Master of Science in Economics

The Master of Arts program in Economics serves two audiences. Those who view the M.A. as their terminal degree obtain the training in analytic and quantitative skills that prepares them well for a career in business, government, or a nonprofit organization. Others find the M.A. useful as a stepping stone for further education. 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 our classes in the evening to accommodate the schedules of those who work elsewhere while pursuing their education. Students can complete the program on either a full-time or part-time basis. In either case, courses are scheduled to allow timely completion of the program.

Todd Sears

The 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. 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.

Masters in Applied Economics

The department offers four concentrations in the MA 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, PhD Prep, prepares students to enter a PhD program in economics by emphasizing more theoretically rigorous courses and fewer applied courses.  The final concentration is in Monetary and Financial Economics.

The course schedule for each concentration is given below.  Courses are three credits unless indicated otherwise.  A course designated with * is recommended but is not required, a course designated with ** is a PhD level course. Note also that E521, Microeconomic Theory, is offered in both the spring and fall. The E521 offered in the fall is intended for PhD students and is more difficult. The schedules below list the spring semester version of E521 except for the PhD preparation track. Students in that track should E521 in the fall. there is a new numbering for, E511 replaces the old E521 numbering.

Brian Denton

General Econometrics

First Year

  Fall   Spring
  1. E504 Math for Economists   1. E521 Microeconomic Theory
  2. E570 Econometrics   2. E522 Macroeconomic Theory
  3. STAT 51600 Probability   3. STAT 51700 Statistical Inference

Second Year

  Fall   Spring
  1. E574 Times Series / Forecasting   1. E582 Applied Microeconomics II
  2. E581 Applied Microeconomics I   2. E583 Applied Macroeconomics
  3. E600* Readings (2 credits)  

Health Economics

First Year

  Fall   Spring
  1. E504 Math for Economists   1. E521 Microeconomic Theory
  2. E570 Econometrics   2. E522 Macroeconomic Theory
  3. PBHL H514 Health Economics   3. E583 Applied Macroeconomics

Second Year

  Fall   Spring
  1. E574 Times Series and Forecasting   1. E582 Applied Microeconomics II
  2. E581 Applied Microeconomics I  
  3. PBHL E517 Epidemiology  

PhD Prep

First Year

  Fall   Spring
  1. E520** Math for Economists   1. E522 Macroeconomic Theory
  2. E570 Econometrics   2. E583 Applied Macroeconomics
  3. E521** Microeconomic Theory  

Second Year

  Fall   Spring
  1. E571** Econometrics I   1. E582 Applied Microeconomics II
  2. E581 Applied Microeconomics I   2. E577**Computer Methods
  3. M44400 Real Analysis   3. Elective in Math or Statistics

Monetary and Financial Economics

First Year

  Fall   Spring
  1. E504 Math for Economists   1. E521 Microeconomic Theory
  2. E570 Econometrics   2. E522 Macroeconomic Theory
  3. F523 Financial Management   3. F520 Asset Valuation and Strategy
  F540 The Firm in the Capital Market

Second Year

  Fall   Spring
  1. E574 Times Series and Forecasting   1. E582 Applied Microeconomics I
  2. E582 Applied Microeconomics II   2. E583 Applied Macroeconomics
  3. E600* Readings  

Notes:  F520 and F540 are 1.5 credits each.  Students with a background in finance may be eligible for a more advanced finance sequence-F520/F540 in the Fall and then International Finance F570/F571 in the Spring. Students require permission from the Kelley School of Business to take graduate-level finance courses. Student pursuing this option should speak to the MA coordinator about obtaining this permission.


Students with good credentials in any discipline may apply to the 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 bachelors degree from an accredited institution. Ordinarily, 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 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), 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.

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
  3. three (3) letters of recommendation from people capable of assessing the student's 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 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 they wish to earn an advanced degree in economics.
  6. for most international students, TOEFL or IELTS scores 


International applicationsfor 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.

For questions please contact Professor Peter Rangazas


The explosion of data available to firms and governments has increased the demand for skilled people to organize, analyze, and interpret the information.  A Master’s in Economics is a good way to obtain the necessary skills.  Those with an Economics Master’s degree work in banking, finance, marketing, business strategy, and government positions, earning salaries that are consistently in the top 10 among all master’s degree holders.  A Master’s is also a good pathway through which to enter a PhD program in Economics.  MA

Program Requirements

Students in the dual program complete 30 credit hours of coursework.  There are four courses (12 credits) that overlap and count for both the BA and the MS degrees.  The four courses are E406 (Senior Seminar in Economics), E504 (Mathematics for Economists), E570 (Econometrics) and STAT 41600/51600 (a probability theory course that provides background needed for more advanced statistical and econometric work).  These four courses are taken in the student’s senior year.  Thus, if the student decides not to complete the MS, they would be taking no “extra” courses—all four courses would count toward their BA or BS degree in economics.  The remaining six courses (18 credits) are taken across two semesters in a fifth year of study.

Admission Requirements

The requirements for the degree are the same as the requirements for students to gain admission to the MS program except that a completed undergraduate degree is not required to get started.  Admissions will be based on (1) performance in the core economics undergraduate economics courses (E201, E202, E270, E321, E322), (2) performance in Math 16500 (Calculus I) and (3) three letters of recommendation from instructors in the undergraduate courses mentioned above.

The course schedule for the dual program is as follows.

5 Year BA/MS

First Year/Senior Year

  Fall   Spring
  1. E504 Math for Economists   1. E570 Econometrics
  2. STAT 51600 Probability   2. E406 Senior Seminar

Second Year

  Fall   Spring
  1. E521 Microeconomic Theory   1. E582 Applied Microeconomics II
  2. E522 Macroeconomic Theory   2. E583 Applied Macroeconomics
  3. E574 Time Series Analysis   3. STAT 41700/51700 Statistics

For more information please contact Professor Peter Rangazas,, CA519.