Economics
MA in economics
Advance your career with the MA in Economics program at the University of Tennessee, Knoxville. Designed for aspiring economists, this program provides the analytical and quantitative skills necessary to succeed in academic, corporate, or public sector roles. Join a community committed to shaping the future of economic thought and application.
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Economics
Program Overview
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 MA 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.
Program Features That Set You Apart
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.
Your Path Starts Here
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.
Careers – What Can I Do With AN Economics DEGREE?
An MA in Economics opens doors to diverse career paths across industries. Graduates can excel in roles that leverage their analytical expertise and understanding of economic principles. Explore potential career options, the roles they entail, and how to pursue them.
What do economic analysts do?
Economic Analysts study data and trends to understand economic conditions and provide insights to organizations. They analyze market dynamics, government policies, and financial models to help businesses and governments make informed decisions.
How do I become an economic analyst?
To become an Economic Analyst, you need a strong foundation in economics and quantitative methods. Pursue an MA in Economics, focusing on data analysis, econometrics, and applied economics. Internships and research experience are also highly valuable.
How much do economic analysts make?
Economic Analysts typically earn between $65,000 and $90,000 annually, depending on their experience, industry, and location.
Economic Analyst
What do financial consultants do?
Financial Consultants provide expert advice to individuals or organizations to help them achieve their financial goals. They assess financial statements, create strategies, and offer solutions for investment, budgeting, and risk management.
How do I become a financial consultant?
To become a Financial Consultant, earn an MA in Economics and gain certification in financial planning or analysis, such as CFP or CFA. Develop strong interpersonal skills and gain experience through internships or entry-level finance roles.
How much do financial consultants make?
Financial Consultants earn an average annual salary of $75,000 to $120,000, with potential for higher earnings based on performance and client base.
financial consultant
What do policy advisors do?
Policy Advisors develop and evaluate public policies for governments, NGOs, or think tanks. They conduct research, analyze policy impacts, and make recommendations to improve societal outcomes in areas like healthcare, education, and economic development.
How do I become a policy advisor?
To become a Policy Advisor, pursue an MA in Economics with a focus on public policy or development economics. Build expertise in policy analysis and gain experience through internships with government agencies or research institutions.
How much do policy advisors make?
Policy Advisors typically earn between $70,000 and $95,000 annually, depending on their level of expertise and the organization they work for.
Policy Advisor
What do data scientists do?
Data Scientists use statistical and computational techniques to analyze large datasets, uncover trends, and solve complex problems. They work across various industries, including technology, finance, and healthcare.
How do I become a data scientist?
To become a Data Scientist, complement your MA in Economics with skills in programming (Python, R) and machine learning. Pursue certifications or courses in data analytics and gain hands-on experience through projects and internships.
How much do data scientists make?
Data Scientists typically earn between $90,000 and $130,000 annually, with higher salaries in specialized industries or roles.
data scientist
Curriculum
What You’ll Learn
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.
Fall Semester
3 Hours
ELECTIVES**
3-6 Hours
Summer Term (if necessary)
ELECTIVES**
0-6 Hours
Spring Semester
ELECTIVES**
6-9 Hours
*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
Concentrations
Choose a focus area that aligns with your career goals. Our concentrations offer tailored coursework to deepen your expertise and prepare you for specialized roles in economics and finance.
Applied Economic Analysis Concentration
Those pursuing this concentration take 15 credit hours of approved electives. 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.
Students have the flexibility to select courses that best complement their career objectives. Elective courses are available in economics, agricultural and resource economics, computer science, political science, statistics, and public policy. These courses cover many areas, including data science, programming, machine learning, statistical analysis, policy analysis, environmental policy, and sustainable development. Courses not on the current list can be taken with approval from the program director.
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.
- 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.
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.
Economics 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.
Economics Admissions
Key Dates
- May 15: Deadline for domestic students
- 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
EConomics Admissions
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:
- For those requiring English certification, either a total score of 80 on the TOEFL or a 6.5 overall band score on the IELTS.
- 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.
EConomics Admissions
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.
Economics
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 funding. Highly qualified candidates are offered a scholarship and/or the opportunity to aid in the teaching and service missions of the economics or finance departments in exchange for an hourly wage. In special cases students may be awarded with a graduate assistantship. 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.
MA in Economics
Frequently Asked Questions
How do I apply?
The application portal can be accessed through https://apply.haslam.utk.edu/apply/.
Can I apply for Spring semester admission?
Some of the required Spring semester courses have Fall semester courses as pre-requisites. Therefore, while students can begin the program in the Spring, this will necessarily lengthen the time to degree from 10-12 months to 17 months.
What code should I use for UT on standardized tests?
The UT code is 1843.
How do I request an application fee waiver?
We kindly ask that you do not email the program director or admissions staff to request a waiver. If you want to be considered for a waiver, you must complete and submit an admission application. It will be then at the discretion of the admission committee to decide whether to waive your fee. If you wish to receive full consideration for admission and funding, we strongly recommend that you pay the fee.
Can I complete this program online?
At this time, all required courses must be completed in person, on campus.
How do I apply for funding?
All applicants are automatically considered for funding from the program. There is no separate funding application.
When can I expect to receive an admission decision?
For Fall semester admissions, the deadline for international applicants, and the priority deadline for domestic applicants, is February 1. We strive to make initial admissions and funding decisions in late February or early March.
Is the GRE required?
The GRE or GMAT is required, and your scores must be included in your application materials. University of Tennessee-Knoxville economics and finance majors are exempted from this requirement.
Do I have to submit official transcripts and test scores?
For application review, you are permitted to upload copies of official transcripts or test scores. If you are accepted into the program, official transcripts and scores sent directly from the colleges you attended and test providers will be required prior to enrollment.
Can you tell me what my chances are for admission and/or funding?
We cannot assess your chances before you apply. This is a difficult prediction to make as it depends on the strength of the application pool.
Do you offer students full funding (tuition and living expenses)?
A select few students are offered an assistantship that provides a monthly stipend, covers all tuition and fees (except the program fee), and health insurance. In most cases, students instead receive a scholarship and the opportunity to help with our teaching and research missions in exchange for an hourly wage.
Economics
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Economics
Featured Faculty
Our distinguished faculty are recognized for their groundbreaking research and contributions to economics. As mentors, they are committed to your academic and professional success, providing a wealth of knowledge and expertise.
Donald Bruce
Boyd Distinguished Professor
Celeste Carruthers
William F. Fox Distinguished Professor of Labor Economics
Scott Gilpatric
Department Head and Professor
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How To Apply
Ready to take the next step toward earning your degree? Applying is straightforward and designed to guide you every step of the way. Whether you’re starting fresh or advancing your career, our admissions team is here to help ensure your application process is seamless.