Compare and contrast the coursework requirements for the master's and Ph.D. degree programs at the college or university in which you are interested. If a master's program includes all or many of the courses required for the Ph.D., then studying for a master's degree will not only help you obtain a graduate-level degree, but also assist you in your doctoral studies.
Examine the areas of economics in which you can specialize and study the economics department's course offerings to determine the extent to which a master's degree program supports these and other specialties. Ph.D.s in economics specialize in a particular concentration, such as trade, labor economics, international economics, public finance or econometrics. A master's degree program that allows you to explore one or more possible concentrations may better prepare you for a Ph.D. program by helping you determine the area in which you choose to specialize.
Find out if the master's degree program at the institution in which you are interested includes a master's thesis as part of the degree requirements. A thesis is a written document that demonstrates a student's mastery of the subject matter and the ability to conduct original research. In general, a master's thesis is shorter in length than a doctoral dissertation. A Ph.D. program emphasizes the ability to conduct research, so a master's degree program that requires a thesis prepares a student for this crucial skill. In addition, an effective master's thesis may help the student identify an area of interest for further research as a doctoral student. In addition, the thesis could provide the basis for papers to present at academic conferences or submit to peer-reviewed economics journals. Presenting papers and publishing in journals is important for Ph.D. students, especially those interested in academic careers.