1. Should I do a Master’s degree
Should I do a Master’s degree? Ana Ferrer Associate Chair, Graduate Studies University of Waterloo November 23rd , 2016

2. Should I do a Master’s (MA) degree?
If you have the marks, a Master’s (MA) in Economics makes a lot of sense.
Why?
Significantly higher starting salary ($45,000- $80,000) relative to an undergraduate degree in economics
Puts you on a different pathway: greater responsibility and more interesting work

3. Costs of doing a Master’s?
Costs are relatively low
Costs are partially covered by funding (teaching assistantship and scholarship)
Time opportunity costs are moderate. Most MA programs consist of 2 terms (8 months) of coursework; 5 terms (20 months) for the co-op option
Other opportunity costs: Be certain that you want to pursue economics as a profession. Switching careers with an undergraduate degree is definitely easier
If you want to do an MBA, an MA is not a substitute

4. The career options
A MA degree offers many possibilities to apply your knowledge 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

5. Master’s as a step towards a PhD
If you are passionate about economics and doing research getting a PhD 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, but it is difficult.
Most US universities do not offer a separate Master’s degree in economics.
Do not apply directly to a PhD program in the US. First do a Master’s at a reputable Canadian school and learn whether you want to commit to a PhD.

6. Examples of what our recent MA grads are doing
Yuewen Hu (2015) – RBC, Group Risk Management Leadership Program
Melissa Haines (2013) – Finance Canada, Economist/Policy Analyst
Rosalie Wyonch (2014) - CD Howe Institute, Economist
Adam Hariri (2013) – London Economics International, Consultant
Jacky King (2013) - Ontario Ministry of Finance, Economist
Richard Cen (2012) – Bank of the West, Model Validation
Hiro Dozono (2009) – Instagram, Data Scientist

7. Examples of our recent MA co-op placements
Jasmine Jia (2014) - Ontario Teacher’s Pension Plan, Analyst
Qian Cao (2014)- Loyalty One, Marketing Analytics
Zheren Hu (2014) - Employment & Social Dev. Canada, Analyst
Joshua Salas (2014) - Natural Resources Canada, Analyst
Victoria Janicki (2015) - Statistics Canada, Analyst
Garnik Kakosyan (2015) - Ericsson Canada Inc., Big Data Analyst
Zaixiong Meng (2015) - JUICE Mobile, Data Analyst
David Ta (2015) - Bank of Montreal, Data Scientist

8. Other grad programs in Canada
Each school has strengths in specific fields. Do your research and find out what would be the best fit for you.
Top schools (UBC, Toronto, Queens, Western) are pretty theory oriented. Go to the top schools if you think there’s a chance that you may want to do a PhD.
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.
Calgary and Alberta have strengths in natural resources. Calgary is also unique in its offerings of behavioral and experimental economics.
Guelph, Brock and Laurier offer a Master’s of business economics. If you’re interested in a hybrid MA/MBA – that might be a good fit.
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.
Dalhousie and McGill are strong in development economics

9. Also in Ontario, …
You may be interested in economics and public policy, with less technical orientation than a Master’s in Economics provides.
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.
Waterloo has a Master’s in Governance and Policy and a Master’s in Public Service. Both are cost- recovery programs (i.e. higher tuition fees).)

10. Comparing programs
Admission requirements, basic training and financial aid are very similar across universities
To decide, focus on significant differences in programs (co-op option, research opportunities, specific fields you like)

11. MA in Economics at Waterloo Coursework Option (2 terms / 8months) Five core courses* plus three electives.
YEAR 1 - fall term
Academic integrity workshop
Math-camp
*ECON 601 micro theory
*ECON 621 econometrics
Two electives
YEAR 1 – winter term
*ECON 602 macro theory
*ECON 606 research methodology
*ECON 622 applied microeconometrics 1, or
*ECON 623 macroeconometrics 1
One elective
Labour, Health, Monetary Resource, Innovation, Numerical Methods

12. Research paper Option (3 terms / 12 months) Five core courses
Research paper Option (3 terms / 12 months) Five core courses*, two electives and a major research paper.
YEAR 1 - fall term
Academic integrity workshop
Math-camp
* ECON 601 micro theory
* ECON 621 econometrics
One elective
YEAR 1 – winter term
* ECON 602 – macro theory
* ECON 606 research methodology
* ECON 622 microeconometrics, or
ECON 623 macroeconometrics
One elective
YEAR 1 – spring term
Research Paper

13. Co-op Option (5 terms / 20 months) Five core courses
Co-op Option (5 terms / 20 months) Five core courses*, 3 electives, capstone research project and eight month (two term) co-op placement.
YEAR 1 - fall term
Academic integrity workshop
Math-camp
* ECON 601 micro theory
* ECON 621 econometrics
Two electives
YEAR 1 – winter term
* ECON 602 – macro theory
* ECON 606 research methodology
* ECON 622 microeconometrics, or
ECON 623 macroeconometrics
One elective
YEAR 1 – spring term
Co-op placement
YEAR 2 – fall term
YEAR 2 – winter term
Capstone Research Project

14. Co-op placement
To increase job placement, the department offers soft-skills training to all MAs: workshops, mock interviews, career advice, and network opportunities with alumni.

15. Our program design
Theory courses will provide you with the analytical tools of the trade. Don’t be fooled into thinking that they are not useful courses. 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 applied econometric courses) will give you the institutional background you need for economic analysis. Here you pair econometrics and economic theory knowledge to design research and analyze results.

16. Admission Requirements
Honour’s bachelor’s degree in economics with a minimum 75% overall average in the last two years or last 20 courses.
advanced microeconomics
advanced macroeconomics
mathematical economics; a course in calculus and linear algebra are even better
statistics
econometrics
Occasionally, students are admitted with limited economics but extensive mathematical background.

17. What you need to apply Honour’s bachelor’s degree in economics
Strong preparation in economics and mathematics
Two academic letters of reference
Give the professors who are writing your references the information they need: the list of programs you are applying for, and an unofficial copy of your transcript
Give your professors enough lead time; they may be writing many letters
Complete your on-line application
Application deadline: February 1
Admission is only for September of each year

18. Money matters Financial Support Current Tuition Fees
In , the average financial support package was $15,000.
This includes teaching assistantship and scholarship funding.
International students also get the International MA Student Award - $1,960 per term
Current Tuition Fees
Canadians and PR - $2,893 per term
International - $7,083 per term

19. How does the Waterloo program compare?
We offer a well-established MA degree in economics with a co- op option (one of the very few in Canada)
90% find employment within the year
many co-op positions translate into permanent jobs
our department has strong ties with many departments in the governments of Ontario and Canada
Our MA program works as a stepping stone for further education
Waterloo MA graduates have gone on to pursue their PhD in other universities (McMaster, Toronto, Western Ontario)
Intimate and collegial learning environment - lets us identify problems and address them quickly
International students faced a challenge in finding 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!

20. The End Questions? Department of Economics Contacts Ana Ferrer, Graduate Advisor – HH 219 Pat Shaw – Graduate Program Co-ordinator – HH 210