Master of Science in Economics

Training in analytic and quantitative skills prepares you well for a career in business, government, or a nonprofit organization.

If you are interested in pursuing an academic career, the M.S program is also useful as a steppingstone to further your education. In this master’s program, you will acquire the skills necessary to pursue a Ph.D. in economics or obtain an economics foundation that enriches doctoral-level studies in business, finance, marketing, law, planning, or public policy.

Our Master of Science program in Economics has a STEM designation. The M.S. serves two audiences: those wanting an M.S. as a terminal degree, and those seeing it as a stepping stone to further graduate studies. As a terminal degree, the M.S. provides the training in analytic and quantitative skills to prepare graduates well for a career in business, government, or a nonprofit organization. As preparation for further graduate studies, students acquire or update the skills necessary to pursue a Ph.D. in economics, or obtain an economics foundation that enriches doctoral-level studies in business, finance, marketing, law, planning, or public policy. Classes are demanding, but taught in a nurturing and friendly environment that encourages student-faculty and student-student interaction within and outside of the classroom. We offer classes in the evening, or have online options, to accommodate the schedules of those who work full-time while pursuing their education. Students can complete the program on either a full-time or part-time basis.

Our Students

Students from the U.S., China, India, Kyrgyzstan, Mexico, Nepal, Russia, Thailand, and Turkey have enrolled in our program. Approximately a third of our students work full-time in private industry or government, while the others work part-time or are full-time students. About half of the graduate students are women. Our students hold undergraduate degrees in Economics, Business, Engineering, Mathematics and Political Science.

Almost every student has been successfully placed shortly after graduation. Those seeking a Ph.D. in Economics and related fields such as Business and Finance have gone on to universities such as Chicago, Cornell, Indiana, Iowa, North Carolina, Rutgers, UC-San Diego, and Virginia Tech. Some students have moved into our own Ph.D. program, which focuses on health economics, before finishing the M.S. Other graduates have taken jobs with employers such as the Federal Home Loan Bank Board, the Indianapolis Department of Commerce, the Indiana State Budget Agency, the IU Medical Center, Pedcor Bancorp, Spiegel, Inc., Union Federal Savings Bank, the Veterans Administration Medical Center, and Walker Research.

Course Requirements

The department offers four concentrations in the M.S. program. Each concentration requires 30 hours of coursework, including 6 hours of electives outside of economics. The general econometrics concentration is designed to give students general skills in interpreting and analyzing data that are suitable for a wide variety of jobs in business and government. The concentration in health economics prepares students for work in the health industry and for private and government research positions that examine various impacts of health on the economy. The third concentration, Ph.D. Prep, prepares students to enter a Ph.D. program in economics by emphasizing more theoretically rigorous courses and fewer applied courses. The final concentration is in monetary and financial economics.

Core Courses for Concentrations

General Econometrics

First Year:

  • ECON-E504 Math for Economists
  • ECON-E570 Econometrics
  • STAT 51600 Probability
  • ECON-E521 Microeconomic Theory
  • ECON-E522 Macroeconomic Theory
  • STAT 51600 Statistical Inference

Second Year:

  • ECON-E574 Time Series / Forecasting
  • ECON-E581 Applied Microeconomics I
  • ECON-E600 Readings (2 credits)
  • ECON-E582 Applied Microeconomics II
  • ECON-E583 Applied Macroeconomics

 

Health Economics

First Year:

  • ECON-E504 Math for Economists
  • ECON-E570 Econometrics
  • PBHL-H514 Health Economics
  • ECON-E521 Microeconomic Theory
  • ECON-E522 Macroeconomic Theory
  • ECON-E583 Applied Macroeconomics

Second Year:

  • ECON-E574 Time Series / Forecasting
  • ECON-E581 Applied Microeconomics I
  • PBHL-E517 Epidemiology
  • ECON-E582 Applied Microeconomics II

 

Ph.D. Prep

First Year:

  • ECON-E504 Math for Economists
  • ECON-E570 Econometrics
  • ECON-E521 Microeconomic Theory
  • ECON-E522 Macroeconomic Theory
  • ECON-E583 Applied Macroeconomics

Second Year:

  • ECON-E571 Econometrics I
  • ECON-E581 Applied Microeconomics
  • M44400 Real Analysis
  • ECON-E582 Applied Microeconomics II
  • ECON-E577 Computer Methods
  • Elective in Math or Statistics

 

Monetary and Financial Economics

First Year:

  • ECON-E504 Math for Economists
  • ECON-E570 Econometrics
  • F523 Financial Management
  • F540 The Firm in the Capital Market
  • ECON-E521 Microeconomic Theory
  • ECON-E522 Macroeconomic Theory
  • F520 Asset Valuation and Strategy

Second Year:

  • ECON-E574 Time Series / Forecasting
  • ECON-E581 Applied Microeconomics I
  • ECON-E600 Readings (2 credits)
  • ECON-E582 Applied Microeconomics II
  • ECON-E583 Applied Macroeconomics

Admission Requirements:

Students from any discipline may apply to the program, but successful applicants usually have training in mathematics and statistics. Applicants should have completed a bachelor’s degree from an accredited institution. Applicants should have a overall minimum grade point average of 3.0 on a 4.0 scale in their former course work and in their previous economics courses. Before beginning graduate study in economics, a student should have knowledge of intermediate-level undergraduate economic theory (E321 intermediate microeconomics and E322 intermediate macroeconomics), statistics (E270), multivariate differential and integral calculus (the IUPUI equivalent M 16500 offered by the mathematics department, and finite mathematics may be admitted on a conditional basis.)

Applicants must submit:

  1. an online application.
  2. official transcripts of all relevant academic work. If your university participates in electronic transmission of transcripts, send them to teamgrad@iupui.edu,
  3. three (3) letters of recommendation from people capable of assessing your potential for graduate study (at least two are normally from former instructors). These letters MUST be submitted by the letter writer and uploaded directly to the application. Please contact teamgrad@iupui.edu if you need assistance.
  4. scores from the Graduate Record Examination (GRE) are optional. If you wish to bolster your application, please submit scores to our school code 1325.
  5. a personal statement indicating why you wish to earn an advanced degree in economics.
  6. for most international students, TOEFL or IELTS scores

Deadlines

International applications for admission must be completed, with all supporting documentation received, by April 15th. Domestic applications must be completed, with all supporting documentation received, by July 1st. Applications are accepted for Fall admission only.

Non-native English Requirements

For students with English as a second language, a minimum TOEFL score of 79, successful completion of ELS 112, or a minimum IELTS score of 6.5 is required. Students, whose TOEFL score is less than 100 or whose IELTS is less than 7.5, will be required to participate in the English for Academic Purposes (EAP) program at IUPUI. The Office of International Affairs will contact you regarding taking the EAP exam once you are on campus to discover if additional coursework in English proficiency is required.

More Info

Contact, Professor Wendy Morrison, Graduate Program Director