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. Students have an option to choose one of three tracks: applied economics, finance or general emphasis. 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
All M.S. students take the same courses in the fall quarter. In winter and spring, course requirements will vary based on the track that the student pursues. The three tracks offered are applied economics, finance, and general emphasis. Please refer to the capstone sections for your chosen track, listed in the table below, when selecting winter and spring courses. Students may also take additional classes if they desire.
Courses by Track and Quarter:
Courses and Program Requirements
Fall
ECON 186 Note: M.S. students are required to enroll in and attend the in-person ECON 186 mathematics course, which is highly beneficial to students’ success in the program. ECON 186 is offered as an accelerated short course taught over the three-week period immediately before the formal 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 217 | Applied Econometric Analysis II | 5 |
| ECON 294A | Applied Economics and Finance Laboratory | 2 |
| ECON 294B | Applied Economics and Finance Seminar | 2 |
| | Master's elective (5 credits) | |
| | Master's elective (5 credits) | |
Students will take a minimum of 19 credits in winter.
Students who choose the general or finance track for their capstone may take ECON 114 (6 credits) instead of ECON 217.
Electives for the finance track may include ECON 231, ECON 234, ECON 235, and ECON 236. Electives for the applied economics track may include ECON 201 and ECON 259B. Students on the general track may choose any combination of the electives. Students on all tracks may also choose any electives from the approved electives list, but need to make sure they take the electives necessary for the capstone exam.
Please refer to capstone sections for your chosen track when selecting winter courses.
Master's elective courses must be at least 5 credits (see list of "Pre-approved M.S. Electives").
Spring
| ECON 202 | Macroeconomic Analysis | 5 |
| ECON 294B | Applied Economics and Finance Seminar | 2 |
| | Master's elective (5 credits) | |
| | Master's elective (5 credits) | |
Students will take a minimum of 17 credits in spring.
Electives for the finance track may include ECON 231, ECON 234, ECON 235, and ECON 236. Electives for the applied economics track may include ECON 201 and ECON 259B. Students on the general track may choose any combination of the electives. Students on all tracks may also choose any electives from the approved electives list, but need to make sure they take the electives necessary for the capstone exam.
Please refer to capstone sections for each track when selecting spring courses.
Master's elective courses must be at least 5 credits (see list of "Pre-approved M.S. Electives").
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
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)
Environmental Studies
| ENVS 140
/LGST 140E
| National Environmental Policy | 5 |
Statistics
Capstone Requirements by Track
Students must pass a comprehensive capstone requirement in their selected track to receive their degree.
To complete the capstone exam requirement, students must declare the intended emphasis for the capstone prior to May 1 in spring quarter.
This capstone requirement consists of a comprehensive examination, which will take place on the Friday of week nine of spring quarter. The capstone exam sections for spring courses may only include material from the first five weeks of these courses. Students who do not pass the May examination may take it again in July 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.
The comprehensive exam consists of four sections, with each section corresponding to one course required for the track. For students in the general emphasis track, the four courses are fixed, while students in the applied microeconomics and finance tracks can choose four of five listed courses. Please refer to the capstone sections in the Courses by Track and Quarter table at the top.
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 notice, 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 notice 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.
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.