The M.A. program in Economics at the University of Waterloo can be taken in two forms: a regular and a co-op option. Each is designed to meet the needs of students who wish to gain employment in the public or private sectors with the completion of the Master's program, or to continue on with Ph.D. studies at the University of Waterloo or other Canadian and American universities. Our students have found their M.A. training to be highly beneficial in achieving both objectives. Recent employers of co-op graduate students in the Department of Economics include the following departments and agencies of the Federal Government: Bank of Canada, Environment Canada, Finance Canada, Health Canada, Human Resources Development Canada, Industry Canada, Revenue Canada, and Transport Canada. At the Provincial Government level, recent employers include: Economic Development, Enterprise, Opportunity and Innovation, Finance, Trade and Tourism, Treasury and Economics Recent private sector employers include: Canadian Institute for Health Information, Hydro One Networks Inc., Scotia Capital, Sunlife, TD Bank, and Union Gas.
Admission Requirements
Admission to the M.A. program in Economics is in September and is open to students who have:
- the equivalent of an Ontario Honours Bachelor's degree in Economics with at least a 75% average in their last two years of study. A background in economic theory, mathematics, and statistics typical of an Honours degree in Economics is required. For students educated abroad, see International Admissions Placement Guide for further details.
- two letters of reference from academic sources.
- proof of competency in English (if applicable). The usual means of proving competency is by taking one of the following examinations and achieving the minimum score listed: CAEL 70, IELTS 7.5, MELAB 90, TOEFL 600 (paper-based), 250 (computer based), 90 (internet-based). See the Graduate Studies Calendar - Admission Regulations for further details.
- a GRE score is not required but is recommended for all international applicants.
The application deadline is February 1.
Degree Requirements
All students in both the regular and the co-op M.A. programs are required to complete, in good standing, Econ 601 (Microeconomic Theory I), Econ 602 (Macroeconomic Theory I), and Econ 621 (Econometrics I) during the first term, and Econ 622A (Applied Microeconometrics) OR Econ 622B (Applied Macroeconometrics) during the second term of their program.
Regular M.A. Program
This is a two or three-term program which requires the satisfactory completion of one of the following three options:
Course Work Option
Eight one-term (0.5 unit weight) graduate courses, approved by the Department. Students are expected to write a paper with a value of at least 30% in at least one of their graduate courses.
Major Paper Option
Seven one-term (0.5 unit weight) graduate courses, approved by the Department, plus a major research paper (a two-term course equivalent), requiring a study in-depth of a topic approved by the Department.
Thesis Option
Four one-term (0.5 unit weight) graduate courses, approved by the Department, plus a thesis (a four-term course equivalent), embodying the results of research on a topic approved by the Department.
Co-op M.A. Program
The M.A. co-op option involves terms of study alternating with work-terms. The Department of Co-operative Education and Career Services has a large network of relations with employers throughout Canada and they assist students in finding suitable work term employment. Students have been very successful in the co-op option, taking up employment positions they deem suitable and earning on average $2,700 per month while on their work-terms. Furthermore, after graduating from the M.A. program, many of our students have been hired as permanent employees by their work-term employers with starting salaries averaging around $42,000.
The co-op option is a four or five-term program which requires the satisfactory completion of:
- the course work, major paper or thesis option,
- an eight-month work term placement,
- submission of one work report deemed satisfactory by the Department.
Normally, a minimum overall average of 78% in Econ 601 (Microeconomic Theory 1), Econ 602 (Macroeconomic Theory I), and Econ 621 (Econometrics I), with no one of these grades falling below 70%, will be required of those students wanting to pursue the co-op option.
Students who fail (<60%) a first term required course (Econ 601, Econ 602, Econ 621) will be required to withdraw from the program.
In order to graduate, candidates must receive a minimum overall average of 70%.
Areas and Duration of Study in the M.A. Program
Both regular and co-op students take courses together on campus in the fall and winter terms. The course work option can be completed in two terms while the major research paper and thesis options require three terms to complete. Students enrolled in the co-op option take up employment for two terms (spring and fall). Students may choose between the regular and co-op options during their first term on campus. There is no need for them to decide before they start the program.
For both regular and co-op students courses are available in Microeconomics, Macroeconomics, Computational Economics, General Equilibrium Analysis, Dynamic Optimization, Finance, Quantitative Methods, Economic Systems, Econometrics, E-Commerce, Marketing Strategy, Economics of Management, Economic Forecasting, Health Economics, Labour Economics, International Economics, Public Finance, and Resource and Environmental Economics. Students can also take a course in other departments, such as Management Sciences, Political Science, School of Accountancy, Statistics and Systems Design Engineering. Ordinarily, no more than one course may be taken from another department, with the approval of the Graduate Advisor of the Department of Economics, in fulfillment of the M.A. degree.
All graduate students are provided with office and computer facilities.
Financial Assistance in the M.A. Program
All successful candidates are automatically considered for financial assistance in the form of scholarships, teaching assistantships and research assistantships. The current level of funding for MA students is $12,000 per year. International students are eligible to receive an International Master's Student Award valued at $1,550 per term. Candidates in the co-op option can also expect to receive approximately $2,700 per month while in employment during their two work terms.