Curiosity often finds us before we know what to do with it. For economics students, it begins with simple questions: Why do people make the choices they do? What are the forces that shape the world around us?
Such was the case for Shilong Sun, Xinjiang Liu, and Jingnan Liu from China and Hoyoung Yoo from South Korea. “I remember being amazed by how simple economic models could explain such a wide range of real-world behaviors. It felt almost like magic. That sense of wonder made me want to learn the ‘magic’ myself and get the kind of rigorous training that economics offers,” says Liu.
Following that curiosity, the four eventually found themselves on a shared path: the Masters of Science in Economics program at the University of Wisconsin–Madison. The program has inspired many students in similar ways — some even chose to capture their experience in a video:
A program as flexible as your future
Students join the Masters in Economics program for many reasons. Some want to prepare for a career where advanced economics is required without pursuing a PhD. Others are new to the field and want to build the foundation they’ll need for doctoral study. Then there’s those who simply want their academic background to be better recognized by US employers and graduate schools.
The futures they pursue are just as diverse. As you work through a curriculum that focuses on quantitative skills and economic theory, you’ll be pushed to think about your next steps.
“During the master’s program, I really enjoyed learning new ways of thinking and picking up new tools,” says Jingnan Liu. “By the end, I became curious as to what it would be like to contribute to that process myself, maybe by offering a new way of looking at a question. That idea was exciting to me, and it’s what made me want to give the PhD path a try.”
Yoo had a similar experience: “During econometrics classes, we had opportunities to learn about many labor papers alongside the econometrics tools. I thought that was fascinating and wanted to pursue a PhD, so I could produce something useful myself.”
The move from a master’s to a PhD can be daunting though, given how competitive the process can be. But students from the Masters in Economics often find they’re more prepared for it than they thought. “The rigorous training I received made the transition to doctoral-level theory and econometrics smooth,” adds Yoo.
The University of Wisconsin–Madison is in a safe and quiet city, something many international students value. Source: University of Wisconsin–Madison
Many paths, one launchpad
The program helps you get ready for a PhD in many ways. One big part of that is the coursework. “It provided the perfect bridge between the difficulty levels of undergraduate and doctoral study,” says Xinjiang Liu. “What mattered most was the shift from simply understanding economic phenomena to using abstract mathematics to grasp deeper economic concepts.”
For Jingnan Liu, it was through research. “My Econometrics III course paper, with Professor Chris Taber’s guidance, became my writing sample,” she explains. “Sitting in on the second-year PhD labor class helped me shape my research idea, and with Professor John Kennan’s advice, I learned how to frame the question and build a simple model. It eventually grew into my field paper.”
Faculty support goes beyond the classroom too. Yoo recalls, “The recommendation letters from professors who had seen my early research were incredibly valuable for my PhD applications.”
And it’s not just about getting ready for a PhD — you’re building skills that set you up for careers in government and industry as well. “The program opens the door into the North American job market, which is arguably the most dynamic and fascinating in the world, and at a very reasonable tuition cost,” Sun shares.
In his case, Josephine Xu, a teaching assistant from the Masters in Economics program recommended him for a role at a large economic consulting firm, where he now works. “The program introduces data analysis, project management, and causal inference early on, which prepares students well for the job market,” he adds. “Plus, its strong research infrastructure, systematic training, and active alumni network create real synergy, making it possible to pursue careers in academia, technology, economic consulting, think tanks, or international organizations.”
If you are confident that a career in government or industry is your goal, the university’s Department of Economics is rolling out a new STEM-designated Masters of Science in Quantitative Economics. It is designed for students who want more data-heavy, analytical training with less emphasis on economic theory.
And if you’re still undecided, there’s plenty of flexibility. You will be able to start in one program and switch to another if it turns out to be the better fit. It is important to note that while federal approval for international student admission into the Masters in Quantitative Economics is still pending, all Masters in Economics students will have access to quantitative economics courses in the meantime.
