Introduction
The M.S. program in applied economics and finance is a one-year program that provides analytical graduate training designed to prepare students for careers in business, international and domestic banking, consulting firms, government, and nonprofit organizations. The program combines core training in economic theory with meaningful applications that students are likely to face in their professional careers. Compared to a typical M.A. in economics, our program has a more applied orientation. Compared to most M.B.A. programs, our program provides more training in economics, statistics, and econometrics. The curriculum stresses mastery of core principles in micro and macroeconomics and finance. In addition, each student learns how to solve practical problems and to communicate the results clearly. The emphasis of the program, and perhaps its greatest strength, is exposing students to cutting edge data analytics approaches, advanced econometric techniques, statistical and data analysis software packages (R, Stata, Python), and large-scale financial and microeconomic data sets throughout their coursework.
International students in the M.S. program are eligible to apply for optional practical training (OPT) through the Office of International Education. Our M.S. program in applied economics and finance is also eligible for the OPT STEM Extension. For more information please visit the International Scholar and Student Services website.
Past graduates of this program have gone on to successful careers in the private and public sectors with placements at a diverse range of companies and institutions, including tech giants such as Apple, Amazon, Google, Twitter; smaller tech firms such as ZipRecruiter, Zillow, Expedia; biotech and industrial companies including Genentech and Toyota; financial companies including traditional such as Bloomberg, Citigroup, Morgan Stanley, new such as SoFi, as well as regional and foreign commercial banks; all of the "Big Four" accounting firms; and government and regulatory institutions such as Federal Reserve, the California Franchise Tax Board, State Bar of California, and local governments and agencies. Other graduates have gone on to earn Ph.D. degrees in economics.
Requirements
Course Requirements
M.S. students are required to take the following classes starting in the fall quarter of the academic year they enroll in the program. Students may also take additional classes if they desire.
Courses and Program Requirements
Fall
ECON 186 Note: M.S. students are required to enroll in ECON 186, a three-week pre-fall mathematics course, which is highly beneficial to students’ success in the program. ECON 186 is offered as an accelerated short course before the start of fall quarter. Students may test out of taking ECON 186 by passing an exam at any time after June 15 and by July 31.
Winter
| ECON 202 | Macroeconomic Analysis | 5 |
| ECON 294A | Applied Economics and Finance Laboratory | 2 |
| ECON 294B | Applied Economics and Finance Seminar | 2 |
| | Master's elective | |
| | AND | |
| ECON 217 | Applied Econometric Analysis II | 5 |
| | or these courses | |
| ECON 114 | Advanced Quantitative Methods | 6 |
Spring
| ECON 201 | Applications in Microeconomics | 5 |
| ECON 236 | Financial Engineering | 5 |
| | Master's elective | |
| ECON 294B | Applied Economics and Finance Seminar | 2 |
*Students who choose the finance track for their capstone exam may substitute a second elective for ECON 201.
**Students who choose the applied microeconomics track for their capstone exam may substitute a second elective for ECON 236.
Electives
Students may satisfy the elective requirements by taking approved courses within the Economics Department or from another discipline. The department has assembled a list of pre-approved master's electives (curricular offerings are subject to change annually). Students will need to file a departmental petition for review and approval of courses that are not on the pre-approved elective list.
Pre-Approved M.S. Electives
Please note courses are not offered every quarter or every year.
Economics
Enrollment in these ECON courses requires permission of instructor: ECON 111A, ECON 111B, ECON 111C, ECON 211C.
Applied Mathematics
| AM 216 | Stochastic Differential Equations | 5 |
Computer Science and Engineering (CSE)
| CSE 20 | Beginning Programming in Python | 5 |
| CSE 101 | Introduction to Data Structures and Algorithms | 5 |
| CSE 102 | Introduction to Analysis of Algorithms | 5 |
| CSE 182 | Introduction to Database Management Systems | 5 |
CSE 20 Note: As it is a lower-division course, CSE 20 does not count toward the 35 credits required by the university to obtain a master's degree. However, since it broadens the skill-set of students in the program, we allow for it as a master's elective to satisfy department requirements. Before enrolling in this course, students should take care to ensure that they will have 35 eligible credits for graduation.
CSE Pre-Approved course electives (require permission of instructor)
Enrollment in these computer science and engineering courses requires permission of instructor: CSE 111, CSE 142, CSE 201, CSE 202, CSE 243, CSE 270B, CSE 271, CSE 272, CSE 277.
Environmental Studies
| ENVS 140
/LGST 140E
| National Environmental Policy | 5 |
Statistics
Other Requirements
Students must pass a comprehensive capstone requirement to receive their degree. This capstone requirement consists of a comprehensive examination, which will take place within two weeks of spring graduation. Students who do not pass the June examination may take it again in August at a date scheduled by the department. Further attempts at passing the comprehensive examination will be approved by the master's committee on an appeal-only basis, with appeals only given for extraordinary or extenuating circumstances.
Students may choose an emphasis in their comprehensive exam requirement based on their academic and professional interests, as reflected in their choices. The applied microeconomics and finance exams, respectively, will consist of one section each from the following courses:
Applied Microeconomics (complete 4 of 5 sections):
- ECON 200*
- ECON 201*
- ECON 216
- ECON 217
- ECON 259B
Finance (complete 4 of 5 sections)
- ECON 231
- ECON 233*
- ECON 234
- ECON 235
- ECON 236*
To complete the capstone exam requirement, students must declare an intended emphasis for the capstone from the following three options prior to June 1 of their spring quarter:
1. Applied Microeconomics: Students must pass the applied microeconomics exam in full, which entails choosing four of the five sections of the exam corresponding to the courses listed above.
2. Finance Emphasis: Students must pass the finance exam in full, which entails choosing four of the five sections of the exam corresponding to the courses listed above.
3. General Emphasis: Students must pass the core components of both exams, two in applied microeconomics and two in finance, for a total of four sections (see courses designated by *).
Academic Progress
Along with enrolling in the necessary number of credits, students are expected to maintain satisfactory academic standing during their time at UC Santa Cruz. Students not making satisfactory progress will be placed on academic probation, and students will be dismissed from the program if they do not remove their probationary status within one quarter. For example, if a student is placed on probation starting in the winter quarter, they must improve to the extent that their probationary status is removed by the beginning of the spring quarter.
Specifically, a student will be placed on academic probation if they fail any of the core (i.e., non-elective), 5-credit courses in the program. Students will be dismissed from the program if they fail core courses in consecutive quarters. The core courses are: ECON 200, ECON 202, ECON 216, ECON 233, and ECON 217 OR ECON 114/ECON 114L.
Note that probation and dismissal can only be formally issued by the Graduate Division (under recommendation from the Economics Department). More details on these procedures, as well as student’s right to appeal such decisions, can be found in the Graduate Division Handbook.
Applying for Graduation
By the end of the second week of instruction in the quarter you intend to graduate, you must file an "Application for Degree" form with the Division of Graduate Studies.