This section provides concise and direct answers to common questions about the Master of Computational Economics (MCECON) program, covering general information, admissions, curriculum specifics, and career prospects.
General questions
- Q: What is Computational Economics?
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A: Computational economics represents a dynamic, interdisciplinary field that leverages advanced computational modelling (such as deep learning), economic theory, and econometric techniques to solve a wide array of real-world analytical problems. Unlike traditional approaches that might rely solely on economic theory or statistical analysis, computational economics harnesses the immense processing power of computers to explore complex relationships. These computational tools are indispensable for the rigorous analysis of economic data, studying the effects of policy, or estimating structural relationships.
- Q: Are the skills I’ll learn in the Master of Computational Economics program valued in the private and public sector?
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A: As industries increasingly adopt data-driven decision-making processes, there is a discernible and growing demand for professionals who are proficient in computational economics techniques. The Master of Computational Economics program is specifically designed to produce graduates equipped with the precise skills required to meet this demand, thereby opening diverse career opportunities that seamlessly combine deep economic expertise with advanced computational proficiencies. Potential career paths include roles such as Economic Consultant, Policy Analyst, Financial Analyst, Quantitative Economic Analyst, Economic Risk Manager, Public-Sector Economist, Health Economics Analyst, and Environmental/Energy Economics Analyst. These roles underscore the versatility of a computational economics background, demonstrating its broad applicability across numerous professional domains.
The market for professionals with these skills exhibits a clear premium. Data from the Bureau of Labor Statistics (BLS) indicates that individuals holding a Master's degree generally earn approximately 16% more than their Bachelor's degree counterparts and experience nearly 15.7% lower unemployment rates. This general trend is particularly pronounced within the field of economics, where over 80% of workers hold at least a Master's degree, and the BLS explicitly concludes that a Master's degree is often necessary for an entry-level economist position. Furthermore, the program benefits from a strategic geographical advantage. BLS estimations highlight the Houston metro area as one of the most lucrative hubs for economists, where the typical annual salary commands an impressive $132,540, which is 3.5% above the national average.
- Q: How is the Master of Computational Economics program at Rice different than other Masters programs in Economics?
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A: The Master of Computational Economics program at Rice University distinguishes itself through its combined focus on teaching state-of-the-art computational, econometric, and economic theory techniques that uniquely prepares its students to either enter the workforce or continue on to advanced studies. This deliberate and distinct approach sets it apart from more general masters programs in Economics or other Data Science or Computer Science programs. Further, students in the Master of Computational Economics program benefit from small class sizes taught by top-tier faculty in the Department of Economics. Students have a selection of ECON-specific elective courses that delve into specialized topics typically not covered in broader curricula. This tailored elective structure ensures that graduates gain expertise in areas critical to advanced economic research and applied policy analysis, further enhancing their unique profile in the job market or graduate school.
- Q: What is the program length?
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A: The Master of Computational Economics is a two-year (four-semester) program. It requires a minimum of 40 credit hours of graduate-level study.
- Q: Is the program full-time only?
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A: Yes, students are admitted for full-time enrollment only and must remain in residence for all semesters.
- Q: Is there a thesis requirement?
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A: No, the Master of Computational Economics is a non-thesis master's program.
- Q: How many credits must be taken at Rice University?
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A: A minimum of 32 credit hours must be taken at Rice University.
- Q: Can Rice undergraduates apply for early admission?
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A: Yes, the program offers a provision for early admission and enrollment for current Rice undergraduates, often referred to as a "fifth-year master's". Please reach out to the program administrator with more questions about this path.
Admissions & Eligibility Questions
- Q: What is the minimum undergraduate GPA required for admission?
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A: A minimum undergraduate GPA of 3.0 is required.
- Q: Are GRE scores required?
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A: The Department of Economics requires all applicants to provide GRE (Graduate Record Examination) General Test scores. It cannot be waived for any reason. This test should be taken no earlier than three years prior to the date of application and no later than the December prior to the desired fall entry. An official copy must be sent to the Department of Economics directly from the Educational Testing Service. Photocopies are not acceptable. For further information on the GRE, contact the Educational Testing Service, Rosedale Road, Princeton, NJ 08541 USA. ETS can be reached by telephone at(609) 921-9000, by email at etsinfo@ets.org or on the web at http://www.ets.org.
- Q: What are the TOEFL/IELTS requirements for international students?
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A: For applicants whose native language is not English and who did not receive a degree from a university where English is the official language of instruction, approved TOEFL or IELTS scores are required. The minimum acceptable scores are 90 on the TOEFL or 7 on the IELTS. We accept Duolingo scores, but the TOEFL is highly recommended.
- Q: What kind of undergraduate background is recommended?
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A: To thrive in the program, students are advised to have a strong foundation in quantitative and economics skills, demonstrated through advanced undergraduate coursework in mathematics, statistics, and economics, beyond just introductory levels. However students with proficiency in other, quantitative-oriented fields can succeed.
- Q: What is the application fee?
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A: An $85 application fee is required.
- Q: Is transfer credit accepted?
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A: Rice University's general policy on transfer credit applies. However, for the Master of Computational Economics degree, no more than two courses (6 credit hours) of transfer credit from US or international universities comparable to Rice may apply, subject to case-by-case approval by the program director.
Curriculum & Specialization Questions
- Q: What specialization tracks are offered?
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A: Students can choose from four specialization tracks: Academic, Industrial Organization, Applied Microeconomics, and Macroeconomics & Finance.
- Q: How many electives do I need to take?
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A: Students select four elective courses within their chosen specialization track. Please see Curriculum and Course Descriptions for more information about specific elective courses and their description.
- Q: Can the Master of Computational Economics program serve as a pathway to a Ph.D.?
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A: Yes, the Academic specialization track is specifically designed for students aspiring to Ph.D. programs in Economics. Successful completion of this track can lead to admission into the second year of Rice's Ph.D. program with certain course waivers. The program also serves as a valuable "litmus test" for international students considering a Ph.D. in the U.S.
Career Prospects Questions
- Q: What career opportunities are available to graduates?
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A: Graduates are prepared for diverse roles such as Economic Consultant, Policy Analyst, Financial Analyst, Quantitative Economic Analyst, Economic Risk Manager, Public-Sector Economist, Health Economics Analyst, and Environmental/Energy Economics Analyst.
- Q: How does the program prepare students for the job market?
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A: The program uniquely integrates advanced computational skills with robust economic theory and econometrics, directly addressing the growing industry demand for economists with strong data analytical capabilities. Graduates are well-positioned for roles requiring both economic expertise and advanced computational proficiency.
- Q: What are the earning potentials for graduates?
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A: Master's degree holders generally earn significantly more and experience lower unemployment rates than Bachelor's degree holders. Specifically, economists with a Master's degree command higher salaries than those with only a Bachelor's, and even surpass data scientists in median annual salary. The Houston metro area also offers particularly lucrative opportunities for economists.