Economics Department
The M.A. Economics (MAE) program is designed to give students a quantitative approach to economics with the flexibility to tailor the degree to fit their future goals. It offers comprehensive instruction in a wide range of areas within the discipline, including computational economics, economic analysis, and financial economics. Graduates of the program are adept in applied research and financial analysis, highly competitive on the finance sector job market, and ready for top Ph.D. programs.
The master’s program is designed to combine theoretical rigor in core areas of economics with exceptional flexibility in course requirements to encourage students to explore their academic interests. In addition to master’s-level courses, students frequently enroll in many doctoral level courses in economics, and in courses from other departments, including Political Science, Public Policy, Finance, Statistics, and Mathematics. The curriculum is intended to be completed in three or four semesters.
What Makes Our Program Different?
Students enrolled in our program have the flexibility to develop quantitative and computing skills across disciplines and departments at Duke, access to research and teaching assistantships, opportunities to enroll in PhD level courses, and more!
The MAE differences:
- Courses everywhere! Our students develop their economics knowledge by means of rigorous graduate courses taken in our department, but they do not stop there. They are given the chance to enroll in advanced mathematics, statistics, and computer science courses, having them counted into MAE requirements. Many students will branch farther out to take graduate classes (subject to advisor approval) in the Sanford School of Public Policy or the Fuqua School of Business, among others.
- Research Assistant (RA) opportunities: Our program is designed to enhance research training among our students. Faculty in the Department of Economics regularly hire our MAE students to work as research assistants, enabling them to strengthen applied skills and tools. The quality of their preparation and work is recognized beyond our department. As evidence of this, several of our students land similar research positions in the Sanford School of Public Policy or the Fuqua School of Business, among others.
- Teaching Assistant (TA) opportunities: Very few master’s programs afford the opportunity for their students to work as teaching assistants. We are different. Many of our master’s courses have second-year MA students working as TA’s. This is not just a great opportunity to deepen the learning of materials. It also enables those applying to PhD programs, in particular international students, to signal their ability to communicate ideas in a clear and compelling way. These paid positions will also help you defray the cost of the program.
- Diversity of student interests: MAE students share a passion for economics, but their interests are wide in scope. Some pursue research intensive experiences, aiming to apply to doctoral degrees, others explore internships and industry opportunities. Some deepen their exposure to advanced economics, other attain more breadth by building up computer science, mathematics, or statistics skills. Some venture into finance, accounting, or strategy topics, engaging in PhD level courses at the Fuqua School of Business, others are drawn to public policy. Everyone has the opportunity to find and develop their interests.
- Industry vs. PhD: We value diversity of goals. Roughly 40% of MAE students go on to doctoral programs, though some in that group may work for a couple years before doing so. Other students begin or resume careers in government or private sector. We believe in letting you figure out your best fit through the richness of experiences provided by our program. Whatever you choose, you will be uniquely prepared for either industry or academic paths. Since our MAE is a STEM program, international students benefit from excellent conditions to pursue private sector jobs in the US.
Degree Requirements Summary
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Requirements Overview 2023 and 2024
(Students matriculating prior to Fall 2023: Please refer to the section below, Requirements Overview 2022 and Prior)
- 30 credits in economics and related fields, to include a minimum of 15 credits (five courses) in economics
- At least TWO COURSES (6 credits) in microeconomic and/or macroeconomic theory, selected from the following:
- Microeconomics
- ECON 601 Microeconomics
- ECON 605 Advanced Microeconomic Analysis
- ECON 620 Game Theory with Applications of Economics and Other Social Sciences
- ECON 664 Competitive Strategy and Industrial Organization
- ECON 701 Microeconomic Analysis I
- ECON 705 Microeconomic Analysis II
- ECON 885 Special Topics in Economic Theory, with approval
- Macroeconomics
- ECON 602 Macroeconomic Theory
- ECON 606 Advanced Macroeconomics II
- ECON 624 International Trade
- ECON 652 Economic Growth
- ECON 702 Macroeconomic Analysis I
- ECON 706 Macroeconomic Analysis II
- Or approved substitutes
- Microeconomics
- At least ONE COURSE (3 credits) in econometrics, selected from the following:
- ECON 608 Introduction to Econometrics
- ECON 612 Time Series Econometrics
- ECON 613 Applied Econometrics in Microeconomics
- ECON 623 Forecasting Financial Markets
- ECON 672 Empirical Methods in Financial Econometrics
- ECON 703 Econometrics I
- ECON 707 Econometrics II
- ECON 883 Special Topics in Econometrics, with approval
- At least ONE Capstone Course (3 credits), with a grade of B or better. Capstone courses must include an individual and original research paper and cannot be used to fulfill any of the previous requirements.
- Courses in economics, computer science, mathematics, and statistics at the 500-level or above may be used as electives, with the following exceptions:
- students may take either ECON 673/MATH 581 or ECON 671, but not both, for credit towards the degree;
- students may take either ECON 674/MATH 582 or ECON 678, but not both, for credit towards the degree;
- MATH 712 and 719: Multivariable Calculus must be pre-approved by the Director of Graduate Studies (DGS) of the MAE program for credit toward the degree.
- At least TWO COURSES (6 credits) in microeconomic and/or macroeconomic theory, selected from the following:
- Internship (optional)
- Completion exercise
- Responsible Conduct of Research (RCR) training during orientation and 1 RCR forum
- (For international students) English language proficiency courses, if required
Requirements Overview 2022 and Prior
- 30 credits in economics and related fields, to include a minimum of 15 credits (five courses) in economics
- THREE courses (9 credits) in microeconomics and/or macroeconomics, selected from the following:
- ECON 564 Competitive Strategy and Industrial Organization
- ECON 601 Microeconomics
- ECON 602 Macroeconomic Theory
- ECON 605 Advanced Microeconomic Analysis
- ECON 606 Advanced Macroeconomics II
- ECON 613 Applied Econometrics in Microeconomics (Counts towards the micro/macro requirement or the metrics requirement, but not both.)
- ECON 620 Game Theory with Applications of Economics and Other Social Sciences
- ECON 621 Non-Market Valuation
- ECON 624 International Trade
- ECON 652 Economic Growth
- ECON 656 International Monetary Economics
- ECON 668: Political Economics: Collective Decisions and Individual Values
- ECON 690 Special Topics in Economics: General Equilibrium Theory and Financial Markets
- ECON 690 Special Topics in Economics: Continuous Time Methods (Counts towards the micro/macro requirement or the metrics/compmethods/compsci/math/stats requirement, but not both.)
- ECON 701 Microeconomic Analysis I
- ECON 702 Macroeconomic Analysis I
- ECON 705 Microeconomic Analysis II
- ECON 706 Macroeconomic Analysis II
- ECON 881 Special Topics in Applied Microeconomics, with approval
- ECON 882 Special Topics in Macro International Finance, with approval
- ECON 885 Special Topics in Economic Theory, with approval
- THREE courses (9 credits) in econometrics, computational methods, computer science, mathematics and/or statistics, selected from the following:
- ONE econometrics course selected from the following:
- ECON 608 Introduction to Econometrics
- ECON 612 Time Series Econometrics
- ECON 613 Applied Econometrics in Microeconomics (Counts towards the micro/macro requirement or the metrics requirement, but not both.)
- ECON 623 Forecasting Financial Markets
- ECON 672 Empirical Methods in Financial Econometrics (Note: This course was formerly ECON 690 Special Topics in Economics: Financial Econometrics.)
- ECON 690 Special Topics in Economics: Microeconometrics Tools
- ECON 690 Special Topics in Economics: Continuous Time Methods (Counts towards the micro/macro requirement or the metrics/compmethods/compsci/math/stats requirement, but not both.)
- ECON 703 Econometrics I
- ECON 707 Econometrics II
- ECON 883 Special Topics in Econometrics, with approval
- TWO courses in econometrics, computational methods, computer science, mathematics and/or statistics, fulfilled as follows:
- Any of the econometrics courses listed above
- Any computational methods or cross-listed math course at the 600-level of above offered by the Department of Economics
- Courses in computer science, mathematics and statistics at the 500-level or above. NOTE: Starting in Fall 2020, students may take either ECON 673/MATH 581 or ECON 671, but not both, for credit towards the degree. Also starting in Fall 2020, students may take either ECON 674/MATH 582 or ECON 678, but not both, for credit towards the degree.
- ONE econometrics course selected from the following:
- ONE Capstone Course (3 credits), with a grade of B or better
- THREE courses (9 credits) in microeconomics and/or macroeconomics, selected from the following:
- Internship (optional)
- Completion exercise
- Responsible Conduct of Research (RCR) Training during orientation and 1 RCR forum 2-hour course (either GS 711 or GS712)
- (For international students) English language proficiency
It is the policy of The Graduate School that undergraduate courses (499 or lower) do not count towards the M.A. degree or a student's GPA. Courses that are cross-listed as both undergraduate- and graduate-level courses count towards the M.A. degree and a student's GPA only if they have a separate, more rigorous syllabus for graduate students. It is the student's responsibility to verify that this is the case before enrolling in any cross-listed courses.
Doctoral students enrolled at Duke University can pursue a master's degree en route to the Ph.D. without paying for an additional 30 units of graduate credit. (Please note: Ph.D. students who wish to receive more than one master's degree en route to the Ph.D. will incur additional tuition charges.) Sometimes doctoral students from other programs at the university wish to earn a master's degree in a different department or school, typically in a field related to the discipline of their Ph.D. For those who would like to pursue an M.A. Economics degree to supplement their Ph.D. in another program, the following steps are required:
- Students must meet with the director of M.A. studies, Assistant Professor Nelson Sa, to discuss their academic plan for the M.A. Economics degree.
- Students must satisfy all of the M.A. program requirements for the degree in economics.
- Students must complete and submit The Graduate School's application to earn a M.A. degree in another discipline en route to the Ph.D. The application includes a rationale for the intellectual relationship between the two programs, a transcript, and two letters of recommendation from Duke faculty speaking to and supporting the relationship between the doctoral and M.A. Economics program. Students need to obtain the required approval signatures prior to submitting the application to the Graduate School.
- The application must be completed and submitted to the Graduate School well in advance of the graduation deadline dates in order for students to be formally approved. Once approved, they must apply to graduate as M.A. Economics students by deadline.
- After they have applied to graduate, students must complete a portfolio as their written M.A. Economics completion examination requirement. Please review information about portfolio requirements. The M.A. program assistant will notify students by email of semester portfolio deadline dates.
- Students must submit a list of courses to the director of M.A. studies indicating which courses will be completed to fulfill the M.A. program requirements. Courses on the list will be approved by the director of M.A. studies on a student-by-student basis and must form part of a coherent curriculum that fits with the student's area of concentration for the Ph.D.
List of Acceptable Non-ECON Courses for M.A. En Route
The following list of non-ECON courses have been approved for the M.A. Economics en route to the Ph.D. Please keep in mind that, as noted above, all courses are subject to the approval of the director of M.A. studies; this list is meant to be suggestive only.
| Course Field | Course Number (Old Course Number) & Name |
|---|---|
| Business Administration | BA 964 (564) Experimental Design & Analysis |
| Political Science | POLSCI 634 (243S.01) Political Application of Game Theory/Deduct/Analytical Approaches |
| Political Science | POLSCI 690S.02 (299BS.03) Adv. Topics: Political Economy of Economic Performance |
| Political Science | POLSCI 690 (299BS.02) Adv. Topics: Comparative Political Economy |
| Political Science | POLSCI 733 (303) Seminar on Statistics (Cross-Sectional time Series Analysis/Adv. Quantitative Methods) |
| Political Science | POLSCI 890 (398) Building & Testing Macro-Micro Models |
| Public Policy | PUBPOL 901 (501) Political Economy of Public Policy |
| Statistics | STA 601 (290) Modern Statistical Data Analysis/Bayesian & Modern |
Faculty advisors assigned to MA students are responsible for assisting them in discovering and participating in appropriate channels of scholarly, professional, and disciplinary exchange; and for helping students develop the professional research, teaching, and networking skills that are required for a variety of career options, both within and outside academia. By doing this, advisors play a crucial role in the development and success of our graduate students, engaging with the next generation of researchers and scholars.
The advisor-advisee relationship is a cooperative partnership that should be based on mutual respect and acceptance of responsibilities. In this document, we describe the main responsibilities of advisors and students, as well as the channels available to resolve problems that can appear in this relationship.
Responsibilities for MA Advisors
An effective academic advisor has the following responsibilities:
- Have basic knowledge of MA program requirements and the Graduate School policies regarding academic milestones.
- Listen to and support an advisee’s scholarly and professional goals.
- Help the advisee develop a timeline for completing academic requirements and meeting professional goals. Take reasonable measures to ensure that this timeline is met.
- Communicate clearly and frequently with an advisee about expectations and responsibilities.
- Meet with an advisee to review progress, challenges, and goals. Advisors should meet with their students at least once a semester, prior to registration. They should have at least one additional meeting with incoming students at the start of their first semester.
- Encourage openness about any challenges or difficulties that impact the graduate student experience and work with the advisee to resolve any challenges.
- Act as a liaison between the student and the Director of Graduate Studies and the department.
- Be aware of institutional resources that can provide support to advisees in times of academic, professional, and personal challenges and whom you, as an advisor, may consult for further guidance.
- Notify the Director of Graduate Studies if you know or suspect that your advisee is facing significant academic or personal challenges.
Responsibilities for Students
To be an effective advisee, students have the following responsibilities:
- Become familiar with the graduate program requirements and the Graduate School policies regarding academic milestones.
- Work with your advisor to develop a timeline for completing academic requirements and meeting professional goals.
- Devote an appropriate amount of time and energy toward achieving academic excellence and earning the advanced degree in a timely fashion.
- Take the initiative. Be proactive in finding answers to questions and in planning your future steps.
- Meet with their advisors once a semester, before registration. First-year students should also meet with their advisors at the start of their first semester.
- Be honest with your advisors. Alert them about any difficulties you may have about program requirements, normal progress, and performance expectations.
- Be willing to be mentored and open to feedback. Listen and respond appropriately to recommendations from advisors.
- Be mindful of time constraints and other demands imposed on faculty members and program staff.
Problem resolution
As with any other relationship, the advisor-advisee partnership may fail to function as expected. There may be multiple reasons for this. For example, the advisor or the advisee may repeatedly fail to satisfy the responsibilities described earlier; or the advisor and advisee may have a personal conflict that cannot be easily resolved.
These situations should be discussed first with the Director of Graduate Studies, and subsequently, and only if necessary, the Chair of the department. These department representatives will assist in mediating existing problems.
If the departmental efforts to resolve these problems are unsuccessful, students and faculty can refer to the Associate Dean or the Dean of the Graduate School for a formal resolution.
STEM Designation
This degree program classifies as STEM (CIP Code 45.0603: Econometrics and Quantitative Economics), and students in this program can apply for a 24-month STEM extension of F-1 Optional Practical Training (OPT).