M.S. in Applied Economics and Finance
The M.S. in Applied Economics and Finance is a one-year professional master’s degree. It is designed for students who wish to supplement their undergraduate work in economics with analytical graduate training that prepares them for careers in business, international and domestic banking, consulting firms, government, and nonprofit organizations.
Classes in the program are sequential. To learn more, view our information session slides, contact Program Director Jessie Q Li, or speak with an advisor by emailing econ_grad_coor@ucsc.edu.
Program requirements
Learning outcomes
- Use economic, econometric, and financial models to facilitate decision-making in a business, non-profit, or government setting.
- Use data and statistical packages to estimate econometric and finance models.
- Clearly communicate the findings of quantitative analyses to both technical and non-technical audiences.
Curriculum
Our curriculum combines theory with meaningful applications that students will likely face in their professional careers. As a result, our program is more practical than a typical M.A. program, while providing more training in economics and statistics than most MBA programs.
Students will master core principles in economics, economic theory, finance, advanced econometric techniques, programming, and statistical software packages (R, Stata, Python). This program also helps students improve their data analysis skills using large-scale financial and microeconomic data sets, learning how to solve practical problems and to communicate the results clearly. Career preparation and networking are also incorporated into both the curriculum and our student support services.
Learning Tracks
All M.S. students take the same courses in their initial fall quarter, but in the winter and spring, students have opportunities to begin incorporating courses from one of three learning tracks: applied economics, finance, or general emphasis economics. Students complete four courses from their chosen learning track as part of their capstone requirement. For more information, see course requirements in the General Catalog and see our M.S. Advising page for details on the comprehensive capstone examination that is required to earn your degree.
What can you do with a master of science in applied economics and finance?
Graduates of this program have gone on to successful careers in the private and public sectors with placements at a diverse range of companies and institutions, including ADM Associates, Inc., Anderson Tax, SoFi, Cisco Systems, Seagate Technology, Google, Sony Computer Entertainment, Wells Fargo, Securities and Exchange Commission, all of the big four accounting firms, McKesson Corp., Pepsi Corp., Visa, SquareTrade, the California Franchise Tax Board, Guardian News (UK), Blue Cross, the World Bank, Stanford University, and the Bank of Japan. Other graduates have gone on to earn doctoral degrees in economics.
Alumni testimonials
Skills for real-world problem solving
“This program is application-oriented in that you’ll be geared up with the most popular and powerful programming languages that not only facilitate your understanding of economic and financial theories, but also strengthen real-world problem-solving. The world-renowned faculty is extremely supportive and helpful. They will guide you to the academic frontiers and kindle your desire to explore.” –Feng Hong: Data Engineer, WhatsApp, 2016 graduate
Stimulating and supportive environment
“The nine months in this program at UCSC were among the best years of my life. It prepared me in unpredictable ways for my career. This program taught me that, together as a team, I can learn and grow much more than I can on my own. The program was both challenging and supportive. The coursework was rigorous and intellectually stimulating and provided me with advanced skills that will be invaluable for my career.” –Shilpi Jaiswal: Senior Data Analyst, Equinix, 2016 graduate
Diverse curriculum and colleagues
“As someone who had just received his bachelor’s degree in economics, this program introduced me to statistical methods to test economic theory, foundations of financial derivatives, and computer languages most frequently used in the economics field. The diversity of the curriculum was matched only by the diversity of my colleagues who came to Santa Cruz from countries across the world.” –Kevin Troxell: Data scientist, Plaid, 2016 graduate
Application requirements
Full application requirements may be found via the online application. The GRE or GMAT is not required, however there are prior education requirements, as well as language requirements for international students.
Prior degree and GPA requirements
A bachelor’s degree in economics is preferred. Graduates in political science or business with minors in economics may be admitted if they can demonstrate sufficient analytical aptitude and training. If the degree is in another discipline, applicants must have completed courses in intermediate microeconomics, intermediate macroeconomics, and economic statistics. They must also have adequate preparation in mathematics, including at least two quarters of calculus and one of linear algebra. Basic computer skills are also expected. Refer to the UCSC Graduate Division policy for students with three-year degrees from India.
Minimum GPA requirement for UC graduate admissions is 3.0. International applicants need not convert their international GPA to the U.S. GPA scale.
English language requirements
TOEFL or IELTS exams are required for international applicants. See our English language requirements for details. International students in the M.S. program are eligible to apply for Optional Practical Training, including the STEM extension, through International Student Services & Programs.
Application process
To provide students with additional flexibility in their curricular and financial planning, we offer two application deadlines. We admit only to the fall quarter starting.
Early Decision
Applications due by February XX, 2026.
UCSC acceptance decision March XX, 2026.
Response acceptance by student, due by April XX, 2026.
Students should use this application period if applying to other schools with an April 15th deadline. International students are encouraged to apply within this period to allow sufficient time for visa processing.
Late Decision
Applications due by April XX, 2026.
UC Santa Cruz acceptance decision May XX, 2026.
Response acceptance by student, due by May XX, 2026.
Students frequently use this application period when taking additional preparatory classes before applying, or arranging finances/financial aid before applying to graduate school.
Application fees and fee waivers
Visit the Registrar to see student fee information for CA residents and non-residents. Application fee waivers are available on the online application for Graduate Opportunity Program applicants and for hardship cases.
The university does not waive the application fee for international applicants. However, international applicants to the M.S. APEF program and other applicants who do not qualify for the UC Santa Cruz Graduate Division application fee waiver or exemption may request one from the Economics Department through this Economics Department form no later than two weeks before the application deadline.
A limited number of waivers will be granted on a first-come first-served basis, with priority given to applicants who are the first in their family to attend college. The statement of purpose, the personal statement, the financial statement, and the resume must have been submitted for a student to be considered for the waiver.