The School of Analytics, Finance, and Economics offers graduate programs in economics that lead to both master’s and doctoral degrees. The master’s degrees are designed to be 12-16 month programs in which the student takes courses in theory as well as an applied specialization. The doctoral program is built around a core of courses in microeconomics, macroeconomics and econometrics, and allows the student to specialize in two fields. The coursework towards the doctoral degree is expected to take three years and the writing of a dissertation one year.
The overall scholastic record and potential of the applicant for admission is more important than prior preparation in specific areas of economics. While undergraduate programs in economics are desirable, the program is open to students whose undergraduate program was in other fields, especially quantitative fields like math or statistics. However, if a student has not taken intermediate level microeconomics, macroeconomics, and statistics, remedial work may be required before the student can take the required courses for the graduate degree.
Application is done online: gradschool.siu.edu/apply/. Additional information about the graduate programs in economics is available online at https://business.siu.edu/academics/schools/afe/econ/.
This program requires a nonrefundable $65 application fee that must be submitted with the application for admission to graduate study in economics. Applicants must pay this fee by credit card.
Although the Graduate Record Examination (GRE) is not officially required for admission, the economics program, uses the GRE in funding decisions. Students who seek funding from the program should take the GRE exam. Information on testing dates and locations may be obtained at ets.org or by writing to Educational Testing Service, Princeton, New Jersey 08540. Scores should be sent to Southern Illinois University Carbondale marked “Attention: School of Analytics, Finance, and Economics.” All exam scores must be received before admission.
Evaluations of applicants are based on information from the application form, three letters of recommendation, transcripts, and other information.
Applicants not admitted to the graduate programs in economics who meet the Graduate School requirements may register for remedial courses as nondeclared students. Such persons may be considered for admission to the program at a later date, based on their performance in such remedial courses. This option is not available to international students.
Foreign applicants whose native language is not English must take the Test of English as a Foreign Language (TOEFL) or another equivalent test. The graduate programs in economics require that the applicant achieve a 550 paper score or a 220 computer score or an 80 Internet-based score or above for admission to the graduate program. The TOEFL must be taken no more than 24 months prior to the date for which admission is sought. For information concerning TOEFL testing dates and locations, visit ets.org or write to Educational Testing Service, Princeton, New Jersey 08540.
Entry into Ph.D. in Economics Program
A student with a master’s degree must meet Graduate School admission requirements with a graduate grade point average of 3.25 (A = 4.0) or better. A student with a bachelor’s degree must meet Graduate School admission requirements with an undergraduate grade point average of 2.7 or better. After meeting these requirements the bachelor’s degree student will be initially admitted as a master’s in Economics student. Upon passing the qualifying exam, taken after the first year of graduate study, the student will be given entry into the doctoral program. Application for entry to the Ph.D. in Economics program should be made at the Graduate School website, gradschool.siu.edu.
Entry into the Master’s Degree Program
The master’s degree in Economics program is intended to serve as a terminal degree. A student with a bachelor’s degree must meet Graduate School admissions requirements with a grade point average of 2.7. Application for entry to the master’s degree in Economics program should be made at the Graduate School website, gradschool.siu.edu.
Master of Arts (M.A.) or Master of Science (M.S.) in Economics
The master’s degree in Economics prepares students for positions in government and business and for teaching at the junior college level. The general requirements for the Master’s degree in Economics may be conveniently classified under two broad headings, course-hour requirements and research requirements.
Course and Hour Requirements
Those students who plan to receive the Master’s degree in Economics as a terminal degree are required to have the following courses:
- ECON 465*: Mathematical Economics I
- ECON 463*: Applied Econometrics
- ECON 540A: Microeconomic Theory I
- ECON 541A: Macroeconomic Theory I
*For graduate credit
Each master’s in Economics student must accumulate a minimum total of 30 graduate-level credit hours approved by the director of graduate studies. Each master’s in Economics student must take at least one graduate director approved, two-course specialization. Twenty-one credit hours must be in Economics courses, excluding ECON 440, ECON 441, ECON 507, and ECON 590, and 50% must be in 500-level courses.
Any student who earns six credit hours of C or below in Economics courses taken for graduate credit is subject to dismissal from the graduate program in economics. A minimum grade point average of 3.0 (A = 4.0) in 400- and 500-level economics courses is required, excluding ECON 440, ECON 441, ECON 501 and ECON 502. Only 400- and 500-level courses may count toward the master’s in Economics degree. Graduate students in economics cannot take ECON 440 or ECON 441 for credit toward a graduate degree in economics.
Master of Arts in Economics
A Master of Arts in Economics degree will be awarded upon completion of a research paper and the course and hour requirements. The research paper is counted as three credit hours as ECON 598. For electronic submission requirements, please go to gradschool.siu.edu/current-students/thesis-dissertation-researchpaper/etd-overview.php. Here you will find detailed information concerning the electronic submission requirements. One copy is to be submitted to the School of Analytics, Finance, and Economics prior to graduation. Under this option, the student must take an additional graduate level course for three credit hours, as the research paper only constitutes three of the necessary 30 credit hours.
Master of Science in Economics
A Master of Science in Economics degree will be awarded upon completion of a master’s thesis and the course and hour requirements. The thesis shall be supervised by a committee of at least three members of the graduate faculty and will be counted for six credit hours as ECON 599. (Thus the thesis constitutes six of the required 30 credit hours). The student is required to submit the thesis electronically to the Graduate School. For electronic submission requirements, please go to gradschool.siu.edu/current-students/thesis-dissertation-researchpaper/etd-overview.php. Here you will find detailed information concerning the electronic submission requirements. One copy of the thesis is to be submitted to the School of Analytics, Finance, and Economics prior to graduation.
Accelerated Master's Program
Undergraduate economics majors at SIU can enter an accelerated master’s program in which specific courses will satisfy requirements in both degrees allowing for completion of the master’s degree in Economics after bachelor’s degree, but at a shorter accelerated pace. To enter this program, students apply through the economics program during their junior year and must have at least a 3.25 GPA in all coursework. Before the end of their senior year, students in this program take ECON 465 (Mathematical Economics), ECON 463 (Applied Econometrics), and one other 400-level Economics course, and Calculus I.
Nine credit hours from these 400-level ECON courses can be applied to both the bachelor’s degree and the master’s degree in Economics. Because the master’s in Economics requires 30 credit hours of coursework, students in the accelerated master’s in Economics program only need 21 credit hours after their senior year, thereby making it possible and likely to complete the master’s in Economics degree in only one year.
Please see the Director of Graduate Studies in the School of Analytics, Finance, and Economics for more information.
Doctor of Philosophy (Ph.D.) in Economics
The Ph.D. in Economics degree prepares students for teaching and research positions in the academic world, for positions such as senior economist in private industry and consulting firms, and for government positions requiring advanced economic training.
Course Requirements and Qualifying Exam
In the student’s first year (Fall/Spring) of graduate work, they will be required to take the following courses:
- ECON 465: Mathematical Economics I
- ECON 540A: Microeconomic Theory I
- ECON 540B: Microeconomic Theory II
- ECON 541A: Macroeconomic Theory I
- ECON 541B: Macroeconomic Theory II
- ECON 567A: Econometrics I
At the end of the first year (June), the student will take qualifying examinations over microeconomic theory and macroeconomic theory. A student will be allowed at most two attempts at passing each qualifying exam.
Fields of Specialization
A student is required to take two specialized fields in economics. In addition, the student is required to pass a written examination (after completion of the appropriate course work for credit) in one specialized field at the end of the second year. The School of Analytics, Finance, and Economics offers the following fields of specialization: economic development, international economics, monetary theory and policy, and finance. A student will be allowed to take a field exam at most two times.
Other Required Courses
Students are required to pass the following courses:
- ECON 540C: Microeconomic Theory III
- ECON 541C: Macroeconomic Theory III
- ECON 567B: Econometrics II
- ECON 567C: Econometrics III
Upon successful completion of the coursework and passing of the qualifying and field examinations, a student will then be admitted to candidacy for the Ph.D. in Economics degree. This will normally occur after the third year of work. Following this, the candidate, in consultation with their dissertation chairperson, will form a dissertation committee and develop a proposal. After the proposal is approved, the student must complete a dissertation based on original research and successfully defend the dissertation before the faculty.
The student is required to submit their dissertation electronically to the Graduate School. For electronic submission of dissertations, please go to gradschool.siu.edu/thesisdissertation-research paper/etd-guidelines. Here the student will find frequently asked questions, as well as information from UMI (University Microfilm International) regarding electronic submission requirements. One copy of the dissertation is to be submitted to the School of Analytics, Finance, and Economics prior to graduation.
The College of Business and Analytics has a differential tuition surcharge of 15 percent of applicable tuition for graduate College of Business and Analytics majors. The differential tuition surcharge will be assessed at the in-state tuition rate and will be capped at 15 credit hours per semester.