• Guest lecturers from renown programs bring timely research data
  • Professor Deme specializes in international economics
  • A primary goal is to help qualified graduates find good jobs
  • Dedicated and talented faculty help change student lives

Economics, M.A.

The M.A. in Economics program was established in the mid-1960s but has recently made changes to ensure that the program is focused on training students to conduct applied economic research and decision analysis using current methodologies. There is an emphasis on hands-on data analysis, making it possible for graduates to acquire the skills and knowledge for careers as consultants in private business and analysts for the government. The dedicated graduate faculty at MTSU have prepared highly qualified master’s-level economists who have gone on to continue their doctoral studies not only at MTSU but at numerous universities, including Chicago, Virginia, North Carolina State, and Auburn. Others have found employment in local banking, the Federal government, and the State of Tennessee.

She was taught by incredible professors

She was taught by incredible professors

Ausra Speer earned her B.S. degree in Economics with a concentration in Finance from Vytautas Magnus University, Lithuania. In 2010, she graduated from MTSU with a 4.0 GPA and an M.A. in Financial Economics. “The big difference made in my life was thanks to incredible professors who not only know their areas well but also care about students and teach them the ins and outs of the subject. I loved my graduate studies and am sincerely grateful to all my wonderful professors.” Speer currently works at Vanderbilt University, Central Finance, as a financial manager in Treasury. Prior to Vanderbilt, she worked as a project manager for New Jersey’s Fish and Wildlife licensing system. However, her graduate degree from MTSU helped her “focus my employment in the field of finance.”

The professors’ passion for student learning still burns

The professors’ passion for student learning still burns

Gabriel Fancher earned his undergraduate degree in economics from Western Kentucky. Later, he received both his M.B.A. and M.A. degrees from MTSU, and today, he is a financial advisor for The Financial Group, LLC, a subsidiary of Southern Community Bank. Fancher says he was “blessed to learn under so many great professors.” His studies included connecting the economic ideas of the past to the prevailing ideas of today. He was introduced to healthcare economics and since then has learned a great deal about current healthcare issues. Fancher adds that his M.A. degree increased his ability to view financial problems in their national/international context. “Economics is such a broad study and such a beautiful science, but many students do not ever see that beauty because of poor teaching.” Observing that MTSU students won’t experience that, he describes the faculty: “Their passion for student learning still burns, and I am thankful to have studied under these people.” 

One of the department’s major goals is to promote graduates in the job market and to conduct mock interviews to help students have a professional and polished presence. Faculty are encouraging more and more graduate students to take advantage of this opportunity. Examples of career potentials include

  • Accountant
  • Banker
  • Budget analyst
  • Equity portfolio manager
  • Environmental economist
  • Financial advisor
  • Financial analyst
  • Financial examiner
  • Government worker
  • Higher education professional
  • Human resources specialist
  • Insurance representative
  • Labor-management relations practitioner
  • Market/program analyst
  • Politician or political staffer
  • Purchaser
  • Revenue agent
  • Statistician

Employers of MTSU Economics graduates include

  • American College of Management and Technology
  • Auburn University
  • Baldwin-Wallace College
  • Bethel College of Tennessee
  • FedEx
  • Liaoning Normal University
  • Marshall University
  • Missouri State University
  • Regional Economic Model, Inc.
  • Southern Community Bank
  • Tennessee Regulatory Authority
  • Tennessee Valley Authority
  • U.S. State Department
  • Vanderbilt University

Graduate

The department offers a Master’s of Arts (M.A.) degree in Economics.  The focus of MTSU's M.A. program in economics is on applied research and decision analysis. The M.A. program offers a general curriculum in economics covering a range of macroeconomic and microeconomic topics with a focus on hands-on data analysis. The program also offers a concentration in Financial Economics.  Both of these tracks offer the intellectual foundation and technical skills required of economists and analysts in private companies and public agencies. 

For complete curriculum details, click on the REQUIREMENTS tab above.

Additionally, departmental graduate programs include a Master of Science in Finance and a Ph.D. in Economics.

There is also a graduate minor in Economics. 

Undergraduate

The Economics and Finance Department offers undergraduate majors in Economics and Finance. The Economics major leads to two degrees: a Bachelor of Business Administration (B.B.A.) and a Bachelor of Science (B.S.). The B.B.A. is a business major and is also available with a concentration in Labor Relations. The B.S. is offered through the College of Liberal Arts.

The Finance major includes concentrations in Business Finance, Financial Institution Management, Insurance, and Real Estate, all leading to the B.B.A.

Undergraduate students can pursue minors in Economics, Economics and Finance, Industrial Relations, Finance, Real Estate, Insurance, and Real Estate/Insurance.

Economics, M.A. Economics M.A. with the Financial Economics Concentration


Economics, M.A.

Adam Rennhoff, Program Director
(615) 898-2931
Adam.Rennhoff@mtsu.edu

The mission of the graduate program in economics is to provide students with advanced studies in economic theory and research methodology. To accomplish its mission, the Department of Economics and Finance offers three degree programs: the Master of Arts (M.A.) with a major in Economics, the Master of Science (M.S.) with a major in Finance, and the Doctor of Philosophy (Ph.D.) with a major in Economics. The department's approach to these degree programs is global, interactive, and innovative.

The M.A. program offers two curricular paths: general economics and Financial Economics. M.A. students in economics are offered preparation for careers in private business and public service. The focus of the M.A. program is on decision analysis and applied research. The M.S. in Finance offers three concentrations: Corporate Finance, Investments, and General Finance. M.S. students are offered a graduate-level knowledge base and expertise for work in the growing field of finance. Ph.D. students in economics are trained for careers in teaching and applied research. The Ph.D. provides students with the opportunity to combine advanced training in economics with educational pedagogy and research methodology.

Please see undergraduate catalog for information regarding undergraduate programs.

Admission Requirements

Applicants are expected to possess a satisfactory score on the Graduate Record Examination (GRE).

Application Procedures

All application materials are to be submitted to the College of Graduate Studies.

Applicant must

  1. submit an application with the appropriate application fee (online at www.mtsu.edu/graduate/apply.php);
  2. submit official scores on the Graduate Record Examination (GRE);
  3. submit official transcripts of previous college work.

Degree Requirements

The Master of Arts in Economics requires completion of a minimum of 30 semester hours (10 courses) if a thesis is written or a minimum of 33 semester hours (11 courses) if a thesis is not written. At least 24 hours (8 courses) must be in courses numbered exclusively as 6000-level graduate courses (other courses can be taken at the 5000 level). A minimum of 18 of these semester hours must be in economics and include ECON 6010ECON 6020, ECON 6060, and ECON 6070.

Candidates must successfully complete a written comprehensive examination that may be taken no more than twice. For the major in Economics, the comprehensive examination covers the three core areas: macroeconomics, microeconomics, and econometrics.

Before taking the comprehensive examination, the student is expected to attend and actively participate in regularly scheduled departmental student/faculty workshops where research papers are presented and discussed by the participants.

Curriculum: Economics (general)

Students may choose between a thesis and non-thesis option.

Thesis Option (30 hours)

Core Courses (12 hours)

  • ECON 6010 - Macroeconomics I  3 credit hours  

    ECON 6010 - Macroeconomics I

    3 credit hours

    Core course in macroeconomic theory for students pursuing an M.A. in Economics. First part focuses on long-run economic growth. Topics include exogenous and endogenous growth theory, overlapping generations models, and the neoclassical growth model. Second part focuses on short-run economic fluctuations. Topics include real business cycle theory, traditional Keynesian theories, and New Keynesian models featuring rational expectation. Mathematical models used to address competing theories; comfort with multivariate calculus and linear algebra essential.

  • ECON 6020 - Microeconomics I  3 credit hours  

    ECON 6020 - Microeconomics I

    3 credit hours

    Core course in microeconomic theory for students pursuing an M.A. in Economics. First part develops the theory of consumer choice with extensions including the labor supply model, intertemporal choice, and choice under uncertainty. Second part models theory of the firm in both perfectly competitive and monopoly industry settings. Mathematical models used to derive theories; comfort with multivariate calculus and linear algebra essential.

  • ECON 6060 - Econometrics I  3 credit hours  

    ECON 6060 - Econometrics I

    3 credit hours

    (Same as FIN 6060.) First core course in econometrics for students pursuing an M.A. in Economics. Focuses on ordinary least squares regression analysis, covering the problems of specification, multicollinearity, heteroskedasticity, autocorrelation, and endogeneity. SAS statistical software used as a tool for manipulating data, conducting forecasts, carrying out Monte Carlo simulations, and performing statistical inference.

  • ECON 6070 - Econometrics II  3 credit hours  

    ECON 6070 - Econometrics II

    3 credit hours

    Second core course in econometrics for students pursuing an M.A. in Economics. Emphasizes methods of time series analysis, including Box-Jenkins methods, general-to-specific modeling, volatility models, vector autoregressions, unit roots and cointegration, unobserved component and state space models, and neural networks. Integrates practical applications in various computing environments including SAS, RATS, and MATLAB.

Electives (15 hours)

Students completing a thesis must take 15 hours of electives.

Thesis (3 hours)

 

  • ECON 6640 - Thesis Research  1 to 6 credit hours  (3 credit hours)

    ECON 6640 - Thesis Research

    1 to 6 credit hours

    Selection of a research problem, review of pertinent literature, collection and analysis of data, and composition of thesis. Once enrolled, student should register for at least one credit hour of master's research each semester until completion. S/U grading.

Non-thesis Option (33 hours)

Core Courses (12 hours)

  • ECON 6010 - Macroeconomics I  3 credit hours  

    ECON 6010 - Macroeconomics I

    3 credit hours

    Core course in macroeconomic theory for students pursuing an M.A. in Economics. First part focuses on long-run economic growth. Topics include exogenous and endogenous growth theory, overlapping generations models, and the neoclassical growth model. Second part focuses on short-run economic fluctuations. Topics include real business cycle theory, traditional Keynesian theories, and New Keynesian models featuring rational expectation. Mathematical models used to address competing theories; comfort with multivariate calculus and linear algebra essential.

  • ECON 6020 - Microeconomics I  3 credit hours  

    ECON 6020 - Microeconomics I

    3 credit hours

    Core course in microeconomic theory for students pursuing an M.A. in Economics. First part develops the theory of consumer choice with extensions including the labor supply model, intertemporal choice, and choice under uncertainty. Second part models theory of the firm in both perfectly competitive and monopoly industry settings. Mathematical models used to derive theories; comfort with multivariate calculus and linear algebra essential.

  • ECON 6060 - Econometrics I  3 credit hours  

    ECON 6060 - Econometrics I

    3 credit hours

    (Same as FIN 6060.) First core course in econometrics for students pursuing an M.A. in Economics. Focuses on ordinary least squares regression analysis, covering the problems of specification, multicollinearity, heteroskedasticity, autocorrelation, and endogeneity. SAS statistical software used as a tool for manipulating data, conducting forecasts, carrying out Monte Carlo simulations, and performing statistical inference.

  • ECON 6070 - Econometrics II  3 credit hours  

    ECON 6070 - Econometrics II

    3 credit hours

    Second core course in econometrics for students pursuing an M.A. in Economics. Emphasizes methods of time series analysis, including Box-Jenkins methods, general-to-specific modeling, volatility models, vector autoregressions, unit roots and cointegration, unobserved component and state space models, and neural networks. Integrates practical applications in various computing environments including SAS, RATS, and MATLAB.

Electives (21 hours)

Students choosing the non-thesis option must take 21 hours of electives.

Program Notes

Students may include a minor in their degree programs. A minor consists of a minimum of 12 semester hours of approved courses. Students not electing a minor may include a cognate area of up to 6 semester hours in their programs. Cognate areas can be formed from courses in accounting, agriculture, finance, geography, geology, history, insurance, management, political science, psychology, real estate, and sociology.

Candidate must

  1. file a degree plan in the College of Graduate Studies prior to entry into the program;
  2. file a Notice of Intent to Graduate form with the College of Graduate Studies within the first two weeks of the term in which the student intends to graduate.


Economics, Financial Economics Concentration, M.A.

Adam Rennhoff, Program Director
(615) 898-2931
Adam.Rennhoff@mtsu.edu

The mission of the graduate program in economics is to provide students with advanced studies in economic theory and research methodology. To accomplish its mission, the Department of Economics and Finance offers three degree programs: the Master of Arts (M.A.) with a major in Economics, the Master of Science (M.S.) with a major in Finance, and the Doctor of Philosophy (Ph.D.) with a major in Economics. The department's approach to these degree programs is global, interactive, and innovative.

The M.A. program offers two curricular paths: general economics and Financial Economics. M.A. students in economics are offered preparation for careers in private business and public service. The focus of the M.A. program is on decision analysis and applied research. The M.S. in Finance offers three concentrations: Corporate Finance, Investments, and General Finance. M.S. students are offered a graduate-level knowledge base and expertise for work in the growing field of finance. Ph.D. students in economics are trained for careers in teaching and applied research. The Ph.D. provides students with the opportunity to combine advanced training in economics with educational pedagogy and research methodology.

Please see undergraduate catalog for information regarding undergraduate programs.

Admission Requirements

Applicants are expected to possess a satisfactory score on the Graduate Record Examination (GRE).

Application Procedures

All application materials are to be submitted to the College of Graduate Studies.

Applicant must

  1. submit an application with the appropriate application fee (online at www.mtsu.edu/graduate/apply.php);
  2. submit official scores on the Graduate Record Examination (GRE);
  3. submit official transcripts of previous college work.

Degree Requirements

The Master of Arts in Economics with a concentration in Financial Economics requires completion of a minimum of 30 semester hours (10 courses) if a thesis is written or a minimum of 33 semester hours (11 courses) if a thesis is not written. At least 24 hours (8 courses) must be in courses numbered exclusively as 6000-level graduate courses (other courses can be taken at the 5000 level). A minimum of 18 of these semester hours must be in economics and include ECON 6010ECON 6020, ECON 6060, and ECON 6070.

Candidates must successfully complete a written comprehensive examination that may be taken no more than twice. For the major in Economics, the comprehensive examination covers the three core areas: macroeconomics, microeconomics, and econometrics.

Before taking the comprehensive examination, the student is expected to attend and actively participate in regularly scheduled departmental student/faculty workshops where research papers are presented and discussed by the participants.

Curriculum: Economics, Financial Economics

Students in the Financial Economics concentration may choose between the thesis option (30 hours) or non-thesis option (33 hours) in the following course of study:

Thesis Option (30 hours)

Core Courses (12 hours)

  • ECON 6010 - Macroeconomics I  3 credit hours  

    ECON 6010 - Macroeconomics I

    3 credit hours

    Core course in macroeconomic theory for students pursuing an M.A. in Economics. First part focuses on long-run economic growth. Topics include exogenous and endogenous growth theory, overlapping generations models, and the neoclassical growth model. Second part focuses on short-run economic fluctuations. Topics include real business cycle theory, traditional Keynesian theories, and New Keynesian models featuring rational expectation. Mathematical models used to address competing theories; comfort with multivariate calculus and linear algebra essential.

  • ECON 6020 - Microeconomics I  3 credit hours  

    ECON 6020 - Microeconomics I

    3 credit hours

    Core course in microeconomic theory for students pursuing an M.A. in Economics. First part develops the theory of consumer choice with extensions including the labor supply model, intertemporal choice, and choice under uncertainty. Second part models theory of the firm in both perfectly competitive and monopoly industry settings. Mathematical models used to derive theories; comfort with multivariate calculus and linear algebra essential.

  • ECON 6060 - Econometrics I  3 credit hours  

    ECON 6060 - Econometrics I

    3 credit hours

    (Same as FIN 6060.) First core course in econometrics for students pursuing an M.A. in Economics. Focuses on ordinary least squares regression analysis, covering the problems of specification, multicollinearity, heteroskedasticity, autocorrelation, and endogeneity. SAS statistical software used as a tool for manipulating data, conducting forecasts, carrying out Monte Carlo simulations, and performing statistical inference.

  • ECON 6070 - Econometrics II  3 credit hours  

    ECON 6070 - Econometrics II

    3 credit hours

    Second core course in econometrics for students pursuing an M.A. in Economics. Emphasizes methods of time series analysis, including Box-Jenkins methods, general-to-specific modeling, volatility models, vector autoregressions, unit roots and cointegration, unobserved component and state space models, and neural networks. Integrates practical applications in various computing environments including SAS, RATS, and MATLAB.

Required Financial Economics Courses (12 hours)

  • ECON 6460 - Equity Valuation  3 credit hours  OR

    ECON 6460 - Equity Valuation

    3 credit hours

    (Same as FIN 6460.) Prerequisite: FIN 3010 or FIN 6000. Focuses on the pricing of equity securities using discounted cash flow, relative valuation, and the Black-Scholes real option valuation approaches in the top-down analysis framework. Focuses on analyzing the macroeconomic environment, forecasting short-term and long-term stock market trends, performing industry analysis, identifying the key value drivers for the industry and stocks, interpreting accounting and non-accounting information necessary for valuation, establishing assumptions for equity valuation models, applying valuation quantitative models in the stock research project, and presenting equity research in a professional manner.

  • FIN 6460 - Equity Valuations  3 credit hours  

    FIN 6460 - Equity Valuations

    3 credit hours

    (Same as ECON 6460.) Prerequisite: FIN 3010 or FIN 6000. Focuses on the pricing of equity securities using discounted cash flow, relative valuation, and the Black-Scholes real option valuation approaches in the top-down analysis framework. Focuses on analyzing the macroeconomic environment, forecasting short-term and long-term stock market trends, performing industry analysis, identifying the key value drivers for the industry and stocks, interpreting accounting and non-accounting information necessary for valuation, establishing assumptions for equity valuation models, applying valuation quantitative models in the stock research project, and presenting equity research in a professional manner.

  • FIN 6710 - Financial Analysis

    3 credit hours

    Prerequisite: FIN 3010 or FIN 6000. Theory of corporate finance with applications. Techniques and problems for maximizing wealth through the application of discounted cash flow analysis. Emphasis on risk, capital budgeting, and capital structure.

  • ECON 6730 - Financial Institutions

    3 credit hours

    (Same as FIN 6730.) Prerequisite: FIN 3010 with minimum grade of C. Focus on the common and distinctive aspects of the provision of financial services and the management of risk associated with those services. Roles, characteristics, and operation of financial institutions, constraints that these institutions face in meeting that objective, regulatory environment within which they operate, risks that they face and the management of those risks, evolution experienced during the 1980s and 1990s, and the probable course of change in the years ahead.

  • FIN 6730 - Financial Institutions

    3 credit hours

    (Same as ECON 6730.) Prerequisite: FIN 3010. Focus on the common and the distinctive aspects of the provision of financial services and the management of risk associated with those services. Roles, characteristics, and operation of financial institutions, constraints that these institutions face in meeting that objective, regulatory environment within which they operate, risks they face and the management of those risks, evolution experienced during the 1980s and 1990s, and the probable course of change in the years ahead.

  • FIN 6740 - Bond Market Analysis

    3 credit hours

    Prerequisite: FIN 3810 or FIN 6000. Analyzes fixed income securities. Uncovers innovations in bond markets, preparing students for careers in bond markets. Demonstrates active portfolio management and the analysis of yield spread trades in cash and futures markets. Approximates bond price using duration and convexity. Bonds with imbedded options, such as collateralized mortgage obligations, floaters and inverse floaters, and other derivatives, are financially engineered from the underlying fixed income securities.

Elective (3 hours)

Three hours of electives must be chosen from the following:

  • ECON 6430 - Public Finance  3 credit hours  OR

    ECON 6430 - Public Finance

    3 credit hours

    (Same as FIN 6430.) Examines the role of government in the allocation and distribution of society's resources. Topics include theories of government sector growth, public and quasi-public goods, externalities and agency theory, transitivity and completeness of voting preferences, income redistribution and economic justice, social insurance, health care programs, tax shifting and incidence analysis, efficiency and equity in taxation, and efficiency and redistributive aspects of deficit financing. Topics may involve case studies such as budget formulation, environmental policies, payroll taxes, and alternative tax structures.

  • FIN 6430 - Public Finance  3 credit hours  

    FIN 6430 - Public Finance

    3 credit hours

    (Same as ECON 6430.) Examines the role of government in the allocation and distribution of society's resources. Topics include theories of government sector growth, public and quasi-public goods, externalities and agency theory, transitivity and completeness of voting preferences, income redistribution and economic justice, social insurance, health care programs, tax shifting and incidence analysis, efficiency and equity in taxation, and efficiency and redistributive aspects of deficit financing. Topics may involve case studies such as budget formulation, environmental policies, payroll taxes, and alternative tax structures.

  • ECON 6450 - Monetary Policy  3 credit hours  OR

    ECON 6450 - Monetary Policy

    3 credit hours

    (Same as FIN 6450.) Prerequisite: ECON 3210 or equivalent recommended. Objectives and limitations of monetary policy, alternative monetary theories underlying policy decisions and the controversy among theories, transmission channels of monetary policy, alternative strategies used to achieve the objectives of monetary policy, practical considerations in the execution of monetary policy, global linkages and monetary policy, and the effects and consequences of policy decisions on economic activity and business decisions.

  • FIN 6450 - Monetary Policy  3 credit hours  

    FIN 6450 - Monetary Policy

    3 credit hours

    (Same as ECON 6450.) Prerequisite: ECON 3210 or equivalent recommended. Objectives and limitations of monetary policy, alternative monetary theories underlying policy decisions and the controversy among theories, transmission channels of monetary policy, alternative strategies used to achieve the objectives of monetary policy, practical considerations in the execution of monetary policy, global linkages and monetary policy, and the effects and consequences of policy decision on economic activity and business decisions.

  • ECON 5620 - Econometrics and Forecasting

    3 credit hours

    Prerequisites: BIA 2610 and MATH 1810 or equivalent. Application of mathematical and statistical techniques to economic problems. Introduces econometric model construction and estimation and related problems. Requires use of econometric computer package.

  • ECON 6000 - Managerial Economics

    3 credit hours

    Prerequisites: ECON 2410 and 2420 or 4570 or equivalent. Primarily for M.B.A. students with particular attention given to business administration and finance topics including demand analysis, production and cost decisions, quantitative market analysis, capital budgeting, and alternative theories of the firm. Special emphasis on case studies, software applications, and interpretation of economic meanings of related analyses.

  • ECON 6530 - International Economics I

    3 credit hours

    Prerequisite: Graduate standing. Introduces the core models of international economics. Focusing on alternative returns to scale models, students will analyze the direction, volumes, and effects of international trade; various trade policies and their effects; optimal entry modes of multinationals into foreign markets (FDI or exports, vertical-integration, or offshore outsourcing, etc.). Students will also analyze determinants and effects of the slicing of the global value chain, regional economic integration, exchange rate movements, and balance of payments deficits.

  • FIN 6720 - Cases in Financial Management

    3 credit hours

    Prerequisite: FIN 6710. Applications-oriented approach to managerial problem-solving. Topics may include working capital management, capital budgeting, cost of capital estimation, lease/purchase decisions, bond refunding, and international issues.

  • FIN 6860 - International Financial Management

    3 credit hours

    Prerequisite: FIN 3010 or FIN 6000. International capital markets, exchange rate exposure, risk management, and other multinational finance issues. Essential not only for United States exporters, but also for those facing competition from abroad.

Thesis (3 hours)

  • ECON 6640 - Thesis Research  1 to 6 credit hours  (3 credit hours)

    ECON 6640 - Thesis Research

    1 to 6 credit hours

    Selection of a research problem, review of pertinent literature, collection and analysis of data, and composition of thesis. Once enrolled, student should register for at least one credit hour of master's research each semester until completion. S/U grading.

Non-thesis Option (33 hours)

Core Courses (12 hours)

  • ECON 6010 - Macroeconomics I  3 credit hours  

    ECON 6010 - Macroeconomics I

    3 credit hours

    Core course in macroeconomic theory for students pursuing an M.A. in Economics. First part focuses on long-run economic growth. Topics include exogenous and endogenous growth theory, overlapping generations models, and the neoclassical growth model. Second part focuses on short-run economic fluctuations. Topics include real business cycle theory, traditional Keynesian theories, and New Keynesian models featuring rational expectation. Mathematical models used to address competing theories; comfort with multivariate calculus and linear algebra essential.

  • ECON 6020 - Microeconomics I  3 credit hours  

    ECON 6020 - Microeconomics I

    3 credit hours

    Core course in microeconomic theory for students pursuing an M.A. in Economics. First part develops the theory of consumer choice with extensions including the labor supply model, intertemporal choice, and choice under uncertainty. Second part models theory of the firm in both perfectly competitive and monopoly industry settings. Mathematical models used to derive theories; comfort with multivariate calculus and linear algebra essential.

  • ECON 6060 - Econometrics I  3 credit hours  

    ECON 6060 - Econometrics I

    3 credit hours

    (Same as FIN 6060.) First core course in econometrics for students pursuing an M.A. in Economics. Focuses on ordinary least squares regression analysis, covering the problems of specification, multicollinearity, heteroskedasticity, autocorrelation, and endogeneity. SAS statistical software used as a tool for manipulating data, conducting forecasts, carrying out Monte Carlo simulations, and performing statistical inference.

  • ECON 6070 - Econometrics II  3 credit hours  

    ECON 6070 - Econometrics II

    3 credit hours

    Second core course in econometrics for students pursuing an M.A. in Economics. Emphasizes methods of time series analysis, including Box-Jenkins methods, general-to-specific modeling, volatility models, vector autoregressions, unit roots and cointegration, unobserved component and state space models, and neural networks. Integrates practical applications in various computing environments including SAS, RATS, and MATLAB.

Required Financial Economics Courses (12 hours)

  • ECON 6460 - Equity Valuation  3 credit hours  OR

    ECON 6460 - Equity Valuation

    3 credit hours

    (Same as FIN 6460.) Prerequisite: FIN 3010 or FIN 6000. Focuses on the pricing of equity securities using discounted cash flow, relative valuation, and the Black-Scholes real option valuation approaches in the top-down analysis framework. Focuses on analyzing the macroeconomic environment, forecasting short-term and long-term stock market trends, performing industry analysis, identifying the key value drivers for the industry and stocks, interpreting accounting and non-accounting information necessary for valuation, establishing assumptions for equity valuation models, applying valuation quantitative models in the stock research project, and presenting equity research in a professional manner.

  • FIN 6460 - Equity Valuations  3 credit hours  

    FIN 6460 - Equity Valuations

    3 credit hours

    (Same as ECON 6460.) Prerequisite: FIN 3010 or FIN 6000. Focuses on the pricing of equity securities using discounted cash flow, relative valuation, and the Black-Scholes real option valuation approaches in the top-down analysis framework. Focuses on analyzing the macroeconomic environment, forecasting short-term and long-term stock market trends, performing industry analysis, identifying the key value drivers for the industry and stocks, interpreting accounting and non-accounting information necessary for valuation, establishing assumptions for equity valuation models, applying valuation quantitative models in the stock research project, and presenting equity research in a professional manner.

 

  • FIN 6710 - Financial Analysis

    3 credit hours

    Prerequisite: FIN 3010 or FIN 6000. Theory of corporate finance with applications. Techniques and problems for maximizing wealth through the application of discounted cash flow analysis. Emphasis on risk, capital budgeting, and capital structure.

 

  • ECON 6730 - Financial Institutions

    3 credit hours

    (Same as FIN 6730.) Prerequisite: FIN 3010 with minimum grade of C. Focus on the common and distinctive aspects of the provision of financial services and the management of risk associated with those services. Roles, characteristics, and operation of financial institutions, constraints that these institutions face in meeting that objective, regulatory environment within which they operate, risks that they face and the management of those risks, evolution experienced during the 1980s and 1990s, and the probable course of change in the years ahead.

  • FIN 6730 - Financial Institutions

    3 credit hours

    (Same as ECON 6730.) Prerequisite: FIN 3010. Focus on the common and the distinctive aspects of the provision of financial services and the management of risk associated with those services. Roles, characteristics, and operation of financial institutions, constraints that these institutions face in meeting that objective, regulatory environment within which they operate, risks they face and the management of those risks, evolution experienced during the 1980s and 1990s, and the probable course of change in the years ahead.

 

  • FIN 6740 - Bond Market Analysis

    3 credit hours

    Prerequisite: FIN 3810 or FIN 6000. Analyzes fixed income securities. Uncovers innovations in bond markets, preparing students for careers in bond markets. Demonstrates active portfolio management and the analysis of yield spread trades in cash and futures markets. Approximates bond price using duration and convexity. Bonds with imbedded options, such as collateralized mortgage obligations, floaters and inverse floaters, and other derivatives, are financially engineered from the underlying fixed income securities.

Electives (9 hours)

Nine hours of electives must be chosen from the following:

  • ECON 6430 - Public Finance  3 credit hours  OR

    ECON 6430 - Public Finance

    3 credit hours

    (Same as FIN 6430.) Examines the role of government in the allocation and distribution of society's resources. Topics include theories of government sector growth, public and quasi-public goods, externalities and agency theory, transitivity and completeness of voting preferences, income redistribution and economic justice, social insurance, health care programs, tax shifting and incidence analysis, efficiency and equity in taxation, and efficiency and redistributive aspects of deficit financing. Topics may involve case studies such as budget formulation, environmental policies, payroll taxes, and alternative tax structures.

  • FIN 6430 - Public Finance  3 credit hours  

    FIN 6430 - Public Finance

    3 credit hours

    (Same as ECON 6430.) Examines the role of government in the allocation and distribution of society's resources. Topics include theories of government sector growth, public and quasi-public goods, externalities and agency theory, transitivity and completeness of voting preferences, income redistribution and economic justice, social insurance, health care programs, tax shifting and incidence analysis, efficiency and equity in taxation, and efficiency and redistributive aspects of deficit financing. Topics may involve case studies such as budget formulation, environmental policies, payroll taxes, and alternative tax structures.

 

  • ECON 6450 - Monetary Policy  3 credit hours  OR

    ECON 6450 - Monetary Policy

    3 credit hours

    (Same as FIN 6450.) Prerequisite: ECON 3210 or equivalent recommended. Objectives and limitations of monetary policy, alternative monetary theories underlying policy decisions and the controversy among theories, transmission channels of monetary policy, alternative strategies used to achieve the objectives of monetary policy, practical considerations in the execution of monetary policy, global linkages and monetary policy, and the effects and consequences of policy decisions on economic activity and business decisions.

  • FIN 6450 - Monetary Policy  3 credit hours  

    FIN 6450 - Monetary Policy

    3 credit hours

    (Same as ECON 6450.) Prerequisite: ECON 3210 or equivalent recommended. Objectives and limitations of monetary policy, alternative monetary theories underlying policy decisions and the controversy among theories, transmission channels of monetary policy, alternative strategies used to achieve the objectives of monetary policy, practical considerations in the execution of monetary policy, global linkages and monetary policy, and the effects and consequences of policy decision on economic activity and business decisions.

 

  • ECON 5620 - Econometrics and Forecasting

    3 credit hours

    Prerequisites: BIA 2610 and MATH 1810 or equivalent. Application of mathematical and statistical techniques to economic problems. Introduces econometric model construction and estimation and related problems. Requires use of econometric computer package.

  • ECON 6000 - Managerial Economics

    3 credit hours

    Prerequisites: ECON 2410 and 2420 or 4570 or equivalent. Primarily for M.B.A. students with particular attention given to business administration and finance topics including demand analysis, production and cost decisions, quantitative market analysis, capital budgeting, and alternative theories of the firm. Special emphasis on case studies, software applications, and interpretation of economic meanings of related analyses.

  • ECON 6530 - International Economics I

    3 credit hours

    Prerequisite: Graduate standing. Introduces the core models of international economics. Focusing on alternative returns to scale models, students will analyze the direction, volumes, and effects of international trade; various trade policies and their effects; optimal entry modes of multinationals into foreign markets (FDI or exports, vertical-integration, or offshore outsourcing, etc.). Students will also analyze determinants and effects of the slicing of the global value chain, regional economic integration, exchange rate movements, and balance of payments deficits.

  • FIN 6720 - Cases in Financial Management

    3 credit hours

    Prerequisite: FIN 6710. Applications-oriented approach to managerial problem-solving. Topics may include working capital management, capital budgeting, cost of capital estimation, lease/purchase decisions, bond refunding, and international issues.

  • FIN 6860 - International Financial Management

    3 credit hours

    Prerequisite: FIN 3010 or FIN 6000. International capital markets, exchange rate exposure, risk management, and other multinational finance issues. Essential not only for United States exporters, but also for those facing competition from abroad.

Program Notes

Students may include a minor in their degree programs. A minor consists of a minimum of 12 semester hours of approved courses. Students not electing a minor may include a cognate area of up to 6 semester hours in their programs. Cognate areas can be formed from courses in accounting, agriculture, finance, geography, geology, history, insurance, management, political science, psychology, real estate, and sociology.

Candidate must

  1. file a degree plan in the College of Graduate Studies prior to entry into the program;
  2. file a Notice of Intent to Graduate form in the College of Graduate Studies within the first two weeks of the term in which candidate intends to graduate.

MTSU faculty promote new M.A. graduates in the job market by conducting mock interviews preceded by interview training sessions. A concerted effort is being made by faculty and staff to change the course structure to make graduates even more marketable. Faculty are cultivating greater communication with current students and alumni in order to garner support for additional graduate assistantships and to build a network of potential employers for our students. A new recruiting strategy is being implemented to target students, both internally and externally, for the graduate program. The department distributed information packets and application forms to every undergraduate economics department in the nation soliciting applicants. Every fall, the graduate director and several current graduate students hold a question-and-answer session sponsored by the undergraduate Economics Club to discuss graduate study in the field. This graduate team also represents the department at the annual graduate student fair on campus.


Contact and Student Information

Adam D. Rennhoff
Adam.Rennhoff@mtsu.edu
615-898-2931

Adam D. Rennhoff
Adam.Rennhoff@mtsu.edu
615-898-2931

Department of Economics and Finance
Middle Tennessee State University
Box 27
1301 East Main Street
Murfreesboro, TN 37132 

College of Graduate Studies
Middle Tennessee State University
MTSU Box 42
1301 East Main Street
Murfreesboro, TN 37132

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