The Master of Science in Financial Economics degree prepares graduates for employment in the financial services sector in positions requiring advanced quantitative and 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 and offers thesis and non-thesis options.

Admission Requirements

Admission to the School of Economics is competitive. An undergraduate degree in economics or a related field is desirable but not essential for admission. The School of Economics is much more concerned with the applicant’s capacity for graduate study, quantitative reasoning and the quality of previous work. Below is a list of required and recommended courses. Applicants seeking admission generally achieve a B or better in these courses. Applicants seeking funding (see below for more information) generally achieve an A- or better in most of the required courses listed below AND have a 3.5 GPA or higher. Applicants with lower grades/GPA may be admitted/funded, especially if they have unique professional or personal experiences that demonstrate strong knowledge, skills, determination, and ability to be successful in a rigorous graduate program and make a unique contribution to the School of Economics.

Required Courses (UMaine equivalent*):

• Intermediate Microeconomic Theory (ECO 350)
• Intermediate Macroeconomic Theory (ECO 321)
• Statistics (STS 215 or 232)
• Calculus I (MAT 126)
• Business Finance (FIN 350)

Strongly Recommended but Not Required (UMaine equivalent*):

• Calculus II (MAT 127)
• Calculus III (MAT 228)
• Linear Algebra (MAT 262)
• Mathematical Economics (ECO 480)
• Econometrics (ECO 485)
• Accounting (ACC 400)
• Computer Programming experience (e.g., R, Matlab, Python)

*Descriptions for UMaine equivalent courses can be found in the UMaine Undergraduate Catalog: http://catalog.umaine.edu/

In addition to the required and recommended courses listed above, we expect: 1) a strong, well-written personal essay that clearly communicates why the applicant is a good fit for our program and why our program is a good fit for the applicant in the context of a set of clear academic and professional goals; the essay should also demonstrate the potential for the applicant to succeed when faced with challenges; 2) strong letters of recommendation from faculty that taught required courses and/or other mentors of related work (e.g., thesis/research advisor, job supervisor, etc.), which demonstrate the applicant’s ability to be successful in a rigorous graduate program; 3) a well-written and clear resume/CV that demonstrates a strong work ethic and interest in gaining applicable skills/knowledge outside of the classroom. GRE scores may help faculty evaluate applications where there is uncertainty about potential success in the program. They are recommended but not required. GRE scores of admitted students in the past have been around 160 for each of the Verbal and Quantitative sections and 4 for the Analytical section.

Applicants from countries where English is NOT the official language must furnish proof of their proficiency in English. There are two major tests for this purpose: the Test of English as a Foreign Language (TOEFL) and tests from the International English Language Testing System (IELTS). For admission, the School requires TOEFL scores to be above 92, 237 or 580 (on the internet, computer or paper-based exams, respectively), or IELTS scores to be 6.9 or higher. To obtain funding, scores should be higher: TOEFL above 98, 247 or 597 respectively, and the IELTS equal to 7.6 or higher. TOEFL/IELTS scores may be waived if the applicant has attended a U.S. college or university for a period of at least four years or has earned a degree from a U.S. university or college.​ 

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

Degree Requirements

Successful completion of 30 credit hours of course work is required for the M.S. in Financial Economics degree. Students on the thesis track also must pass an oral examination and written thesis approved by their Advisory Committee before the completion of their program. The thesis option is more demanding and intensive but offers students an opportunity to complete an independent research project under the guidance of an economics faculty member. The non-thesis option is designed for students who wish to obtain greater breadth in their coursework and job experience through internships, independent studies, and/or additional electives.

Graduate students in this program are required to complete the following sequence of courses (credits in parentheses):

• ECO 511 Macroeconomic Theory (3)
• ECO 514 Microeconomic Theory (3)
• ECO 530 Econometrics (3)
• ECO 532 - Applied Time Series Econometrics (3)
• ECO 553 - Financial Economics (3)
• 2 MBA Finance Courses (6) from the following list:

• MBA 609 Financial Statement Analysis
• MBA 651 Financial Management
• MBA 652 Management of Financial Institutions
• MBA 653 Investment Management
• MBA 654 Futures and Options Markets

• Graduate-level Electives* (9)

*The THESIS track requires 6 credits of ECO 699, which may be counted toward the 9 credits of graduate-level electives.

*Descriptions for all UMaine Graduate level courses can be found in the UMaine Graduate Catalog: http://gradcatalog.umaine.edu/

Funding 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, teaching, or administration. 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, visit the School of Economics Graduate Program website: https://umaine.edu/soe/graduate/

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 and Director. Information economics, food safety, environmental and social marketing, and environmental economics.

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

Kathleen Bell, Ph.D. (University of Maryland), Professor. Environmental economics, public economics, and spatial economics.

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

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

Adam Daigneault, Ph.D. (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, Ph.D. (Dalhousie University) Associate 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, Ph.D. (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. Technical, economic, environmental, and social/policy impacts of renewable energy and energy efficiency, community-based sustainable energy adoption.

Jessica Leahy, Ph.D. (University of Minnesota) Cooperating Professor of Human Dimensions of Natural Resources. Environmental attitudes and behaviors towards forests, forestry, and other natural resource management topics.

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

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