Introduction
The M.S. program in applied economics and finance is a one-year program that provides analytical graduate training designed to prepare students for careers in business, international and domestic banking, consulting firms, government, and nonprofit organizations. The program combines core training in economic theory with meaningful applications that students are likely to face in their professional careers. The program has a more applied orientation than a typical M.A. program in economics and provides more training in economics, statistics, and econometrics than most M.B.A. programs. The curriculum stresses mastery of core principles in micro and macroeconomics and finance. In addition, each student learns how to solve practical problems and to communicate the results clearly. The emphasis of the program, and perhaps its greatest strength, is exposing students to advanced econometric techniques, statistical software packages (R, Stata, etc.), and large-scale financial and microeconomic datasets throughout their coursework.
International students in the M.S. program are eligible to apply for optional practical training (OPT) through the Office of International Education. Our M.S. program in applied economics and finance is also eligible for the OPT Stem Extension. For more information please visit the International Scholar and Student Services website.
Past graduates of this program have gone on to successful careers in the private and public sectors with placements at a diverse range of companies and institutions, including ADM Associates, Inc., Anderson Tax, SoFi, Cisco Systems, Seagate Technology, Google, Sony Computer Entertainment, Plantronics, Wells Fargo, Securities and Exchange Commission, all of the big four accounting firms, McKesson Corp., Pepsi Corp., Visa, Square Trade, the California Franchise Tax Board, Guardian News (UK), Blue Cross, the World Bank, Stanford University, and the Bank of Japan. Other graduates have gone on to earn Ph.D.s in economics.
Requirements
Course Requirements
M.S. students are required to take the following classes starting in the fall quarter of the academic year they enroll in the program. Students may also take additional classes if they desire.
Courses and Program Requirements
Fall
| ECON200 | Microeconomic Analysis | 5 |
| ECON216 | Applied Econometric Analysis I | 5 |
| ECON233 | Finance I | 5 |
| ECON294A | Applied Economics and Finance Laboratory | 2 |
| ECON186 | Mathematical Methods for Economic Analysis | 5 |
ECON 186 Note: M.S. students are strongly encouraged to enroll in ECON 186, a three-week pre-fall mathematics course, which is highly beneficial to students’ success in the program. ECON 186 is offered as an accelerated short course before the start of fall quarter.
Winter
| ECON202 | Macroeconomic Analysis | 5 |
| ECON217 | Applied Econometric Analysis II | 5 |
| Master's elective | |
| ECON294A | Applied Economics and Finance Laboratory | 2 |
| ECON294B | Applied Economics and Finance Seminar | 2 |
Spring
| ECON201 | Applications in Microeconomics | 5 |
| ECON236 | Financial Engineering | 5 |
| Master's elective | |
| ECON294B | Applied Economics and Finance Seminar | 2 |
Electives
Students may satisfy the elective requirements by taking approved courses within the Economics Department or from another discipline. The department has assembled a list of pre-approved master's electives (curricular offerings are subject to change annually). Students will need to file a departmental petition for review and approval of courses that are not on the pre-approved elective list.
Pre-Approved M.S. Electives (please note courses are not offered every quarter or every year)
Economics
Enrollment in these ECON courses requires permission of instructor: ECON 111A, ECON 111B,ECON 111C, ECON 211C, ECON 220A, ECON 250A.
Applied Mathematics
| AM216 | Stochastic Differential Equations | 5 |
Computer Science and Engineering (CSE)
| CSE20 | Beginning Programming in Python | 5 |
| CSE101 | Introduction to Data Structures and Algorithms | 5 |
| CSE102 | Introduction to Analysis of Algorithms | 5 |
| CSE182 | Introduction to Database Management Systems | 5 |
CSE 20 Note: As it is a lower-division course, CSE 20 does not count toward the 35 credits required by the university to obtain a master's degree. However, since it broadens the skill-set of students in the program, we allow for it as a master's elective to satisfy department requirements. Before enrolling in this course, students should take care to ensure that they will have 35 eligible credits for graduation.
CSE Pre-Approved course electives (require permission of instructor)
| CSE111 | Advanced Programming | 5 |
| CSE142 | Machine Learning | 5 |
| CSE201 | Analysis of Algorithms | 5 |
| CSE202 | Combinatorial Algorithms | 5 |
| CSE243 | Data Mining | 5 |
| CSE270B | Management of Technology II | 5 |
| CSE271 | E-Business Technology and Strategy | 5 |
| CSE272 | Information Retrieval | 5 |
| CSE277 | Random Process Models in Engineering | 5 |
Enrollment in these computer science and engineering courses requires permission of instructor: CSE 111, CSE 142, CSE 201, CSE 202, CSE 243, CSE 270B, CSE 271, CSE 272, CSE 277.
Environmental Studies
| ENVS140 | National Environmental Policy | 5 |
Statistics
| STAT206 | Applied Bayesian Statistics | 5 |
| STAT206B | Intermediate Bayesian Inference | 5 |
| STAT207 | Intermediate Bayesian Statistical Modeling | 5 |
| STAT208 | Linear Statistical Models | 5 |
| STAT226 | Spatial Statistics | 5 |
Other Requirements
Students must pass a comprehensive capstone requirement to receive their degree. This capstone requirement consists of a comprehensive examination, which will take place within two weeks of spring graduation. Students who do not pass the June examination may take it again in August at a date scheduled by the department. Further attempts at passing the comprehensive examination will be approved by the master's committee on an appeal-only basis, with appeals only given for extraordinary or extenuating circumstances.
Students may choose an emphasis in their comprehensive exam requirement based on their academic and professional interests, as reflected in their choices. For the 2019-20 cohort, the applied microeconomics and finance exams, respectively, will consist of one section each from the following courses:
Applied Microeconomics
- ECON 200*
- ECON 201*
- ECON 216 or ECON 217
- ECON 259B
Finance
- ECON 231
- ECON 233*
- ECON 235
- ECON 236*
To complete the capstone exam requirement, students must declare an intended emphasis for the capstone from the following three options prior to June 1 of their spring quarter:
1. Applied Microeconomics: Students must pass the applied microeconomics exam in full
2. Finance Emphasis: Students must pass the finance exam in full
3. General Emphasis: Students must pass the core components of both exams (see courses designated by *).
For those students who have specific research interests and have distinguished themselves in their coursework, a faculty-sponsored research project and thesis may replace the comprehensive examination requirement. This track requires approval of a faculty adviser and the master's degree committee prior to Feb. 1 of the student’s initial winter quarter.
Academic Progress
Along with enrolling in the necessary number of units, students are expected to maintain satisfactory academic standing during their time at UCSC. Students not making satisfactory progress will be placed on academic probation, and students will be dismissed from the program if they do not remove their probationary status within one quarter. For example, if a student is placed on probation starting in the winter quarter, they must improve to the extent that their probationary status is removed by the beginning of the spring quarter.
Specifically, a student will be placed on academic probation if they fail any of the non-elective, 5-credit courses in the program. Students will be dismissed from the program if they fail core courses in consecutive quarters within any field in the program. There are two fields in the program: applied economics and finance. The applied economics field includes ECON 200, ECON 216, ECON 217, and ECON 201. The finance field includes ECON 233, ECON 202, and ECON 236.
Note that probation and dismissal can only be formally issued by the Graduate Division (under recommendation from the Economics Department). More details on these procedures, as well as student’s right to appeal such decisions, can be found in the Graduate Division Handbook.
Applying for Graduation
By the end of the second week of instruction in the quarter you intend to graduate, you must file an "Application for Degree" form with the Division of Graduate Studies.