Raja Kali
Department Chair
Business Building
rkali@walton.uark.edu

Pete McGee
Ph.D. and M.A. Program Director
Business Building
pmcgee@walton.uark.edu

Arya Gaduh
M.S. Program Director
Willard J. Walker Hall
gaduh@uark.edu

Degrees Conferred:
M.A., Ph.D. in Economics (ECON)
M.S. in Economic Analytics (ECAN)

Program Descriptions: The skills and knowledge needed in today's economic climate are changing as quickly as technology and practices in the business world. The three degrees offered — a Master of Arts in Economics, a Master of Science in Economic Analytics and the Doctor of Philosophy in Economics — offer exceptional preparation for pursuing an academic career or working in the private or public sectors. This innovative program combines the study of economic theory and applied econometrics to provide rigorous training and preparation for your chosen career.

M.A. in Economics

Admission Requirements and Prerequisites to Degree Program: Students must apply to and meet the admission requirements of the Graduate School of Business and be admitted by the departmental admissions committee. Additionally, applicants must show satisfactory performance in the following courses: intermediate microeconomics, intermediate macroeconomics, statistics, two semesters of calculus, and linear algebra. Students from all academic backgrounds are encouraged to apply.

Academic Standing and Dismissal: Please see the Graduate School of  Business policy  for more information. 

Degree Options: Students must select the Non-Thesis or Thesis option. Both options combine a study of economic theory, applied econometrics, and an applied field that will prepare students for careers in the private or public sector, or for doctoral programs. The Non-Thesis option can be completed in one year. The Thesis option is for students who seek more advanced skills. It requires additional coursework and a thesis, and will take three or four semesters to complete.

Common Requirements for the Master of Arts Degree, Non-Thesis and Thesis Options: All master’s students must satisfactorily complete the 30 hours of course work listed below. Students must have a 3.00 cumulative grade point average in order to graduate. If at any point, a student’s cumulative GPA falls below a 3.00, the student will be placed on academic probation. A student with a cumulative GPA below 3.00 for two consecutive semesters will be dismissed from the program.

¹Applied Field coursework (6 hours): Each student shall complete at least six hours of coursework in one applied field. Students who seek advanced training in applied economics and business in preparation for entering business or government employment should select one of the following fields: finance, accounting, marketing, supply chain management,  information systems, or business analytics. Students who plan to enter a doctoral program should choose mathematics or statistics as their field. Other Applied Field coursework may be possible with the approval of the Program Coordinator.

²Graduate Seminar (3 hours): Students must register for at least one hour of graduate seminar each semester they are in residence.

Additional Degree Requirements, Non-Thesis Option (30 hours): In addition to 30 hours of required coursework, students who select the non-thesis option must take a comprehensive exam. Students must pass written exams in microeconomics and macroeconomics. The final exams at the end of ECON 6223 Microeconomic Theory II and ECON 6323 Macroeconomic Theory II will be comprehensive over both Micro I & II and Macro I & II. These two exams will be taken by all students in the course and will serve as the comprehensive exam for master’s students. Each exam has three possible grades: Pass, Marginal Pass, and Fail. Students must earn at least a Marginal Pass on both exams.

Should a Ph.D. student later decide to receive the master’s degree, the master’s comprehensive examination requirement will have been satisfied if the student received at least a Marginal Pass on both exams. These exams will be developed and graded by the instructor of record for the courses. In cases where a student’s performance might produce a “Fail,” the instructor will consult with the faculty who normally develop the Ph.D. preliminary examination in that area.

Additional Degree Requirements, Thesis Option (Minimum of 42 hours): This option is intended for students who seek the acquisition of advanced analytical and research skills. Students who select the Thesis option must pass 30 hours of required coursework specified above, 12 additional hours of coursework – 6 hours approved by the Program Director and 6 hours of thesis credit, and pass a comprehensive exam. The comprehensive exam will take the form of a formal thesis defense.

Requirements for M.S. in Economic Analytics

Admission Requirements: Students must apply to and meet the admission requirements of the Graduate School of Business  and be admitted by the departmental admissions committee.

Prerequisites to Degree Program: Students entering the M.S. in Economic Analytics program are expected to have already mastered basic economic concepts or, demonstrated, with an official GMAT or GRE test score, the ability to master economic concepts taught in the program.  Students without academic backgrounds in economics may be required to take additional hours or noncredit preparatory classes prior to enrollment in the M.S. program.  Students from all academic backgrounds are encouraged to apply.

Requirements for the Master of Science Degree: Requirements include one or more courses from each of the following core areas: Data Management, Economic Models, Econometrics and Data Science, and Communication and Professional Development.

Academic Standing  and Dismissal:  Please see the Graduate School of  Business policy  for more information. 

Students whose previous studies or experience indicate mastery of basic economic concepts must satisfactorily complete the 30 hours of course work listed below.

Additional Degree Requirements, Non-Thesis Option
In addition to 30 hours of required coursework, students must take a comprehensive exam. The comprehensive exam will take the form of the final project in ECON 5823 Economic Analytics II. An individual’s grade of B or above in the project will be considered a pass on the comprehensive exam.   

Ph.D. in Economics

Admission Requirements and Prerequisites to Degree Program: Students must apply to the Graduate School of Business (GSB) and meet the requirements of both Graduate School and International Education and GSB. Students must be admitted by the departmental admissions committee.  Students from all academic backgrounds are encouraged to apply.

Prerequisites to Degree Program: Satisfactory performance in the following courses:  intermediate microeconomics, intermediate macroeconomics, statistics, two semester of calculus, and linear algebra. 

Program of Study: The nature of the program of study will vary somewhat depending upon the objective of the prospective candidate. Program requirements must balance credit hours for required coursework, research, and dissertation preparation. All doctoral students in Economics must satisfactorily complete the 75 hours of required courses including a graduate seminar each semester they are on graduate assistantships.

Candidacy Examinations
All students must pass a Candidacy Exam, which consists of two components.

The first component entails written Comprehensive Examinations in microeconomics and macroeconomics. These exams will normally be taken in the summer after a student’s first year in the program. Each exam has two possible grades: Pass or Fail. Students must earn a Pass on both of the exams. A student will normally have two opportunities to pass each Comprehensive Examination, with the second opportunity typically occurring in that January following the first attempt. If a student’s exam scores are not satisfactory, all exams for which a grade of Pass was not earned must be retaken. Only the most recent grade will be used in determining if this requirement has been met. Failure to successfully complete this requirement will result in a student being dismissed from the program.

The second component is a Field Examination, which is satisfied by a research paper on a topic in the student’s chosen field of study. Students complete two fields of study within economics as part of the required courses:

• Behavioral economics (ECON 6913 Experimental Economics and ECON 6933 Behavioral Economics) and
• International Trade and Development (ECON 6833 International Trade and Development I and ECON 6843 International Trade and Development II).

Other fields are possible with the approval of the Ph.D. Coordinator. The paper is to be completed by the end of the fall semester of the student’s third year, during which the student completes the required field courses. The field paper topic must be approved by the student’s advisor and registered with the Ph.D. Coordinator. The Field Examination is satisfactorily fulfilled when the student’s committee passes a defense of the completed paper. When feasible, the paper will be presented at a departmental seminar before it is approved by the student’s adviser or soon after. Failure to successfully complete this requirement will result in a student being dismissed from the program.

Enrollment requirements for students on graduate assistantships who have successfully passed the Candidacy Examination can be found in the university’s Graduate Catalog.

Dissertation
The dissertation demonstrates a student’s ability to select, define, organize, and complete a major research project. It should validate that the student has technical mastery of the field, is capable of doing independent scholarly research, and is able to formulate conclusions that enlarge the body of economic knowledge. Dissertation requirements include (1) a defense of proposal and (2) completion of an acceptable doctoral dissertation. Students must enroll in a total of 18 hours of dissertation credit.

Final Examination
The final examination is normally an oral defense of the student’s dissertation.

Graduate Faculty

Bhattacharya, Puja, Ph.D., M.A. (Ohio State University), M.S. (Indian Statistical Institute), B.S. (Presidency College), Assistant Professor, 2019.
Brownback, Andrew P., Ph.D. (University of California, San Diego), B.A. (Kansas State University), Associate Professor, 2015, 2021.
Celik, Bilal, Ph.D. (University of Tennessee), M.S. (University of Illinois), B.A. (Ege University), Teaching Assistant Professor, 2023.
Civelli, Andrea, Ph.D., M.A. (Princeton University), B.A. (Bocconi University, Milan), Associate Professor, 2010, 2017.
Embaye, Abel, Ph.D. (Georgia State University), M.A. (Tilburg University), B.A. (University of Asmara), Clinical Assistant Professor, 2010.
Farmer, Amy Lynn, Ph.D., M.A. (Duke University), B.S. (Purdue University), University Professor, Margaret Gerig and R.S. Martin Jr. Chair in Business, 1999, 2003.
Ferrier, Gary D., Ph.D. (University of North Carolina–Chapel Hill), B.A. (University of Wisconsin-Madison), University Professor, Lewis E. Epley Jr. Professorship in Economics, 1993, 2012.
Gaduh, Arya, Ph.D. (University of Southern California), M.Phil. (Cambridge University), B.A. (University of California-Berkeley), Associate Professor, 2013, 2019.
Geng, Difei, Ph.D. (Vanderbilt University), M.A. (Southern Methodist University), M.A. (Nankai University), B.A. (Tianjin University of Finance and Economics), Assistant Professor, 2016.
Gu, Jingping, Ph.D. (Texas A&M University), M.A. (Peking University), B.A. (Renmin University of China, Bejiing), Associate Professor, 2008, 2014.
Hong, Ye "Abby", Ph.D. (University of Tennessee), M.S. (University of Illinois), B.S. (Nanjing University of Science and Technology), Teaching Assistant Professor, 2022.
Hossain, Md Amzad, Ph.D., M.A. (University of Virginia), B.S.S. (University of Dhaka), Assistant Professor, 2022.
Jung, Hyunseok, Ph.D. (Syracuse University), M.A. (Korea Development Institute), B.A. (Seoul National University), Assistant Professor, 2018.
Kali, Raja, Ph.D., M.A. (University of Maryland University College), B.S.C. (University of Calcutta), Professor, ConocoPhillips Chair in International Education, 1999, 2013.
Koh, Dongya, Ph.D. (Washington University-St. Louis), M.A. (Boston University), B.A. (Keio University), Assistant Professor, 2014.
Li, Xin "Sherry", Ph.D. (University of Michigan), M.A. (Syracuse University), M.A., B.A. (Renmin People's University of China), Professor, 2018.
Littrell, Rita, Ph.D. (University of Kansas), Ed.S., M.Ed., B.S.E. (University of Arkansas), Visiting Assistant Professor, 1997.
Liu, Andrew Yizhou, Ph.D., M.A. (University of California, Santa Barbara), B.A. (Nanjing University), Assistant Professor, 2020.
Mao, Ruoyun, Ph.D. (Indiana University), B.A. (Sun Yat-sen University), Assistant Professor, 2023.
McGee, Peter J., Ph.D. (Ohio State University), B.S. (Tulane University), Associate Professor, 2014, 2018.
Miller, Logan, Ph.D., M.S., B.A. (University of Arkansas), Teaching Assistant Professor, 2023.
Park, Doyoung, Ph.D., M.A. (University of Colorado) B.S. (Sogang University, Seoul), Assistant Professor, 2019.
Rahman, Muhammad, Ph.D. (Indiana University), M.S., B.S. (University of Dhaka), Clinical Assistant Professor, 2014.
Stapp, Robert Bruce, Ph.D., M.S. (Oklahoma State University), B.S.B.A. (Oklahoma City University), Clinical Professor, 1995, 2012.