The MS degree in Applied Economics provides strong foundations in economic theory, quantitative methods, applications, and research analysis to prepare graduates for professional careers in business and consulting, government, and research organizations, or as preparation for doctoral studies in Economics or Agricultural Economics. This degree is designed so that well-prepared students can complete it in only 1 year. Job opportunities after the MS degree include research analyst, economist, financial and marketing directors. While salaries after completing a Bachelor’s degree in Economics are around $42,546 – $76,621, those after a Master’s degree in Economics average $107,000; as reported by PayScale.com.
We next list more details of our MS program. You are welcome to submit your application before January 10th 2019, to be considered for the program starting in August 2019.
Major highlights of the MS program:
- Rigorous Academic Training. The program provides strong foundations in economic theory, quantitative methods, applications, and research analysis.
- Multiple Career Paths. Our goal is to enhance students’ competitiveness to succeed in professional careers in business, consulting, government, and research organizations, among others. This MS program is also excellent preparation for doctoral (PhD) studies in Economics, Finance, Agricultural Economics, or Business Economics.
- Flexible Learning Schedule. Our program allows for two programs of study:
o One-year option for students seeking industry, government, and consulting jobs, in which well-prepared students can complete all course work in 12 months obtaining a terminal MS degree; and
o Two-year option for PhD-bound students, in which students take some MS-level courses during their first year and PhD-level courses during their second year, which are transferred if the student is subsequently accepted into our PhD program. This has been a successful pathway for some of our best PhD graduates given their strong preparation in the MS program.
Main admission requirements:
- GPA. Bachelor’s Degree in Economics, Business, Finance, Engineering, or related fields, with a cumulative GPA of 3 or higher (out of a scale of 4);
- Prerequisite courses. Calculus, linear algebra, statistics, econometrics, intermediate microeconomics, and intermediate macroeconomics. (Students lacking 1-2 of these courses may still submit their application if they are planning to complete these courses before the beginning of the MS program. Students lacking several of these courses may consider the Pre-Master program described below.)
- GRE exam. We do not require a minimum GRE score (general test). However, the average GRE score in the quantitative section (the most important section for our application process) is around 153 points or above. If you took the GMAT exam, please contact us with your scores, to see if you would be waived taking the GRE exam. Please note that, if you are a Ph.D.-bound student who plans to continue into the WSU Ph.D. program after finishing your MS degree, you must include your GRE scores as part of your application to the MS program. You can find more information about the GRE here: https://www.ets.org/gre.
- TOEFL/IELTS exam. These are tests that evaluate your English proficiency. The minimum TOEFL score is 213 in the computer version (which corresponds to 550 points in paper version, and 80 points in the internet version). If you took the IELTS exam, the minimum IELTS score is 7 points. The TOELF/IELTS exams are waived to students graduating from universities where English is the language of instruction. Specifically, the Graduate School from WSU waives the TOEFL/IELTS exam to applicants who completed their degree from institutions in the following countries: Australia, Bahamas, Barbados, Botswana, Canada, Guyana, Kenya, United Kingdom, Republic of Ireland, Jamaica, New Zealand, Nigeria, and Trinidad and Tobago. For more details on this policy, visit https://gradschool.wsu.edu/international-requirements/, and for more information about the TOEFL exam here: https://www.ets.org/toefl.
- Letters of recommendation. During the application process, you must enter the names and contact information for three (3) faculty members, employers, or individuals who know you well. They will receive an automated email requesting them to directly submit to us a letter of recommendation on your behalf.
- You can submit your application online through WSU’s Graduate School’s website: https://www.applyweb.com/wsugrad/index.ftl.
Pre-Master program. This program prepares students to start taking MS-level courses. It is intended for applicants with, for instance, the following backgrounds:
- Non- Economics majors.
- Economics majors who completed their degree several year ago and would like to revisit some topics.
- Economics/Business majors who did not take courses that we regard as prerequisites in our MS program, such as Intermediate Microeconomics, Intermediate Macroeconomics, Econometrics, Statistics, Linear Algebra, and Calculus I and II.
The Pre-Master program can be tailored to each student, depending on his/her background and academic plans. Most students can complete this program in one or two semesters. If a student earns a grade of B+ or higher in all his/her courses, he/she can start taking MS-level courses the following semester.
A typical schedule could include, for example, the following courses:
Fall semester: EconS 301 (Intermediate Microeconomics with Calculus), EconS 311 (Introductory Econometrics), and Linear Algebra.
Spring semester: EconS 302 (Intermediate Macroeconomics), Calculus I and II.
Most of the above courses are offered every semester, also in the Summer sessions, and many are offered both on campus and online, allowing for flexible paths.
Students interested in the Pre-Master program must express their interest in their MS application. If admitted into our MS program, the Graduate Studies Committee may extend a conditional admission letter to the student, describing the list of preparatory courses recommended before starting to take MS-level courses. Officially, the student is a graduate student of our MS program, but cannot take MS-level courses until earning B+ or higher in all courses recommended in his admission letter.