Best Economics Schools in Virginia

Economics is a comprehensive academic field that covers both macroeconomics and microeconomics, centering on the generation, distribution, and utilization of goods and services. In May 2023, Virginia boasted a thriving workforce of approximately 1,080 economists, showcasing the state's dedication to economic analysis and policy development.

With an average yearly salary of approximately $145,000, these economists were generously compensated for their expertise and contributions. This competitive remuneration not only attracted top talent but also reflected the state's recognition of the value of their work.

Cost of Studying Economics in Virginia

The annual tuition fees for undergraduate programs range from $13,000 to $65,000 for in-state students and $25,000 to $66,000 for out-of-state students. For postgraduate programs, the annual tuition fees are between $6,000 to $18,000 for in-state students and $6,000 to $35,000 for out-of-state students. These costs cover tuition only and do not include expenses such as accommodation, books, and supplies.

10 Best Economics Schools in Virginia

Institution	Location	In-state Tuition Fees		Out-of-state Tuition Fees
University of Virginia	Charlottesville	UG-NA	PG-$6,200 annually	UG-NA	PG-$6,200 annually
The College of William and Mary	Williamsburg	UG-$25,000 annually	G-NA	UG-$50,000 annually	G-NA
Virginia Polytechnic Institute and State University	Blacksburg	UG-NA	G-$18,000 annually	UG-NA	G-$35,000 annually
George Mason University	Fairfax	UG-$14,000 annually	G-$13,000 annually	UG-$38,000 annually	G-$30,000 annually
Old Dominion University	Norfolk	UG-$400 per credit hour	G-$600 per credit hour	UG-$1,100 per credit hour	G-$1,500 per credit hour
Virginia Commonwealth University	Richmond	UG-$17,000 annually	G-$16,000 annually	UG-$39,000 annually	G-$30,000 annually
University of Richmond	Richmond	UG-$66,000 annually	G-NA	UG-$66,000 annually	G-NA
Marymount University	Arlington	UG-$19,000 per semester	G-NA	UG-$19,000 per semester	G-NA
Radford University	Radford	UG-$13,000 annually	G-NA	UG-$25,000 annually	G-NA
James Madison University	Harrisonburg	UG-$14,000 annually	G-NA	UG-$31,000 annually	G-NA

UG- Undergraduate programs
G- Graduate programs
PG- Postgraduate programs

University of Virginia

The University of Virginia, a public research institution, maintains a student-to-faculty ratio of 15:1. On average, graduate students from this university begin their careers with a salary of around $76,000. In terms of financial aid, need-based loans are provided to in-state students at an average of $4,500 per year, while out-of-state students receive an average of $7,000 per year. The Graduate School of Arts and Sciences offers a Ph.D. program in Economics, as well as the option to pursue a major or minor in economics. Ph.D. students enrolled at the university are eligible for a comprehensive five-year aid package totaling $30,000.

The College of William & Mary

The College of William and Mary, a public research university, maintains a student-to-faculty ratio of 13:1. The college's 1693 Scholars Program is an extremely competitive scholarship that provides recipients with benefits equivalent to in-state tuition, general fees, and room and board expenses. Students at the college have the opportunity to pursue a Bachelor of Arts in Economics or a Joint Bachelor of Arts (International Honors) degree. The Joint Degree Programme, offered in collaboration with the University of St Andrews, allows students to spend two years at each institution and graduate with a single degree - a Bachelor of Arts (International Honours) - bearing the emblems of both universities.

Virginia Polytechnic Institute and State University

Virginia Polytechnic Institute and State University, a public land-grant university, boasts a student-faculty ratio of 13:1. With an acceptance rate of 57%, this esteemed institution provides a conducive learning environment. The university is renowned for its Ph.D. program in Economics, as well as the M.A. program housed in the College of Science. The M.A. program uniquely combines modern scientific techniques with the principles of economics, fostering a comprehensive understanding of the subject.

George Mason University

George Mason University, a public research institution, provides a wide array of 132 degree programs at the master’s, doctoral, and professional levels, along with over 100 graduate-level certificates. The university boasts a high admission rate of 90%. The median salary for the class of 2022 graduates was $72,000. With a 4-year graduation rate of 49% and a 6-year graduation rate of 71%, George Mason University offers BA, BS, MA, PhD, and Bachelor's/Accelerated Master's programs in Economics. Students pursuing a bachelor's degree in economics are required to complete a minimum of 48 credits of coursework with a minimum GPA of 2.00.

Old Dominion University

Old Dominion University boasts a student-to-faculty ratio of 16:1. The median starting salary for alumni is approximately $43,000. A significant 75% of students at the university receive some form of financial assistance. The Learn and Earn Advantage Program (LEAP) provides first and second-year undergraduate ODU students with the chance to secure part-time on-campus jobs, allowing them to earn up to $3,000 per year. The university also offers a Bachelor of Science in Business Administration program, which mandates completion of at least 24 credit hours at ODU, a GPA of 3.0 or higher, a minimum index of 1200, and an MA in Economics.

Virginia Commonwealth University

Virginia Commonwealth University, a public research institution, maintains a student-faculty ratio of 16:1. The average financial aid granted to full-time undergraduates in need of assistance for the 2022-23 academic year was $21,000. As of fall 2023, the university boasts an admission rate of 87.6%. In terms of the 2022-2023 admission profile, the university reports a median SAT score of 560, an ACT composite score of 26, and a median high school GPA of 3.7. VCU provides programs leading to a Bachelor of Science, Master of Arts, and an Accelerated B.S. to M.A. in economics.

University of Richmond

The University of Richmond, a private liberal arts college, boasts an impressive 8:1 undergraduate-student-faculty ratio and an average of 16 students per undergraduate class. For the class of 2027, admitted students had SAT scores ranging from 1440 to 1530, ACT scores ranging from 33 to 35, and GPAs between 3.80 and 4.00. Those undergraduates demonstrating financial need receive an average financial aid package of around $61,000. The Robins School of Business at the university offers a Bachelor of Science in Business Administration with a major in economics, as well as a Bachelor of Arts in Economics.

Marymount University

Marymount University, a private Catholic institution, provides an early career pay of approximately $64,000 for its graduates. The university had a median GPA of 3.34 for the freshmen class of 2022-2023, with an in-state acceptance rate of 89% and an out-of-state acceptance rate of 72%. The undergraduate student-to-faculty ratio stands at 13:1, and the average financial aid package for undergraduates is around $31,000. The School of Business at the university offers programs such as BS in Economics, BA in Economics, and BA in Economics + Catholic University School of Law, which enables students to fast-track their graduation from Marymount and transition to CUA after completing three years of undergraduate study.

Radford University

Radford University, a public institution, maintains a student-to-faculty ratio of 12:1. The university boasts an 83% acceptance rate for the academic year 2021-2022. Graduates of Radford University typically earn an early career pay of $62,000. The Highlander Distinction Program provides awards ranging from $2,500 to $4,000 for Virginia Residents and $7,000 to $10,000 for non-residents. Within the University's Department of Economics, students can pursue a Bachelor of Business Administration in Economics, a Bachelor of Science in Economics, as well as minors in economic forecasting and a 5-course economics minor.

James Madison University

James Madison University, a public research institution, boasts a student-to-faculty ratio of 17:1 and an average class size of 25 students. The academic profile of the incoming freshmen for the 2022-2023 academic year reveals that the mid-50% range for SAT scores was 1190-1350, while the mid-50% range for ACT scores was 25-30. For those pursuing a B.A. degree in economics, a minimum of 36 credit hours in economics is required, including 21 credit hours of core courses and 15 credit hours of electives. Additionally, the university offers other programs in economics such as BS and BBA.