Recommended Mathematical Training to Prepare for Graduate

School in Economics
Although economics graduate programs have varying admissions requirements,
graduate training in economics is highly mathematical. Most economics Ph.D.
programs expect applicants to have had advanced calculus, differential equations,
linear algebra, and basic probability theory. Many applicants have completed a
course in real analysis. This means that undergraduates thinking about graduate
school in economics should take 1-2 mathematics courses each semester. About
half of the students entering Ph.D. programs in economics earn a Master's degree
beforehand. Many shore up their math preparation during this period.
Note: Different universities will title and number their math courses differently. This
list is meant as a general guideline; students should check the math requirements
of Master's and Ph.D. programs to which they are applying for more specific
guidelines.
Minimal Recommendation for entrance into an Economics Master's
program

Calculus and Analytic Geometry (at least 2 semesters)

Topics include functions, limits and continuity, differentiation, applications of the

derivative, curve sketching, and integration theory, methods of integration,
applications of the integral, Taylor's theorem, infinite sequences and series

Matrix Theory/Linear Algebra

Topics include matrix algebra, systems of linear equations, determinants, vector

algebra and geometry, eigenvalues, eigenvectors, vector spaces, subspaces, bases,
and dimension, linear transformations, representation by matrices, nullity, rank,
diagonalization, inner products, adjoints, unitary, and orthogonal transformations

Statistics (at least 2 semesters):

Topics include fundamentals of probability theory, confidence intervals, and tests of

hypothesis for normal distributions, one- and two-sample tests and associated
confidence intervals for means and proportions, analysis of variance, F-tests,
correlation, regression, contingency tables, and statistical analysis using the
computer
Additional Highly Recommended Courses for entrance into an Economics
Master's program

Calculus of Several Variables/Multivariable Calculus

Topics include two and three dimensional geometry, manipulation and application of
vectors, functions of several variables, contour maps, graphs, partial derivatives,
gradients, double and triple integration, vector fields, line integrals, surface
integrals

Methods for Data Analysis

Topics include statistical inference and design, t-tools, non-parametric alternatives,

one-way ANOVA, simple linear regression, multiple linear regression, and variable
selection procedures, statistical thinking, appropriate inference, interpretation of
results, and writing, principles of experimental design, multi-factor ANOVA, repeated
measures, logistic regression, Poison log-linear regression, multivariate and time
series analyses, graphical techniques, data collection plans, populations, samples,
and sampling distributions, inferences on means and proportions, simple linear
regression. Should include both theory and empirical components and use SAS,
Stata, R, Matlab, or a similar statistical software program.
Minimal Recommendation for entrance into a Ph.D. program - the above,
plus

Differential Equations

Topics include introduction to qualitative, quantitative, and numerical methods for

ordinary differential equations, modeling via differential equations, linear and
nonlinear first order differential equations and systems, transform techniques

Probability Theory

Topics include discrete and continuous random variables, expected value, variance,
joint, marginal and conditional distributions, conditional expectations, applications,
simulation, central limit theorem, order statistics

Mathematical Statistics

Topics include theory of point estimation, interval estimation, and hypothesis testing
Additional Recommended Courses for Ph.D. preparation

Methods of Proof

Topics include reasoning and communication in mathematics, including logic,

generalization, existence, definition, proof, and the language of mathematics,
functions, relations, set theory, recursion, algebra, and number theory.

Stochastic Processes

Topics include conditional probability theory, discrete and continuous time markov
chains, birth and death processes and long run behavior; Poisson processes; system
reliability

Real Analysis

Topics include a rigorous development of calculus with formal proofs, functions,

sequences, limits, continuity, differentiation, and integration, rigorous development
of multivariate calculus, differentiable functions, inversion theorem, multiple
integrals, line and surface integrals, infinite series