The Levy Economics Institute M.S. Program
Program RequirementsThe two-year M.S. in Economic Theory and Policy program provides rigorous training in the areas of economic theory, policy, and methodology. In addition, M.S. candidates select a concentration in one of the following areas:
- Macroeconomic Theory, Policy, and Modeling
- Monetary Policy and Financial Structure
- Distribution of Income, Wealth, and Well-Being
- Gender Equality and Time Poverty
- Employment and Labor Markets
Much of the Institute’s research relies on advanced modeling and econometric methods. Thus, applicants should anticipate a demanding course of study and rigorous preparation in quantitative methods and mathematical economics. Applicants are expected to have completed a full course of undergraduate study in economics and enter the program with a solid grounding in mathematics, statistics, and econometrics.
While most applicants have an undergraduate major in economics, it is not a requirement of the program. Applicants with an undergraduate major in fields such as mathematics, international relations, political science, and finance are encouraged to apply, provided they have completed substantial course work and/or research in economics, economics theory, finance, or financial structure, or have equivalent work experience in a relevant field.
Undergraduate course work in economics, regardless of the major pursued, should include no less than the following:
- Intermediate Microeconomics or other equivalent 200- or 300-level microeconomics class.
- Intermediate Macroeconomics or other equivalent 200- or 300-level macroeconomics class.
- Two or three 300-level courses in economics, preferably in the student's area of research interest.
- Research experience, while not mandatory, is recommended. Please submit a research paper (for a class, senior thesis, published paper, or working paper).
Given the curriculum of the M.S. program, applicants should have completed no less than the following course work in mathematics and statistics:
- College-level multivariate calculus.
- Statistics or economic statistics.
- Econometrics (strongly recommended).
- Basic familiarity with statistical software (particularly Stata).
Other RequirementsIn addition to the above, all applicants are expected to meet the following requirements:
- Completion of an undergraduate degree.
- GRE exam results taken in the last two years. Students with a GPA of 3.4 out of 4.0 or higher are exempt from submitting GRE scores.
- TOEFL or IELTS results must be submitted by all applicants from non-English-speaking countries. Applicants who have completed their undergraduate studies in an English-speaking country are exempt from this requirement.
- Minimum TOEFL scores are 100 for the Internet-based test, 250 for the computer-based test, and 600 for the paper-based test. The minimum score band for IELTS is 7.0.