Best Economics Schools in Michigan

In May 2023, approximately 500 economists were employed in Michigan, earning salaries between $79,000 and $108,000. These economists were working in various industries such as finance, government, academia, and consulting. They were responsible for analyzing economic data, conducting research, and providing insights and recommendations to help businesses, policymakers, and organizations make informed decisions. The salaries of these economists varied depending on their level of experience, education, and the specific industry they were working in.

Cost of Studying Economics in Michigan

The annual tuition fees for undergraduate programs in Michigan vary from $9,000 to $56,000 for in-state students and $20,000 to $56,000 for out-of-state students. As for postgraduate programs, the tuition fees range from $700 to $1,000 per credit hour for in-state students and $1,000 to $2,000 per credit hour for out-of-state students.

10 Best Economics Schools in Michigan

Institution	Location	In-state Tuition Fees		Out-of-state Tuition Fees
University of Michigan	Ann Arbor	UG- $9,000 annually	G- $26,000 annually	UG- $29,000 annually	G- $28,000 annually
Michigan State University	East Lansing	UG-$16,000 annually	G-$870 per credit hour	UG-$44,000 annually	G-$1,700 per credit hour
Wayne State University	Detroit	UG-$7,400 (12-18 credits)	G-$760 per credit hours	UG-$17,000 (12-18 credits)	G-$1,700 per credit hours
Michigan Technological University	Houghton	UG-$18,000 annually	G-$25,000 annually	UG-$41,000 annually	G-$25,000 annually
Western Michigan University	Kalamazoo	UG-$600 per credit hour	G-$770 per credit hour	UG-$760 per credit hour	G-$1,150 per credit hour
Eastern Michigan University	Ypsilanti	UG-$700 per credit hour	G-$1,100 per credit hour	UG-$700 per credit hour	G-$1,900 per credit hour
Grand Valley State University	Allendale	UG-$14,000 to $16,000 annually	G-NA	UG-$20,000 to $22,000 annually	G-NA
Oakland University	Auburn Hills and Rochester Hills	UG-$700 per credit hour	G-$900 per credit hour	UG-$700 per credit hour	G-$1,100 per credit hour
Albion College	Albion	UG-$56,000 annually	G- NA	UG-$56,000 annually	G- NA
Calvin University	Grand Rapids	UG-$40,000 annually	G-NA	UG-$40,000 annually	G-NA

University of Michigan - Ann Arbor

The University of Michigan at Ann Arbor is a public research institution that boasts an average student-to-faculty ratio of 15:1. The academic profile of the university's 2023 incoming class showcases an Average High School GPA of 3.9-4.0, an Average ACT score ranging from 31-34, and an Average SAT score falling between 1350-1530. The university provides programs such as the Master of Applied Economics (MAE) and a Doctoral Program in Economics, in addition to offering majors and minors in economics. Students who wish to declare a major or minor in Economics must have successfully completed the prerequisite courses with the required grades and maintain a GPA of 2.0 or higher in Economics courses they have already completed.

Michigan State University

Michigan State University, a renowned public land-grant institution, provides an extensive range of academic programs spanning over 400 areas of study across its 17 distinguished colleges. With an impressive 93% placement rate, recent graduates from the university enjoy promising career prospects, boasting a median salary of $58,000 per year. Notably, the university has been recognized as a leading producer of Fulbright Scholars for an impressive 10 consecutive years. Additionally, students have the opportunity to receive the prestigious Honors College Excellence Scholarship, which offers up to $13,000 annually for 8 semesters. The university provides undergraduate degrees in Economics (BS, BA) as well as a Doctorate in Economics (PhD).

Wayne State University

Wayne State University, located in Michigan, is a renowned public research institution and the only urban research university in the state. Students have the opportunity to transfer an unlimited number of AP, CLEP, and IB test credits toward their degree. Additionally, for the fall of 2024, those who have not taken the SAT or ACT exams can opt for the test-optional pathway. Exceptional students who are recipients of the President's Award for National Merit Scholarship Finalists can receive $12,000 annually for four years. The College of Liberal Arts and Sciences at the university provides a wide range of programs including Bachelor of Arts in Economics, Bachelor of Arts in Mathematical Economics, Minor in Economics, Minor in Health Economics, Master of Arts in Economics, Ph.D. in Economics, Joint Master of Arts in Economics/Juris Doctor (MA/JD), and Graduate Certificate in Economic Development.

Michigan Technological University

Michigan Technological University, a prominent public research institution, boasts an impressive 93% five-year average placement rate for its students, along with the ninth-highest starting salaries nationwide at $70,000 (median). With an average class size of 25, the university provides a conducive learning environment. Michigan Residents have the opportunity to receive up to $15,000 annually through the S-STEM Husky PAWS Scholarship. The College of Business at the university offers a Bachelor of Science in Economics and a Master of Science in Applied Natural Resource Economics, a unique program that combines various disciplines such as business, economics, forestry, geology, engineering, social sciences, and technical communications.

Western Michigan University

Western Michigan University provides over 250 academic programs and boasts a 92% full-time employment rate for graduates in jobs related to their degrees. The median salary range for all degrees falls between $50,000 and $60,000. The Western Michigan University Department of Public Safety (WMU DPS) is accredited for its policies, procedures, management, operations, and support services, placing it among a select group of police agencies in Michigan. The university also offers the generous Medallion Scholars program, awarding $90,920 to recipients. Additionally, the University College of Arts and Sciences offers Bachelor of Arts and Bachelor of Science degrees in Economics, as well as accelerated Master of Arts, Master of Arts, and Doctor of Philosophy programs in Applied Economics.

Eastern Michigan University

Eastern Michigan University, established as the second oldest public university in Michigan, provides a wide array of academic programs with over 200 majors and minors across 5 colleges. The First-Year Retention Rate for the Fall 2022 Cohort stands at 67.9%. The student-to-faculty ratio at the university is 14:1, while the average GPA of incoming freshmen is 3.43. Within the College of Arts and Sciences, students can pursue degrees such as BS in Quantitative Economics, BS in Actuarial Science and Economics, BBA in Economics, MA in Economics, MA in Applied Econometrics, and Quantitative Economics [Combined BS & MS].

Grand Valley State University

Grand Valley State University provides a wide range of academic programs, totaling around 140, and proudly holds the Seal of Excelencia. The university maintains an average class size of 26 students, and an impressive 85% of graduates secure job offers before graduation. For first-year Michigan Residents, Presidential Scholarships can reach up to $44,000, while Non-Michigan Residents can receive up to $67,000, with an additional $2,000 for National Merit Finalists. To be admitted to the economics program, students must maintain a cumulative GPA of 2.5 or higher, complete 55 semester hours, and achieve a combined GPA of 2.5 or higher in ECO 210, ECO 211, and STA 215. The Seidman College of Business at the university offers BA, BS, and BBA degrees in Economics.

Oakland University

Oakland University, a public research institution, maintains a student-to-faculty ratio of 17:1. Full-time undergraduate students were awarded an average of $8,529 in scholarships and grants per student for the 2022-23 academic year. Oakland University stands out as the sole public university in Michigan that does not impose any fees. The university provides approximately 120 bachelor's degree programs, as well as around 140 doctoral, master's degree, and certificate programs. Among the programs offered are Business Economics, B.S., Economics, B.S. with a concentration in actuarial science, and Economics, B.A.

Albion College

Albion College, a privately funded institution, provides a comprehensive range of academic programs in the field of liberal arts. With a student-to-faculty ratio of 11:1, the college offers 78 Majors, Minors, and Certificates across 23 academic departments. Students studying economics and management have the opportunity to participate in internships both domestically and internationally. Additionally, they can actively contribute to the local community by taking part in the college's annual Volunteer Income Tax Assistance (VITA) program. Albion College offers two Bachelor of Arts degrees in Economics and Management.

Calvin University

Calvin University, a private Christian institution, provides over 100 academic programs. The university boasts a student-to-faculty ratio of 12:1 and an average class size of 22. With a 99% graduate placement rate, Calvin University has a first-year acceptance rate of 74%. Academic scholarships at the university range from $5,000 to $22,000 per year. The BS in Economics program at Calvin University requires foundational courses in micro and macroeconomics, six upper-level courses, two electives from economics or business, the economics capstone course, two mathematics courses, and one information systems course.