The School of Analytics, Finance, and Economics offers graduate programs that lead to both master’s and doctoral degrees. The master’s degree is designed to be a 12-16 month program 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 specialization in economics is desirable, the program is open to students whose undergraduate specialization has been in other fields. 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.
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.
All applicants should take the aptitude portion of the Graduate Record Examination. 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 by the department are based on information from the application form, GRE scores, 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. 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 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. program should be made at the Graduate School website, gradschool.siu.edu.
Entry into the Master’s Degree Program
The master’s degree 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 program should be made at the Graduate School website, gradschool.siu.edu.
Bachelor's and Accelerated Master's Track
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 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) and ECON 463 (Applied Econometrics), one other 400-level Economics course, and MATH 150 (Calculus I).
Nine credits from these 400-level ECON courses can be applied to both the bachelor’s degree and the master’s degree. Because the master’s requires 30 hours of coursework, students in the accelerated master’s program only need 21 hours after their senior year thereby making it possible and likely to complete the master’s degree in only one year.
Please see the Director of Graduate Studies in the Economics Department for more information.
Requirements for the Master's Degree
The master’s degree prepares students for positions in government and business and for teaching at the junior college level. The general requirements for the Master’s degree may be conveniently classified under two broad headings, course and hour requirements and research requirements.
Course and Hour Requirements
Those students who plan to receive the Master’s degree 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 student must take at least one graduate director-approved, two-course specialization. In addition, each master’s student must accumulate a minimum total of 30 graduate-level semester hours approved by the director of graduate studies. Each master’s student must take at least one graduate director approved, two-course specialization. In addition, each master’s student must accumulate a minimum total of 30 graduate-level semester hours approved by the director of graduate studies. Of this minimum, 21 hours must be in Economics courses, excluding ECON 408, 440, 441, 443, 507, and 590, and 50% must be in 500-level courses.
Any student who earns six semester 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 408, ECON 440, ECON 441, ECON 501 and ECON 502. Only 400- and 500-level courses may count toward the master’s degree. Graduate students in economics cannot take ECON 408, ECON 440, ECON 441, or ECON 443 for credit toward a graduate degree in economics.
A Master of Arts degree will be awarded upon completion of a research paper and the course and hour requirements. The research paper is counted as three semester hours of credit 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 Department of Economics prior to graduation. Under this option, the student must take an additional graduatelevel course for three semester hours.
A Master of Science 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 semester hours of credit as ECON 599. (Thus the thesis constitutes six of the required 30 semester 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 Department of Economics prior to graduation.
Requirements for the Doctor of Philosophy Degree
The Ph.D. 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 he/she 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 Department of Economics offers the following fields of specialization: economic development, international economics, monetary theory and policy, applied microeconomics, advanced economic theory, 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. degree. This will normally occur after the third year of work. Following this, the candidate, in consultation with his/her 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-researchpaper/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 Department of Economics prior to graduation.