Master of Science in Economic Analytics
The digital revolution ignited an explosion of data. The availability of data is no longer a constraint to answering important questions. The critical constraint is now the ability to analyze, digest, visualize, and ultimately harness the data to drive decision making in business, science, and society.
Harness Data. Create Value.
The Master of Science in Economic Analytics is an intensive 10-month program that will guide students through economic modeling and theory to computational practice and cutting-edge tools, providing a thorough training in descriptive, predictive and prescriptive analytics.
Students will be equipped with a solid knowledge of econometric and machine learning methods, optimization and computing. These big-data skills, combined with knowledge of economic modeling, will enable them to identify, assess and seize the opportunity for data-driven value creation in the private and public sectors.
Raja Kali, Chair for the Department of Economics, sits down with Dean Matt Waller to discuss the new Walton College Master of Science in Economic Analytics program and how incoming students stand to benefit.
A survey of prospective employers indicates a robust and growing market for individuals successfully completing the MS in Economic Analytics program across many industries, such as retail, banking, finance, and healthcare. Common job titles associated with the knowledge and skills obtained from the program are:
- Data Products Analyst
- Business Intelligence Engineer
- Program Manager
- Data Scientist.
Expected salary for these positions is in the $75-85K range, rising sharply with experience. According to the Bureau of Labor Statistics, median pay in 2018 for master’s level economists is $104,340 per year.
Program Highlights: Skills, Tools, Certifications
- STEM designated degree
- State of the art Econometrics, Forecasting and Analytical Techniques
- Emphasis on Applied Economics and Economic Modeling
- Capstone course on Economic Analytics
- Training in Python and R
- Successful students are eligible for an Enterprise Systems (Business Analytics Concentration) Graduate Certificate in addition to the MS in Economic Analytics degree.
- Certified Business Economist exam offered on campus, in partnership with National Association for Business Economics (NABE).
Jobs and Salaries
Median base pay for those holding NABE's Certified Business Economist® designation (CBE) per the 2020 National Association for Business Economics salary survey.
National median pay for economists in 2019. The lowest 10 percent earned less than $59,450, and the highest 10 percent earned more than $185,020.
Number of people employed as economists in the United States.
Projected numeric change in the number of employed economists from 2019 to 2029. (+14% change. The average growth rate for all occupations is +4%.)
A typical requirement for entry-level employment as an economist.
Industry Survey: Employer Feedback
"There are large technological advances being made in the data analytics and predictive space. Over time, the tools that are being developed will filter down to jobs in schools, industries and government. This is a field that is not going away. Those areas that have invested in the ability to incorporate and adopt the tools will thrive. This program is taking one step in the right direction."A respondent from Amazon
"I believe this is a very nice addition to a standard Economics Degree program, infusing the incredibly valuable core reasoning and thinking skills from a traditional program with advanced data manipulation, analysis and interpretation skills. Graduates of Econ programs are among the best problem solvers we have. Adding more direct data science skills will only make them more effective in the workforce."A respondent from Information Resources Inc (IRI)
"Hospitals collect massive amounts of information and effective utilization of this information is necessary to remain competitive and financially solvent. The proposed coursework in SQL programming, Business Intelligence, and Python scripting combined with graduate economic coursework is a great foundation for understanding healthcare processes, asking great questions, and most importantly—successfully solving problems."A respondent from Duke University Hospital
To obtain the Master of Science in Economic Analytics degree, students must complete the following 30 hours of coursework.
|Summer 3 credit hours|
|Fall 12 credit hours|
|Spring 15 credit hours|
Admissions Requirements and Prerequisites
Students entering the M.S. in Economic Analytics program are expected to have a bachelor’s degree from an accredited institution with a satisfactory grade-point average. In addition, they are expected to have already mastered basic economic concepts or, demonstrated, with an official GMAT or GRE test score, the ability to master economic concepts taught in the program.
International applicants must submit an acceptable TOEFL or IELTS score, or complete the Intensive English Language Program (Spring International Language Center) and receive an English proficiency recommendation for admission. Other admissions criteria can be considered on a case by case basis. Students from all academic backgrounds are encouraged to apply.