MS in Applied Economics and Data Science

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The Master of Science in Applied Economics and Data Science is a stand-alone master’s program that equips its graduates with advanced knowledge of economics, computational skills, and empirical methods to analyze and make decisions about economic problems. Graduates are well-equipped to work in business, finance, consulting, central banks, government agencies, and NGOs, or to continue on for further study. The training provides a thorough understanding of fundamental economic principles, data science methods and techniques, application of mathematical methods and modeling, and the use of computer software for large-scale data analysis. It is accomplished through the economics core (four courses in microeconomics, macroeconomics, statistics, and econometrics) and six elective courses drawn from the economics department and BU’s new Faculty of Computing and Data Sciences (CDS). These courses are designed exclusively for master’s students, distinct from our PhD and undergraduate offerings. The elective courses in economics develop quantitative skills and specialized knowledge in nearly all major areas of economics and are taught largely by our own research faculty. The data science courses are the same one’s students would have access to if they applied directly for an MSDS, the MS program at CDS, and are taken alongside MSDS students. In addition to a required course that surveys data science, students may take electives in topics such as data-centric computing, security, and artificial intelligence. Students typically take three or four courses per semester and complete the program in three semesters. The MS in Applied Economics and Data Sciences is a STEM-designated degree program.

Applicants to this program should have, or be expecting, a bachelor’s degree in economics, economics and mathematics, or a closely related discipline (from an institution recognized by the Graduate School of Arts & Sciences). Exposure to computer programming or classes related to computer science is beneficial but not required.

Learning Outcomes

The learning objectives of this program are to enable its graduates to:

  • Demonstrate a thorough understanding of fundamental economic principles and be able to apply these ideas to analyze public policies, business practices, and real-world events.
  • Demonstrate a thorough understanding of data science principles and related computer programming and be able to access and analyze data in a wide variety of structures.
  • Have the ability to utilize mathematical and empirical methods to describe and understand economic phenomena.
  • Acquire in-depth knowledge in several areas of economics and data science, as well as a broad perspective on the subjects.
  • Be able to conduct scholarly and/or nonacademic work in a professional and ethical manner.

Course Requirements

Candidates must complete a minimum of 10 semester courses (40 units).

Core Courses

The following courses are required:

  • CAS EC 501 Microeconomic Theory. Covers fundamental economic principles and the mathematical modeling of households and firms, markets and prices, uncertainty and information; quantitative analysis of cost-benefit and economic efficiency.
  • CAS EC 502 Macroeconomic Theory. Covers mathematical models of economic growth and monetary theory, with reference to real-world macroeconomic data; quantitative analysis of            macroeconomic policy.
  • CAS EC 507 Statistics for Economists. Provides the mathematical foundation of statistical methods, and quantitative training in data analysis through the use of statistical software.
  • CAS EC 508 Econometrics. Provides in-depth understanding and quantitative training in econometric methods most widely used in economic research and policy analysis. Rigorous mathematical theory will be combined with practice involving data and computer programs.
  • CDS DS 701 Tools for Data Science. The goal of the course is to give students exposure to, and practical experience in, formulating data science questions. The course covers methods of obtaining data and common methods of processing data from a practical standpoint. It is organized around a semester-long group project in which students are placed into teams and engage with “clients” who bring data science questions from a particular domain.

All five core courses are required, and they cannot be counted as electives.

Elective Courses

The remaining five courses are to be chosen from a broad range of elective courses. Two courses must be selected from among the electives in economics, and one must be chosen from the competency courses approved for the MSDS. The last two electives may be chosen from either economics or data sciences.

Elective options include CAS EC505 Elementary Mathematical Economics, which provides essential mathematical background for success in the core and other electives. All incoming students will take a mathematics placement exam administered by the Department of Economics. Based on its result students will be advised whether they should take EC 505.

Each elective course provides in-depth knowledge in a specific area of economics or data sciences. The elective curriculum makes effective use of the students’ analytic, quantitative, and computational skills acquired through the core courses, and reinforces this training. All elective courses emphasize critical thinking and problem solving; some elective courses are designed to advance the students’ knowledge of quantitative methods, and many elective courses require students to undertake independent research or scholarship. In practice, flexibility is a strength of the program and students can often substitute these electives with courses from other departments, such as math, statistics, engineering, or business, although that is subject to case-by-case approval.

Language Requirement

There is no foreign language requirement for this degree.

Time Requirement

All courses and examinations must be completed within 3 years of the original registration in Boston University’s Graduate School of Arts & Sciences. International students may be subject to additional restrictions imposed by the terms of their visas, as governed by the International Students & Scholars Office (ISSO).

The Master’s Programs Rules apply to all master’s degrees.

Additional Information

Students may begin the program in either fall or spring.