ECONOMICS
General Description:
Economics is the branch of social science that deals with the production, distribution and consumption of goods
and services and their management. As a scientific discipline, economics provides useful analytical tools and
frameworks for understanding human behavior in the areas of receiving and spending money.
Listed below are the most common specializations and degrees within this area of study. Please note that the
manner in which US institutions classify or name an area of study might differ from your home country.
Common
Specializations
Macroeconomics Macroeconomics is one of two main branches of economics. It is the study of
national economics and the determination of national income. Macroeconomics
can be used to analyze how best to influence government policy goals, including
economic growth, price stability, full employment and the attainment of a
sustainable balance of payments.
Microeconomics Microeconomics is the second of the two main branches of economics. It
considers the economic behavior of individual consumers, firms and industries.
One of the goals of microeconomics is to analyze market mechanisms that
establish relative prices amongst goods and services and allocation of limited
resources amongst many alternative uses.
Economic Economic Development is the study of the development of the economic wealth
Development of countries or regions for the well-being of its inhabitants. This field combines
the studies of long term economic growth, and the economics of individual
households and organizations, especially in developing countries.
Econometrics Econometrics applies statistical methods to the empirical study of economic
theories and relationships. It is a combination of mathematical economics,
statistics, economic statistics and economic theory.
Applied Applied Economics is the application of theory, economic principals and analysis
Economics to a particular economic issue. This may include labor, business, industry,
development, education, monetary economics, public economics, agricultural
economics and others. Applied Economics is often chosen by students who do
not intend to pursue a Ph.D.
International International Economics, often grouped with International Trade and/or
Economics, International Finance, studies the interactions and exchanges of different
countries, including trade, investment, migration and monetary economics.
Trade and International Finance studies the flow of capital across international financial
Finance markets.
Policy / Public The specializations of Public and Policy Economics examine government policy
Economics and economic policy in terms of efficiency and equity. They assess whether or
not governments should participate in economic markets and if so, analyze the
roles they should take. Public and Policy Economics focus on actions taken by
governments in economic systems, such as setting interest rates, budgets etc.
Environmental / Environmental Economics studies the economic impact of national or local
Natural Resource environmental policies (resources, sustainability). Natural Resource Economics
deals with the supply, demand and allocation of the Earth’s natural resources,
Economics the role of natural resources in the economy, and developing more sustainable
methods of managing those resources.
Agricultural Agricultural Economics covers a wide range of programs and areas and applies
Economics the principles of economics to the production of crops and livestock. Some of the
specific areas of study in agricultural economics include: community and rural
development, food safety and nutrition, international trade, natural resource and
environmental economics, production economics, consumer behavior and
household economics, analysis of markets and competition, agribusiness
economics and management.
Prepared by the IIE’s Academic and Experiential Learning Division
Common Degrees
PhD The Ph.D. is typically a 4-5 year program and is designed to prepare a student as
an economist for a potential career in university research, business, government
or the private sector. Extremely competitive!
MA/MS The Master’s in economics is typically a 30-36 hour program that takes 1-2 years
to complete and allows the student to choose between a thesis or non-thesis
program. The thesis program is designed to develop the student’s professional
research competence. A non-thesis program will typically require additional
coursework or a supplementary project. Students who do not intend to pursue a
Ph.D. might choose to explore an Applied Economics master’s program.
Special tips for doctoral applicants: Economics programs seek applicants with backgrounds in
economics. It is highly recommended that an applicant have a strong background in quantitative skills, linear
algebra, calculus and statistics.
Special tips for visiting student researchers: Applicants should select a faculty member with a
strong background in their specific field of specialization who will serve as an advisor and mentor.
Admission
Requirements
Admission and Deadlines can be as early as November 30 / December 1.
Financial aid
deadlines
Academic The applicant should have a strong background in micro and macroeconomics,
background economic theory, econometrics, math (especially calculus and linear algebra), and
quantitative methods. Some programs will allow students with academic
deficiencies to complete required prerequisite coursework in math and economics
along with elective coursework before beginning their core economics curriculum.
However, there are few institutions that offer this option, and it is advisable that
prerequisite coursework be completed before enrolling in a program.
Work Some development and policy economics programs will strongly recommend or
experience require a minimum of two years of professional experience.
Tests A TOEFL score of 92-93 IBT or 580 (paper-based) is usually the standard
minimum requirement, but at the Ph.D. level at least 100 IBT or 600 paper-based
is expected. All three sections of the GRE exam are considered important, but the
quantitative score carries the most weight. At the Ph.D. level, most programs, and
particularly very competitive programs, expect the quantitative score to be at least
in the 80th percentile and more often in the 90th percentile.
Academic A writing sample is typically required for Ph.D. candidates and some master’s
writing sample candidates.
General The top programs are very competitive. Clear study objectives are important as
Admission there is a great deal of crossover from specialization to specialization. A student’s
interests must match or “fit” with the program and faculty interests or the applicant
Requirements will not be considered competitive for the program. Letters of reference are
important and, if possible, should be written by professionals who have taught or
supervised the applicant.
Other Important Information:
Many schools strongly recommend that incoming students in economics attend a Summer Mathematical Course
to enable them to be better prepared for graduate work in economics. Typically called “Math Camps or Boot
Camps,” these programs are usually optional, free and non-credit. Knowledge of Economics, Calculus and
Linear Algebra is usually required, so many programs indicate that students who do not participate in the
summer math courses may be less prepared than their classmates who do participate.
Prepared by the IIE’s Academic and Experiential Learning Division
