Development economics is a specialist branch of economics that focuses on economic growth and development in low-income nations. Economists working in this field seek to explain the causes and effects of poverty and how these can affect global economic policies.
According to the MIT Department of Economics, the subject is ideal for students "who are interested in studying the challenge posed by massive and persistent world poverty and in learning how the tools of economics can be used to shape policies designed to remedy this serious social problem."
Specific topics of study vary between institutions but may include international finance, global labor markets, the macroeconomics of the developing world and the role of commodity markets.
Most American universities that offer courses in development economics require students to enroll for a standard bachelor's degree in economics and then concentrate on their more-specialized area. As an example, MIT offers its undergraduates the chance to take core subjects in issues such as the principles of microeconomics, the foundation of development policy and the challenges of world poverty. Generally speaking, a good academic record is needed to gain admission to undergraduate courses, with course providers particularly looking out for evidence of strong numeracy and analytical skills.
In terms of postgraduate courses in development economics, a bachelor's degree in a relevant subject is a minimum requirement, though it may be the case that you need to show professional experience in the field in order to get accepted. For example, Yale states that many of its graduate students have some early career experience or graduate training. Those without this experience may need to boast an excellent academic record in order to get onto the most sought-after programs. New York University asks for excellent GRE scores in math, as well as a good grounding in economics at the undergraduate level for admission.
Given the international nature of development economics as a subject, you could consider looking at course options overseas. Among the prestigious universities offering courses in the subject, both at bachelor's and master's levels, are Oxford University, the School of Oriental and African Studies (SOAS) in London, the University of Oslo and the United Nations University in Helsinki, Finland.
Meanwhile, some US institutions require you to gain some international experience as part of a development economics postgraduate course. The University of San Francisco, for example, requires its master's students to undertake a field-study internship within a developing country for between one and three months.
MIT notes that many of its former development economics students have gone on to work at international organizations such as the World Bank and the International Monetary Fund, while Yale similarly notes its graduates go on to pursue careers in global banking, international development and research and policymaking.
Additionally, postgraduate courses in development economics can serve as a gateway into doctoral studies, giving students the chance to explore one specific area in greater depth.