economics. Their undergraduate degree focuses on multiple areas with research opportunities offered to students.
Yale University also has a one-year Master's program in economics. The Master's program is International and Development Economics (IDE) and only enrolls 30 students a year.
Ranked #8 for best economic school in the US
Location: Evanston, Illinois
Acceptance rate: 7%
Program duration: four years for an undergraduate degree or four to six years for a PhD
Tuition: $62,391 for undergraduate, $18,869 for PhD
Northwestern University's Economics Department offers an undergraduate degree in economics where students can also participate in research opportunities.
Northwestern University also allows students to enroll in a BA/MA program. However, the program is quite selective and competitive. In the program, economic majors can earn both a Bachelor of Arts degree and a Master of Arts degree.
The PhD program takes around four to six years to complete and only admits 25 students yearly. The Department of Economics actively helps students find placements in positions at universities, government agencies, and private corporations.
Ranked #9 for best economic school in the US
Location: New York City, New York
Acceptance rate: 3.9%
Program duration:
Tuition: $65,524 for undergraduate, $32,000-$42,000 for Masters, and $28,006 per semester for PhD
Columbia University's Economics Department offers undergraduate, Masters, and PhD in economics to interested students. Their undergraduate degree offers students the chance to become research assistants.
The Department of Economics also offers a one-year Master's program in Economics. The program admits only 75-85 students a year. Students have the credentials to apply to a PhD program in Economics upon completing the program.
Columbia University also has a PhD program in Economics. In the program, students will take classes in microeconomics and macroeconomics. Students will also write various papers throughout their time in the program.
Ranked #9 for best economic school in the US
Location: Philadelphia, Pennsylvania
Acceptance rate: 4.1%
Program duration: four years for an undergraduate degree and five years for a PhD
Tuition: $58,620 for undergraduate and $39,838 for PhD
The University of Pennsylvania offers an undergraduate and PhD in economics to students interested. Their undergraduate program offers students research opportunities to have hands-on and technical skills upon graduation. However, there aren't a lot of research opportunities available to students.
The PhD program trains students to conduct research in economics. Students also gain a thorough knowledge of the field where they'll be able to succeed in future career endeavors.
Ranked #11 for best economic school in the US
Location: New York City, New York
Acceptance rate: 8%
Program duration:
Tuition: $60,438 for undergraduate
New York University's Department of Economics offers an undergraduate, Masters, and PhD in economics. Their undergraduate program requires students to complete six full semesters to complete the major. The program helps students prepare for their future careers and educational endeavors.
New York University's Master's program in economics requires students to complete a minimum of three semesters of full-time study. New York University has one of the country's most rigorous Master's programs in economics.
Their PhD program in economics offers students a chance to participate in fellowships to help pay for their education. Some fellowships and assistantships also help students pay off their tuition in full.
Ranked #12 for best economic school in the US
Location: Los Angeles, California
Acceptance rate: 9%
Program duration:
Tuition: $14,478 for undergraduate, and $18,136 for Masters
The University of California-Los Angeles offers an undergraduate, Masters, and PhD in economics. UCLA's Department of Economics offers undergraduate microeconomics, macroeconomics, and econometrics courses.
UCLA also has a Master of Quantitative Economics program, which offers students flexibility in which they can complete their Master's. Students can complete this Master's degree in 9 to 18 months. Students are also well acquainted with this program's financial tools like R, Python, SQL, and Excel.
The PhD in economics program at UCLA combines economic theory with real-world problems. The program prepares students to go out and work as economists in different institutions like businesses and government.
For an inside look at the UCLA application process, take a look at our complete application guide.
Ranked #12 for best economic school in the US
Location: Ann Arbor, Michigan
Acceptance rate: 20%
Program duration:
Tuition: $16,736 for undergraduate and $13,196 for graduate studies
The University of Michigan Department of Economics offers students an undergraduate, Masters, and PhD in economics. Their undergraduate program helps students with their future careers in economics.
UMichigan offers various awards and scholarships to help students pay for their tuition. The school also offers students the opportunity to meet with advisors to learn more about the Department of Economics.
The Master of Applied Economics program teaches students modern economics professionally. The program's flexibility lets students choose a course of study that coincides with their interests.
The PhD program in economics is designed for students who want to take their economics studies to the next level. The program offers students awards and fellowships to help students pay for tuition. The research fellowships allow students to have both the technical and hands-on skills a student needs.
Ranked #14 for best economic school in the US
Location: Pasadena, California
Acceptance rate: 4%
Program duration: four years for an undergraduate degree and five years for a PhD
Tuition: $60,816 for undergraduate
The undergraduate degree in economics at Caltech offers students the opportunity to learn and conduct research in economics. The program teaches courses in micro and macroeconomics, and is considered one of the top economics schools in California.
The PhD program teaches students economic theory and looks at economics at a more behavioral level. The program dives into mathematical models that explain factors behind individual and group economic behaviors. To learn how to get into Caltech, take a look at our complete college guide.
Ranked #14 for best economic school in the US
Location: Ithaca, New York
Acceptance rate: 7%
Program duration: four years for an undergraduate degree and five years for a PhD
Tuition: $65,204 for undergraduate, and $20, 800-29,500 for PhD
Cornell University's Department of Economics offers an undergraduate degree in economics. The classes are relatively large, with around 400-450 students and discussion sections with around 25-30 students. The degree includes classes in microeconomics, macroeconomics, statistics, and econometrics.
The PhD program in economics lets students focus on various economics-related topics. The program also has students research the topics on which they will base their thesis.
Choosing your economics program can be a challenging task with so many amazing schools to pick from. To help you get started, here are some expert tips on how to narrow down your list and choose the college and program that is the best fit for you.
Choosing an economics program isn’t just about the program - it’s about the school too! Take a look at the campus life, extracurriculars, clubs, and other programs your target schools offer as well. You’ll be spending a significant chunk of time here, so you should absolutely make the most of it.
You should also consider the school’s location for the same reason! Are you interested in city life or do you prefer to be away from the noise? Do you want to be close to home or are you looking to spread your wings? If you’re considering studying abroad, consider things like costs, visas, time differences, etc. These are all great bullet points to add to your pros and cons list.
Students often forget that teachers make a huge impact on your learning experience, so you should research the faculty of your target school before making a final choice. Look for schools with highly regarded economics professors who are actively engaged in research, have received positive feedback from students, and have experience in the field.
Economics is a highly applied field, and hands-on learning opportunities can make a major impact on your educational experience. If you’re interested in getting some hands-on experience, look for schools and programs that offer opportunities for internships, research projects, and other types of experiential learning.
Unfortunately, we have to talk about finances at some point. Consider the cost of attending each of your target schools. If a school is outside your budget, take a look at financial aid and scholarship options for that particular school. You never know which scholarships you could be eligible for! Do plenty of research into financial options before applying anywhere.
Finally, the reputation of the school can also be an important factor to consider. Look for schools with strong reputations for their economics programs and high job placement rates for graduates. This isn’t the most important factor on our list, reputation isn’t everything! However, it may be a good idea to take it into consideration depending on your career aspirations.
If you still have questions about the top economics schools, check out these frequently asked questions.
There are three colleges tied for having the best economics program in the US: Harvard University, Massachusetts Institute of Technology, and Stanford University.
The top 10 economics schools in the world are:
Here is a list of universities that are the best for an MA in economics:
Yes, NYU is considered an excellent school for economics. According to US News, New York University is ranked 11th best economics school in the country. They offer both undergraduate and master degrees in economics.
Some of the best colleges for economics are Harvard, MIT, Stanford, and Princeton. However, there are plenty more US schools that have excellent economics programs.
Northwestern is currently ranked #8 in the US News economics school rankings. The school’s economics program is highly selective and is highly regarded across the country.
If you’re looking to study economics in California, you’re in luck! There are plenty of good economics schools in the golden state. Caltech, UCLA, and the University of California - Berkeley are all excellent choices for economics majors.
Looking for the best economics school can be challenging. With so many options out there, it’s paramount that you find the right one for you. Lucky for you, the U.S has many of the top colleges for economics for you to pick from. This detailed guide will help you make that tough decision and help you succeed in your future career path.
