Department of Mathematics & Graduate Program in Economics
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B.A. (Mathematics) + M.A. (Economics) = Employment Opportunities
THE EMPLOYMENT MARKET FOR ECONOMISTS
The variety of jobs open to people trained in economics is remarkably broad. The majority of new jobs are found in the private sector. Economists are also employed in government (local, state, national), in in not-for-profit organizations (e.g., foundations, political parties, unions, and consumer groups). The job market for M.A. graduates in Economics is stronger than it is for masters level graduates in many other disciplines. Nonetheless, it is hgihly competitive.
Rutgers-trained economists have fared well in the job market. Rutgers M.A. students typically obtain jobs as analysts in consulting firms, and in the telecom and financial services sectors. The graduate faculty assists in the placement of new M.A. graduates.
LEARNING ECONOMICS AT RUTGERS
An undergraduate major in Economics is not necessary for graduate work in the field. In reviewing applications, the Graduate Program in Economics is far less concerned with the number of economics courses a student has taken than with his or her ability to do well in demanding analytical courses across a variety of fields. However, some exposure to economics, including at least intermediate-level courses in microeconomics and macroeconomics, is essential.
Training in mathematics and quantitative methods is necessary for graduate work in economics. A semester of undergraduate statistics, a year of college-level calculus (differential and integral), and a semester of linear algebra are regarded as a bare minimum. A major in mathematics with additional coursework in econometrics is an excellent way to prepare for graduate work in economics.
This brochure describes how to enter this rewarding field by studying at Rutgers.
Advising is available in both the Department of Mathematics and the Department of Economics.
REQUIREMENTS
The M.A. (Master of Arts) degree requires 30 credits of course-work. Candidates for the M.A. must also complete either a masters essay or a masters exam. Most students choose the option of the essay. Students intending to pursue a Ph.D. often take the theory portion of the Ph.D. qualifying examination instead of writing the masters essay.
Required Course-work. (See catalog for full detail.)
- 220:500, Mathematical Methods for Microeconomics, 3 credits
- 220:501 and 220:502, Microeconomic Theory I and II, 6 credits
- 220:503, Mathematical Methods for Macroeconomics, 3 credits (unless waived)
- 220:504 and 220:505, Macroeconomic Theory I and II, 6 credits
Quantitative Economics
- 220:506, Advanced Economic Statistics, 3 credits
- 220:507, Econometrics I, 3 credits
- plus one additional course from the list
- Econometrics II
- Applied Econometrics for Microeconomics
- Applied Econometrics for Macroeconomics
- Seminar in Econometrics
- Seminar in Applied Econometrics
Electives sufficient to bring total to 30 credits
THE STANDARD B.A.-M.A. SEQUENCE
Usually students apply to the M.A. program in their senior year of college. Others apply after a period of employment. In either case, students should use electives both inside and outside their major program to meet minimum requirements for application and to strengthen their preparation for graduate work. The M.A. degree can usually be completed in 2 years of full-time graduate study by students who choose the exam option. Students choosing the essay option, more commonly take 3 years to complete the M.A. Part-time study is permitted with permission of the graduate director.
THE INTENSIVE FIVE-YEAR B.A.-M.A. SEQUENCE
Degree requirements are the same as those in the standard sequence. In this sequence, some course-work for the M.A. is taken before completion of the B.A. degree. With careful advising and planning, the M.A. can then be earned in one year after completing the B.A.
Application to the five-year program is made to the Graduate Director in Economics during the student's third year at Rutgers. Early admission to the M.A. program will be offered to qualified students contingent upon successful completion of specified coursework in the senior year. Early admission will usually be offered to students whose records include (1) a 3.5 or better in Mathematics and Economics courses, with no grade below B, and (2) an overall g.p.a. of 3.2 or better. Final admission requires formal application to the Graduate School.
Students in the five-year program will take between 129 and 135 credits before graduating with their B.A. These additional credits may be taken in the summers or by carrying more than 15 credits in some semesters. Finding room for these extra courses is easier for students entering with Advanced Placement credits. The 9 to 15 credits not applied to meeting the requirements of the undergraduate degree may be transferred to the M.A. program subject to the approval of the graduate program and the rules of the Graduate School. In general, courses to be transferred to the M.A. program must be at a suitably high level, and must be completed with a grade of "B" or better.
FINANCIAL AID
Financial support in the form of a Teaching Assistantship, Graduate Assistantship, or Fellowship is rarely available to students pursuing only a M.A. Some corporate employers provide tuition reimbursement to employees upon satisfactory completion of each graduate course relevant to the employee's duties. Complete information is available at
USING a MATHEMATICS MAJOR to PREPARE for an M.A. in ECONOMICS.
REQUIREMENTS for the MATHEMATICS MAJOR (See the Catalog for full detail.)
- Calculus I (Math 151), Calculus II (Math 152), and Calculus III (Math 251)
- Introductory Linear Algebra (Math 250)
- Ordinary Differential Equations (Math 252 or 244)
- Introduction to Computer Science (C.S. 111)
- Advanced Calculus I (Math 311)
- Either Linear Algebra (Math 350) or Introduction to Abstract Algebra (Math 351)
- Six (6) additional 3- or 4-credit Math courses numbered 300 or above.
Notes:
- (1) Among the prerequisites for Math 311, Math 350, and Math 351 is "Math 300 or permission of the Department."
- (2) Math 350 is more relevant to Economics than Math 351.
MINIMAL REQUIREMENTS for ADMISSION to the M.A. program in ECONOMICS
- Calculus I (Math 151) and Calculus II (Math 152)
- Introductory Linear Algebra (Math 250)
- Either Statistics I (Stat 211) or Introductory Statistics for Business (Stat 285)
- Intermediate Microeconomic Analysis (Econ 203)
- Intermediate Macroeconomic Analysis (Econ 204)
WAYS to STRENGTHEN PREPARATION for an M.A. in ECONOMICS
Consult advisers in both departments to insure that course selections are compatible with prerequisites, credit restrictions, and scheduling. Consider a minor in Economics, or even a double major.
Select at least some math electives from the following list:
- Math 477, Probability
- Math 354, Linear Optimization
- Math 478, Probability II
- Math 424, Stochastic Models in Operations Research
- Math 429, Industry Oriented Mathematics
- Math 453, Theory of Linear Optimization
- Math 481, Mathematical Statistics
Select at least some general electives from the following list:
- Computer Sciences, courses beyond C.S. 111, especially advanced numerical analysis
- Economics 322, Econometrics
- Economics 326, Econometric Theory
- Economics 406, Game Theory and Economics
- Statistics 382, Theory of Statistics
- Statistics 384, Intermediate Statistical Analysis
- Statistics 390, Introductory Computing for Statistics
- Statistics 401, Basic Statistics for Research
- Statistics 484, Basic Applied Statistics
Use summers to advantage. Seek opportunities during undergraduate years to explore your interest in this area. Possibilities include a summer course on case studies in industrial mathematics; an individual internship or employment in a relevant setting; and a residential research experience for undergraduates at Rutgers or elsewhere. Selection criteria vary depending on the nature of the individual program. Summer stipends are available in some cases, either from an individual employer or from the Rutgers Summer Undergraduate Research Fellowship program.
SAMPLE 5-YEAR B.A.-M.A. in ECONOMICS. (Actual programs will vary!)
- Calculus I and II (Math 151 and 152)
- Introduction to Computer Science (C.S. 111)
- Microeconomics and Macroeconomics (Econ 102 and Econ 103)
- Introductory Linear Algebra
- Calculus III (Math 251)
- Intermediate Microeconomics (Econ 203)
- Intermediate Macroeconomics (Econ 204)
- Introduction to Mathemtical Reasoning [u1]
- Probability (Math 477) [u2]
- Introduction to Mathematical Statistics (Math 481)[u3]
- Linear Optimization (Math 354) [u4]
- Differential Equations (Math 252)
- Linear Algebra (Math 350) [u5]
- Stochastic Models (Math 424)[u6]
- Basic Applied Statistics (Stat 484) [g1]
- Econ 506 [g1] (Prerequisites: Math 477 and Math 481)
- Econ 507 [g2] (Prerequisites: Math 350)
- Industry Oriented Mathematics (Math 429) [u7] or a relevant internship or a research experience for undergraduates
- Advanced Calculus (Math 311) [u8]
- Econ 500 [g3] (Must be taken concurrently with Econ 501)
- Econ 501 [g4] (Prerequisites: Math 354 and Math 477)
After graduation, relevant summer internship or employment is suggested. Some students may prefer to use this time to complete undergraduate coursework.
Each program will be set in consultation with an advisor to reflect the student's interests.
1: Eight upper-level math major courses are noted [u1]...[u8]. Ten courses applicable to the M.S. program are noted [g1] ... [g10].
2: Undergraduate need special permission to take graduate courses. See your undergraduate college and the Economics graduate director for advice.
3: If the suggested summer courses are not included, then addition courses in Math must be taken during the academic year.
4: Careful advising and planning is essential to ensure that courses are taken in an order that satisfies all undergraduate and graduate prerequisites, all scheduling constraints, and all general education and college requirements.