Frequently Asked Questions for Master's Students
What are the greatest strengths of the M.A. program in Economics?
A specially tailored, stand-alone degree
We offer a specially tailored, stand-alone master’s program in a top-ten Economics Department. It is “stand-alone” in that it is separate from the PhD program. Indeed, there are not that many specially tailored (i.e. terminal) master’s programs in economics offered in the USA. This type of degree serves the needs for an advanced degree of professional economists, government officials and economic consultants. It can also be used to lay the groundwork for students who wish to pursue a PhD program elsewhere in the US. Many universities offer MA degrees in economics but they are not terminal degrees but rather degrees earned en route to a PhD.
A marketable degree valued by employers
See below on career opportunities for our graduates.
A rigorous preparatory degree for graduate programs elsewhere in the US
Our MA graduates have been admitted into PhD programs at Boston University, the University of Michigan, UC Davis and New School University.
Our students have also been admitted to law schools at Columbia University, Fordham University and the University of Illinois and public policy schools, such as the Maxwell School at Syracuse University.
Outstanding reputation of faculty, prestigious department and high quality of curriculum
The Economics Department at NYU has an impressive reputation. It has a world-renowned faculty and a high quality curriculum. A recent study published in the Journal of Economic Perspectives ranked the Economics Department at NYU as 6th in the nation.
Superb research resources
NYU has one of the largest open-stack research libraries in the nation with a collection of over 4.2 million volumes.
Geographic location
We are located in New York, one of the world’s most dynamic cities. NYU is located in the heart of Greenwich Village, a unique cultural and historic resource. New York City is an international hub for global business, finance, communications, art, science and research. We offer proximity to future career opportunities. New York City is establishing itself as an intellectual center where the action is.
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What are the career opportunities for graduates of the MA program?
Graduates from the MA program currently hold jobs in a variety of fields in the New York area, including investment banking, brokerage, management consulting and the non-profit sector. Our graduates are employed in an impressive array of businesses: AIG, Goldman, Sachs & Company, Bear Stearns, Bloomberg, Federal Reserve Bank of New York, Smart Money Magazine, Time Magazine, Citicorp, the Royal Bank of Canada, Credit Suisse, Economy.Com and the IMF.
International students who graduate from the program often return to their home countries to take up important policy advisory positions.
What are the criteria for admission?
Admission to the MA program in economics is limited to students of outstanding promise. In general, we aim to admit the B+ student and above. More specifically, the type of student we are seeking to attract will meet the following minimum requirements:
- GRE Quantitative and Analytical scores > 75th percentile (@720 for quantitative and 5.0 for analytical)
- GRE Verbal > 50th percentile (@500)
- TOEFL > 260 (computer-based version) or TOEFL > 620 (paper-based version) or 105 (internet-based version)
- Undergraduate calculus and statistics -- B+ or more – and preferably more advanced mathematics
- Intermediate microeconomics and macroeconomics -- B+ or more
- GPA of 3.25 or better at the undergraduate level.
What is important is the total picture of an applicant’s competence, not performance on individual criteria. For example, we want to attract students with good grades at a good university even if they had less than fantastic GRE scores. Furthermore, we also want to attract applicants who have completed a degree in mathematics, engineering or physics but have done introductory but not necessarily intermediate economics courses.
How do I apply for admission?
Applicants are required to submit their applications online. The online application and all instructions, policies and FAQs about applying are found at the Graduate School of Arts & Sciences Application Resource Center at http://gsas.nyu.edu/page/grad.admissionsapplication.html
What is the deadline for admission?
The deadline for fall 2010 admission is Feb. 1st 2010. There is no longer admissions in the spring.
Must applicants take the Graduate Record Examination (GRE)?
All applicants must take the general test of the GRE administered by the Educational Testing Service, Princeton, NJ 08540. (http://www.ets.org/) See too http://www.gre.org/splash.html.
All applicants should be sure that official test scores are sent directly to GSAS from ETS. You should send them to the Graduate School of Arts and Science code 2596.
PLEASE NOTE: GMAT scores are no longer accepted in lieu of the GRE.
Must foreign students take TOEFL?
All international students must take the Test of English as a Foreign Language (TOEFL). (See http://www.toefl.org/.) Exceptions to this rule include students who attended English-speaking college-level institutions and students from English-speaking countries, such as the United Kingdom and Australia. International students should aim for TOEFL scores above 270. Successful applicants may also be required to take a diagnostic language evaluation test at the American Language Institute at NYU and to take additional English language courses tailored to the needs of graduate students.
How long will it take to earn the M.A. degree?
The MA degree in economics takes a minimum of three semesters full-time (usually Fall, Spring and Fall the following year). The elapsed time for completion is thus more than one year. At this stage, no master's courses in the Department of Economics are offered over the summer. However, some students choose to take courses in the Stern School of Business over the summer (a maximum of 8 credits can be taken outside the Department of Economics as credit towards the MA).
The time limit for completion of the degree is five years for both full- and part-time students.
How much does the degree cost?
Applicants should refer to http://www.nyu.edu/bursar/tuition.fees/rates09/gradgsas.html in order to see the latest tuition and fee schedule for the Graduate School
of Arts and Science.
Our MA program requires 32 points/credits. You would then have the cost of the mandatory health insurance, plus the cost of books and your living expenses.
You may find information at www.gsas.nyu.edu, "Admissions," "Application Resource Center," "Frequently Asked Questions," "International Students FAQ" useful as well.
What financial aid is available?
While loans may be available, fellowships and assistantships are not available for students in the M.A. program.
However, the Tuition Incentive Program (TIP) at NYU is an important source of financial aid for master's students. TIP provides tuition support to recipients of external awards. Students receiving external awards of $13,000 or more from recognized, academic sources of funding outside of the University can apply for matching tuition points up to the amount of their outside award. Students receiving external awards of less than $13,000 may apply for matching tuition points up to 50% of the amount of the external award. The Graduate School typically awards funds to between 20 and 30 students a year. We encourage students to apply.
How many students are admitted to the program?
We do not have a fixed target size for an incoming class. In Fall 2008, we received close to 400 applications and admitted over 90 students. In other years, we have had between 60 to 70 incoming students.
Who are our students?
Over the last five years, about half of the incoming students are international students (i.e. non-US citizens). We have a very diverse student body. About 80 percent of incoming students are full-time students. The average age of incoming students is 25 years.
Can students work full-time and pursue this degree?
Yes. Unlike other schools, many of our MA courses begin at 6.20pm and a few begin at 4.20pm. All of the core MA courses are offered in the evening (many are also offered during the day as well). Courses generally meet once a week.
Do we accept transfer students?
Students from other graduate schools must apply as new students; admitted students may seek permission to transfer up to 8 credits for relevant courses with grades of B or better.
Can students enter the program in the spring semester?
No, there are no longer admissions in spring. There are only admissions in the fall semester of each year.
Are internships available in the program and can internships count toward the degree?
On their own initiative, a small number of our students obtain internships in business and public policy settings. However, internships cannot count towards the MA degree in economics.
Can I take courses in the business school and elsewhere in the University?
Students are allowed to take relevant courses at the NYU business school, which is consistently ranked among the world’s best business schools (see http://stern.nyu.edu). In addition to regular courses in economics, students take courses in finance, accounting, international business and operations research at the Stern School of Business. Highly qualified MA students preparing for a PhD program may also take courses in the Graduate Department of Mathematics at the Courant Institute of Mathematical Sciences which offers balanced training in mathematics and its applications in the broadest sense.
Who teaches the courses?
Courses are taught by both full-time faculty and adjunct professors who combine formal training in economics (PhD) with applied economics experience.
Does the master's program lead to the PhD program in economics at NYU?
The master's program does not lead to the PhD program. The two programs are quite separate and students cannot transfer from the master's program to the PhD program at NYU. However, our master's program can be used to lay the groundwork for students who wish to pursue a PhD program elsewhere, and an increasing number of our students have gone on to do a PhD in economics at other universities in the United States (e.g. Boston University). Indeed, the best qualified master's students sometimes take one or more PhD-level courses within the Department of Economics as credit towards their M.A. degree. In order to improve their math background, some students seeking to pursue a PhD also take graduate math courses. Students can also choose to apply for our Ph.D. program after completing the master's, although admission is very competitive and none of the master's work would transfer toward the PhD.
