MS in Applied Economics

The Master of Science in Applied Economics (MSAE) degree is for individuals seeking careers as economic, market or financial analysts in industry, government, or the financial sector. The program provides students the solid grounding in economic theory and the working knowledge of advanced quantitative methods needed to succeed as business economists, market or financial analysts, economic researchers, government staff economists, or economic consultants.

In contrast to traditional, purely academic programs in economics, Marquette's MSAE program concentrates on developing and applying practical skills which can be used to solve real problems confronting business and government. The curriculum is designed to produce practitioners who can design, develop and interpret economic models. Courses emphasize the application of economic theory and the use of quantitative techniques rather than their theoretical underpinnings. Communication skills also are stressed through frequent written and oral presentations and applied projects. The program is usually completed in three or four semesters.

 

30

Credits minimum

18

Months to complete

6

Specializations

 

 

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  • Contact Us
  • Curriculum & Specializations
  • Application Details
  • Tuition and Financial Aid
  • 5-year (4+1) option
  • FAQs
  • Careers & Internships

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For a graphical representation, see the curriculum flowchart.

Curriculum flowchart thumbnail

The MSAE program requires a minimum of 30 credit hours of graduate work, a non-credit master's essay and a final oral examination. No formal master's thesis is required

The 30 hours include 12 hours of required core courses in economic theory and quantitative analysis, an additional 12 hours of coursework relating to a chosen area of specialization, and 6 hours of electives. For students who do not choose a specialization, a general track is also available.

Common Core Courses

ECON 6560 Applied Econometrics
ECON 6561 Applied Time-Series Economic Forecasting
ECON 6503 Microeconomic Theory and Applications
ECON 6504 Macroeconomic Theory and Applications
ECON 6998 Master's Professional Project & Comprehensive Exam

MSAE Specializations

Specializations on this page apply to students starting the program in Fall 2021 or later.  Students starting earlier should refer to the Graduate Bulletin.

Business Economics Specialization

The Business Economics Specialization is suitable for individuals seeking careers in the private sector in industries such as utilities, services and manufacturing. It combines economics courses with such business courses as managerial accounting, marketing management, and operations management.

CORE Plus:         

ACCO 6200 Managerial Accounting for Decision Making

6 to 9 credit hours chosen from:

  • BUAD 6160 Business Analytics using Spreadsheets
  • BULA 6110 Legal Issues in Business and Technology
  • FINA 6200 Advanced Financial Management
  • MARK 6200 Marketing Management
  • MARK 6160 Marketing Research
  • OSCM 6200 Operations and Supply Chain Management
  • OSCM 6110 Manufacturing Management
  • OSCM 6115 Service Operations Management
  • MBA 6140 Leading People & Change AND MBA 6160 Leadership Coaching & Development (1.5 credit hours each)

Skills courses, up to three 1-credit courses from the following:

  • BUAD 6108 GIS
  • BUAD 6112 SAS
  • BUAD 6113 SPSS
  • ECON 6114 R Programming
  • ECON 6118 Python
  • ECON 6931B SQL

6‑9 elective hours in Economics

Applied Economic Analysis Specialization

POLICY FOCUS

CORE Plus:

Choose four of the following courses:

  • ECON 6506 INDUSTRIAL ORGANIZATION AND PUBLIC POLICY
  • ECON 6510 ECONOMICS OF THE PUBLIC SECTOR
  • ECON 6512 STUDIES IN URBAN AND REGIONAL ECONOMICS
  • ECON 6520 STUDIES IN LABOR MARKET ANALYSIS
  • ECON 6522 STUDIES IN HEALTH ECONOMICS
  • ECON 5005 SPORTS ECONOMICS
  • ECON 5072 BEHAVIORAL ECONOMICS

6 additional credits from business, economics, mathematics/computer science or social sciences

SELF-DIRECTED OPTION

CORE Plus:

18 additional credits, at least 12 credits must be in Economics and up to 6 credits in business, mathematics/computer science or social sciences.

Business and Managerial Analytics Specialization

CORE Plus:        

MBA 6100 Business Analytics

Fifteen credits in the following, with no more than six credits in any area:

  • FINA 6931 Financial Econometrics
  • MARK 6160/5931 Marketing Research   
  • MARK 6165 Marketing Analytics
  • INSY 6159: Design and Management of Database Systems
  • COSC 6510 Business Intelligence
  • COSC 5820 Ethics and Social Implications of Big Data
  • COSC 5610 Data Mining
  • Three 1-credit courses from the following: BUAD 6112 SAS, BUAD 6113 SPSS, ECON 6114 R Programming, ECON 6931a Python, ECON 6931b SQL                  

Financial Economics Specialization

The Financial Economics Specialization is appropriate for those interested in a career in the financial services sector including banks, insurance companies, and securities markets. It blends such economics courses as monetary theory and policy with courses in financial policy and an advanced seminar in finance.

Core Plus:

ACCO 6200 Managerial Accounting
ECON 6580 Monetary Theory and Policy
FINA 6200 Financial Management

One 3-credit elective in finance, including:

FINA 5370 Advanced Investment Management, Ethics and Society
FINA 6111 Investments
FINA 6115 Real Estate Finance and Investments
FINA 6130 Bank Management
FINA 6140 International Financial Management
FINA 6160 Financial Derivatives
FINA 6161 Fixed Income Markets and Securities
FINA 6170 Investment Management, Ethics and Society
FINA 6931 Topics in Finance

AND Six elective credits in Economics

Note that these courses (excluding ECON) are standard courses in the MBA Program and in some cases prerequisite coursework may be required. 

Marketing Research Specialization

The Marketing Research Specialization is designed for students interested in a career in marketing research and market analysis, working either for marketing research consulting companies, or in marketing research departments of companies in the service, manufacturing or financial sector. It combines the applied econometric and forecasting courses taught in the economics core with courses in marketing management, marketing research, and other traditional marketing areas.

CORE Plus:         

  • MARK 6200 Marketing Management
  • MARK 6160 Marketing Research   

Choose 6 credits from MBA Marketing Courses

This also includes up to 3 credits of the following 1-credit courses

  • BUAD 6112 SAS
  • BUAD 6113 SPSS
  • ECON 6114 R Programming
  • ECON 6118 Python
  • ECON 6931b SQL                  

6 credits in ECON courses

[1] Non-economics courses may require additional prerequisites not counted as part of the 30 hours of required course work.

Other business electives maybe taken with the consent of program director.

Learning Outcomes

As one of many methods of assuring that the goals of our educational mission are successfully met, the college regularly and systematically engages in the assessment of a variety of competencies. As part of this assurance of learning, each program defines and collects data on learning outcomes; statements of the knowledge, skills and attitudes that we want our graduates to possess. We use them for continuous improvement and they are the criteria on which organizations such as AACSB evaluate our accreditation. The following is the learning outcome in our MSAE program.

MSAE Student Learning Outcomes

Students who graduate from the MSAE program will be able to successfully design and complete an empirical research project that includes:  

  • identifying an original question with implications for public policy or that leads to business solutions that can be answered with available methods and data 
  • applying advanced empirical techniques to address causality  
  • defending and discussing the results 
  • providing an executive summary highlighting all important aspects of the project 

This program has rolling admission, which means you may apply any time before the following dates:

  • Fall term admissions – August 1 (June 1 for international applicants)
  • Spring term admissions – December 15 (October 15 for international applicants)

Admission to the MSAE program requires that applicants have successfully completed a four-year undergraduate degree with a GPA of 3.0 or higher (on a 4.0 scale). For those below the 3.0 requirement, please contact us to see if other qualifications may be used to help fulfill this requirement. Qualified applicants are expected to have completed coursework in economics through intermediate microeconomic and macroeconomic theory and at least one course in both basic statistics and calculus at the college level. Applicants without the required background will be required to make up the deficiency either through remedial coursework or an approved program of self-study.

Although it is strongly recommended that students begin the program in the fall semester, applicants for the spring semester will be considered.

Application requirements:

  • A completed online application form and $50 fee, waived if you attend an online info session
  • Official transcripts from all current and previous colleges except Marquette1
  • Minimum 3.00 GPA
  • Official test scores from the Graduate Management Admission Test (GMAT) or Graduate Records Exam (GRE). See the GMAT/GRE Waiver policy to see if you're eligible for a waiver
  • Essay questions on the application form
  • Resume or job profile
  • Two letters of recommendation
  • Possible interview

Additional requirements for international students:

  • Official TOEFL score or other acceptable proof of English proficiency
  • Possible interview

1) Upon admission, final official transcripts from all previously attended colleges/universities, with certified English translations if original language is not English, must be submitted to the Graduate School within the first five weeks of the term of admission or a hold preventing registration for future terms will be placed on the student’s record. 

Tuition:$1,220 per credit for 2021-2022

For a comprehensive listing of merit-based aid (graduate assistantships/fellowships), visit the financial aid webpage. Private scholarships may also be available. U.S. citizens and permanent residents may be eligible to apply for need-based federal aid (loans) to help fund their educational expenses as well.

A five year BA/MSAE or BS/MSAE option is also available that reduces the time necessary to complete the MSAE degree. This option permits students from for Marquette, St. Norbert College, UW-Oshkosh, and the University of the Pacific to complete two MSAE courses in their senior year, complete two more courses in the summer after their senior year, and then complete the remainder of their coursework and their graduate professional research project with two more semesters of coursework.

Contact Dr. Farrokh Nourzad for more information about the five year option.

farrokh.nourzad@marquette.edu

What can I do with a MSAE degree?

The Master of Science in Applied Economics (MSAE) degree is for individuals seeking careers as economic, market or financial analysts in industry, government, or the financial sector. The program provides students the solid grounding in economic theory and the working knowledge of advanced quantitative methods needed to succeed as business economists, market or financial analysts, economic researchers, government staff economists, or economic consultants.

Are there specializations within the MS degree?

Yes, students can specialize in business economics, marketing research, financial economics, or real estate economics specialization. However, you can complete the program in a general track allowing you to focus exclusively on economics courses.

Aren’t most MS Economics degrees traditionally academic?

True but Marquette's MSAE program concentrates on developing and applying practical skills which can be used to solve real problems confronting business and government. The curriculum is designed to produce practitioners who can design, develop and interpret economic models. As a result, courses emphasize the application of economic theory and the use of quantitative techniques rather than the derivation of their theoretical underpinnings. Communication skills also are stressed through frequent written and oral presentations of results from applied projects.

How long will it take me to complete?

The program is usually completed in three or four semesters. However, a five year BA/MSAE or BS/MSAE option is also available that reduces the time necessary to complete the MSAE degree.

Can I attend part-time?

You can attend the MSAE program as a full-time or part-time student. Classes are held in the evening to accommodate for regular work schedules during the day.

Will I have an advisor?

Yes, your advisor will be the faculty director of the program. Students will meet with their advisor on a regular basis for course selection to be sure they are on track to graduate.

Are internships available?

Many full-time students participate in internships after their first year in the program. Credits for internship to do not count toward the 30 credits required for the degree.

Internships

The MSAE program and the Business Career Center help students secure internship opportunities once they have completed their first year of graduate study. Internships afford our students the opportunity to apply the empirical tools learned in the MSAE program in a real-world business setting. Recently, students have interned at MillerCoors Brewing Company, Harley-Davidson Motor Company, Johnson Controls, GE Medical, BMO Harris Bank, Kohl’s Corporation, Kohler Company, Associated Bank, Direct Supply, Misix, and Cooper Energy Systems to name a few.

International students may need to apply some of their optional practical training (optional) to be eligible for internships. In the past, a number of internships have met the guidelines for curricular practical training (CPT). Be aware that this is done in conjunction with enrolling in the Internship in Applied Economics course (ECON 6986) that is typically for 1-3 credits. However, the credits DO NOT count toward the 30 credits needed for the MSAE degree.

Career Opportunities

The placement record of the program has been outstanding. Graduates of the MSAE program typically find employment in the field by the time they graduate or shortly thereafter.

Our graduates are working or have worked in various capacities in the financial services sector, utilities, manufacturing, and in local, state and federal governments, holding positions as Research Analysts, Economists, Marketing Analysts, Marketing Specialists, Research Associates, Sales Analysts, Managers, and Statisticians to name a few.

Placements have included positions at:

  • AC Nielsen, Chicago, IL
  • American Express, Phoenix, Arizona
  • Assurant Health, Milwaukee, WI
  • Blue Cross/Blue Shield, Milwaukee, WI
  • Christensen Associates, Madison, WI
  • CRU International, Ltd., Milwaukee, WI and London, England
  • DDB Matrix, Chicago, IL
  • Fannie Mae, Washington, D.C.
  • GE Medical, Milwaukee, WI
  • GSP Marketing, Chicago, IL
  • Hagler Bailly Services, Washington, D.C.
  • Harley Davidson, Milwaukee, WI
  • Household Credit Services, Salinas, CA
  • Information Resources Inc., Chicago, IL
  • Investment Company Institute, Washington, D.C.
  • Kerry Ingredients, Beloit, WI
  • Kohler Co. Kohler, WI
  • Kohl’s Corporation, Milwaukee, WI
  • Lab Safety Inc., Janesville, WI
  • Magnetek, Waukesha, WI
  • McKinsey & Co. Toronto, Canada
  • MillerCoors Brewing Company, Milwaukee, WI and Chicago, IL
  • Milwaukee County Budget Office, Milwaukee, WI
  • Mortgage Guarantee Insurance Corporation, Milwaukee, WI
  • Mortgage Bankers Association of America, Washington, D.C.
  • Moore Business Forms and Systems Division, Chicago, IL
  • New York Life Financial Services, Chicago, IL
  • NDC Health Insurance Services, Deerfield, IL and Phoenix, AZ
  • Perseco Consulting, Chicago, IL
  • Ph.D. programs in economics at various universities
  • Power System Engineering, Inc., Madison, WI
  • RCG/Hagler, Bailly, Inc., Boulder, CO
  • Rockwell Automation, Milwaukee, WI
  • Rodale, Inc., Allentown, PA
  • Roundy’s, Inc., Milwaukee, WI
  • Signature Group, Chicago, IL
  • State of Iowa Department Revenue, Des Moines, IA
  • State of Minnesota Department of Revenue, Minneapolis, MN
  • State of Wisconsin Department of Revenue, Madison, WI
  • Swiss Bank, Chicago, IL
  • State of New Hampshire Public Utilities Commission, Concord, NH
  • Boise-Cascade in Chicago, IL
  • U.S. State Department, Foreign Service
  • Wells Fargo Advantage Fund, Milwaukee, WI
  • Wisconsin Power and Light, Madison, WI