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.

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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. We currently admit students to enter the M.S. in fall semesters; starting in spring 2023, we will begin also admitting students to enter the M.S. in spring semesters.

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.

Master of Science in Economics

The department offers three concentrations in the M.S. program: General Econometrics; Health Economics; and, PhD Prep. Each concentration requires 30 hours of coursework. The General Econometrics concentration is designed to give students 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. All streams prepare students to enter a PhD program, but the PhD Prep stream exposes students to more theoretically rigorous PhD level courses so that they enter a PhD program in economics on very solid ground.

Degree Requirements

For those entering the program in, or after, 2022, all MS streams require a total of 30 credit hours of graduate level Economics courses, including courses in Math, Microeconomic Theory, Statistics/Econometrics, Macroeconomic Theory, and Computer Methods. If a student wants to count courses outside of Economics toward their M.S. degree, they need the approval of the director of the M.S. program. A course designated with ** is a Ph.D. level course.

Course Requirements

Of the total 30 credit hours in graduate level Economics required for the M.S., only 15 are prescribed, allowing students choices. All M.S. students must take,

ECON-E 504* Mathematics for Economists (3 cr.)
ECON-M 501* Theory of Prices and Markets (3 cr.) P: ECON-E 504 or consent of instructor
ECON-E570* Fundamentals of Statistics and Econometrics (3 cr.)
ECON-E577 Computer Methods and Data Analysis (3 cr.) P: E570 or E571.
ECON-E522 Macroeconomic Theory 1 (3 cr.)
* More advanced students may be permitted to take Ph.D. level courses in place of E504, M501, and E570.

Core Courses for Concentrations

Students take additional graduate level economics courses to meet the total of 30 credit hours, including some specific requirements for each stream. The streams accommodate student interests. Students should speak to the Economics Graduate Programs Director if they wish to include a course from outside of the Economics Department.

General Econometrics: E571
Health Economics stream: E587 and at least one of E514/E643/E644
PhD Prep stream: E520, E571, E521

Remaining credits can be taken from Graduate level economics courses. For those students entering the program in Fall 2023, available courses that are accessible to MS students are expected include,

  • ECON-E 514 The Nonprofit Economy and Public Policy (3 cr.)
  • ECON-E 574 Forecasting/Time Series Analysis (3 cr.) P: E570
  • ECON-E 582 Topics in Applied Microeconomics II (3 cr.)
  • ECON-E 583 Topics in Applied Macroeconomics (3 cr.)
  • ECON-E 587 Health Economics (3 cr.) – Health Economics Stream (required)
  • ECON-E 643 Health Economics I (3 cr.) P: E587 or permission.
  • ECON-E 520 Optimization Theory in Economic Analysis (3 cr.) – PhD Prep Stream (required)
  • ECON-E 521 Theory of Prices and Markets (3 cr.) – PhD Prep Stream (required)
  • ECON-E 571 Econometrics I-Statistical Foundations (3 cr.) P: E570 – PhD Prep Stream and Econometrics Stream (required)

Schedule for Fall 2023 Entrants

Scheduling may vary somewhat from one cohort to the next. Students following the PhD Prep track are advised to take M501, E504, and E570, before taking the corresponding PhD level courses E521, E520, and E571, however, more advanced students may be able to go straight into the PhD level courses. Each stream requires the completion of 30 credit hours of graduate level economics courses. Courses marked ** are PhD level courses.

General Econometrics Stream

Fall Year 1: E504, M501, E570
Spring Year 1: E577**, optional Econ courses
Fall Year 2: E522, E571**, optional Econ course
Spring Year 2: optional Econ courses.

Health Economics Stream

Fall Year 1: E504, E570, M501
Spring Year 1: E587, E514, E577**
Fall Year 2: E644, optional Econ course
Spring Year 2: Optional Econ courses (2)

PhD Prep Stream

Fall Year 1: E504, M501, E570
Spring Year 1: E577**, E520**, E521**
Fall Year 2: E571**, E522
Spring Year 2: optional econ course(s)

 

Admission Requirements:

Students with good credentials in any discipline may apply to the M.S. in Economics program, but successful applicants usually demonstrate an ability in economics or similar area with significant training in mathematics and statistics. Applicants should have completed a bachelor’s degree from an accredited institution. Ordinarily, applicants should have an 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 undertaking graduate study in economics, a student should have knowledge of intermediate-level undergraduate economic theory (E321 intermediate microeconomics and E322 intermediate macroeconomics), statistics (E270), finite mathematics, and multivariate differential and integral calculus (the IUPUI equivalent M 16500 offered by the mathematics department). Students meeting some but not all of these requirements may be admitted on a conditional basis.

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 in order to discover if additional coursework in English proficiency is required.

Applicants must submit:

  1. An online application. To apply online please Click Here
  2. Official transcripts of all relevant academic work. If your university participates in electronic transmission of transcripts please have them sent to email 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. Letters of recommendation submitted by the application will not be accepted. Please contact teamgrad@iupui.edu if you need assistance.
  4. You are not required to submit scores from the Graduate Record Examination (GRE). If your GRE scores are good, and you wish to use them 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

JANUARY 2023 ENTRY: We are now accepting applications for January 2023 entry. International applications for admission must be completed, with all supporting documentation received, by October 15th. Domestic applications must be completed, with all supporting documentation received, by December 1st.

FALL 2023 ENTRY: Domestic applications must be completed, with all supporting documentation received, by August 15th. We need to receive applications and all supporting documentation by mid-March for international students to allow time for their visa application.

Direct questions regarding admission to Prof. Wendy Morrison or Dana Ward.

Non-native English Requirements

Students with English as a second language, can find English requirements for IU Programs on Office of International Affairs’ English proficiency page: https://international.iupui.edu/admissions/how-apply/graduate/english.html. There you will find information on testing requirements (TOEFL or an alternative test).

The list of countries exempt from the proof of English proficiency requirements are also available from OIA, https://international.iupui.edu/admissions/english-speaking-countries-grad.html.

More Info

Contact, Professor Wendy Morrison, Graduate Program Director