Economics - Financial Economics
Overview
The Financial Economics sequence provides students training in the financial theory of the firm, financial markets and institutions to complement their training in applied economics analysis. It is designed for students who have an interest in employment opportunities in the financial sector such as investment and commercial banks, economic and financial asset management companies, and consulting firms, or who are interested in pursuing a Ph.D. degree. This is a STEM designated degree, which focuses on the systematic study of mathematical and statistical analysis of economic phenomena and problems. STEM designated degree programs offer additional benefits for students, including potential grant funded opportunities and, for international students, extended OPT study options.
Please visit our Frequently Asked Questions page for answers to common admissions questions about our program.
Point of Pride
The Registered Student Organizations (Economics Student Association and Undergraduate Women in Economics) organize several annual events, including trips to the Federal Reserve Bank in St. Louis and Economics conferences, a Career Night, and special seminar speakers.
Graduate Advisor
Dr. Tim Harris
(309) 438-7509
Stevenson 426K
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Discover what life as an Illinois State graduate student is like.
How to Apply
University Admission Requirements
A student applying to a master's program must:
- have earned a four-year bachelor's degree or its equivalent from a college or university that is accredited by the appropriate regional accrediting association, or do so within one academic year
- present unofficial transcripts from each college or university other than Illinois State at which graduate, undergraduate, or non-degree credit was earned. The unofficial transcript should be easily readable and clearly indicate degree(s) awarded, courses and course grades for each term. If accepted, official transcripts can be emailed from the university to GraduateAdmissions@IllinoisState.edu or mailed in a sealed envelope to: Illinois State University, Graduate School, 209 Hovey Hall, Campus Box 4040, Normal, IL 61790-4040.
International students can learn more about specific application requirements by visiting the Office of Admissions.
Additional Program Admission Requirements
Coursework
A student admitted in the program must have a cumulative GPA of 3.0 on a 4.0 scale for either the last 60 hours of undergraduate coursework or any previous work in a master’s program. For admission without deficiencies, applicants need to have successfully completed college courses in:
- basic calculus and statistics
- intermediate microeconomic and macroeconomic theory
Students who do not meet these coursework requirements can still be admitted into the program but will have to take additional classes.
Graduate Record Exam (GRE)
Applicants need to have a quantitative GRE score of 150 or better, and a verbal GRE score of 140 or better. Use institutional code 1319 to submit GRE scores.
Alternatively, GMAT scores can be submitted in place of GRE scores.
Applicants submitting GMAT scores must have a GMAT Quantitative Score of 28 or better, and a GMAT Verbal Score of 18 or better for admission consideration.
Letters of Recommendation
This program requires two (2) letters of recommendation. At least one of the letters of recommendation should come from someone familiar with your scholarly record. The other letter can be an additional academic reference or a professional reference from someone who knows you well and can comment on your potential as a graduate student. After you submit the e-mail addresses of your letter writers in the online application system, they will be automatically e-mailed a link to submit their letters electronically.
Other Documents
A student applying to this sequence must also upload into the online application system:
- a current resume or C.V.
- a 300-word statement of purpose explaining your interest in the Financial Economics graduate sequence at Illinois State University, your academic and professional goals, and what you hope to achieve as a graduate student in Economics
International Students
In addition to the above requirements, international applicants need to submit:
- Scores from either the Test of English as a Foreign Language (TOEFL) or International English Language Testing System (IELTS).
- Minimum TOEFL Scores: 79 for internet-based test (iBT)
- Minimum IELTS Score: 6.5 band
- Minimum Duolingo Score: 105
- International Student Requirements
Application Deadlines
- Fall Term — March 1
- Spring Term — September 1
- Summer Term — No applications are accepted for the summer term
Graduate Assistantships
The University provides graduate assistantships as a means of financial support. They are intended as a way to facilitate a student's progress to degree while providing important professional development.
Eligibility
To be eligible for an assistantship a student must, generally,
- be admitted unconditionally as a degree-seeking student into a graduate academic program, or have a minimum of 120 undergraduate hours if in an integrated degree program
- be in good-standing
- be enrolled full-time (typically at least 9 credit hours during the fall or spring semesters, or at least 6 hours during the summer session).
Benefits
Graduate assistants receive
- monthly wages paid in the form of either a stipend or an hourly wage
- a waiver for 100% of tuition during a semester of appointment
- a waiver for up to 12 credit hours of tuition for the summer term immediately following a fall or spring appointment
Costs & Funding
See Student Accounts for information on tuition and fees. Funding for graduate students is available from several different sources. Students who have been admitted from contiguous states including Iowa, Indiana, Kentucky, Michigan, Missouri, and Wisconsin will receive in-state tuition.
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