Financial Economics

The Master of Arts in Financial Economics degree prepares graduates for employment in the financial services sector in positions requiring advanced analytical skills and in-depth familiarity with the structure and functioning of financial markets and institutions. The program provides a solid foundation in microeconomic and macroeconomic theory and financial management to ensure that graduates have the conceptual tools needed to develop sound research designs and understand the role of financial markets and institutions within the economy. The program includes courses from the School of Economics and the Maine Business School.

Admission Requirements

Acceptance into the School of Economics graduate programs is competitive. An undergraduate degree in economics or a related field is desirable, but not essential for admission to this program. The School of Economics is much more concerned with the applicant’s capacity for graduate study, quantitative reasoning and the quality of previous work. The successful applicant has a strong academic record, high scores on the GRE, and outstanding recommendations. Graduate degrees in the School of Economics require some training in economics and quantitative methods; students are required to complete the following prerequisites before entering the graduate program.

Required:

Intermediate Microeconomic Theory (UMaine equivalent ECO 350)
Intermediate Macroeconomic Theory (UMaine equivalent ECO 321)
Statistics (UMaine equivalent STS 215 or 232)
Calculus I (UMaine equivalent MAT 126)
Accounting (UMaine equivalent ACC 400)
Business Finance (UMaine equivalent FIN 350)

Strongly Recommended (not required):

Calculus II (UMaine equivalent MAT 127)
Calculus III (UMaine equivalent MAT 228)
Linear Algebra (UMaine equivalent MAT 262)
Mathematical Economics (UMaine equivalent ECO 480)
Econometrics (UMaine equivalent ECO 485)
Computer Programming experience (e.g., R, Matlab, Python)

Other general admission criteria are described in the general section of this catalog.

Requirements

Successful completion of 30 credit hours of course work is required for the M.A. in Financial Economics degree. Students also must pass an oral examination before the completion of their program. Graduate students in this program are required to complete the following sequence of courses:

ECO 511 - Macroeconomic Theory Credits: 3
ECO 514 - Microeconomic Theory Credits: 3
ECO 530 - Econometrics Credits: 3
ECO 531 - Advanced Econometrics and Applications Credits: 3
MBA 651 - Financial Management Credits: 3
In addition, students are required to take:
- Three additional graduate courses in economics (Credits: 6)
- Two of three graduate business courses from the following list:
  - MBA 652 - Management of Financial Institutions Credits: 3;
  - MBA 653 - Investment Management Credits: 3;
  - MBA 654 - Futures and Options Markets Credits: 3.

Student Support

The School of Economics awards graduate assistantships to qualified students on a competitive basis. Graduate assistantships may be awarded for assistance with either research or teaching. Efforts are made to match the student’s interests and background with the needs of the School. Scholarship funding is also available. The faculty nominates top-ranking applicants for these awards; funding support includes a stipend, tuition costs, and subsidized health insurance coverage. Additional funds are provided to students on a competitive basis to cover research expenses. Graduate assistantships require 20 hours of work per week. For details on funding opportunities contact the Graduate Coordinator of the School of Economics via the website at http://www.umaine.edu/soe/

Graduate Faculty

The School of Economics Graduate Faculty includes faculty with economics, engineering, law, psychology, public policy and human ecology expertise.

Mario Teisl, Ph.D. (University of Maryland), Professor. Information economics, food safety, environmental and social marketing, and environmental economics.

Kathleen Bell, Ph.D. (University of Maryland), Professor and Interim Director of the School of Economics. Environmental economics, public economics, and spatial economics.

Christine Beitl, (University of Georgia) Cooperating Assistant Professor of Anthropology, Ph.D. Ecological and Environmental Anthropology. Intersections of socio-political, ecological, and economic systems.

James Breece, Ph.D. (Boston College), Associate Professor. Macroeconomics, international trade, economic forecasting.

Andrew Crawley, (University of Glamorgan) Assistant Professor in Regional Economic Development. Economic impact, economic modeling.

Adam Daigneault, (The Ohio State University) Cooperating Assistant Professor of Forest, Conservation, and Recreation Policy. freshwater management, climate change mitigation and adaptation, invasive species control, valuing ecosystem services

Angela Daley, (Dalhousie University) Assistant Professor of Health Economics and Policy. Health and labor economics, poverty and inequality, social policy, children and families, rural and remote communities including aboriginal people

Keith S. Evans, (Iowa State University) Associate Professor. Search; learning; Information sharing; fishery management; nonmarket valuation; applied econometrics

Todd Gabe, Ph.D. (Ohio State University), Professor. Regional and community economic development and public finance.

Sharon Klein, Ph.D. (Carnegie Mellon University), Associate Professor. Renewable energy, energy economics and policy, environmental impacts of electricity generation, energy generation, and energy storage.

Jonathan Malacarne, (University of California-Davis) Assistant Professor. Development Economics, Agricultural Economics.

James McConnon, Ph.D. (Iowa State University), Professor. Regional and community economic development, innovation, and small business management.

Caroline Noblet, Ph.D. (University of Maine), Associate Professor. Environmental economics and psychology.

Jonathan Rubin, Ph.D. (University of California-Davis), Professor. Environmental regulation and design, economics of alternative transportation fuels and vehicles, economics of greenhouse gas reductions.

Philip Trostel, Ph.D. (Texas A & M University), Professor. Human capital and savings, public economics, and labor economics.

Tim Waring, Ph.D. (University of California-Davis), Associate Professor. Sustainability, cultural evolution, and human culture and cooperation.

Tommy Wiesen, (University of Georgia), Assistant Professor. Macroeconomics, Time Series Analysis, Econometric Methods, Financial Economics.

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