Individuals who study econometrics are interested in using statistical methods to answer questions that pertain to economic issues. For example, if an economist is interested in learning how the values of different kinds of currencies are impacted by certain social or political events, he or she can use real world data to create econometric models that describe the behaviors of different currencies under varying kinds of political strain and opportunity. A person who earns a master's in econometrics might later pursue a doctorate degree in this field, teach lower level college or high school courses in economics, or work as an economic adviser for private investment professionals or public sector workers.
To get a master's in econometrics, it is usually necessary to have an academic background in a field such as math, statistics, or economics. Depending on your undergraduate studies, it may be necessary to take additional coursework to fulfill prerequisites in these subjects. It is also common for a person who gets a master's in econometrics to have to earn satisfactory scores on proficiency exams, compose admittance essays, and provide referral letters from academic or relevant professional references.
To earn a master's in econometrics, it is essential to have already demonstrated proficiency in areas such as mathematics and statistics. It almost always is important to have a background in economics as well, though it might not be required to have an undergraduate degree in this field. Most reputable programs, however, explicitly recommend that program applicants have credits in fields such as macroeconomics and microeconomics, even if these areas were not their primary concentrations.
If you already have an undergraduate degree but are lacking the necessary credits in mathematics and economics and would like to be considered for a master's in econometrics program, you might want to take courses at a local college. This also is a good idea if it has been some time since you completed your undergraduate degree. Many concepts taught in economics courses change as data and models are developed.
A person who wants to earn a master's in econometrics usually must take a proficiency exam. In the United States, for example, many aspiring students take the Graduate Record Examination® (GRE®), which measures students verbal, math, and reasoning skills. To earn admittance to a good program, it usually is required to earn high scores in areas that test math and reasoning skills, as well as reading comprehension. While it is important to be a competent writer as an econometrics student, it is not as important, in many cases, as being able to perform complicated math and understanding complex statistical economic models.
