Graduate School MA in Economics at U Waterloo Ana Ferrer* Associate Chair, Graduate Studies University of Waterloo 2015 - 2016 Should I go to Graduate School? • If you have the marks - an MA in Economics makes a lot of sense • Significantly higher earnings ($45,000-$80,000) relative to an undergraduate honour’s degree in economics • Greater responsibility and more interesting work • Relatively low opportunity costs Most MA programs consist of months of coursework and funding is available • There are, of course, costs Be certain that you want to pursue economics as a profession Switching careers with an undergraduate degree is definitely easier Should I it? • Graduate programs offer many possibilities to apply your degree in the public or private sectors as policy advisors, research economists, or consultants • Crown corporation (Ontario Hydro)  responsible for designing tariffs aimed at more efficient electricity consumption • Statistics Canada  develop research necessary to inform and support public policies in other government department • Financial institutions and insurance companies  forecasts of the economy, interest rates, and market outlooks • Use as a stepping stone to further education The MA as a step towards further education • The PhD option If you are passionate about economics and doing research this might be for you However, unlike the MA, there are significant opportunity costs in terms of lost income • Job-wise, there are opportunities in the private and public sector Getting an academic job is not impossible, however, it is relatively difficult • Most U.S universities not offer a separate Master’s degree in economics • Do not apply directly to a PhD program in the U.S First a Master’s at a reputable Canadian school and learn whether you want to commit to a PhD • If you want to an MBA – then not an MA! Examples of Waterloo MA Graduates  Rob Nicholson (2004) is the Executive Assistant and Special Policy Advisor to the Assistant Deputy Minister and Chief Economist of the Office of Economic Policy at the Ontario Ministry of Finance He provides advice and analysis on issues impacting Ontario’s economy  Shan Chen (2013) is a manager at the Royal Bank of Canada (Enterprise Model Risk Management)  Samantha St Amand (2013) is a research associate at the Centre for International Governance Innovation, Global Economy Program Where to go?  Each department has strengths in specific fields Do your research and find out what would be the best fit for you o Top schools (UBC, Toronto, Queens, Western) are pretty theory oriented – which may not be a good fit if you’re interested in policy and applied theory Go to the top schools if you think there’s a slight chance that you may want to a PhD o McMaster is very strong in health and public economics They also offer a Master’s in Economic Policy, meant for people who are sure they want to go into policy o Calgary, and Alberta have strengths in natural resources Calgary is also unique in its offerings of behavioral and experimental economics o Guelph, Brock and Laurier offer a master’s of business economics/ MA in economics with Finance specialization So if you’re interested in a hybrid MA/MBA – that might be a good fit o Carleton and Ottawa have the advantage of being in Ottawa - easy to apply to federal jobs! They are also established programs with good course offerings o Dalhousie and McGill are strong in development economics Also, … You may be interested in economics and public policy, with less technical orientation than a pure Master’s in Economics o Queens, Calgary, Ottawa, Carleton and the University of Regina all have policy programs, with Carleton’s being particularly well known Calgary is a full cost recovery (much higher tuition) program o Waterloo has the Master’s in Public Service which is also cost-recovery o Toronto and Waterloo have a Master’s in Governance and Policy which is also cost recovery MA in Economics at Waterloo Regular MA - Coursework (8 months) Core courses in micro, macro, and econometrics Taking a research methodology and an applied micro or macro econometrics course are pre-requisites So students then have Electives Year - fall Academic integrity workshop Math-camp Year - winter Research Methodology Applied Microeconometrics 1, or macroeconometrics Micro theory Macro theory Econometrics One ECON elective Two ECON electives: Public Economics, Labour Economics, Financial Economics, Environmental and Natural Resource Economics MA in Economics at U Waterloo Research paper option – Same core courses but switch one elective for a Major Research paper This option takes months longer Year - fall Academic integrity workshop Math-camp Year - winter Year - fall Research methodology Research paper Applied microeconometrics 1, or macroeconometrics Micro theory Macro theory Econometrics One ECON elective One ECON elective MA in Economics at Waterloo Co-op Option – Same core courses but add terms co0op work plus term knowledge integration Year - fall Academic integrity Math-camp Year - winter Research methodology Applied microeconometrics, or macroeconometrics Micro theory Macro theory Two ECON elective Econometrics One ECON elective Year - fall Co-op placement Year spring Year - winter Co-op: Knowledge Integration Co-op placement Why is it designed that way? • Theory courses will provide you with the analytical tools of the trade Do not be fooled by the math content, these courses really teach you how to think like an economist • Econometrics courses teach you how economists measure the world around them These are technical skills that you can apply to a variety of job environments • Applied courses (electives and econometric applications) will give you the institutional background you need for this Here you pair econometrics and economic theory to design research and analyze results Admission Requirements to Waterloo • Honours bachelor’s degree in economics • Strong preparation in economics and mathematics: • advanced microeconomics • advanced macroeconomics • advanced econometrics • mathematical economics; as an equivalent two terms of calculus and one of linear algebra are even better! • Two academic letters of reference Money matters • In 2015-2016, the average financial support package is $12,000 per year for MA students and $22,000 per year for PhD students (4 years) • Current Tuition Fees (similar for MA and PhD) • Canadians and Permanent Residents $2,850 /term • International Students $6,875 / term • International Doctoral Student Award (IDSA) $3,760/term • International MA Student Award (IMSA), $1,880/term How Does the Waterloo Program compare to other programs? We offer a well-established MA degree in economics with a Co-op option (one of the very few MA co-op in Economics) • 90% find employment within the year • Most co-op positions translate into permanent jobs • Strong ties with many departments in the Government of Ontario and Canada Our MA program is also a stepping stone for further education MA graduates have gone on to pursue PhDs at the University of Western Ontario, University of Toronto, McMaster University, Queen’s University, and Australian National University How Does the Waterloo Program compare to other programs? Intimate and collegial learning environment - Lets us identify problems and address them quickly As an example, international students faced a challenge in getting co-op employment We identified this problem and started offering soft-skills workshops to address the problem The initiative was a success and is now implemented in our program! How Does the Waterloo Program compare to other programs? To increase job placement, the department offers soft-skills training to all MAs: workshops, mock interviews, career advice, and network opportunities with alumni A very successful initiative! • February application deadline Admission is only for September of each year • Complete your application on-line at: http://economics.uwaterloo.ca/grad/grad-apply.html