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 2019 for master’s level economists is $105,020 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|
Meet Your Instructors
Get to know us! Meet a few of the faculty members teaching courses in the MS in Economic Analytics program. Our professors introduce themselves and share what you’ll learn in their courses.
Course: Managerial Economics
Courses: Introduction to Econometrics and Forecasting
Chair and Professor of the Department of Economics
ConocoPhillips Chair in International Economics & Business
Course: Macroeconomics and Economics Statistics
Director, Business Communication Lab
Course: Oral and Written Communications for the Digital Age
Course: Data Visualization
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.
This is a 1-year program consisting of two semesters starting in August.
The program is currently offered as a full-time program. Due to the COVID-19 pandemic, in 2020-21 classes are being offered in a variety of formats (in-person, remote and hybrid). As currently organized, the program cannot be completed in a fully remote format.
The target class size is 15-25 students.
Yes, it is a STEM designated degree in accordance with the U.S. Department of Education classification system.
The program is a 30 credit-hour program composed of 10 courses.
No. At the moment it is only offered as a full-time program.
No. The program begins in mid-August and courses must be taken in order.
Programming experience is not required but would be beneficial. A variety of software packages/programming languages are used in the program, including Stata, EViews, SAS, SQL, R and Python. Some of these are more menu-driven, while others require programming skills.
There is not a formal math requirement for the program, but math and statistics are import elements of economic analytics. Competency in algebra, calculus (especially differential calculus), linear algebra, and an econometrics/stat course would make it easier for students to focus on the concepts being taught rather than the math behind the content. Linear algebra provides shorthand notations for expressing models and is beneficial when working with data.
Survey of popular private and publica industry tools such as Excel, R, Python and STATA will be included.
Economic Analytics refers to the combination of economic modeling and data science techniques that enable students in the program to identify, assess and seize the opportunity for data-driven value creation in the private and public sectors. The data science techniques involve the econometrics of causal inference and predictive modeling using machine learning algorithms.
“We are drowning in information and starving for knowledge.” – John Naisbitt
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.
The Master of Science in Economic Analytics is a 10-month intensive 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 armed with a solid knowledge of econometric and machine learning methods, optimization, computing and database management. 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 sector.
The Certified Business Economist (CBE) is a certification in applied economics and data analytics. The CBE program was designed by leading economists to bridge the gap between what is learned in an academic setting and the knowledge needed to succeed as a practitioner. Many of the most prominent economists in the corporate sector have the CBE certification.
R, STATA, Python and SQL.
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.
Yes, we welcome applications from qualified international students.
No, but some familiarity with programming is an advantage.
A small number of merit-based scholarships and assistantships may be available.
- Data Scientist
- Predictive Analyst
- Data Products Analyst
- Business Intelligence Engineer
- Program Manager
- Economics Research Associate