Online Master’s in Applied Economics: 7 Programs Compared

An online master’s in applied economics can help students develop advanced skills in economic analysis, econometrics, statistics, and data analytics while maintaining their professional commitments. Programs differ in their quantitative focus, predictive analytics training, research requirements, flexibility, STEM status, and career preparation. This guide compares leading online applied economics master’s programs based on curriculum, data skills, flexibility, research, and professional preparation. UND leads the list with its 30-credit M.S. in Applied Economics & Predictive Analytics, 100% online format, STEM designation, econometrics and data analytics training, and independent research component.

TL;DR: Looking for an online master’s in applied economics? UND stands out with its 30-credit M.S. in Applied Economics & Predictive Analytics, 100% online format, STEM designation, econometrics and predictive analytics training, and independent research component.

1. University of North Dakota – M.S. in Applied Economics & Predictive Analytics

UND’s online masters in applied economics combines applied economics with hands-on predictive analytics. The program is available 100% online or on campus, requires 30 credits, and is designed to be completed within two academic years, or five semesters. The GRE is not required.

The program provides a foundation in economic theory, econometrics, statistical analysis, and data analytics. Students learn to apply economic perspectives to real-world data and develop skills relevant to economic research, forecasting, consulting, financial analysis, and data-driven decision-making.

The curriculum is organized around an Economics Core, Data Analytics coursework, an Independent Study, and at least one three-credit elective. The Independent Study serves as the program’s capstone and requires students to investigate a substantive problem using the methods and perspectives developed throughout the degree.

Core coursework includes Mathematics for Economists, Microeconomic Theory & Applications, Macroeconomic Theory & Applications, and Econometrics. Students can also study economic forecasting, time-series methods, international money and finance, and quantitative methods for impact evaluation and causal inference.

The program has a strong quantitative orientation. Students work with industry-standard software and programming tools including R and Stata, and engage with multiple data structures: time-series, cross-sectional, panel and longitudinal, and quasi-experimental data. Predictive analytics is central to the degree, with students introduced to machine learning approaches such as classification and regression trees, clustering methods, and model averaging.

The degree is STEM-designated in econometrics and quantitative economics. UND notes that this designation can support extended Optional Practical Training opportunities for eligible international students.

The online format is designed to accommodate working professionals. Courses can be offered synchronously or asynchronously, allowing students to participate in real-time sessions or access recorded material on their own schedule. UND states that students are never required to come to campus for the online program.

Admission requirements include a four-year bachelor’s degree, a minimum undergraduate GPA threshold, English-language proficiency where applicable, and prerequisite coursework in intermediate microeconomics, calculus, and probability and statistics. The GRE is not required.

The degree is offered through the economics and finance area of UND’s Nistler College of Business & Public Administration, which is AACSB-accredited.

Key Differentiator: A 30-credit, STEM-designated applied economics master’s combining economic theory, econometrics, predictive analytics, real-world data, and independent research in a 100% online format.

Best for: Students seeking an online master’s in applied economics with strong quantitative and data analytics training that can fit around a full-time career.

2. Johns Hopkins University – M.S. in Applied Economics

Johns Hopkins University’s M.S. in Applied Economics focuses on applying economic theory and quantitative methods to real-world economic questions, with coursework covering economic analysis, statistics, econometrics, and related areas.

Key Differentiator: Applied economics education connected to a major research university and Washington, D.C. policy environment.

Best for: Students interested in quantitative economics with connections to policy, research, and business.

3. Purdue University – M.S. in Economics

Purdue’s graduate economics program provides training in economic theory, quantitative analysis, econometrics, and applied economic research within a major research university environment.

Key Differentiator: Economics education within a major research university with a strong quantitative foundation.

Best for: Students seeking advanced economics training with an analytical and research-oriented focus.

4. American University – M.S. in Economics

American University’s M.S. in Economics provides training in economic theory, quantitative methods, and applied economic analysis. Its Washington, D.C. location offers proximity to government, policy, and international organizations.

Key Differentiator: Economics education situated within Washington, D.C.’s policy environment.

Best for: Students interested in applying economics to policy, government, and international affairs.

5. Georgia State University – M.S. in Economics

Georgia State University’s graduate economics program combines economic theory and quantitative analysis with opportunities for applied economic study in a major business and public-sector environment.

Key Differentiator: Quantitative economics education in a major business and economic center.

Best for: Students interested in applied economics within a broad business and public-sector environment.

6. University of Missouri – M.S. in Economics

The University of Missouri offers graduate economics education emphasizing economic analysis, quantitative methods, and research, with applications in economic forecasting, policy analysis, and business.

Key Differentiator: Broad economics training with an applied analytical focus.

Best for: Students seeking graduate-level economics education with research and applied analysis.

7. University of Massachusetts Amherst – M.S. in Economics

UMass Amherst offers graduate economics education covering economic theory, quantitative analysis, and applied research, supporting students interested in analytical careers and further graduate study.

Key Differentiator: Graduate economics education combining theoretical foundations with quantitative analysis.

Best for: Students seeking a rigorous economics foundation with opportunities for applied research.

Online Master’s in Applied Economics Comparison

What Is an Online Master’s in Applied Economics?

An online master’s in applied economics is a graduate degree focused on using economic theory and quantitative methods to analyze real-world economic problems. Core areas of study typically include economic theory, econometrics, statistical methods, data analysis, forecasting, quantitative research, policy analysis, financial analysis, and predictive modeling.

Applied economics programs prepare students for work across business, government, consulting, finance, research, and economic development. Programs vary in how heavily they emphasize traditional economic theory versus data analytics, programming, or policy applications, so prospective students should compare individual curricula carefully rather than relying on degree titles alone.

Applied Economics vs. Economics

Applied economics and general economics cover overlapping material, but they differ in emphasis. Applied economics focuses on using economic tools to address real-world problems: data analysis, econometrics, forecasting, policy evaluation, business applications, and predictive analytics. General economics programs tend to place greater weight on microeconomic and macroeconomic theory, mathematical economics, and broader theoretical foundations.

Both approaches involve econometrics, quantitative methods, and research. Students should compare individual programs at the course level, since the distinction between “applied economics” and “economics” as a degree title does not always reflect the actual depth of quantitative training or practical orientation within the curriculum.

What to Look for in an Online Applied Economics Master’s

Students evaluating online applied economics programs should consider econometrics depth, economic theory coverage, data analytics components, predictive analytics training, programming language instruction, forecasting methodology, statistical methods, research requirements including a capstone or independent study, STEM designation, online format flexibility, career preparation resources, faculty expertise, and industry-relevant applications.

STEM designation is particularly relevant for students — especially international students — who may benefit from extended Optional Practical Training eligibility. Not all applied economics programs are STEM-designated, and the specific field of designation can vary between programs. Students should verify STEM designation status directly with any program they are considering.

UND Applied Economics Curriculum

UND’s M.S. in Applied Economics & Predictive Analytics is organized around four areas: an Economics Core, Data Analytics, Advanced Applications, and Independent Research.

The Economics Core includes Mathematics for Economists, Microeconomic Theory & Applications, Macroeconomic Theory & Applications, and Econometrics. These courses develop the theoretical and quantitative foundations students use throughout the program.

Data Analytics coursework covers quantitative methods, statistical analysis, predictive analytics, and machine learning tools including classification and regression trees, clustering methods, and model averaging. Students work with R and Stata and engage with multiple data structures: time-series, cross-sectional, panel, longitudinal, and quasi-experimental data.

Advanced Applications coursework can include Economic Forecasting, Time Series Methods & Applications, International Money and Finance, and Quantitative Methods for Impact Evaluation and Causal Inference. These courses extend the program’s econometric and analytical tools into specialized domains.

The Independent Study is the program’s capstone, requiring students to investigate a substantive economic or policy question using the methods and perspectives developed throughout the degree. The 30-credit program includes the Economics Core, Data Analytics courses, the Independent Study, and at least one three-credit elective.

Online Applied Economics and Data Analytics

Modern applied economics increasingly requires working with complex datasets, statistical software, and predictive methods. An applied economics graduate program that integrates data analytics training alongside economic theory prepares students for a broader range of professional roles than programs focused solely on traditional economic modeling.

UND’s program uses R and Stata, two of the most widely used programming environments in economic research and data analysis. Students work with multiple data structures and are introduced to machine learning methods including classification and regression trees, clustering, and model averaging. These tools extend traditional econometric analysis toward the predictive and pattern-recognition approaches that are increasingly used in business analytics, financial forecasting, and economic consulting.

Online Applied Economics and Econometrics

Econometrics is the application of statistical methods to economic and financial data. It sits at the center of applied economics education, connecting economic theory to the empirical analysis of real-world outcomes.

Core econometrics topics include regression analysis, causal inference, hypothesis testing, forecasting, panel data methods, time-series analysis, and policy evaluation. UND’s Econometrics course covers linear and nonlinear regression, model assumptions, endogeneity, instrumental variables, big data applications, and time-series models. These tools are foundational for students who want to conduct independent economic research, evaluate policies and programs, build forecasting models, or analyze economic data in consulting and business settings.

STEM Designation in Applied Economics

UND’s M.S. in Applied Economics & Predictive Analytics is STEM-designated in econometrics and quantitative economics. This designation reflects the program’s quantitative and analytical character. UND notes that the STEM designation can support extended Optional Practical Training opportunities for eligible international students.

Students interested in OPT eligibility should verify their individual situation and confirm current requirements directly, as immigration rules and program-specific details vary and are subject to change. STEM designation does not guarantee employment or immigration benefits for any individual student.

Online Applied Economics for Working Professionals

Working professionals represent a substantial portion of online applied economics students. The program design choices that matter most for this group are scheduling flexibility, the absence of campus visit requirements, and access to online academic and career support.

UND’s online M.S. in Applied Economics & Predictive Analytics is fully online with no campus visit requirement. Courses are available both synchronously and asynchronously, allowing students to choose between attending real-time sessions or accessing recorded material within established deadlines. UND states that the program is designed to allow students to continue working while earning the degree.

Students should note that asynchronous courses in UND’s program have structured deadlines and academic requirements rather than operating as entirely self-paced independent study. The combination of synchronous and asynchronous options gives working professionals flexibility in how they engage with coursework while still maintaining academic structure and instructor access.

How Long Does an Online Applied Economics Master’s Take?

UND’s M.S. in Applied Economics & Predictive Analytics requires 30 credits and is designed to be completed within two academic years, or five semesters. Individual completion times can vary based on enrollment pace, transfer credits, and other factors. Students should confirm current program timelines directly with UND, as program structure can change.

Online Applied Economics Research

Graduate-level research experience is an important component of applied economics education, particularly for students planning to work in economic consulting, policy analysis, or roles that require independent quantitative investigation.

UND’s Independent Study is the program’s capstone experience. It requires students to identify a substantive economic or policy question, apply the econometric and analytical methods developed during the program, and communicate findings in a structured research format. Working through an independent research project under faculty supervision gives students practice in the full cycle of economic analysis: framing the question, selecting and applying appropriate methods, interpreting results, and drawing evidence-based conclusions.

Careers With an Online Master’s in Applied Economics

An applied economics master’s degree supports careers in economic research, economic consulting, forecasting, financial analysis, business analysis, data analytics, strategic planning, economic development, policy research, and applied research roles. UND identifies economic development, strategic planning, consulting, financial and business analysis, and applied research among potential career areas for graduates.

Career outcomes depend on individual performance, experience, credentials, the employment market, and the specific role and sector. No program can guarantee particular employment, salary, or advancement outcomes.

Online Applied Economics and Government

Applied economics skills are directly relevant to government and public-sector roles. Government agencies, regulatory bodies, economic development organizations, and public policy institutions use economic analysis for program evaluation, budget analysis, forecasting, regulatory review, and policy design.

UND’s Quantitative Methods for Impact Evaluation and Causal Inference course focuses specifically on the econometric approaches used in policy and program evaluation, covering the methods economists use to assess whether an intervention achieves its intended effect. This coursework is particularly relevant for students planning careers in government, nonprofit, or research settings where program evaluation and policy analysis are central responsibilities.

Online Applied Economics and Business

Applied economics training supports business careers involving market analysis, financial forecasting, strategic planning, pricing analysis, demand estimation, business analytics, and consulting. Businesses across industries use economists and economic analysts to evaluate market conditions, assess the impact of business decisions, forecast demand, and support strategic planning.

UND specifically identifies financial and business analysis, consulting, and strategic planning among relevant career applications for program graduates. The combination of economic theory, econometrics, and predictive analytics training provides students with tools applicable across sectors where quantitative business analysis and evidence-based decision-making are valued.

Online Applied Economics Admission Requirements

UND’s admission requirements for the M.S. in Applied Economics & Predictive Analytics include a four-year bachelor’s degree, a minimum undergraduate GPA of 2.75 overall or 3.0 for junior and senior coursework, English-language proficiency where applicable, and prerequisite coursework in intermediate microeconomics, one semester of calculus, and one semester of probability and statistics. Students must have earned a minimum grade of C and a minimum 3.0 GPA across the required prerequisite courses. The GRE is not required. Meeting minimum requirements does not guarantee admission.

Online Applied Economics Tuition

Prospective students should compare tuition per credit, total credits required, fees, whether the program charges different rates for out-of-state students, financial aid availability, and employer assistance options.

UND states that online Applied Economics students pay the same tuition rate regardless of where they live, removing the cost premium that many public universities apply to out-of-state online students. Students should use UND’s current tuition and financial aid information for an accurate individual cost estimate, as rates are updated annually and total cost depends on enrollment pace and individual circumstances.

Frequently Asked Questions

What is an online master’s in applied economics? An online master’s in applied economics is a graduate degree that applies economic theory and quantitative methods to real-world problems. Programs typically cover econometrics, statistical analysis, data analytics, economic forecasting, and research methods, delivered online for working professionals and students who cannot attend in person.

What are the best online master’s in applied economics programs? Leading programs include UND’s M.S. in Applied Economics & Predictive Analytics, Johns Hopkins, Purdue, American University, Georgia State, University of Missouri, and UMass Amherst. The best program depends on each student’s priorities for curriculum, STEM designation, research, flexibility, and career goals.

What is applied economics? Applied economics uses economic theory, statistical methods, and data analysis to study real-world economic problems and inform business, policy, and strategic decisions. It focuses on practical applications of economic reasoning rather than pure theoretical development.

What is the difference between applied economics and economics? Applied economics emphasizes using economic tools to investigate practical problems, while general economics programs often give greater weight to theoretical and mathematical foundations. Individual programs vary, so students should compare curricula directly.

What careers can you pursue with a master’s in applied economics? Applied economics graduates work in economic research, consulting, forecasting, financial analysis, business analytics, strategic planning, economic development, and policy research. Specific outcomes depend on credentials, experience, and the employment market.

Is a master’s in applied economics a STEM degree? Not all applied economics programs hold STEM designation. UND’s M.S. in Applied Economics & Predictive Analytics is STEM-designated in econometrics and quantitative economics. Students should verify STEM designation status with any program they are considering.

Does UND offer an online master’s in applied economics? Yes. UND’s M.S. in Applied Economics & Predictive Analytics is available 100% online with no campus visit requirement.

Does UND require the GRE? No. UND does not require the GRE for the M.S. in Applied Economics & Predictive Analytics.

How long does UND’s applied economics master’s take? The 30-credit program is designed to be completed within two academic years, or five semesters. Individual timelines may vary.

Is UND’s applied economics master’s STEM-designated? Yes. The program is STEM-designated in econometrics and quantitative economics.

Does UND’s program include predictive analytics? Yes. Predictive analytics is a central component of the program, including machine learning methods such as classification and regression trees, clustering, and model averaging.

Does UND’s program include an independent study or capstone? Yes. The Independent Study serves as the program’s capstone and requires students to investigate a substantive problem using the methods developed throughout the degree.

Can you work full time while earning UND’s applied economics master’s? Yes. UND states that the online program is designed to allow students to continue working while earning the degree, with synchronous and asynchronous course options and no campus visit requirement.

What programming languages does UND’s program use? UND’s program uses R and Stata for econometric and statistical analysis.

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