The University of Tennessee, Knoxville, offers a Master of Arts in economics through the Haslam College of Business.
The MA in Economics program is designed to prepare students for careers in economics and/or finance in the private and public sectors, and to provide advanced work for those interested in pursuing a Ph.D. in economics, finance or a related field. This coursework-only degree typically takes two to three semesters to complete. An accelerated (“4+1”) program option allows University of Tennessee-Knoxville undergraduate students majoring in economics or finance to complete the master’s in economics with only two additional semesters of coursework.
Acquire marketable skills
The program focuses on advanced theoretical and applied skills that are valued by employers in both the private and public sectors.
Expand your job opportunities
Many professional jobs related to economics and finance require advanced training. Be in control of your career path and do not just settle on one.
STEM designation
This is a STEM designated program. It also is an Optional Practical Training program, which affectively allows international students to work in the U.S. for up to three years after graduation before needing a work visa.
A high return on your investment
Average starting salaries are about $20k higher for those with a master’s versus a bachelor’s degree in economics or finance, and the gap widens with time in the workforce. Considering the degree can be completed in as little as 10 months, this is a wise investment in your human capital.
Prepare for a PhD program
Earning an MA increases your chance of getting into a top program and successfully completing a PhD. The quantitative rigor of PhD programs in economics and finance represents a considerable step up from an undergraduate program, and a master’s degree helps to bridge this knowledge gap.
Launch your career sooner rather than later
The accelerated timeline of two to three semesters means you do not have to wait long before starting your career.
What You’ll Learn
Through a combination of theoretical models and empirical skills, professional economists are uniquely equipped to evaluate public programs and business strategies, study and understand human behavior and markets, and offer effective solutions to policy makers, businesses, and households.
Many degree programs teach quantitative skills and provide experience working with data. Training in economics helps you to simplify complex, real-world issues, which makes it more feasible to identify solutions. Our work is further grounded in assumptions about human behavior. This helps us ask the right questions, and understand the important tradeoffs. Economics also focuses on drawing causal inferences from data, rather than just uncovering correlations and associations.
The core curriculum delivers the theory and quantitative expertise expected of professionals working in economics and finance, with a focus on applications and computer skills development.
Students pursuing the Applied Economics Concentration are given flexibility to enhance their skillset in different ways. Most will take courses to acquire additional data, coding, and analysis skills. Others may elect to prepare for a career in public policy. Still others may take advanced coursework to prepare them for further graduate studies.
Students pursuing the Financial Economics concentration will develop skills in valuation, security pricing, risk analysis, and asset management.
Curriculum
The MA Economics degree requires 30 credit hours of coursework, which includes 15 credit hours of required coursework and 15 credit hours within a concentration. Students select between two concentrations: Applied Economic Analysis, and Financial Economics.
Required Coursework*
ECON 521 Applied Microeconomic Theory (3) Optimization theory for microeconomic models; Consumer choice model – demand and welfare analysis; Models of firm behavior – input demand, efficient production cost, and supply decisions under various market structures; Decision making under uncertainty; Strategic decision making and game theory; Market failures – externalities, adverse selection, and moral hazard; Behavioral Economics.
ECON 523 Applied Macroeconomic Theory (3) Fundamental macroeconomics topics include consumption, investment, production, unemployment, and economic growth. The interrelationship between money, inflation, and interest rates. Emphasis on the micro-foundations of macroeconomics, policy analysis, and the use of real-world data.
ECON 581 Mathematical Methods in Economics (3) Mathematical analysis in economic theory. Applications of selected mathematical techniques to economic topics: theories of choice, firm, consumer behavior, general equilibrium, games, distribution, growth, stability, and input-output.
ECON 582 Elements of Econometrics I (3) Elementary econometric concepts and techniques. Least squares and maximum likelihood estimation, specification and econometric problems, statistical inference, generalized least squares, simultaneous equation models, applications of concepts to economic problems.
ECON 583 Elements of Econometrics II (3) Elementary econometric concepts and techniques. Least squares and maximum likelihood estimation, specification and econometric problems, statistical inference, generalized least squares, simultaneous equation models, applications of concepts to economic problems.
*With permission from the program director, students may substitute ECON 511 for ECON 521, and either ECON 513 or ECON 682 for ECON 523.
Concentrations
Economics MA: Applied Economic Analysis Concentration
Those pursuing this concentration take 15 credit hours of approved electives in economics and/or other disciplines. At least 6 of these must be at the 500-level or above. Any 400-level courses applied to the MA degree must be approved and taken for graduate credit.
Below is a current list of approved courses. With permission from the program director or guidance committee, other courses may be taken to fulfill elective requirements.
Approved Electives:
Economics courses
Any 400-level (with instructor permission) or 500-level economics (ECON) course that appears in the graduate catalog can be used to satisfy elective requirements. This includes a variety of methodological courses as well as field courses in topics such as environment, health, labor, trade, public finance, and industrial organization.
Courses offered by other departments
- AREC 542 – Decisions, Uncertainty, and Resource Allocation\
- AREC 550 – Microeconomic Applications to Agricultural and Resource Markets
- AREC 570 – Advanced Natural Resource Economics
- COSC 505 – Introduction to Programming for Scientists and Engineers
- COSC 522 – Machine Learning*
- COSC 526 – Data Mining and Analytics*
- IE 565 – Applied Data Science*
- POLS 548 – Public Policy Process
- POLS 549 – Environmental Policy
- POLS 551 – Energy Policy
- POLS 556 – Policy Analysis
- STAT 563 – Probability and Mathematical Statistics*
- STAT 573 – Design of Experiments*
- STAT 575 – Applied Time Series*
- STAT 577 – Data Mining Methods and Applications*
- STAT 578 – Categorical Data Analysis*
*Denotes courses that can be used to fulfill requirements for the Minor in Statistics offered through the IGSDSP.
Minor in Statistics
Students are strongly encouraged to earn a Minor in Statistics through the Intercollegiate Graduate Statistics and Data Science Program (IGSDSP). For master’s degree students, the requirement is 9 credit hours of courses taken from the approved IGSDSP list. The list includes ECON 582 and 583, which are required courses for the MA in Economics. Therefore, students only need to take a third course to complete the minor, and are encouraged to select a third IGSDSP course as one of their Applied Economic Analysis concentration electives.
Standard degree path
Fall semester | Credits |
ECON 521 (Applied Microeconomic Theory) | 3 |
ECON 581 (Mathematical Economics)* | 3 |
ECON 582 (Econometrics I) | 3 |
Electives** | 3-6 |
Spring semester | |
ECON 523 (Applied Macroeconomic Theory) | 3 |
ECON 583 (Econometrics II) | 3 |
Electives | 6-9 |
Summer term (if necessary) | |
Electives** | 0-6 |
TOTAL (minimum) | 30 |
*This course begins on or around August 1 and is an intensive 3-week course.
**To fulfill the Statistics minor, we recommend that students select one additional course from the IGSDSP list as one of their electives.
Economics MA: Financial Economics Concentration
Those pursuing this concentration take 15 credit hours of coursework in finance. Of these, there are 6 credits in required courses and 9 credits of electives. Up to 9 credit hours can be at the 400-level. Any 400-level courses applied to the MA degree must be approved and taken for graduate credit.
Coursework:
- FINC 525 or course selected in consultation with the program director and/or guidance committee
- FINC 457, FINC 555, or course selected in consultation with the program director and/or guidance committee
- 9 credit hours of electives selected in consultation with the program director and/or guidance committee. Any 400-level (with instructor permission) or 500-level finance (FINC) course that appears in the graduate catalog can be used to satisfy elective requirements.
Standard degree path
Fall semester | Credits |
ECON 521 (Applied Microeconomic Theory) | 3 |
ECON 581 (Mathematical Economics)* | 3 |
ECON 582 (Econometrics I) | 3 |
FINC 525 (Investment Analysis and Portfolio Management) | 3 |
Finance Electives | 0-3 |
Spring semester | |
ECON 523 (Applied Macroeconomic Theory) | 3 |
ECON 583 (Econometrics II) | 3 |
FINC 555 (Financial Management: Theory and Practice) | 3 |
Electives | 3-6 |
Summer term (if necessary) | |
Finance Electives | 0-6 |
TOTAL (minimum) | 30 |
*This course begins on or around August 1 and is an intensive 3-week course.
Admissions
Applications
To be considered for admission to the MA in Economics program, candidates must submit a completed application through the online application portal administered by the Haslam College of Business.
As part of the application, candidates must include:
- Academic transcripts from all colleges and universities attended
- Professional resume or CV
- Three letters of recommendation*
- Graduate Record Exam (GRE) or Graduate Admission Test (GMAT) scores*
- Test of English as a Foreign Language (TOEFL) or the International Language Testing System (IELTS) scores, if the native language is not English
- $60 application fee
*Requirement is waived for University of Tennessee-Knoxville undergraduate economics and finance majors provisionally admitted to the 4+1 program.
Key Dates
- February 1: Deadline for international students
- February 1: Priority deadline for domestic and international students to be considered for program-specific graduate assistantships, fellowships, and scholarships
- May 15: Deadline for domestic students
Graduate school admission requirements
The Graduate School sets admissions requirements that must be met before applicants can be considered for any degree program. These requirements are:
- Applicants must have obtained a bachelor’s degree from a college or university accredited by the appropriate regional accrediting agency, recognized by the Council for Higher Education Accreditation (CHEA). A non-U.S. degree must be equivalent to a bachelor’s degree from the United States and must be granted by a recognized or accredited foreign institution.
- United States degree holders must have earned a minimum of 2.7 out of a possible 4.0 or a minimum of 3.0 during the senior year of undergraduate study. If you have completed previous graduate coursework, you must have earned a minimum of 3.0 out of a possible 4.0
- Applicants with non-U.S. degrees must have earned a minimum of 3.0 on a 4.0 scale or other equivalent to a ‘B’ average. If you have completed previous graduate coursework, you must have earned a minimum of 3.3 out of a possible 4.0 or other equivalent to a ‘B+’ average.
- For those requiring English certification, either a total score of 80 on the TOEFL or a 6.5 overall band score on the IELTS.
Program admission requirements
Although a bachelor’s degree in economics or finance is not required, students need to have taken appropriate coursework in preparation for the graduate program. It is strongly recommended that applicants have completed or plan to take the following courses (or their equivalent if coming from a different institution) prior to enrollment:
- Economic theory: Intermediate Microeconomic Theory (ECON 311) and Intermediate Macroeconomic Theory (ECON 313)
- Data analysis: Introduction to Statistics (STAT 201) and Introduction to Econometrics (ECON 381). Students interested in the Applied Economic Analysis concentration are further encouraged to take one or more additional courses in data science or data analysis.
- Mathematics: Calculus I & II (MATH 141 & 142). Alternatively, a one-semester course in mathematical economics (ECON 482).
- Finance (Financial Economics Concentration only): Financial Management (FINC 306), Financial Statement Analysis (FINC 420), and Investment and Portfolio Management (FINC 425).
- Additional coursework in economics, statistics and mathematics is of course desirable.
Students may be admitted to the MA program and later be admitted into the PhD program. Such a change in admission status is at the discretion of the Department.
Tuition & Funding Opportunities
Tuition and fees
An up-to-date schedule of graduate tuition and fees can be found at One Stop Student Services. For the 2024 academic year (Fall + Spring semester), in-state tuition was $13,620 and out-of-state tuition was $32,108.
In addition, beginning Fall 2025, it is anticipated that there will be a special program fee of $3,000 per semester. This fee will be charged for each of the first two semesters in the program.
Funding opportunities
Learn about federal student loans and other need-based financial aid for graduate students at the financial aid for graduate students at One Stop Student Services. Complete the FAFSA (Free Application for Federal Student Aid) by February 15.
Applicants admitted to the program are automatically considered for a limited number of scholarships and quarter-time (25 percent FTE) graduate assistantships. Graduate assistants work an average of 10 hours per week and assist faculty in the economics or finance department with teaching or research needs. Graduate assistants receive a stipend, a waiver of university tuition and fees, and are provided student health insurance for the semester awarded.
The Graduate School further provides fellowships and awards.