While schools may not require an undergraduate degree in economics for entrance into the graduate school program, they do expect students to have a background in coursework such as microeconomic and macroeconomic theory, statistics and calculus. Some programs, such as the Ph.D. program at the University of Missouri, require students to pass a skills exam at the end of their first year, demonstrating clear understanding of general economics, statistics, algebra, calculus and econometrics, so a good background in this information is a plus.
Within the graduate program, economics majors take graduate statistics, macro and microeconomics theory, math in economics, economic forecasting, econometrics, advanced business and quantitative analysis. Colleges expect students to maintain high grades; the University of North Carolina, for instance, allows students only two C grades during the program. To graduate, students must maintain a 3.0 minimum GPA.
Ph.D. candidates take a comprehensive exam. Missouri's exam contains both oral and written portions and covers all second-year course material.
Beyond this broad base, graduate students in economics specialize their study in areas such as labor, public or international economics; microeconomic policy analysis; industrialization; econometrics; and finance. Coursework for this concentration may make up as much as half the degree, so students should choose their focus early in the program. Advisers assist students in deciding what option best fits their abilities and desires regarding further education in a master's program and career beyond college.
Graduate degrees require advanced writing projects. Master's students create a thesis, and Ph.D. candidates write a dissertation focused on their area of concentration and contributing to the field of study. Students take about six hours of classes to help them learn how to research and write the paper. Students present the completed paper and must defend their conclusions before a panel of experts who discuss the information. Both the presentation and paper must pass inspection.