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Studies & Degrees in Applied Economics

Applied economics uses economic theory and statistical methods to answer practical questions: what a new tax does to prices, whether a public programme works, how a firm should price a product, what trade or climate policy costs and who pays. Where a general economics degree gives more room to theory, an applied programme puts data analysis and real cases at the centre.

Students learn microeconomics and macroeconomics, statistics and econometrics, and then apply them in a field. The Department of Agricultural and Applied Economics at the University of Wisconsin-Madison, for example, names four fields for its master's degree: environment and natural resource economics, international development economics, the economics of agriculture and the economics of community development. Its undergraduate major covers the economics of food systems, international trade, climate change and environmental protection, and poverty. Programmes expect solid mathematics.

Qualifications and levels

  • Bachelor's degree: in the United States applied economics is often taught together with agricultural economics. The Bachelor of Science in Agricultural and Applied Economics at Texas Tech University has 120 credit hours over four years. In Spain the first degree is normally a bachelor's degree (grado) in Economics of 240 ECTS credits. The Grado en Economía at the Universidad de Navarra is an official four-year degree with 80 places, taught in Spanish and English in Pamplona, and includes quantitative tools such as econometrics.
  • Master's degree: this is the level at which most programmes carry the name. At Florida State University the Master's in Applied Economics takes one year and 30 credit hours and ends with an applied project in the summer. At the University of Wisconsin-Madison the M.S. in Agricultural and Applied Economics requires 30 credits over about three to four semesters. Texas Tech University offers its M.S. with thesis and non-thesis options. Spanish master's degrees have 60, 90 or 120 ECTS credits under Royal Decree 822/2021; the Máster Universitario en Análisis Económico Aplicado at the Universidad de Alcalá has 60 ECTS and takes one academic year full time.
  • Doctorate: a PhD follows for those who want research posts in universities, central banks or international organisations.

Where to study it

SpainExchange lists 17 active schools for applied economics: 10 in the United States, five in Spain, one in New Zealand and one in Australia. In the United States, teaching is in English and many of the departments sit in colleges of agriculture and natural resources.

The University of Wisconsin-Madison accepts applications for its M.S. for the fall term only, and its courses presume intermediate microeconomic and macroeconomic theory, two semesters of calculus, statistics and linear algebra. Florida State University describes its master's degree as preparation for careers in government and the private sector, with consulting-style projects on real data.

In Spain, the Universidad de Alcalá teaches its master's degree in Spanish at the Faculty of Economics, Business and Tourism in Alcalá de Henares and offers 35 places. Degrees in economics, business administration, and economics and international business count as related degrees for admission. The university gives an indicative first-enrolment price of €2,736 for Spanish and resident students and €5,079 for non-resident students from outside the EU. Parts of the programme can be taken as shorter diplomas, for example in the analysis and evaluation of public policies.

The Faculty of Economics and Business of the Universidad Autónoma de Madrid (UAM) offers official master's degrees of 60 to 120 ECTS credits, among them one in quantitative economic analysis and one in economic development and public policy. According to the faculty, graduates from outside the European Higher Education Area can be admitted without formal recognition (homologación) of their degree, once the university has checked that it is of an equivalent level and gives access to postgraduate study in the country that issued it.

Careers

Applied economists work as analysts in government departments, central banks, consultancies, banks, research institutes and international organisations. Florida State University says its graduates typically start as analysts, junior data scientists or research associates. The University of Wisconsin-Madison points its undergraduate majors to careers in business, finance, sales, management, policy and industry, and Texas Tech University notes that a growing number of its graduates go on to advanced study in economics, business administration or law.

For the United States, the Bureau of Labor Statistics projects that employment of economists will grow 5 percent from 2025 to 2035, faster than the average for all occupations, with about 1,100 openings a year. It notes that economists typically need at least a master's degree, although some government posts are open to holders of a bachelor's degree.

Frequently asked questions

What is the difference between economics and applied economics?

Both rest on the same theory. Applied economics gives more weight to data, econometrics and concrete fields such as agriculture, the environment, development or public policy.

How long does a master's degree in applied economics take?

Usually one to two years. Florida State University's programme takes one year and 30 credit hours, and the Universidad de Alcalá's master's degree takes one academic year and 60 ECTS credits.

What background do I need?

A first degree in economics or business is the usual route, plus mathematics. The University of Wisconsin-Madison presumes intermediate economic theory, two semesters of calculus, statistics and linear algebra.

Can I study applied economics in Spain in English?

Partly. The Universidad de Navarra teaches its bachelor's degree in Economics in Spanish and English, while the master's degree at the Universidad de Alcalá is taught in Spanish. Ask each university about the language of its courses.