The Best Ivy League Schools to Study Economics

If you’re curious about which careers young people are gravitating toward right out of college, transportation, food, and hospitality industry, as well as banking and finance are leading the way. It’s no surprise then that business and economics are some of the most popular and sought-after degrees.

This might have you wondering: which Ivy League school is the best school for economics? While all eight Ivy League schools offer a world-class education, not all of them excel equally when it comes to economics.

If you’re considering an Ivy League education and have your sights set on an economics degree, you’re in the right place. In this blog, we’ll be looking into what is an economics degree all about including what can you do with an economics degree.

• What Are the Best Schools for Economics?
• What Is an Economics Degree All About?
• What Can You Do with an Economics Degree?
• Frequently Asked Questions
• Takeaways

What Are the Best Schools for Economics?

If you’re a high school student already set on studying economics in college, it’s smart to center your university search around finding the best schools for economics. After all, what you plan to study should play a huge role in your decision.

While a school’s overall prestige is important, the quality of its economics program matters even more when it comes to the experience and education you’ll get in your field.

And if you’re aiming for the Ivy League, you don’t have to worry about prestige—these schools are already at the top. That said, let’s dive into how each Ivy League school stacks up among the best schools for economics.

1. Harvard University

Acceptance rate: 3.4%

Average tuition cost: $60,000

Harvard’s Economics department is consistently ranked as one of the best schools for economics in the country. The faculty and students are at the forefront of using modern economics to tackle some of today’s biggest challenges—like climate change, racial inequities, economic recessions, health insurance, and global poverty. Regardless if it’s gender norms, political dysfunction, or market crashes, they’re working on it.

Harvard’s economics program is always in fierce competition with MIT for the top spot, making it one of the best schools for economics. So whether you’re thinking about grad school or aiming for a competitive job, having Harvard economics on your resume is sure to impress.

Most notable alumni include Michael Kremer, a Nobel Prize winner in Economic Sciences in 2019 for his experimental approach to alleviating global poverty and Lawrence Summers, former US Treasury Secretary, Director of the National Economic Council, and President of Harvard University.

2. Princeton University

Acceptance rate: 3.9%

Average tuition cost: $57,400

Princeton has one of the best schools for economics in the world, and it’s no surprise that economics is one of the most popular majors on campus, drawing in over 250 juniors and seniors each year. No matter what career you’re aiming for, an economics degree gives you the technical and analytical tools to ask the right questions and come up with innovative solutions.

As with all Princetonians, economics students pursue their studies “in the nation’s service and the service of humanity.” Princeton’s Economics Department equips you to thrive in some of the most competitive job markets. In fact, in a typical year, over 90% of seniors land job offers right after graduation. Many also go on to pursue advanced degrees in fields like economics, law, business, medicine, or public policy at leading graduate schools, proving Princeton’s place as one of the best schools for economics.

Some of Princeton’s famous economics alumni are Paul Krugman, a Nobel Prize-winning economist and columnist for The New York Times who is known for his work on international economics and economic geography; and David Card, another Nobel Prize-winning economist recognized for his empirical contributions to labor economics.

3. Yale University

Acceptance rate: 4.4%

Average tuition cost: $64,000

The Department of Economics at Yale has three major research centers:

• Cowles Foundation for Research in Economics
• Economic Growth Center
• Tobin Center for Economic Policy

These offers a world-class environment for studying economics, making it one of the best schools for economics. With over 60 faculty members covering a wide range of subfields, you’ll find plenty of expertise to guide you.

Yale’s Economics department pushes the boundaries of economic research and shapes economic policy through cutting-edge quantitative analysis. You can choose from three undergraduate majors: Economics, Economics and Mathematics, or Computer Science and Economics. Each year, around 250 students graduate with one of these degrees, and you’ll have access to more than 75 undergraduate and nearly 50 graduate courses.

Plus, the department has strong connections with Yale’s professional schools, including the Jackson School for Global Affairs, the School of Management, the School of the Environment, the School of Public Health, and the Law School. Many faculty members hold joint or secondary appointments there, giving you a broader perspective on how economics intersects with other fields—proving Yale’s position as one of the best schools for economics.

Four present and past members of the Department’s faculty have received the Nobel Prize in Economics: Tjalling Koopmans in 1975, James Tobin in 1981, Robert Shiller in 2013, and, most recently, William Nordhaus in 2018.

4. Columbia University

Acceptance rate: 3.9%

Average tuition cost: $66,500

The Department of Economics at Columbia University is ranked among the best schools for economics and is recognized as one of the top institutions for economic research worldwide. As an undergraduate student, you’ll have the chance to collaborate with faculty and dive into research across various policy areas, including fiscal, economic, and financial policies. The program is designed to help you think analytically about social issues, laying a strong foundation for your future studies and careers in economics or other fields.

You can choose from six majors and one concentration within the Undergraduate Department of Economics:

• economics
• financial economics
• joint with mathematics
• joint with philosophy
• joint with political science
• joint with statistics

Columbia’s economics major adopts a scientific approach to studying both micro and macroeconomic theory. Throughout the program, you’ll learn how to model economic relationships, test hypotheses using real data, and critically analyze economic problems and policy issues.

Famous alumni of the economics program at Columbia are Richard Thaler, a Nobel laureate who is recognized for his pioneering work in behavioral economics and is known for concepts like “nudging.” He has also authored several influential books on the subject. Another is Eugene Fama, often referred to as the “father of modern finance,” who is known for his work on market efficiency and asset pricing. He received the Nobel Prize in Economic Sciences.

5. University of Pennsylvania

Acceptance rate: 4.9%

Average tuition cost: $66,000

The Economics Department at the University of Pennsylvania, part of the School of Arts and Sciences, is ranked among the best schools for economics in the US—and for good reason! With a faculty that is both productive and research-oriented, you’ll find a strong commitment to advancing the field of economic science here.

As an undergraduate, you’ll be part of one of the largest programs in the School of Arts and Sciences. The primary goal of the undergraduate program is to enhance your analytical skills and economic literacy. Plus, you’ll have access to the Penn Institute for Economic Research (PIER), which hosts workshops and shares research findings through a Working Paper Series.

And if you’re interested in contributing to the academic community, the department is also the editorial home of the International Economic Review, one of the leading journals in the field. It’s an exciting place to be if you’re passionate about economics and looking for one of the best schools for economics.

Notable alumni include Janet Yellen, former chair of the Federal Reserve and current U.S. Treasury Secretary, who is also known for her work on monetary policy and labor economics; and David Autor, a leading labor economist who is known for his research on the impact of technology on labor markets and the effects of trade on employment.

6. Cornell University

Acceptance rate: 9.2%

Average tuition cost: $63,500

In the economics Department at Cornell University,  you’ll find a community shared by the College of Arts & Sciences and the ILR School, which offers a variety of services tailored to your needs as an undergraduate student.

If you’re in the College of Arts & Sciences, you can pursue an Economics Major, which is recognized as a STEM field. This is a great opportunity if you’re looking to delve deep into economic theories and applications. If you’re leaning towards the ILR School, there’s also an Economics Minor that complements your studies.

What’s even better? Economics courses are open to all undergraduate students at Cornell, so you can explore this subject regardless of your major. In fact, many programs actually require some of our economics courses.

Some of Cornell’s famous alumni from its economics department include David B. Yoffie, a professor at Harvard Business School, who is known for his expertise in business strategy and the economics of technology; and Robert Frank, an influential economist known for his work in behavioral economics and public policy who also authored a lot of popular economics books.

 7. Brown University

Acceptance rate: 5%

Average tuition cost: $64,700

Economics is one of the most popular concentrations at Brown University, and it’s easy to see why. The subject is broader than many people realize, allowing you to explore everything from race and mass media to global warming, internet marketplaces, game theory, finance, and big data—the list goes on!

Studying economics equips you with valuable tools to tackle pressing public policy issues such as inequality, poverty, education, health, unemployment, taxes, and globalization. In fact, about half of all Brown students take at least one economics course during their undergraduate years, making it one of the best schools for economics.

When it comes to concentrations, you’ve got options. Alongside the standard concentration, which includes an optional business track, you can also choose joint concentrations with Computer Science, Applied Mathematics, and Mathematics. This flexibility allows you to tailor your studies to match your interests and career goals—making it one of the best schools for economics!

Famous alumni include Carmen Reinhart, an economist and co-author of the influential book “This Time Is Different,” who served as the Vice President and Chief Economist of the World Bank, and Diane Swonk, chief economist at Grant Thornton and a well-respected commentator on economic trends and policy.

8. Dartmouth College

Acceptance rate: 10.45%

Average tuition cost: $65,100

When you take courses in Dartmouth’s Economics Department—one of the best schools for economics—you’ll gain a unique way of thinking, analyzing problems and asking questions from an economic perspective. It’s all about honing your analytical skills in the true spirit of the liberal arts. Beyond the standard economics major, you have options like the economics minor or a modified major. These are perfect if you’re primarily interested in another discipline but want to incorporate economics, or if you’re eager to tackle a specific issue that spans economics and another field.

Dartmouth’s curriculum is built around real-world problems, focusing on pressing social issues that often boil down to economic decisions. Economic analysis gives you a clear framework to explore public policy challenges and understand the tradeoffs involved in solving these problems, which is why Dartmouth consistently ranks among the best schools for economics.

Plus, the Economics Major at Dartmouth has a STEM designation, which is a huge benefit for international students. This means that after you graduate, you can apply for a 2-year extension of F-1 Optional Practical Training (OPT), giving you more time to work in the US.

Some of Dartmouth’s economics department famous alumni are Timothy Geithner, former US Secretary of the Treasury under President Barack Obama from 2009 to 2013; and Henry Paulson, who served as the US Secretary of the Treasury from 2006 to 2009 under President George W. Bush. He was previously the Chairman and CEO of Goldman Sachs.

What Is an Economics Degree All About?

As an economics major at one of the best schools for economics, you’ll learn how resources, incentives, and wealth are managed across fields like business, law, and public policy. While most people associate economics with finances, the scope is actually much broader. You’ll also dive deep into how social systems—such as markets, corporations, governments, and even families—operate, using math, data, and statistical models to analyze them.

Think of yourself as a social scientist. With your economics degree, you’ll be prepared to apply economic principles to a wide variety of career paths, from personal finance and market trends to law, sociology, business management, government regulation, and international relations.

Being an economics major

Economics is a versatile social science that helps you understand how resources move within market systems and how incentives shape the behavior of participants in those systems. At the best schools for economics, you’ll explore everything from the broad scale of global, national, and local markets (macroeconomics) to the finer details of organizations and individual decision-making (microeconomics).

This major equips you with a powerful analytical toolkit that opens doors to a wide range of careers, including finance, business, law, research, policymaking, and public or international affairs. If you’re planning to pursue graduate-level work, studying economics at one of the best schools for economics also provides a strong foundation for further study and professional growth.

What economics majors study

An economics degree gives you a strong foundation in both math and statistics, paired with courses that introduce you to key concepts in microeconomics and macroeconomics. Because economics bridges both social science and STEM, some of the best schools for economics offer two tracks: a Bachelor of Arts (BA) or a Bachelor of Science (BS).

If you’re more inclined toward understanding societal implications, the BA track focuses on behavioral analysis, while the BS track is ideal for those who enjoy a more quantitative approach, emphasizing statistical modeling and data science.

No matter which track you choose, you’ll explore subjects like:

• Game theory
• Microeconomics
• Macroeconomics
• Econometrics
• Statistical modeling
• Data science
• Applied economics

You can also specialize in areas that align with your interests, including:

• Accounting
• Diversity, equity, and inclusion
• Entrepreneurship and innovation
• Finance
• Health care management and policy
• Real estate
• Statistics

What Can You Do with an Economics Degree?

Economics majors from the best schools for economics are well-suited for careers in the financial sector, especially in roles that focus on data analysis, market trends, risk assessment, and research.

You’ll find that the best jobs for economics majors are in policymaking, law, insurance, accounting, and even real estate, as the skills you gain are applicable across many industries. Economics gives you the versatility to adapt to different fields.

If you have an economics degree and want to boost your expertise in specific areas, earning certifications can really help strengthen your skillset. Here are a few credentials you might consider:

• Certified Economic Developer. Ideal if you’re interested in economic development and want to lead community and regional initiatives.
• Chartered Economist. A great option if you’re looking to solidify your credibility in economic policy analysis or academic roles.
• Economic Development Finance Professional. Perfect if you want to dive deeper into the financial aspects of economic development.
• Chartered Economic Policy Analyst. This certification is a solid choice if you’re focused on analyzing and shaping economic policy.

Frequently Asked Questions

1. What is economics?

According to the American Economic Association, economics can be defined as “the study of scarcity, the study of how people use resources and respond to incentives, or the study of decision-making. It often involves topics like wealth and finance, but it’s not all about money. Economics is a broad discipline that helps us understand historical trends, interpret today’s headlines, and make predictions about the coming years.”

2. What are other non-Ivy schools for studying economics?

Non-Ivy schools such as MIT, Stanford, and the University of Chicago are also ranked at the top and may offer stronger programs depending on your specific interests (e.g., econometrics, finance, or behavioral economics).

3. What is the average salary of economists in the US?

According to the Bureau of Labor Statistics, the average salary of economists in the US is $115,730.

Takeaways

Economics is a field of social science that can offer job opportunities across various fields such as public policy, law, medicine, and research.

Some of the best schools for economics are Harvard, Princeton, and Yale.

Want to pursue economics at an Ivy League school? Here at AdmissionSight, it is our priority to help students like you get into their dream schools. In fact, 75% of the high school students that we work with in our college admissions consultant program earn admissions to either an Ivy League school or into other top 10 ranked schools in the United States.