Economics

Program Overview

The Department of Economics offers degree programs leading to the Master of Arts and Doctor of Philosophy. The ultimate goal of the graduate programs in Economics is to further the student’s capacity for economic analysis through rigorous instruction in theory, econometrics, and a wide variety of fields. Graduates of the programs have obtained desirable university positions, responsible employment in the public sector, and in private industry. Because of the size and diversity of the department’s faculty, students can readily specialize in almost any area of interest in economics.

Students may also be interested in a combined degree program:

The degree program, Financial Economics (MFE), is jointly offered by the Department of Economics and the Rotman School of Management.


Quick Facts

Domestic International
Application payment deadline MA, PhD:

19-Jan-2021

MA, PhD:

19-Jan-2021

Supporting documents deadline MA, PhD:

26-Jan-2021

MA, PhD:

26-Jan-2021

Minimum admission average MA:

Mid-B

PhD:

B+ average in Master’s degree

Direct-entry PhD: A- average in Bachelor’s degree

MA:

Mid-B

PhD:

B+ average in Master’s degree

Direct-entry PhD: A- average in Bachelor’s degree

Direct entry option from bachelor's to PhD? PhD:

Yes

PhD:

Yes

Is a supervisor identified before or after admission? PhD:

After

PhD:

After

If a supervisor is identified after admission (as per question above), is admission conditional upon securing a supervisor? PhD:

No

PhD:

No

Is a supervisor assigned by the graduate unit or secured by the applicant? PhD:

Applicant

PhD:

Applicant

MA:

2 sessions

PhD:

4 years

MA:

2 sessions

PhD:

4 years


Master of Arts​

Program Description

The MA is a coursework-only program (i.e., has no thesis requirement) that may be taken on a full-time or part-time basis. It is designed for individuals who wish to work in the public, private, and not-for-profit sectors, and also for students intending to pursue a PhD in economics.

Minimum Admission Requirements

  • Applicants are admitted under the General Regulations of the School of Graduate Studies. Applicants must also satisfy the Department of Economics' additional admission requirements stated below.

  • An appropriate bachelor's degree with at least a mid-B (75%) standing in the final year of the program.

  • Successful completion of full-year courses in calculus, intermediate microeconomics, intermediate macroeconomics, and statistics.

  • Admission is competitive, so accepted applicants will normally have achieved a standing considerably higher than the minimum of at least a mid-B (75%) in the final year.

  • All applicants who do not hold a degree from a Canadian university must submit an official Graduate Record Examination (GRE) General Test score. Applicants who hold a degree from a Canadian university are strongly encouraged to submit an official GRE General Test score. See the departmental website for details.

Program Requirements

  • Successful completion of 4.5 full-course equivalents (FCEs) as follows:

    • 0.5 FCE mathematics and statistics course (ECO 1010H);

    • 4.0 FCEs including the core courses in micro (ECO 2060H), macro (ECO 2061H), and econometrics (ECO 2408H). Five 0.5 FCE elective courses are selected from current courses or may be graduate courses offered by another unit, provided they make a strong contribution to the student's economic training. At most two (1.0 FCE) of the five courses may be offered by another unit, and these courses must be approved by the Associate Chair, Graduate Studies. Units that offer courses that we may approve include Mathematics, Statistical Sciences, and the Rotman School of Management.

    • An MA student may be permitted to fulfil core course requirements by taking the corresponding PhD-level core courses (ECO 2020H and ECO 2030H for microeconomics, ECO 2021H and ECO 2031H for macroeconomics, or ECO 2400H and ECO 2401H for econometrics). To make this substitution, the student will be required to take the PhD-level ECO 1011H (mathematics and statistics course), and must obtain written permission from the Associate Chair, Graduate Studies prior to starting the mathematics and statistics course in August.

Program Length

2 sessions full-time (typical registration sequence: F/W);
6 sessions part-time

Time Limit

3 years full-time;
6 years part-time

​Doctor of Philosophy

Program Description

The Department of Economics offers two PhD programs: a regular-entry program for students who have completed a master’s degree in economics or a closely related field, and a direct-entry program for students with only an undergraduate degree. Both are full-time programs.

 

PhD Program

Minimum Admission Requirements

  • Applicants are admitted under the General Regulations of the School of Graduate Studies. Applicants must also satisfy the Department of Economics' additional admission requirements stated below.

  • Minimum B+ standing in an MA program in economics. Admission is competitive, so accepted applicants will normally have achieved a standing considerably higher than the minimum B+.

  • A strong preparation in advanced mathematics, statistics, and economics, including successful completion of MA-level microeconomic theory, macroeconomic theory, and econometrics.

  • All applicants who do not hold a degree from a Canadian university must submit an official Graduate Record Examination (GRE) General Test score. Applicants who hold a degree from a Canadian university are strongly encouraged to submit an official GRE General Test score. See the departmental website for details.

Program Requirements

  • Students must maintain a minimum average of B+ throughout their coursework and successfully complete a total of 4.0 full-course equivalents (FCEs) as follows:

    • Year 1: 3.0 FCEs, normally consisting of two half courses in each area:

      • Microeconomics (ECO 2020H and ECO 2030H)

      • Macroeconomics (ECO 2021H and ECO 2031H)

      • Econometrics (ECO 2400H and ECO 2401H)

    • Year 2: at least two half courses (1.0 FCE), including the required courses for a major field of specialization and a minor field of specialization.

      • Students must write an original paper in Year 2 and present it in the relevant workshop in the Fall session of Year 3.

      • Students must also take ECO 4060Y0 Graduate Research Seminar (1.0 FCE) in Year 2 and complete it by the end of Year 3.

      • Suitable PhD-level courses taken by a student in the MA program in the Department of Economics may, with the permission of the Associate Chair, Graduate Studies, fulfil a portion of the major and minor field requirements of the PhD program.

  • A thesis based on original research.​

  • General examinations

    • Successful completion of theory comprehensive examinations. Students are required to take two comprehensive examinations in microeconomic and macroeconomic theory after the end of the Winter session (usually June) in Year 1 of their program. Performance on these exams is evaluated on a distinction/pass/fail basis. If a theory comprehensive examination is failed on the first attempt, it must be re-taken later in the Summer (usually in August) of the same year.

    • If a student does not obtain a minimum grade of A in every course required for their major field of specialization, or took some of the required courses during their MA in Economics program at the University of Toronto, the student is required to take a field comprehensive examination in their major field of specialization after the end of the Winter session in Year 2 (usually June). If the exam is failed, it must be re-taken later in the Summer (usually in August) of the same year. The major fields of specialization offered regularly are:

      • Behavioural Economics​​​​

      • Econometrics

      • Economic Development

      • Financial Economics

      • Industrial Organization

      • International Economics

      • Labour Economics

      • Macroeconomics

      • Microeconomic Theory

      • Public Economics​.

Program Length

4 years

Time Limit

6 years​

 

PhD Program (Direct-Entry)

Minimum Admission Requirements

  • Applicants are admitted under the General Regulations of the School of Graduate Studies. Applicants must also satisfy the Department of Economics' additional admission requirements stated below.

  • Minimum A– standing in the last two years of study in a bachelor’s program in economics or a related field, such as finance, statistics, or mathematics. Because admission is competitive, accepted applicants will normally have achieved a standing considerably higher than the minimum A–.

  • A strong preparation in advanced mathematics, statistics, and economics.

  • All applicants who do not hold a degree from a Canadian university must submit an official Graduate Record Examination (GRE) General Test score. Applicants who hold a degree from a Canadian university are strongly encouraged to submit an official GRE General Test score. See the departmental website for details.

Program Requirements

  • Students must maintain a minimum average of B+ throughout their coursework and successfully complete a total of 6.0 full-course equivalents (FCEs) as follows:

    • Year 1: normally two half courses in each area (3.0 FCEs), as follows:

      • Microeconomics (ECO 2020H and ECO 2030H)

      • Macroeconomics (ECO 2021H and ECO 2031H)

      • Econometrics (ECO 2400H and ECO 2401H)

    • Year 2: six half courses (3.0 FCEs), including the required courses for a major field of specialization and a minor field of specialization.

      • Students must write an original paper in Year 2 and present it in the relevant workshop in the Fall session of Year 3.

      • Students must also take ECO 4060Y0 Graduate Research Seminar (1.0 FCE) in Year 2 and complete it by the end of Year 3.

  • A thesis based on original research.

  • General examinations.

    • Successful completion of theory comprehensive examinations. Students must take two comprehensive examinations in microeconomic and macroeconomic theory after the end of the Winter session (usually June) in Year 1 of their program. Performance on these exams is evaluated on a distinction/pass/fail basis. If a theory comprehensive examination is failed on the first attempt, it must be re-taken later in the Summer (usually in August) of the same year.

    • If a student does not obtain a minimum grade of A in every course required for their major field of specialization, the student must take a field comprehensive examination in their major field of specialization after the end of the Winter session in Year 2 (usually June). If the exam is failed, it must be re-taken later in the Summer (usually in August) of the same year. The major fields of specialization offered regularly are:

      • Behavioural Economics​​​​

      • Econometrics

      • Economic Development

      • Financial Economics

      • Industrial Organization

      • International Economics

      • Labour Economics

      • Macroeconomics

      • Microeconomic Theory

      • Public Economics.

Program Length

5 years

Time Limit

7 years

0 Course that may continue over a program. The course is graded when completed.

 

Cedric Beaulac

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Cedric Beaulac
PhD Candidate, Statistical Sciences
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