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A Master of Science in Economic Analytics from University of Arkansas’s Sam M. Walton College of Business readies you to analyse, digest, visualise, and ultimately harness big data to drive decision-making in business, science, and society. The curriculum encompasses leading-edge training in causal inference econometrics and machine learning applications that prepare graduates to seize high-demand industry positions with excellent salary prospects.
It’s a lot to cover but this 10-month programme manages to do just that by taking an intensive approach that’s led to 2021-2023 graduates to record an average gross salary, including sign-up bonuses, of US$80,400. Student Shreyash Gupta is set to follow in their footsteps.
For the student from Uttar Pradesh, India, his success story started at an unlikely place: Tyson Foods. After completing his undergraduate programme at the University of Arkansas, he found full-time work at the multinational food company. It was here that he met three MS in Economic Analytics graduates and saw them working on innovative projects. “One of my first reactions to their work was, ‘Woah, you can do that with coding.’ That moment confirmed my decision to pursue the Economic Analytics programme,” he says.
Gupta would go on to love the programme’s thorough training in descriptive, predictive and prescriptive analytics. But the one class that stood out most to him was the one that taught him how to write. “Having a class focused on writing, especially technical writing, was invaluable. When working with a lot of data, particularly in the economics field, not everyone speaks the same technical language,” he says. “Learning how to communicate effectively to different groups and ensuring everyone understands — whether they are technical or non-technical — was crucial.”
University of Arkansas Master of Science in Economic Analytics graduates have no problem landing high-demand jobs with lucrative salaries and sign-on bonuses. Source: University of Arkansas
The STEM-designated master’s degree comprises nine core courses — Applied Microeconomics, Introduction to Econometrics, Forecasting, Applied Microeconometrics, Economic Analytics I and II, Data Exploration and Communication for Economics, Economics Policy and Data Analysis, and Data Analytics Fundamentals — and an elective that offers training in causal inference econometrics and machine learning applications.
“The programme began with a basic understanding of econometrics, but we built on that foundation by working through different problems with data,” Gupta says. “We learned how to test hypotheses and build models to accurately describe problem statements and better answer them.”
These courses are enhanced by experiential learning opportunities via internships, side projects, and Optional Practical Training for international students. Throughout the programme, Gupta worked on many projects that applied different machine learning concepts. “We weren’t limited to just one or two techniques. Our professors always encouraged us to come up with different strategies and machine learning techniques to answer the questions or hypotheses we created,” he says. “This flexibility and encouragement were fantastic.”
The Master of Science in Economic Analytics programme at the Sam M. Walton College of Business offers leading-edge training in causal inference econometrics and machine learning applications. Source: University of Arkansas
With so much gained through the MS, graduates often have no problem landing roles such as Data Products Analyst, Business Intelligence Engineer, Programme Manager, Data Scientist, and more. There’s a robust and growing market for MS in Economic Analytics graduates across many industries, such as retail, banking, finance, and healthcare. In 2022, the median pay for master’s level economists is US$113,940 per year, though this may vary according to location, experience and education.
Before Raquel Romero Velazquez from Honduras even graduated, she already had a job lined up with ABF Freight System as Lead Financial Analyst. The role involves running various analyses for executives and assisting in forecasts for the company. “I worked there for a little over a year before switching to my current role of Lead Data Analyst at ArcBest, where my role is more of data reporting,” she says. “I am also an adjunct instructor at the University of Arkansas, teaching Forecasting, Principles of Macroeconomics, and Principles of Microeconomics.”
The college’s career services are always ready to help students navigate the job market. Here, advisors go above and beyond to find you a job by giving feedback on enhancing your résumé, searching career events, and identifying hiring companies.
In fact, without the college’s network and connections, Velazquez would not have landed her first role. “During the programme, the department would host various lunch-and-learn sessions. In one of these, Dr. Raja Kali invited an employee from ArcBest, my first exposure to the company,’ he says. “Hearing the guest speaker talk about the company and the projects they are working on interested me. While I did not apply for the specific role they were speaking about, the lunch-and-learn positively contributed to my career development.”
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