Economics
Associate Head: George Deltas
214 David Kinley Hall
1407 W. Gregory Dr.
Urbana, IL 61801
(217) 333-0120
Fax: (217) 244-6571
E-mail: econ@illinois.edu
Major: Economics
Degrees Offered: M.S., M.A., Ph.D.
Graduate Concentration: Policy Economics (M.S. only)
Medical Scholars Program: Doctor of Philosophy (Ph.D.) in Economics and Doctor of Medicine (M.D.) through the Medical Scholars Program
Graduate Degree Programs
The Department of Economics offers graduate programs leading to the Master of Science in Policy Economics and Doctor of Philosophy degrees. The candidate for a Ph.D. may specialize in the following fields: microeconomic theory, public economics, macroeconomic theory, international economics, labor economics, development economics, mathematical economics, econometrics, and industrial organization. The department is not admitting students to the M.A. at this time.
Admission
Admission to the Ph.D. program is available only for the fall semester. In addition to the standard undergraduate preparation in economics, students are expected to have had at least two semesters of calculus and one of linear algebra to be admitted to the Ph.D. program. The results of the Graduate Record Examination (GRE) should accompany applications for admission. Graduate College admission requirements apply. In addition, international students must submit Test of English as a Foreign Language (TOEFL) or IELTS results; if they wish to apply for a teaching assistantship, the Test of Spoken English (TSE) or completion of the speaking section of the TOEFL-iBT or IELTS is also required.
Degree Requirements
*For additional details and requirements refer to the department's graduate programs and the Graduate College Handbook.
Master of Science
| Required Courses: | Required Hours |
|---|---|
| ECON 500, 506, 508, and 509 | 16 |
| 6 elective courses, two of which are in informatics | 24 |
| Total Hours | 40 |
Minimum 500-level Hours Required Overall: |
16 |
| Other Requirements:* A concentration is not required | |
| Minimum GPA: | 3.0 |
Master of Science with concentration in Policy Economics
| Required Courses: | Required Hours |
|---|---|
| ECON 500, 506, 508, and 509 | 16 |
| Two graduate credit courses are to be completed in a selected specialization | 8 |
| Four electives, at least two of which are in economics | 16 |
| Total Hours | 40 |
Minimum Hours Required Within the Unit: |
32 |
Minimum 500-level Hours Required Overall: |
32 |
| Other Requirements:* | |
| The minimum length of stay in the Program is one year (fall and spring semesters plus one summer session). Please see the MSPE Program website for a complete list of requirements. | |
| Minimum GPA: | 3.0 |
This is a specially designed one- to two-year program to address the needs of two groups of students. One is promising young professionals and administrators who need additional training in the areas of economic analysis and quantitative techniques. The other is students who are potentially interested in pursuing a Ph.D. degree but require additional qualification to enable them to do so. While earning the master’s degree and acquiring the necessary tools for further studies, they will learn if the pursuit of a Ph.D. degree is within their reach and suits their purposes.
Students enter the program only in the fall term.
The required coursework is further enriched through (1) academic advising wherein an academic advisor with an open-door policy allows the MSPE students to drop by his office at their convenience, discuss their academic questions with him, and re-optimize their program of study on a continual basis. The academic advisor also provides guidance on study plans beyond graduation and provides support in achieving them; (2) an orientation program that includes an intensive mathematics course; this course serves as a refresher for the math content to be utilized during the students’ courses in the program; (3) opportunities to participate in field trips to observe the operation of financial institutions, modern industrial production facilities, federal and state government agencies, and international institutions; (4) scheduled lectures by outstanding, internationally known economists; (5) discussion groups and tutoring for participants who are having difficulty; (6) program staff assistance with visas, housing, and other nonacademic concerns; and (7) participation in social activities, including graduation dinners, holiday parties, picnics, and special luncheons.
This is a designated full-cost recovery program and no financial aid is available for the students in this program.
Please see www.mspe.illinois.edu for detailed information on the MSPE Program.
Doctor of Philosophy
| Required Courses: | Required Hours |
|---|---|
| Macroeconomic theory | 8 |
| Microeconomic theory | 8 |
| Statistics and econometrics | 8 |
| Field electives | 24 |
| Workshop and research seminar | 16 |
| Thesis Hours Required – ECON 599 (min/max applied toward degree): | 32 |
| Total Hours | 96 |
| Other Requirements:* | |
| Research paper must be submitted prior to the start of the third year of study and be approved by the end of the third year | |
| Minimum GPA: | 3.0 |
| Master's Degree Required for Admission to PhD? | No |
| Qualifying Exam Required | Yes |
| Preliminary Exam Required | Yes |
| Final Exam/Dissertation Defense Required | Yes |
| Dissertation Deposit Required | Yes |
Optional: A not-for-credit Math Camp after campus orientation, consisting of 12 hours of instruction. The aim of the Math Camp is to prepare students with no master’s level coursework in mathematical economics for the program’s first year classes. However, it will be open to all incoming students.
Students must pass comprehensive qualifying examinations on Econometrics, Macroeconomics and Microeconomics. Those who fail the comprehensive examinations will have a 2nd chance in the start of the fall semester and a 3rd chance at the end of the fourth semester (in this 3rd chance they will take the exams with the first year students of the next cohort). Students who have failed the 3rd chance will not be allowed to register for the following year. Upon meeting course and GPA requirements, they will be eligible to receive a master’s degree in Economics, provided they have not previously received such a degree from another institution.
Candidates must also successfully complete two fields through coursework and/or a written examination. A research paper must be submitted prior to the start of the third year and approved prior to the end of that year. Students who fail to meet these deadlines will have reduced financial support and be placed on academic probation. Unless they return to good standing by satisfying the requirement, they will be dropped from the program at the end of the following semester.
A dissertation is also required. In addition, candidates are required to give an oral defense of the dissertation proposal and pass an oral final examination covering the research. A student with an appropriate background who devotes full time to graduate work can complete the Ph.D. degree in four years beyond the bachelor's degree. An additional year or more is usually necessary, especially for those holding part-time assistantships. Students in the Ph.D. program may earn a master's degree as they work toward the Ph.D. degree.
Additional information can be found at www.economics.uiuc.edu/programs/phdprogram/.
Medical Scholars Program
The Medical Scholars Program permits highly qualified students to integrate the study of medicine with study for a graduate degree in a second discipline, including Economics. Students may apply to the Medical Scholars Program prior to beginning graduate school or while in the graduate program. Applicants to the Medical Scholars Program must meet the admissions standards for and be accepted into both the Department of Economics and the College of Medicine. Students in the combined program must meet the specific requirements for both the medical and graduate degrees. On average, students take eight years to complete both degrees. Further information on this program is available by contacting the Medical Scholars Program, 125 Medical Sciences Building, (217) 333-8146 or at https://www.med.illinois.edu/mdphd/.
Graduate Teaching Experience
Experience in teaching is considered an important part of the graduate program and is encouraged as part of the academic work of all Ph.D. candidates in this program.
Financial Aid
In recent years, the Department of Economics has been able to offer assistantships to most students who meet the standards for admission or continuation in the PhD program. In order to qualify for a teaching assistantship, non-native speakers of English must pass a speaking proficiency test of the English language.