Program Overview

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Economics - Applied Economics

Overview

Our master’s degree in Applied Economics links basic economic theory and statistical techniques to real-world problems faced by decision makers. With emphasis on extensive training in econometrics and forecasting, exposure to working with large and diverse data sets, and a wide range of statistical software, this program gives students the applied skills that employers demand and provides those pursuing advanced degrees an edge in gaining admission to top Ph.D. programs.

The Applied Economics sequence is designed to train students in the quantitative and applied economic skills that will best enhance their future employment opportunities as economists, research analysts, or planners in the private and public sectors. While the curriculum is structured as a terminal degree in applied economics and many graduates have advanced to doctoral-level programs in economics and in related disciplines, the program is also well suited for individuals who wish to return to school to obtain a graduate degree in a business-related discipline for the purpose of career advancement.

The Applied Economics program is a STEM designated degree, which focuses on the systematic study of mathematical and statistical analysis of economic phenomena and problems. STEM designated degree programs offer additional benefits for students, including potential grant funded opportunities and, for international students, extended OPT study options.

Graduate Advisor

Dr. Tim Harris

University Admission Requirements

• Have earned a four-year bachelor's degree or its equivalent from a college or university that is accredited by the appropriate regional accrediting association, or do so by the time of program matriculation.
• Submit unofficial transcripts from each college or university other than Illinois State at which graduate, undergraduate, or non-degree credit was earned. The unofficial transcript should be easily readable and clearly indicate degree(s) awarded, courses and course grades for each term.
• If admitted, official domestic transcripts can be emailed from the university to or mailed in a sealed envelope to: Illinois State University, Graduate School, 208 Hovey Hall, Campus Box 4040, Normal, IL .
• If admitted, official international transcripts can be emailed directly from the international institution to or mailed in a sealed envelope to: Illinois State University, International Admissions, Campus Box 6180, Normal, IL .

Additional Program Admission Requirements

GPA

• A student admitted in the program must have a cumulative GPA of 3.0 on a 4.0 scale for either the last 60 hours of undergraduate coursework or any previous work in a master’s program.

Coursework

• For admission without deficiencies, applicants need to have successfully completed college courses in:
  • basic calculus and statistics
  • intermediate microeconomic and macroeconomic theory

Graduate Record Examination (GRE)

• Applicants need to have a quantitative GRE score of 150 or better, and a verbal GRE score of 140 or better. Use institutional code 1319 to submit GRE scores.
• Alternatively, GMAT scores can be submitted in place of GRE scores. Applicants submitting GMAT scores must have a GMAT Quantitative Score of 28 or better, and a GMAT Verbal Score of 18 or better for admission consideration.

Letters of Recommendation

• This program requires two (2) letters of recommendation. At least one of the letters of recommendation should come from someone familiar with your scholarly record. The other letter can be an additional academic reference or a professional reference from someone who knows you well and can comment on your potential as a graduate student.

Other Documents

• A student applying to this sequence must also upload into the online application system:
  • a current resume or C.V.
  • a 300-word statement of purpose explaining your interest in the Applied Economics graduate sequence at Illinois State University, your academic and professional goals, and what you hope to achieve as a graduate student in Economics

International Students

• In addition to the above requirements, international applicants need to submit:
  • Scores from either the Test of English as a Foreign Language (TOEFL) or International English Language Testing System (IELTS).
    • Minimum TOEFL Scores: 79 for internet-based test (iBT)
    • Minimum IELTS Score: 6.5 band
    • Minimum Duolingo Score: 105

Application Deadlines

• Fall Term — Priority March 1, Final June 15
• Spring Term — Priority September 1, Final October 15
• Summer Term — No applications are accepted for the summer term

Graduate Assistantships

• The University provides graduate assistantships as a means of financial support. They are intended as a way to facilitate a student's progress to degree while providing important professional development.

Eligibility

• To be eligible for an assistantship a student must, generally,
  • be admitted unconditionally as a degree-seeking student into a graduate academic program, or have a minimum of 120 undergraduate hours if in an integrated degree program
  • be in good-standing
  • be enrolled full-time (typically at least 9 credit hours during the fall or spring semesters, or at least 6 hours during the summer session).

Benefits

• Graduate assistants receive
  • monthly wages paid in the form of either a stipend or an hourly wage
  • a waiver for 100% of tuition during a semester of appointment
  • a waiver for up to 12 credit hours of tuition for the summer term immediately following a fall or spring appointment

Costs & Funding

• See Student Accounts for information on tuition and fees. Funding for graduate students is available from several different sources. Students who have been admitted from contiguous states including Iowa, Indiana, Kentucky, Michigan, Missouri, and Wisconsin will receive in-state tuition.