Master of Economics

Master of Economics

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A Master's Degree
Master's degree
A master's is an academic degree granted to individuals who have undergone study demonstrating a mastery or high-order overview of a specific field of study or area of professional practice...

 in Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...

(M.Econ.; also MS
Master of Science
A Master of Science is a postgraduate academic master's degree awarded by universities in many countries. The degree is typically studied for in the sciences including the social sciences.-Brazil, Argentina and Uruguay:...

 in Economics, MA
Master of Arts (postgraduate)
A Master of Arts from the Latin Magister Artium, is a type of Master's degree awarded by universities in many countries. The M.A. is usually contrasted with the M.S. or M.Sc. degrees...

 in Economics is a postgraduate academic program, offering training in economic theory, econometrics
Econometrics has been defined as "the application of mathematics and statistical methods to economic data" and described as the branch of economics "that aims to give empirical content to economic relations." More precisely, it is "the quantitative analysis of actual economic phenomena based on...

 and / or applied economics
Applied economics
Applied economics is a term that refers to the application of economic theory and analysis. While not a field of economics, it is typically characterized by the application of economic theory and econometrics to address practical issues in a range of fields including labour economics, industrial...

. The degree may be offered as a terminal degree
Terminal degree
A terminal degree is, in some countries, the highest academic degree in a given field of study. This phrase is in common use in the United States, but is not universal in an international context: the concept is not in general use in the United Kingdom, for example, and the exact definition varies...

 or as additional preparation for doctoral study
A doctorate is an academic degree or professional degree that in most countries refers to a class of degrees which qualify the holder to teach in a specific field, A doctorate is an academic degree or professional degree that in most countries refers to a class of degrees which qualify the holder...

, and is sometimes offered as a professional degree. The program emphasis and curriculum will differ correspondingly. Many universities (in the US) do not offer the Master's degree directly, rather the degree is routinely awarded as a Master's degree "en route", after completion of a designated phase of the Ph.D.
A Ph.D. is a Doctor of Philosophy, an academic degree.Ph.D. may also refer to:* Ph.D. , a 1980s British group*Piled Higher and Deeper, a web comic strip*PhD: Phantasy Degree, a Korean comic series* PhD Docbook renderer, an XML renderer...

 in economics. The course lasts from one to six years correspondingly A thesis
A dissertation or thesis is a document submitted in support of candidature for an academic degree or professional qualification presenting the author's research and findings...

 is generally required, particularly for terminal degrees.

Typically, the curriculum
See also Syllabus.In formal education, a curriculum is the set of courses, and their content, offered at a school or university. As an idea, curriculum stems from the Latin word for race course, referring to the course of deeds and experiences through which children grow to become mature adults...

 is structured around core topics
Core Curriculum
The Core Curriculum was originally developed as the main curriculum used by Columbia University's Columbia College. It began in 1919 with "Contemporary Civilization," about the origins of western civilization. It became the framework for many similar educational models throughout the United States...

, with any optional coursework
Coursework is the name for work carried out by students at university or middle/high school that contributes towards their overall grade, but which is assessed separately from their final exams. Coursework can, for example, take the form of experimental work, or may involve research in the...

In many different fields, the complement of X is something that together with X makes a complete whole—something that supplies what X lacks.Complement may refer to:...

ary to the program focus. The core modules are usually in Microeconomic Theory
Microeconomics is a branch of economics that studies the behavior of how the individual modern household and firms make decisions to allocate limited resources. Typically, it applies to markets where goods or services are being bought and sold...

, Macroeconomic Theory
Macroeconomics is a branch of economics dealing with the performance, structure, behavior, and decision-making of the whole economy. This includes a national, regional, or global economy...

 and Econometrics
Econometrics has been defined as "the application of mathematics and statistical methods to economic data" and described as the branch of economics "that aims to give empirical content to economic relations." More precisely, it is "the quantitative analysis of actual economic phenomena based on...

. Theory focused degrees will tend to cover these more mathematically, and emphasize econometric theory as opposed to econometric techniques and software; these will also require a separate course in Mathematical economics
Mathematical economics
Mathematical economics is the application of mathematical methods to represent economic theories and analyze problems posed in economics. It allows formulation and derivation of key relationships in a theory with clarity, generality, rigor, and simplicity...

. Note though that regardless of focus, most programs "now place a marked emphasis on the primacy of mathematics", and many universities thus also require "quantitative techniques", especially where mathematical economics is not a core course.

The optional or additional coursework will depend on the program's emphasis. In theory focused degrees, and those preparing students for doctoral work, this coursework is often in these same core topics, but in greater depth. In terminal or applied or career focused degrees, options may include public finance
Public finance
Public finance is the revenue and expenditure of public authoritiesThe purview of public finance is considered to be threefold: governmental effects on efficient allocation of resources, distribution of income, and macroeconomic stabilization.-Overview:The proper role of government provides a...

, labour-
Labour economics
Labor economics seeks to understand the functioning and dynamics of the market for labor. Labor markets function through the interaction of workers and employers...

, financial-
Financial economics
Financial Economics is the branch of economics concerned with "the allocation and deployment of economic resources, both spatially and across time, in an uncertain environment"....

, development-
Development economics
Development Economics is a branch of economics which deals with economic aspects of the development process in low-income countries. Its focus is not only on methods of promoting economic growth and structural change but also on improving the potential for the mass of the population, for example,...

, industrial-, health-
Health economics
Health economics is a branch of economics concerned with issues related to efficiency, effectiveness, value and behavior in the production and consumption of health and health care...

 or agricultural economics
Agricultural economics
Agricultural economics originally applied the principles of economics to the production of crops and livestock — a discipline known as agronomics. Agronomics was a branch of economics that specifically dealt with land usage. It focused on maximizing the crop yield while maintaining a good soil...

. These degrees may also allow for a specialization in one of these areas, and may be named correspondingly (for example Master of Financial Economics
Master of Financial Economics
A master’s degree in financial economics provides an understanding of theoretical finance and the underlying economic framework. The degree is postgraduate, and may incorporate a thesis or research component. Programs are often a joint offering by the business school and the economics department;...

, Masters in International Economics, Masters in Development Economics, Masters in Agricultural Economics).

Entry requirements are undergraduate work in economics, at least at the intermediate level, and usually as a major
Academic major
In the United States and Canada, an academic major or major concentration is the academic discipline to which an undergraduate student formally commits....

, and a sufficient level of mathematical training (including courses in: probability
Probability is ordinarily used to describe an attitude of mind towards some proposition of whose truth we arenot certain. The proposition of interest is usually of the form "Will a specific event occur?" The attitude of mind is of the form "How certain are we that the event will occur?" The...

 / statistics
Statistics is the study of the collection, organization, analysis, and interpretation of data. It deals with all aspects of this, including the planning of data collection in terms of the design of surveys and experiments....

; often (multivariable
Multivariable calculus
Multivariable calculus is the extension of calculus in one variable to calculus in more than one variable: the differentiated and integrated functions involve multiple variables, rather than just one....

) calculus
Calculus is a branch of mathematics focused on limits, functions, derivatives, integrals, and infinite series. This subject constitutes a major part of modern mathematics education. It has two major branches, differential calculus and integral calculus, which are related by the fundamental theorem...

 and linear algebra
Linear algebra
Linear algebra is a branch of mathematics that studies vector spaces, also called linear spaces, along with linear functions that input one vector and output another. Such functions are called linear maps and can be represented by matrices if a basis is given. Thus matrix theory is often...

; sometimes mathematical analysis
Mathematical analysis
Mathematical analysis, which mathematicians refer to simply as analysis, has its beginnings in the rigorous formulation of infinitesimal calculus. It is a branch of pure mathematics that includes the theories of differentiation, integration and measure, limits, infinite series, and analytic functions...

See also

  • Bachelor of Economics
  • Cand.oecon.
    Candidatus oeconomices or Candidata oeconomices , often abbreviated cand.oecon. is an academic degree in economics at Danish and Norwegian universities. It is roughly equivalent to a Master of Economics, but it consists of 4+2 years, and was based on a four year cand.mag.. The degree was replaced...

    : In Denmark an M.Sc. in Economics is called "cand.scient.oecon". It is a two year masters following the three year B.Sc.
  • Civilekonom
    Civilekonom, literally "civil economist", is a professional title in Sweden which traditionally refers to an individual who holds either a Bachelor's degree or a Master's degree in business administration and economics...

    ; Civiløkonom
    Civiløkonom, literally "civil economist", is a professional title in Denmark used for an individual who holds a certain degree in business administration and economics after three years of studies: Erhvervsvidenskabelig Afgangseksamen candidatus mercaturae .-See also:* Civilekonom...

    ; Siviløkonom
    Siviløkonom is an academic degree issued within the field of business administration and economics and a professional title in Norway , obtained after 5 years of studies...

External links and references