Twin Cities campus

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Twin Cities Campus

Applied Economics M.S.

Applied Economics
College of Food, Agricultural and Natural Resource Sciences
Link to a list of faculty for this program.
Contact Information
Department of Applied Economics Graduate Program, 231 Ruttan Hall, 1994 Buford Avenue, Saint Paul, MN 55108-6040 (612-625-3777; fax: 612-625-6245)
  • Program Type: Master's
  • Requirements for this program are current for Fall 2021
  • Length of program in credits: 30
  • This program does not require summer semesters for timely completion.
  • Degree: Master of Science
Along with the program-specific requirements listed below, please read the General Information section of this website for requirements that apply to all major fields.
The MS degree in applied economics prepares students for employment opportunities in the public and private sectors and for further graduate study. This rigorous but flexible program includes core coursework in economic theory and quantitative methods and offers opportunities for specialized coursework and research in all the fields of study offered by the program.
Program Delivery
  • via classroom (the majority of instruction is face-to-face)
Prerequisites for Admission
The preferred undergraduate GPA for admittance to the program is 3.00.
Other requirements to be completed before admission:
The following coursework is considered the minimum preparation for the MS program: micro and macroeconomic theory at the intermediate undergraduate level, statistics, two semesters of calculus, and introductory linear algebra. Additional coursework in economics, statistics, and math is highly desirable and recommended, especially for students who intend to apply for the doctoral program after completion of the MS degree.
Special Application Requirements:
Applicants must submit scores from the General Test of the GRE, three letters of recommendation from persons familiar with the applicant's scholarship and research potential, a complete set of college or university transcripts, and a clearly written statement of academic and career interests, goals, and objectives, and a diversity statement. For complete application instructions, visit the website: https://www.apec.umn.edu/graduate-program/admissions. Students should apply by the December 10 deadline to ensure priority consideration for admissions and funding.
Applicants must submit their test score(s) from the following:
  • GRE
International applicants must submit score(s) from one of the following tests:
  • TOEFL
    • Internet Based - Total Score: 79
    • Internet Based - Writing Score: 21
    • Internet Based - Reading Score: 19
  • IELTS
    • Total Score: 6.5
  • MELAB
    • Final score: 80
The preferred English language test is Test of English as Foreign Language.
Key to test abbreviations (GRE, TOEFL, IELTS, MELAB).
For an online application or for more information about graduate education admissions, see the General Information section of this website.
Program Requirements
Plan A: Plan A requires 20 major credits, 0 credits outside the major, and 10 thesis credits. The final exam is oral.
Plan B: Plan B requires 30 major credits and 0 credits outside the major. The final exam is oral. A capstone project is required.
Capstone Project:The Plan B project demonstrates familiarity with the theoretical and empirical tools of economics. Completed in consultation with the advisor, the project requires 4 to 6 credits of APEC 8793.
This program may be completed with a minor.
Use of 4xxx courses towards program requirements is not permitted.
A minimum GPA of 3.00 is required for students to remain in good standing.
Coursework offered on both the A/F and S/N grading basis must be taken A/F.
Required Coursework (11 to 14 credits)
Econometrics (3 to 4 credits)
Select APEC 5031 (3 credits) or APEC 8211 and APEC 8212 (4 credits total) in consultation with the advisor.
APEC 5031 - Methods of Economic Data Analysis (3.0 cr)
or APEC 8211 - Econometric Analysis I (2.0 cr)
APEC 8212 - Econometric Analysis II (2.0 cr)
Macroeconomic Theory (3 to 4 credits)
Select APEC 5152 or APEC 5032 (3 credits), or ECON 8105 and ECON 8106 (4 credits total) in consultation with the advisor.
APEC 5152 {Inactive} (3.0 cr)
or APEC 5032 - Economic Data Analysis for Managerial and Policy Decisions (3.0 cr)
or ECON 8105 - Macroeconomic Theory (2.0 cr)
ECON 8106 - Macroeconomic Theory (2.0 cr)
Microeconomics Theory (3 to 4 credits)
Select APEC 5151 (3 credits) or APEC 8001 and APEC 8002 (4 credits total) in consultation with the advisor.
APEC 5151 - Applied Microeconomics: Firm and Household (3.0 cr)
or APEC 8001 - Applied Microeconomic Analysis of Consumer Choice and Consumer Demand (2.0 cr)
APEC 8002 - Applied Microeconomic Analysis of Production and Choice Under Uncertainty (2.0 cr)
Seminars (2 credits)
Take the following seminars:
APEC 8901 - Graduate Seminar: MS & PhD (1.0 cr)
APEC 8902 - Graduate Research Development Seminar (1.0 cr)
Electives (9 to 13 credits)
Plan A students select at least 9 credits, and Plan B students select at least 13 credits from the following, in consultation with the advisor. At least 3 credits must be APEC, ECON, or STAT courses. STAT 5021 cannot be applied to this requirement.
APEC 5xxx
APEC 8xxx
ECON 5xxx
ECON 8xxx
STAT 5xxx
STAT 8xxx
Plan Options
Plan A
Thesis Credits
Take 10 master’s thesis credits.
APEC 8777 - Thesis Credits: Master's (1.0-18.0 cr)
-OR-
Plan B
Plan B Project (4 to 6 credits)
Take 4 to 6 credits in consultation with the advisor.
APEC 8793 - Master's Paper: Plan B Project (1.0-6.0 cr)
Joint- or Dual-degree Coursework:
MS-Applied Economics/MBA Students may take a total of 18 credits in common among the academic programs.
Program Sub-plans
A sub-plan is not required for this program.
Students may not complete the program with more than one sub-plan.
Integrated BS-Agricultural Food Business Management/MS-Applied Economics
The department offers an integrated Bachelor of Science-Agricultural Food Business Management and Master of Science-Applied Economics program. The integrated BS-AFBM/MS-APEC program offers students the opportunity to earn a bachelor’s degree and a master’s degree in five years. The integrated program emphasizes education in applied economics and provides preparation for students wishing to pursue a career in agribusiness. Students can complete a Plan A option, which balances coursework and research development, or a Plan B option that focuses more on coursework. The integrated program offers streamlined admission from the undergraduate program to the graduate program (GRE is not required); flexibility in fulfilling required courses for both degrees in the senior year; and eligibility for teaching and research assistantships. The BS-AFBM and MS-APEC degrees must be completed in their entirety, with no courses shared between them. The graduate degree cannot be earned before the undergraduate requirements are satisfied. Admitted students who decide not to complete the MS degree are permitted to count credits originally planned for the graduate program toward their BS-AFBM technical electives.
Students pursuing the integrated degree may apply between 9 and 16 graduate-level (5xxx-level and above) credits taken during the integrated senior year toward MS degree requirements. Students must spend a minimum of two semesters as a graduate student after the completion of their undergraduate degree.
Integrated BS-Applied Economics/MS-Applied Economics
The department offers an integrated Bachelor of Science-Applied Economics and Master of Science-Applied Economics program. The integrated BS-APEC/MS-APEC program offers students the opportunity to earn a bachelor’s degree and a master’s degree in five years. The integrated program emphasizes education in applied economics and provides preparation for students wishing to pursue a career in applied economics. Students can complete a Plan A option, which balances coursework and research development, or a Plan B option that focuses more on coursework. The integrated program offers streamlined admission from the undergraduate program to the graduate program (GRE is not required); flexibility in concurrently enrolling in undergraduate-level and graduate-level courses in the senior year; and eligibility for teaching and research assistantships. The BS-APEC and MS-APEC degrees must be completed in their entirety, with no courses shared between them. The graduate degree cannot be earned before the undergraduate requirements are satisfied. Admitted students who decide not to complete the MS degree are permitted to count credits originally planned for the graduate program toward their BS-APEC technical electives.
Students pursuing the integrated degree may apply between 9 and 16 graduate-level (5xxx-level and above) credits taken during the integrated senior year toward MS degree requirements. Students must spend a minimum of two semesters as a graduate student after the completion of their undergraduate degree.
 
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· College of Food, Agricultural and Natural Resource Sciences

View future requirement(s):
· Fall 2023
· Fall 2022

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APEC 5031 - Methods of Economic Data Analysis
Credits: 3.0 [max 3.0]
Typically offered: Every Fall
The course introduces linear statistical economic (econometric) models with and without independent errors. It also introduces econometric models for analyzing discrete response variables, censored response variables, and non-random data samples. It shows how these econometric models can be used to evaluate and quantify theoretical relationships and forecast counterfactual economic outcomes. prereq: APEC 3001, Math 1142 or Math 1272, Stat 3001 or Sco 2550 or grad student or instructor consent
APEC 8211 - Econometric Analysis I
Credits: 2.0 [max 4.0]
Typically offered: Every Fall
The course introduces the foundations for statistical economic (econometric) models, linear econometric models, and inference with linear econometric models when observations are independent and the sample size is large. it shows how linear models can be used to evaluate and quantify theoretical relationships and forecast counterfactual economic outcomes. Part of four-course, year-long sequence (APEC 8211-2-3-4). prereq: ApEc 5031 or equiv OR Ph.D. student OR instr consent
APEC 8212 - Econometric Analysis II
Credits: 2.0 [max 4.0]
Typically offered: Every Fall
The course introduces the foundations for statistical economic (econometric) models, linear econometric models, and inference with linear econometric models when observations are dependent because individual units are sampled over regular time intervals (panel data) as well as for other reasons. It shows how these linear models can be used to evaluate and quantify theoretical relationships and forecast counterfactual economic outcomes. Part of four-course, year-long sequence (APEC 8211-2-3-4). prereq: 8211 or equiv or instr consent
APEC 5032 - Economic Data Analysis for Managerial and Policy Decisions
Credits: 3.0 [max 3.0]
Typically offered: Every Spring
The course covers statistical and econometric methods for the analysis of data to support managerial and policy decisions. It includes methods for organizing, accessing, and ensuring the quality of data. The econometric methods covered by the course are applicable to panel, discrete response, duration, and time series data. prereq: 5031 or instr consent
ECON 8105 - Macroeconomic Theory
Credits: 2.0 [max 2.0]
Typically offered: Every Fall
Dynamic general equilibrium models: solving for paths of interest rates, consumption, investment, prices. Models with uncertainty, search, matching, indivisibilities, private information. Implications for measurement and data reporting. Overlapping generations and dynasty models. Variational and recursive methods. This seven-week course meets with 4165. prereq: 5152 or equiv, Math 2243, Math 2263 or equiv or instr consent
ECON 8106 - Macroeconomic Theory
Credits: 2.0 [max 2.0]
Typically offered: Every Fall
Dynamic general equilibrium models: solving for paths of interest rates, consumption, investment, prices. Models with uncertainty, search, matching, indivisibilities, private information. Implications for measurement and data reporting. Overlapping generations and dynasty models. Variational and recursive methods. This seven-week course meets with 4166. prereq: 8105
APEC 5151 - Applied Microeconomics: Firm and Household
Credits: 3.0 [max 3.0]
Typically offered: Every Fall
The course provides a mathematical treatment of cost -benefit analysis in terms of the theory of how prices, income, preferences, and other factors affect consumer choices and the demand for goods and services. It also includes treats the theory of how prices, technology, and other important factors affect producer decisions, the supply of goods and services, and the demand for productive resources. This demand and supply analysis is then combined to explore the theory of price determination in competitive and noncompetitive markets. The optimization theories and economic models are developed without and with uncertainty. prereq: (APEC 3001, Math 1142 or Math 1272, and Stat 3011 or Sco 2550) or equiv or grad student or instr consent
APEC 8001 - Applied Microeconomic Analysis of Consumer Choice and Consumer Demand
Credits: 2.0 [max 2.0]
Course Equivalencies: ApEc 8001/Econ 8001/Econ 8101
Grading Basis: A-F or Aud
Typically offered: Every Fall
The course provides a rigorous mathematical treatment of cost-benefit analysis in terms of the theory of how prices, income, preferences, and other factors affect consumer choices and the demand for goods and services. The optimization theories and economic models are developed with and without uncertainty. Part of four-course, year-long sequence (APEC 8001-2-3-4) prereq: [[5151 or ECON 3101 or ECON 5151 or intermediate microeconomic theory], [[MATH 2243, MATH 2263] or equiv]] or instr consent
APEC 8002 - Applied Microeconomic Analysis of Production and Choice Under Uncertainty
Credits: 2.0 [max 2.0]
Course Equivalencies: ApEc 8002/Econ 8002/Econ 8102
Grading Basis: A-F or Aud
Typically offered: Every Fall
The course provides a rigorous mathematical treatment of cost-benefit analysis in terms of the theory of how prices, technology, and other important factors affect producer decisions, the supply of goods and services, and the demand for productive resources. The optimization theories and economic models are developed with and without uncertainty. The course also explores the theory of price determination in competitive, monopoly, and monopsony markets. Part of four-course, year-long sequence (APEC 8001-2-3-4) prereq: [[8001 or ECON 8001 or ECON 8101], [[MATH 2243, MATH 2263] or equiv]] or instr consent
APEC 8901 - Graduate Seminar: MS & PhD
Credits: 1.0 [max 1.0]
Grading Basis: S-N or Aud
Typically offered: Every Fall
Attendance and active participation in applied economics research seminars. Effective research methods. Research topics and observe professional methods of research presentations.
APEC 8902 - Graduate Research Development Seminar
Credits: 1.0 [max 1.0]
Grading Basis: S-N or Aud
Typically offered: Every Fall & Spring
Faculty, students, outside speakers present research ideas/results, which participants critique. Topics vary according to interests of speakers. prereq: ApEc MS student or ApEc PhD student
APEC 8777 - Thesis Credits: Master's
Credits: 1.0 -18.0 [max 50.0]
Grading Basis: No Grade
Typically offered: Every Fall, Spring & Summer
(No description) prereq: Max 18 cr per semester or summer; 10 cr total required [Plan A only]
APEC 8793 - Master's Paper: Plan B Project
Credits: 1.0 -6.0 [max 6.0]
Grading Basis: S-N or Aud
Typically offered: Every Fall, Spring & Summer
Students work under guidance of adviser to complete their Plan B Paper project. prereq: Agri/ApEc MS student or ApEc MS student