This usually starts from the education sector which trains the minds that will anchor the economy tomorrow. For this reason, many schools have improved their standards when it comes to economics. This established, allow Us show you the best economics schools in the world. The United Nations Department of Economic and Social Affairs projected that the average GDP growth of developing economies will fall by 4% in 2019 and it has gradually taken effect. For this reason, we have outlined 13 of the best economic schools in the world. You will get to learn about their fees, structure, and much more.
Who is an Economist?
An economist is an individual who practices in the social science discipline of economics. Economists usually develop and write about theories and fundamentals which guide a nation’s growth in diverse ways. Within this profession, there are niches that usually range from generally known philosophical theories to macroeconomic analysis and microeconomic analysis. Furthermore, financial statement analysis, involving analytical methods eventually develop other models in the background. As an economist, you can work in two different branches of the industry simultaneously. Most importantly, you need to learn how to do your forecasting and analysis with premium expertise. Another important area of an economists duty lies in the assessment of information using different methods in statistical analysis, mathematics as well as computer programming. Contrary to regulated professions such as law and medicine, you don’t need a license as an economist. Nevertheless, you need to possess a degree in mathematics or statistics and subsequently a PhD degree in Economics. Therefore, you can take a pick from our list of best economics schools in the world to kickstart your career.
Is it better to study economics or business?
If you are looking at the bigger picture, then study economics. It holds a plethora of potentials for the future and will further help you understand how businesses influence the economy of any society. On the other hand, however, If you are more interested in minor details, then the business is a better choice of course for you. It relieves you of too many details and focuses your comprehension on just business and everything about the same.
How much do Economists Earn?
Judging from the duties which were included above, you shouldn’t for a minute believe that economists aren’t well rewarded. Therefore, according to the U.S Bureau of Labour Statistics, economists in the median level usually earn $104,340 per year. Due to the rising demand for these professions, the numbers will eventually rise.
How can I become an Economist?
After deciding to study economics and subsequently pursue a career in the field, you eventually need a guide to lead you. As a greenfield, economists usually undergo some stages of training. Hence, we have specifically outlined them into four steps which include;
Step 1: Get a Bachelor’s Degree
In order to even start off a career in the economic field, you have to get admitted into economics on a bachelor degree level. At this level, you begin to learn the fundamental concepts of economics. You will generally be introduced to some dynamic patterns and concepts on financial analysis.
Step 2: Complete your Master’s Program
Surely, you’ll need to pursue a master’s program immediately after your bachelor program is complete. Because the master’s program strengthens your knowledge on the subject area while additionally giving you the opportunity to carry out and publish research findings.
Step 3: Finish a PhD program
Most times, you’ll fail to gather the right clients when you don’t have a PhD degree. PhD degrees in economics are usually the peak of your academic achievement hence you should aim to complete that degree. Probably, some of the best economic schools in the world are not out of sight thereby giving you an open window. Best 15 PhD Scholarships for Economics Students
Step 4: Build Certifications
In career paths like economics, the more certificates you get, the higher your chances of excelling. Basically, these opportunities are within sight as you just need to make inquisitions. In economics, the more you learn and apply, your earnings will similarly increase.
13 Best Economics Schools in the World
Rarely do you find economists searching for jobs as they’re usually picked up by different organizations. Surely, this means they were well trained in their different institutions. For this reason, we have outlined the best economics schools in the world so you can make your decision on where you want to go. Thus, these schools include; Best Business Schools
University of Wisconsin
Tuition: $38,634 per year UW is a public university and prolific research institution where the students, staff, and faculty members partake in a world-class education system thereby solving world problems. Over time, they’ve inspired political personalities and leaders alike. Additionally, they’ve fearlessly pursued and uncovered truths about educational best practices. The Wisconsin Idea remains their guiding principle as they remain committed to creating a better future for their students. Thus, the Economics department of UW has over 35 faculty, 1,200 undergraduate majors, and more than 300 graduate students.
University of Michigan
Tuition: $51,200 per year University of Michigan has been ranked as one of the top five national universities. In essence, their attention to detail and hard work is shown in their results. Generally, the mission of the University of Michigan is to serve the people of Michigan and the world through preeminence in creating, communicating, preserving and applying knowledge, art, and academic values, and in developing leaders and citizens who will challenge the present and enrich the future. Therefore, as a student, you have access to scholarship opportunities through which you can fund your program. Furthermore, you can choose the type of financial aid to apply for based on the available options.
University of California – San Diego
Tuition: $61,641 per year Indeed, UC San Diego is known to be one of the top 15 research universities worldwide. Furthermore, their attitude of collaboration produces discoveries that move society forward. Therefore, everything done in UC San Diego has the singular goal of ensuring its students have equal opportunity to become changemakers. Moreso, their ambition keeps the students of UC equipped with the multi-disciplinary materials needed to produce answers to troubles in the world. In summary, this attitude has bolstered UC San Diego and pitches them as one of the best economics schools in the world.
New York University
Tuition: $55,000 per year New York University is still enhancing and developing themselves all around. Evidently, this is expressed in their economic faculty where they have attained record results. Hence, this university is a great place to start a career in economics which gives you a headstart in the financial sector.
University of Pennsylvania
Tuition: $57,884 per year Indeed, Penn was given a great description by her leader. In her statement, she said “Penn has a long and proud tradition of intellectual rigor and pursuit of innovative knowledge… Most importantly, that tradition lives today through the creativity, entrepreneurship, and engagement of our faculty, students, and staff”. In fact, Penn has prevailed as an institution with over 4,500 faculty members pursuing its diverse programs. The Economics faculty of Penn gives you the background knowledge of economic systems and policies which keep you in line with the patterns of operation. Conclusively, students from all over the world are eligible for admission into Perelman. To this effect, you only need to apply by visiting the school.
Columbia University
Tuition: $55,056 per year Columbia University is true of the world’s most important centers of research and simultaneously an exceptional learning environment for all students in different professional fields. Indeed, this University understands the relevance of its location in New York City thereby they seek to build a link to all its centres. Furthermore, they’re interested in drawing a diverse and international faculty and student body, to support research on universal challenges. Subsequently, CU hopes to create academic relationships with many countries and regions. As a result, they expect all areas of the University to promote knowledge and learning at the strongest level.
University of Chicago
Tuition: $53,649 per year The University of Chicago is purely a research university that has introduced new ways of thinking. Certainly, they remain committed to building and promoting excellence in diverse educational fields. UChicago empowers its students to eliminate conventional thinking in view of original ideas. Generally, all students in the College develop critical, analytic, and communication skills through their rigorous, interdisciplinary core curriculum. Additionally, their students test their ideas with UChicago scholars and become the next generation of leaders in diverse areas of the industry. UChicago research has gotten breakthroughs such as finding the link between cancer and genetics, building revolutionary theories of economics in addition to developing tools to produce reliably excellent urban schooling. Hence, they generate new insights for the benefit of all generations with their standard laboratories. Besides an economics student, your career path is clear when you’re in this school.
Northwestern University
Tuition: $50,855 per year Northwestern University is committed to focusing on delivering excellent teaching, innovative research aimed at improving the growth of the educational system and science globally. Rather than focus on all areas, they have built a niche in encouraging scientific and scientific programs. Usually, they do this through their structure. Hence, economics as a field of science has seen increased attention in this institution as well eventually making them one of the best economics schools in the world.
Yale University
Tuition: $49,480 per year Founded in 1701, Yale in spite of its challenges has remained committed to building and sharing knowledge in addition to inspiring innovation. Consequently, Yale plans on reaching interested individuals in all countries. This university partners with its hometown of New Haven, Connecticut to make stronger the city’s community and economy. And they have created a process wherein they engage with the people and institutions across the globe in the quest to promote cultural understanding, improve the condition of humans, train leaders and carry out deeper research.
Stanford University
Tuition: $58,197 per year Stanford University has a rich history filled with stories of innovations and breakthroughs in different fields. Although they aren’t the best university in the world, they have created a standard that other schools have adopted. Whether it is engineering, science, medicine or law, Stanford will immediately present you with a structure that will eventually help you achieve your dreams. Maybe they’re the best school for economics, but they can’t be left out of the list of best economics schools in the world.
Princeton University
Tuition: 45,320 per year Princeton is one of the oldest universities in the world. Previously, they sit in the position of the top five universities in the world next to Harvard and MIT. Economics remains one of the most popular undergraduate programs in Princeton thereby drawing a diverse number of students with a wide range of interests. Specifically, their graduate program trains its students on the techniques and applications of economic analysis today.
MIT – Massachusetts Institute of Technology
Tuition: $48,452 per year MIT even as a private university is definitely the best private university in the world and arguably the best university in the world. Currently, this university has recorded a wide range of research breakthroughs which eventually turned out as big solutions. Soon, MIT plans on building core research and education centres around the world wherein it’ll train its students.
Harvard University
Tuition: $63,400 per year Harvard is arguably the best university in the world. As a result, their programs are usually taught by the best of minds and complement the latest practices of the profession. As an institution, they have alumni members that have made giant strides in economics. Besides that, they continue to bolster their efforts to remain ahead of their competition. In summary, Harvard eventually stands on top and remains one of the best economics schools in the world. Yes, Economics is a good degree because it gives the student the opportunity to understand and practice financial analysis. We study economics so as to understand financial statements and numbers besides preparing reports. Certainly, you can’t study economics without maths as it is usually the subject area used predominantly. The two branches of economics include macroeconomics and microeconomics. Of course, economists are in demand and will eventually remain so. No, it is not very easy. While this may be true, it doesn’t also reduce your chances of landing a job. Yes, they do. Specifically, economists earn as much as $114,600 on average. You can become a successful economist when you develop yourself as well as leverage on mentors and programs.
Conclusion
Economic analysts will usually be needed by the government and corporations to help them plan and interpret financial analysis. In the meantime, you should really consider this career path as it promises to be very financially rewarding and fulfilling. Granted that there is flexibility in this path, you have the opportunity to grow yourself at length. As a result, more schools will keep promoting this subject area due to its impact on society in general.
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