UB’s Master’s Program in Applied Economics Drawing Students from Around the World

BUFFALO, N.Y. -- Now in its third year, the University at Buffalo's master's degree program in applied economics has tripled its enrollment -- drawing, in particular, a large international student contingent -- and by all accounts, seems to be filling a niche both for student and market demand.

"We had no idea it would be so successful," said Isaac Ehrlich, leading professor and chair of the Department of Economics and Melvin H. Baker professor of American Enterprise.

The program combines a master's degree in economics with an advanced certificate in applied economics. A student earns the certificate through coursework in one of five areas of specialization -- financial economics, international economics, economics of health services, economics of law and regulation, and urban and regional economics. The degree itself rests upon completion of the core courses -- or basics -- of micro- and macroeconomics, and econometrics.

Ehrlich prefers to approach the degree and certificate as one in the same.

"We see these as a whole -- not two different parts," he said.

What's more, the program brings into the fold faculty from UB's School of Management, School of Medicine and Biomedical Sciences, Law School, and the Geography and Mathematics departments in the College of Arts and Sciences who teach courses for the various specializations.

The comprehensive nature of UB is what "turned out to be an anchor" for the program, according to Ehrlich.

"It's a unique program -- many economic programs strive to do what we've done, but don't quite do it," he said.

The program's primary focus, Ehrlich added, is the "creation of underlying knowledge and skills that would make our product a better catch for employers," citing the program as an alternative to both the traditional MBA and a doctorate in economics.

But what is the real-world application of a degree in applied economics?

Investment banking, consulting firms, the government, Wall Street, and health-care agencies and hospitals all "rely heavily on principles in economics," Ehrlich said, pointing out that the master's degree caters to business-type research versus top-level academic research. The research thrust, he said, makes the degree an attractive sell to prospective employers.

"Research that the employer needs -- it's the foundation of the business," he said. Employers need people who can research and analyze, for example, product buying and selling, he said, or stock market transactions -- perhaps even specific sectors of the market, such as technology. Those industries that succeed, Ehrlich said, are "better able to guess what customers want."

Ehrlich said the program is set up so that all students -- no matter their chosen specialization -- learn how to conduct this business-type research. "We're emphasizing information and skill as the No. 1 criteria for the content of the program," he said.

The department at one time offered an evening master's degree program, but it was not considered an end in itself, such as the department's doctoral degree. With this program's emphasis on economics as an applied science -- one "that deals with real-world issues," Ehrlich said -- the master's degree option could potentially expand the pool of economics students since not everyone is interested in pursuing economics at the doctoral level.

The program hopes to add by Fall 2001 a sixth specialization -- information and Internet economics, for which the economics department would partner with the Department of Management Information Systems in the UB School of Management and the Department of Computer Science and Engineering in the UB School of Engineering and Applied Sciences and the UB College of Arts and Sciences.

This specialization, Ehrlich said, would be particularly key for employment with "dot.com companies, all of whom need to rely on economic analysis to determine the direction of their business."

The master's program is unique not only for its specializations, but also for its diverse student population.

Currently, international students make up more than 50 percent of the nearly 80 students enrolled, coming from North and South America, Europe, Africa and Asia, with the bulk of students coming from People's Republic of China, Thailand, Taiwan and India.

"A big strength is the diversity of the program," said Chris Connor, coordinator of the master's degree program, noting that he expects about 100 in-residence students to be enrolled for fall. Having more than one perspective, he added, is important to the program's success.

Ehrlich agrees. "The awareness and information they get from each other about the way things are done in their country adds a great dimension," he said of the mix of domestic and international students.

And knowing the way things are done in other countries is part and parcel to understanding the program's international draw.

Ehrlich, who spent two years in Hong Kong establishing a university, said he realized while he was there that people in the media, politics and government preferred to speak with economists about their questions concerning the business world.

"They trust an economist's read," he said, adding that their "interest is in people who have expertise to comment on macro issues."

Internationally, Ehrlich said, working as an economist is prestigious, and job opportunities are abundant. And while many students are grooming themselves for a career in their native country, "a fraction would like to stay in the United States," Ehrlich said, adding that knowledge of foreign markets and culture could be appealing to domestic industries.

As well, individuals who work as instructors in foreign countries often can become professors with a master's degree, and many have joined UB's program for that reason. For these students, Ehrlich said, it's the "fulfillment of a life's dream."

Ehrlich, who said he would love to see international students remain in the United States once graduated from the program, remains globally minded.

"We like [an] international economy," he said. "We love to think of ourselves as an exporting country. If they want to go back, they give us international presence."

Ehrlich conceived of the program in 1996, when he assumed responsibility for the economics department, he said, at a time when the department's faculty had been scaled back to almost half of what it was in the late 1980s. Trusting his instincts and hoping for sufficient demand, Ehrlich set out to develop a program that would "increase the interaction among economists in several units at the university."