Edited By Julian Palacio
Review & Contribution By David Smith
The online PhD economics program prepares aspiring individuals for careers in academia, research, and government by combining a rigorous technical education with an emphasis on research that is relevant to policy. An Online PhD Economics graduate will be proficient in economic theory, statistical techniques, and applied field knowledge. They would be able to pose and empirically address economic questions, paving the way to various careers in many sectors. According to the U.S. Bureau of Labor Statistics (BLS), jobs for economists are rapidly expanding and are expected to grow by 13% between 2020 and 2030. This guide gives prospective doctoral students an in-depth understanding of online PhD economics programs, including what the program entails, research areas, career options, and more.
Featured Online Programs
Best Online PhD Economics Programs
Most prospective PhD students struggle to find the top universities for PhD in economics, behavioral economics PhD rankings, and so on. This is because several factors must be considered when ranking a school, such as the faculty’s quality and experience, availability of suitable PhD guides or mentors, access to excellent research facilities, accreditation, and more. FBD teams searched the country for the top economics PhD programs based on these and other criteria. As a result, here is a list of the best universities for PhD in economics: *
Univ | Address | Tuition | Grad Rate |
Liberty University | 1971 University Blvd, Lynchburg, Virginia 24515 | $7,847 | 62% |
Universities and programs are ranked by various factors, such as affordability, curriculum and coursework, reputation and availability, program length, statistics, the potential of employment, and return on investment for the students. For a more in-depth analysis, please read about our rankings methodology page.
What to Expect from Online PhD Economics Programs
Doctor of economics programs are designed for students with exceptional promise who want to prepare for careers in teaching and research in academia, as well as positions of responsibility in research organizations, government, or business enterprises. Students in these programs are prepared for productive and stimulating careers as economists. The program’s courses and seminars foster an intellectually active, cognitively strong, and stimulating environment.
The doctoral program is divided into 2 to 3 years of coursework, followed by the dissertation years. During the first year, all students take a set of core courses and field courses in their chosen specializations. The second and/or third year field coursework must typically be completed in either econometrics, macroeconomics, international trade, industrial organization, or public economics. Of course, this would vary by college and program. Students then enter the program’s dissertation phase after completing the required coursework and field exams. Every student must write and defend an original dissertation, a single multi-chapter dissertation or a collection of separate but related papers. Read the Guide to PhD Programs to understand more.
Here is the basic structure of online PhD economics programs:
(a) Coursework
The course selection for doctoral students is broad. Most of the time, students can choose their course plans from one branch of economics to fit their needs and professional objectives.
(b) Teaching
Although not always a requirement, at some colleges, teaching experience is strongly recommended for students who are not Graduate Teaching Assistants (GTAs) but want to become professors.
(c) Residency
In some cases, unless they have an assistantship, students are required to complete a certain number of prescribed credit hours of graduate-level coursework. The student is required to study full-time during this period. Residency is sometimes needed before taking the comprehensive exams.
(d) Comprehensive Exams
Students are eligible to take comprehensive examinations when they have completed all coursework. Most students choose to write a manuscript on a topic of their choice and defend it orally before a committee of departmental, school, and/or university faculty members.
(e) Dissertation
The PhD candidate will collaborate with their advisor to choose a topic that will advance the field after passing the comprehensive exam.
(f) Field Experience
Doctoral students are encouraged to participate in independent study research courses to combine and relate classroom theory with field activities. They can engage with scientific communities through research and collate data from various sources for this purpose.
The coursework one can expect in an online PhD economics degree would largely be the same for most programs but would be at advanced levels and would include:
- Economics
- Microeconomics
- Macroeconomics
- Math
- Statistics
- Calculus
- Econometrics
Likewise, some of the research areas students can expect from the PhD economics program include:
- Econometrics
- International Trade & Finance
- Behavioral & Experimental
- Political Economy
- Macroeconomics
- Industrial Organization
- Public Economics
- Microeconomic Theory
- Research fields and field requirements:
- Development Economics
- Econometric Methods with Causal Inference
- Market Design
- Environmental, Resource & Energy Economics
- Finance
- Labor Economics
- Economic History
Areas of Specializations in Online PhD Economics Programs
Specialization in one of the various branches of economics can lead to better job opportunities and higher pay. They focus the study of economics on a single topic, allowing students to conduct research in that field and become experts. Here are a few examples of concentrations available to students pursuing a PhD in economics:
Area of Specialization | Description | Career Options |
---|---|---|
Food and Agricultural Economics (Online PhD in Agricultural Economics) | This specialization is broad in scope, focusing on the economics of food and agriculture from farm to table, with a global reach. Topics covered include behavioral economics, food and agricultural policies and markets, agricultural finance, climate change, labor issues, food retailing and marketing, farm management, regional economics, cooperatives, and food system sustainability. | Various roles in government, research, academia, and industry |
Economics Management | This specialization predominantly studies the various aspects and issues of strategy, business, investment performance, capital structure, industrial organization, corporate finance, urban economics, and more. | Various roles in government, research, academia, and industry |
Environmental, Energy and Resource Economics | This specialization focuses on environmental economics, natural resources, energy, and sustainability. Climate change, air and water quality, groundwater, transportation, renewable and nonrenewable energy, and policy evaluation are some topics covered. | Various roles in government, research, academia, and industry |
Financial Economics | The specialization provides an academic foundation in financial markets and financial decision-making. It teaches students how to combine economic theory and econometric methods to analyze the core issues in financial decision-making specifically and economic phenomena in general. | Various roles in government, research, academia, and industry |
Industrial Organization | This specialization studies the exercise of market power by businesses and the strategic interactions between businesses. A wide range of topics is examined, including those related to the operation of markets and related public policies using theoretical and empirical analysis. | Various roles in government, research, academia, and industry |
International and Development Economics | This specialization covers labor markets, urbanization, poverty, inequality, food, nutrition, agriculture, migration, and more. Students use field experiments, lab experiments, time series analysis, randomized control trials, structural modeling, etc., to help them research and understand these topics. | Various roles in government, research, academia, and industry |
Public Policy | This specialization employs general theoretical models to explain how individuals and organizations respond to changes in various circumstances to predict the qualitative effects of existing and proposed government programs, as well as empirical evidence on the quantitative magnitudes of these effects. | Various roles in government, research, academia, and industry |
Health Economics (PhD Health Economics Online / Online PhD Programs in Health Economics) | This specialization investigates the impact of a policy action on major macroeconomic variables using standard macroeconomic models. Students use advanced microeconomic models to analyze consumer and firm behavior and the impact of public policy on economic welfare. | Various roles in government, research, academia, and industry |
Some of the other specializations and PhD programs students can consider include but are not limited to:
- PhD Macroeconomics
- PhD in Computational Economics
- PhD in Economic Development
- PhD Political Economy Online
- Online PhD in Economics and Finance
- Industrial Organization
- Labor-Public Economics
- Macroeconomics
- Microeconomics
- Applied Econometrics
Why should I get an Online PhD Economics Degree?
One of the best ways to conduct and promote global priority research is through economics in particular. A PhD in economics is one of the most sought-after graduate degrees, with a good chance of getting a job in academia or research. Unlike many PhD programs, the skills one acquired from the doctorate in economics are in high demand in the corporate sector as well. Those who want to work in economics research, have strong math skills, and have a keen interest in economics should strongly consider pursuing a PhD in economics.
Upon completing the online PhD economics, individuals would be able to contribute to global priorities research and help come up with practical solutions to the many economic issues present globally. The program provides students with a diverse set of tools for comprehending the social world and assessing causes and interventions that can impact millions of lives.
Doctoral students would have acquired several skills by completing the PhD economics online that would prove invaluable throughout their careers. For example, they would have acquired the ability to:
- show a strong background in their area of specialization and have a thorough understanding of the significant past and present contributions in the area;
- create a compelling academic argument for their position by presenting and analyzing the evidence with care;
- determine intriguing issues, come up with innovative answers, and communicate the findings to the scientific community;
- prepare submissions that adhere to the requirements of a particular economic journal, and take revision suggestions seriously;
- produce scholarship that is comparable to articles that are published in prestigious peer-reviewed journals in terms of scope and format;
- utilize the variety of resources available for economics research, including empirical analysis (econometric and experimental) and theoretical modeling;
- solve complex issues by utilizing technical tools, as well as by locating and properly using data sources; and
- be independent scholars capable of conducting superior research in both academic and non-academic contexts.
Free Courses for Online PhD Economics Students
Free courses are always useful for PhD of economics students to aid with their research on specific topics. Although these courses are not accredited and often do not lead to any certification, they provide additional knowledge and different perspectives on the subject. Here are some platforms that offer online PhD economics courses for free:
Course | Description | Provided by |
---|---|---|
Topics on Economics | Coursera offers free courses suitable for doctoral students from top universities in the U.S. and worldwide, such as the University of Pennsylvania, the University of Illinois at Urbana-Champaign, Stanford University, University of Michigan, Yale University, etc. | Coursera |
Topics on Economics | MIT OpenCourseWare is a popular destination for students to take free courses delivered by competent professors. Topics include Microeconomic Theory, Game Theory, Organizational Economics, Statistical Methods in Economics, and more. | MIT OpenCourseWare |
Topics on Economics | Udemy has a vast collection of economics courses, but not all are for free. Free ones suitable for PhD students include The Euro: The History, Issues & Solutions, Decision Making Techniques, and Microeconomics. | Udemy |
How to get into the Online PhD Economics Programs?
To be admitted to an online PhD in economics programs, applicants must have a master’s degree from a regionally accredited institution or a foreign university that meets both the bachelor’s and master’s degree requirements. Furthermore, a Grade Point Average (GPA) of at least 3.0 on a 4.0 scale is usually required. Prospective students at some colleges may also be necessary to identify a suitable professor who will serve as their advisor or mentor throughout their research. Aside from these, the following are some of the most common PhD in economics requirements:
Online Application & Application Fee
Completing an online application and paying the prescribed application fee.
Official Academic Transcripts
An official copy of academic transcripts from each college/university attended.
Undergraduate/Graduate Degree + Grade Point Average
An undergraduate and/or graduate degree from an accredited university and Grade Point Average (GPA) of 3.0 or more.
Graduate Record Examination (GRE) or Graduate Management Admission Test (GMAT) Scores
An official copy of GRE scores no older than 5 years.
Graduate Résumé or Curriculum Vitae
The latest résumé or CV that provides personal information and work experience.
Personal Statement or Statement of purpose
A statement outlining how the program relates to the applicant’s career goals.
Letters of Recommendation
At least 3 letters of recommendation from those who can provide a thorough evaluation of the applicant’s abilities at the graduate level.
Proof of English proficiency
A document proving proficiency in English (for non-native English speakers).
Online PhD Economics No GRE Programs
The Graduate Record Examination (GRE) is a common component of the admissions process. However, it may be possible to eliminate the need for these test results. Typically, the school will determine whether a GRE score is required or not. Some universities do not require students to take the GRE if they have a high GPA, relevant experience, and a solid academic background. However, this admissions requirement is ultimately waived at the school’s discretion. Fortunately, the quality and content of these graduate programs that do not require a GRE score are frequently the same as the ones that do. The Massachusetts Institute of Technology and The University of Arizona are examples of institutions that have waived the GRE requirement for entry into Ph.D in economics programs in 2024-2023.
How Long does it take to complete the Online PhD Economics Program
The PhD economics program is intended to be finished in 4 to 5 years, with the first 3 years being devoted to coursework and the last 1 to 2 years being dedicated to research and dissertation completion. It is also possible for students to pursue the economics PhD part time but opting for these programs would mean longer durations. For example, a part time PhD business economics could well take over 6 to 8 years to complete. Whatever the timeline, students’ work in economics PhD programs is typically very detailed and narrowly focused on their chosen specialization, which in turn determines the time it would take for one to graduate. Here is a quick overview of the online PhD in economics Duration:
- Minimum time required for a full-time PhD in economics: about 4 to 5 years.
- Maximum time required for a PhD in economics: up to 8 years.
- PhD in economics credits: 65 to 75 credits.
Accelerated Online PhD Economics Programs
An accelerated curriculum allows students to move through their programs more quickly, increasing their chances of graduating sooner. Fast-track and accelerated doctoral degrees enable students to earn their PhD of economics in as little as three years, though some students may need an extra year to complete their doctoral dissertation in addition to the coursework years. Some universities allow students to begin their PhD programs while still pursuing their master’s degrees. In such cases, the master’s thesis becomes critical and can be “upgraded” or expanded to serve as a PhD dissertation. A few universities offer masters + PhD programs that allow students to shorten their time to earn their doctoral degree, an example being Binghamton University.
Accreditations for Online PhD Economics Programs
Accreditation demonstrates a program’s quality as well as the school’s dedication to a student-centric approach to teaching and learning. Having accreditation means that a school recognizes and meets the needs of students and potential employers by improving academic quality continuously. Colleges can be accredited nationally or regionally by independent organizations recognized by the United States Department of Education (USDE) and/or the Council for Higher Education Accreditation (CHEA). Regional accreditation is the most common type of accreditation sought by colleges offering accredited online economics degrees in the United States, and it is granted by six independent bodies:
- New England Association of Schools and Colleges (NEASC)
- Middle States Commission on Higher Education (MSCHE)
- Higher Learning Commission (HLC)
- Southern Association of Colleges and Schools Commission on Colleges (SACSCOC)
- Northwest Commission on Colleges and Universities (NWCCU)
- Western Association of Schools anad Colleges (WASC) Senior College and University Commission (WSCUC)
The best online PhD programs in economics may also be programmatically accredited by non-regional accrediting agencies. Two main accrediting bodies for economics schools and programs are the Association to Advance Collegiate Schools of Business (AACSB) and the Accreditation Council for Business Schools and Programs (ACBSP). Read the Guide to College Accreditation to learn more about accreditation.
How to Pay for an Online PhD Economics Programs?
An online PhD economics degree is typically very expensive to pursue. The average cost of a PhD doctorate degree in the United States is $98,800, according to Education Data. Even if prospective online students are not required to pay additional transportation, meals, or campus-related expenses, they must still pay the high tuition fee and associated research costs, which can be financially burdensome for many. The following are some of the outside funding options available to students for their online economics PhD degree:
Scholarships
Scholarships are popular among students because they are free and non-repayable. They are given to students who are deserving and meritorious, with academic performance serving as the primary selection criterion.
Grants
Grants, like scholarships, do not have to be repaid. Unlike scholarships, which are frequently awarded based on academic performance, grants are usually awarded based on the applicant’s financial need.
Fellowships
Predoctoral Fellowships, also known as PhD Fellowships, are grants awarded to doctoral candidates. PhD fellowship recipients must typically complete a future assignment or spend the funds on a specific purpose in exchange for the money. There are numerous awards and fellowships available to retain or attract the best students.
Work-Study Programs
Work-study programs, which provide part-time employment, assist students in covering school tuition and fees. Many of these jobs are related to the student’s academic program or are volunteer opportunities. Students can also gain practical experience through work-study programs.
Graduate Assistantships
Graduate assistantships are available for students who want to assist faculty in the classroom as graduate teaching assistants or conduct research as graduate research assistants. In exchange for their efforts, assistants are paid a fee or receive tuition discounts or waivers.
Student Loans
A student loan is another option for funding PhD programs for students. Several banks, financial institutions, and the federal government offer educational loans. Borrowing money will increase the overall cost of education because loans come with interest. Understand how one can apply for loan forgiveness to avoid repaying student loans by reading about Donors for Student Loans and Grants for Student Loans.
The Free Application For Student Aid or FAFSA is an application for federal financial aid that all prospective and current college students must complete to check if they are eligible for aid and receive the best financial aid package possible. The FAFSA Student Aid guide explains more.
Discover what financial aid is and learn everything there is to know about college funding in the How to Pay for College guide.
Fully Funded Online PhD Economics Programs
With the average cost of a PhD doctorate degree in the United States being $98,800, many PhD aspirants would need to seek outside financial assistance. Fortunately, some colleges offer fully-funded online PhD programs in economics. Fully funded PhD programs in economics in USA will generally cover a student’s expenses for the three to five years they work on their doctorate (tuition, a living stipend, etc.). The following are a few fully-funded economics PhD programs:
Institution | Description |
---|---|
Emory University | Emory University provides students in the economics PhD program financial support for 5 years, including a stipend, tuition scholarship, health insurance subsidy, and professional development support. |
Columbia University in the City of New York | Columbia University provides admitted students with multi-year financial aid packages that include fellowships and appointments to teaching and/or research positions. If they maintain good academic standing, PhD students receive an annual stipend, tuition, and health fees for 5 years. |
University of California San Diego | Most PhD programs at the University of California San Diego are fully funded and include tuition, health insurance, and a small stipend. In exchange, students will most likely be asked to work as Teaching Assistants or Research Assistants for a professor. |
FAQs Related to the Online PhD Economics Programs
How do you get a PhD in economics?
To get a PhD in economics, one is required to go through the following steps:
- Complete all required coursework
- Select a specialization and research area
- Conduct research in the chosen area
- Approach a faculty advisor/mentor
- Complete and pass all comprehensive qualifying exams
- Prepare the dissertation
- Submit the dissertation and defend it
How many years for PhD in economics?
Can I do a PhD part time?
What can you do with a PhD in economics?
How much does a PhD in economics make?
Can you get a PhD in economics online?
Can I do a PhD in economics without a masters?
Career Opportunities and Salaries after Online PhD Economics
What can you do with an economics PhD? Completing the PhD economics program allows individuals to teach undergraduate classes, conduct independent and collaborative research, or work in senior roles in various industries, including health care, banking, education, finance, business, and government and non-profit organizations. Many go on to work in research facilities, academia, and government think tanks, often liaising with industry experts and professionals. Although PhD economics holders may share job titles with their bachelor’s and master’s counterparts, they often land careers in senior management or positions. Examples of job titles include but are not limited to:
- Project Manager
- Senior Marketing Analyst
- Operations Research Systems Analyst
- Senior Budget Analyst
- Economist
- Administrative Director
- Senior Financial Analyst
- Senior Systems Analyst
- Senior Project Administrator
- Statistician
- Actuary
- Industry Analyst
- State Policy Analyst
- Economic Researcher
- Economic Consultant
- Bank Director
- Finance Director
The U.S. Bureau of Labor Statistics (BLS) projects that economist occupations will grow by 13% from 2020 to 2030, adding an estimated 1,600 jobs each year. Listed below are some examples of economics jobs, median annual salaries, and job growth, as reported by the BLS. It should be noted that the salaries mentioned are typically for those who have obtained their bachelors or masters in economics. PhD holders are likely to earn higher salaries:
Occupation | Job Description | Skills Required | Median Annual Salary | Job Growth (up to 2030) |
---|---|---|---|---|
Actuaries | Actuaries investigate the financial consequences of risk and uncertainty. They assess the risk of potential events using mathematics, statistics, and financial theory, and they assist clients and businesses in developing risk-reduction policies. | Interpersonal skills, communication skills, analytical skills, math skills, computer skills, problem-solving skills | $105,900 | 24% (much faster than average) |
Postsecondary Teachers | Postsecondary teachers educate students in a wide range of academic subjects beyond high school. In addition, they may conduct research, write scholarly papers and books, plan lessons and assignments, and supervise graduate teaching assistants. | Speaking skills, writing skills, interpersonal skills, critical-thinking skills, resourcefulness | $79,640 | 12% (faster than average) |
Financial Analysts | Financial analysts advise businesses and individuals on the best ways to spend their money to maximize profits. They examine financial statements to determine a company’s worth and evaluate the performance of stocks, bonds, and other investments. | Decision-making skills, math skills, computer skills, analytical skills, communication skills, detail-oriented | $81,410 | 6% (as fast as average) |
Economists | Economists study and analyze the production and distribution of resources, goods, and services through data collection and analysis, trend research, and economic issue evaluation. They analyze data and propose solutions to economic problems using software, statistical methods, and mathematical models. | Critical thinking skills, analytical skills, speaking skills, writing skills | $105,630 | 13% (faster than average) |
Financial Managers | Financial managers manage an organization’s financial health. They prepare financial reports, direct investment activities, and plan short- and long-term financial goals for their organization. | Organizational skills, math skills, analytical skills, communication skills, detail-oriented | $131,710 | 17% (much faster than average) |
Certifications and Licensing for PhD in Economics Students
A person’s competency—their education, demonstrated knowledge, and experience—is formally recognized by certification in a given profession. It is a formal process carried out and completed by a group of knowledgeable, experienced, and skilled organization representatives that improves one’s résumé and career opportunities. Each certification in the discipline of economics is unique to the economics discipline to which it pertains, such as health, finance, petroleum, business, and so on. PhD of economics holders can consider the following certifications:
Certified Business Economist (CBE)
The National Association for Business Economics (NABE) administers the Certified Business Economist (CBE) program, which was created by leading economists to “bridge the gap between what is learned in an academic setting and the knowledge required to succeed as a practitioner.”
Economic Development Finance Professional (EDFP) Certification Program
The Economic Development Finance Professional (EDFP) Certification Program focuses on the skills required for successful economic development, including loan packaging procedures, business credit & real estate financial analysis techniques, negotiating and problem-solving abilities, and deal structuring techniques.
American Academy of Financial Management (AAFM) Certifications
The American Academy of Financial Management (AAFM) bestows over 50 specialist designations and 20 distinct certifications on professionals who possess the necessary qualifications, experience, and training in economics-related fields. Examples of some of AAFM’s certifications are:
- AFA Accredited Financial Analyst
- AMA Accredited Management Accountant
- AMC Accredited Management Consultant
- MMC Master Management Consultant
- CIPM Certified International Project Manager
- CEPA Chartered Economic Policy Analyst
- ChE Chartered Economist
- ChHE Chartered Health Economist
- ChEE Charted Energy Economist
- ChFE Chartered Financial Economist
- ChME Chartered Managerial Economist
- ChIE Chartered Industrial Economist
- ChPE Chartered Petroleum Economist
Although not required for economists, licensure is strongly recommended for many analyst positions to demonstrate professional competence. The CFA Institute, for example, allows financial analysts to become chartered financial analysts.
Additional Resources for PhD in Economics Students
Given the importance of economics in almost every aspect of life, both PhD economics students and working professionals must stay current on new trends, policy changes, evolving markets, and consumer wants and demands. They should also network with others to broaden their economic knowledge and expertise, which may help them advance in their careers. Here are some resources that might be helpful in this endeavor:
National Economic Association (NEA)
The National Economic Association (NEA) promotes minority economists’ professional careers. To promote economic growth, the organization creates and disseminates knowledge about economic issues of particular interest to native and immigrant African Americans, Latinos, and other people of color.
World Economics Association (WEA)
The World Economics Association (WEA) is a professional organization dedicated to promoting a pluralistic approach to economics. WEA seeks to expand the scope, breadth, and depth of economic thought. Plurality, competence, reality and relevance, diversity, openness, outreach, ethical behavior, and global democracy are all examples of this.
The National Association for Business Economics (NABE)
The National Association for Business Economics (NABE) is a professional organization for business economists and people from other walks of life who use economics in their daily work. NABE organizes surveys and events, publishes books, and certifies its members.
American Institute for Economic Research (AIER)
The American Institute for Economic Research (AIER) is famous for its nonpartisan economic research and advocacy. The organization is dedicated to developing and promoting pure freedom and private governance through advanced economic research, accessible media outreach, educational programming, and more.
Society for the Advancement of Economic Theory (SAET)
The Society for the Advancement of Economic Theory (SAET) was created to advance theoretical economics knowledge and facilitate communication among researchers in economics, game theory, mathematics, and any other such relevant fields that could be useful to economic theory.