MS in Econometric and Quantitative Economics (STEM)

The STEM-eligible MS in Econometric and Quantitative Economics (MS EQE) program focuses on providing advanced knowledge and proper utilization of mathematical and quantitative skills required of economists in practical applications. Students may choose the general, financial or international track, depending on their unique career goals. 

STEM Program

• This degree program has been approved by the State of New York Education Department, and is listed by the US Immigration Customs Enforcement as a STEM
• designated degree, focusing on mathematical and statistical theories that prepare our students to perform a wide gamut of business research, including cost-benefit analysis, researching market trends and forecasting future changes in economic activity in various sectors of the economy. Additionally, students work with large data sets related to financial, international, and experimental issues, and branch out into areas such as health and hi-tech research requiring strong mathematical, statistical and econometric tools.

Degree Requirements

• To earn the MS in Econometric and Quantitative Economics degree, students must complete 36 credit hours and pass the Comprehensive Exams. The degree has been designed to be completed within three semesters.

The 36 credit hours consist of 12 courses (3 credits each). The following 9 courses are required for the General degree:(the Financial and International focus have different required courses)

• ECO 505 Microeconomic Theory
• ECO 506 Microeconomics Theory 2
• ECO 507 Macroeconomic Theory
• ECO 551 Math for Economists
• ECO 561 Economics of Fluctuation & Forecasting
• ECO 567 Economics and Game Theory
• ECO 569 Industrial Organization
• ECO 580 Econometrics I
• ECO 581 Econometrics II

The additional three courses are made up of the approved electives, one of which can be outside the department. Please contact an advisor to view sample course plans. 

Masters students must obtain prior approval from the instructor and submit that approval to the department before registering for courses outside of the listed courses for their degree program.

Financial or International Economics Focus

• If a student wishes to focus their MS in EQE degree in the Financial or International disciplines, the department offers two MS degree sub-plans which students may transfer into after successful completion of their first semester. Please note: Students do not need to declare a focus when they first apply to the MS-EQE program.

Financial Economics

• The MS in Econometrics and Quantitative Economics with a sub-plan of Financial Economics is a STEM-eligible degree designed specifically for students who wish to pursue careers in the banking and monetary systems.
• An illustration of a globe covered in world currency. 

International Economics

• The MS in Econometrics and Quantitative Economics with a sub-plan of International Economics is a STEM-eligible degree designed specifically for students who wish to pursue careers in the world market, research and global systems.

Career Opportunities

• Graduates of the MS in Econometric and Quantitative Economics can expect a career in analytical, financial and international economics; or economic consulting; teaching at the community college level; performing research at a government agency or think tank; or preparing to enter a PhD program in economics or a related business field. Our students are especially qualified to embrace research-oriented positions due to their familiarity with technical economic concepts. Employers placing a greater emphasis on extensive technical quantitative skills often pay a premium for employees who maintain this skill set.

Why the World Needs Economists

• There are several reasons the demand for economists has increased steadily over the past few decades. As economics transitioned into an applied science, (a change made possible by powerful computers, advanced mathematical and statistical software, and the collection of detailed datasets by government agencies such as the Bureau of Labor Statistics, research organizations such as the National Bureau of Economic Research and universities such as UB), economics graduates became capable of offering employers previously unavailable and highly sought-after analytic insights. 
• Secondly, the scarcity of global resources has generated the need for ever-wider application of economic analysis. Organizations that had never thought in economics terms before are now in need of experts to guide their growth and develop their ability to adapt to the modern economy. Economics is a science whose time is here, and the need for well-trained and versatile economists will only continue to grow.

What Do We Study?

• Economists study how society distributes scarce resources, including land, labor, raw materials and machinery to produce goods and services. They collect and analyze data, monitor economic trends and develop forecasts. Their research is often tied to issues such as energy costs, inflation, interest rates, exchange rates, business cycles, taxes or unemployment levels.
• Economists also devise methods and procedures for obtaining the data they need. For example, sampling techniques may be used to conduct a survey, and various mathematical modeling techniques may be used to develop forecasts. Preparing reports, including tables and charts, on research results is an important part of an economist’s job. Presenting economic and statistical concepts in a clear and meaningful way is particularly important for economists whose research is directed toward making policies for an organization.

Popular Career Paths

• The most popular careers in economics are in financial services, including: brokerage firms (e.g. Merrill Lynch), investment banks (e.g. JP Morgan), retail banks (e.g. M&T Bank) and insurance companies (e.g. AIG). Careers in finance generally fit within two classifications: sales (e.g. financial advisor) and analysis (e.g. financial analyst).
• Economics is applicable in so many fields that our graduates are now working in such varied areas as consulting, retail management, consumer goods industries, advertising, publishing and the health sector with non-profit research organizations, U.S. government agencies (local, state and federal), and leading organizations such as the World Bank, United Nations agencies and the International Monetary Fund.

Jobs for Economists

• Accountant
• Actuary
• Auditor
• Bank officer
• City manager
• Compensation and benefits manager
• Consultant
• Controller
• Credit analyst
• Educator
• Environmental economist
• Financial analyst
• Foreign exchange trader
• Forensic economist
• Insurance agent
• Investment advisor
• Lawyer
• Market research analyst
• Personnel manager
• Policy analyst/economist
• Political scientist
• Securities analyst
• Statistician
• Stockbroker
• Systems analyst
• Trust officer
• Underwriter
• Urban planner