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. 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.
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.
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.
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.
Note: There are two versions of E521 (microeconomic theory)—one intended for M.S. students, and the other (more difficult version) intended for Ph.D. students. Consult with Graduate Programs Director, Professor Wendy Morrison, or the Master’s Program Coordinator, Dana Ward, before registering for E521 to ensure you get the correct version.
Of the total 30 credit hours in graduate level Economics required for the MS, only 15 are prescribed, allowing students choices. All M.S. students must take,
E504* Mathematics for Economists (3 cr.)
E521* Theory of Prices and Markets (3 cr.) P: ECON-E 504 or consent of instructor
E570* Fundamentals of Statistics and Econometrics (3 cr.)
E577 Computer Methods and Data Analysis (3 cr.) P: E570 or E571.
E522 Macroeconomic Theory 1 (3 cr.)
* More advanced students may be permitted to take Ph.D. level courses in place of E504, E521, and E570.
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** (**E521 taken with the PhD students)
Remaining credits can be taken from Graduate level economics courses. For those students entering the program in Fall 2022, available courses that are accessible to MS students are expected include,
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:
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.
We are offering limited financial aid (tuition fee remission only) to strong applicants. To be considered, apply by January 31.
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.
Contact, Professor Wendy Morrison, Graduate Program Director