Why Top Universities Don't Offer a Master of Arts in Economics

The prominence of top universities is often defined by their focus on specific programs, leading to the question why they don't offer a Master of Arts (M.A.) in Economics. This article explores the reasons behind this choice and the implications for students considering advanced degrees in economics.

Program Focus

Top universities often prioritize Master of Science (M.S.) or Master of Business Administration (MBA) programs in economics and related fields. These programs are designed to emphasize quantitative skills, empirical research, and applied economics.

In contrast, M.A. programs tend to focus more on theoretical aspects or a broader liberal arts approach, which may not align with the university's strengths and research agendas. Universities might offer M.A. programs, but they are less common among top-tier institutions.

Research Orientation

Research is a significant aspect of top universities, and they tend to prefer offering Ph.D. programs. These align more closely with the research needs and faculty expertise. M.A. programs, while valuable, are usually seen as less rigorous and less aligned with the academic rigor needed for leading universities.

Market Demand

The job market often favors graduates with an M.S. or MBA due to their quantitative and analytical skills. Universities might respond to this demand by tailoring their programs accordingly. Top-tier institutions are aware of market preferences and adjust their offerings to meet these needs.

Institutional Branding

Some universities choose to brand their economics programs with a more rigorous and prestigious designation like M.S. to attract students who are looking for a strong quantitative or analytical foundation. This decision is strategic, aiming to highlight the university's commitment to academic excellence.

Curriculum Differences

M.A. programs typically have a broader liberal arts approach, including a wider range of courses in history, literature, and social sciences. In contrast, M.S. programs include more rigorous mathematical and statistical training, which is often more appealing for economics students aiming for quantitative careers. This approach ensures that students are well-prepared for both academia and industry.

Student and University Perspectives

From a student's perspective, the primary goal of obtaining an M.A. is often to gain more knowledge and improve job prospects. Masters students tend to be concerned with grades and how their degrees will enhance their resumes.

Universities view M.A. programs as a source of income, while professors find them frustrating and consider them an additional burden. Top research professors generally prefer high-quality students and are naturally attracted to Ph.D. candidates. The choice to pursue a terminal M.A. is rarely made by high-quality students, making such programs less attractive to institutions.

The best universities are already burdened with the presence of professional schools that generate significant revenue. Therefore, there is little incentive for them to offer terminal M.A. programs. Additionally, Ph.D. programs are often free, and high-quality students would typically pursue these to save time and cost.

Economics-specific Considerations

Professors in economics are often disengaged from even Ph.D. students. The idea of having M.A. students in the atmosphere is seen as a nuisance, leading to resistance in offering such programs. Academics are primarily focused on research, and helping students find jobs is not a priority.

Alternative Recommendations

Given the challenges and needs of aspiring economists, the best approach might be to take PhD-level courses during undergraduate studies to bridge the gap. While a PhD may not be suitable for everyone, an undergraduate economics degree at many universities is often inadequate.

For students who want a job in economics, the recommendation is to either pursue a Ph.D. or obtain a master's degree in a more quantitative field such as mathematics, finance, applied mathematics, or computer science. Engaging in masters-level research in your interest area will make you more marketable and increase your job prospects.

In conclusion, while M.A. in Economics programs exist, they are less common among top-tier universities due to a combination of research focus, market demands, and institutional priorities. Students should carefully consider their career goals and choose the most appropriate program to achieve their educational and professional aspirations.