Frequently Asked Questions

All Department of Economics graduate programs begin in the fall semester.

M.S. Agricultural Economics applications can apply at any time; however, applications received by February 15 are prioritized for scholarship consideration. 

Ph.D. and M.S. Economics applicants should submit their application (including all supplemental materials) no later than January 15 prior to the fall semester of expected enrollment in order to guarantee your application is reviewed.

The admissions committee takes time to thoroughly review applications. All applicants will be contacted by email once a decision on their application is complete. The notification emails to Ph.D. and M.S. Economics applicants are typically sent by late-March.

As a member of the Council of Graduate Schools, Iowa State University abides by the Council's Resolution Regarding Graduate Scholars, Fellows, Trainees, and Assistants. Offers of a graduate assistantship to Ph.D. students will be considered valid until April 15 unless declined at a prior time. If no reply to an outstanding offer is received by April 15, the Department of Economics may rescind the offer.

Yes, both our M.S. program and our Ph.D. program are STEM certified for students majoring in either Economics or Agricultural Economics. These programs use designated CIP code 45.0603 which is a STEM eligible code.

What led you to choose economics or agricultural economics as a field of study?

How has your background prepared you for graduate study in economics?

What are your career plans?

For Ph.D. applicants: What are your choices of fields of specialization?

• Agricultural Economics
• Applied Econometrics
• Environmental and Resource Economics
• Financial Economics
• Industrial Organization
• International Economics
• Labor-Public Economics
• Macroeconomics.

All complete applications to enter a Ph.D. program are considered for assistantships. No separate form is needed. We do not offer assistantships for M.S. students.

The fee for international students is $100 and U.S. citizens pay a fee of $60.

This website contains extensive information about the graduate program, the department's faculty, and their research. Additional questions about the Ph.D. or M.S. Economics programs can be directed to the Graduate Program Coordinator (econgrad@iastate.edu).

Questions about the M.S. Agricultural Economics program should be directed to the MSAE Program Director, Dr. Hongli Feng (hfeng@iastate.edu)

We encourage admitted students to travel to Ames to visit with faculty and current graduate students. Please contact the Graduate Program Coordinator (econgrad@iastate.edu) for details and to make arrangements.

We strongly recommend that students take the GRE, but we will review applications with GMAT instead. The screening guidelines for GMAT scores are: Verbal (M.S. and Ph.D.): 50%; Quantitative (M.S.): 65%; Quantitative (Ph.D.): 75%.

The department occasionally offers fellowship grants or scholarships between $2000 and $5000 per year to supplement assistantship offers to the most qualified applicants.

For Ph.D. students, teaching and research assistantships are available, though it is much more common for first-year students to be assigned to teaching assistantships. We do not offer assistantships to M.S. students at this time.

Each year we make funded offers of admission to about 35 Ph.D. applicants, with the goal of enrolling 12-15 new Ph.D. students.

See more information about the demographics of the graduate students in the Economics Department.

Out-of-state students with a 1/4-time or greater graduate assistantship are assessed Iowa-resident tuition charges. Ph.D. students with a 1/2-time appointment will receive a 100% tuition scholarship, completely offsetting the cost of tuition. M.S. students with a 1/2-time appointment will receive a 50% tuition scholarships. Students are still responsible for student fees of around $700/semester. Tuition scholarships are only given to those students who have a 3.0 or higher GPA. In addition, students receive health insurance coverage and a monthly stipend.

The TOEFL (or IELTS) test is required for all students whose native language is not English. The requirement will be waived if you already have a U.S. college degree. The test scores expire after two years. If the University receives the official scores before they expire, they will accept them regardless of the actual enrollment date. (For example, if a student's TOEFL score expires in May 2019 and he or she submits an application in December 2018, the university will accept the score even though it will be expired when the student starts classes in August 2019.)

The GRE is required for all Ph.D. applicants.

For fall 2023 M.S. applicants, the GRE is strongly reocmmended but not required.

If you need to take the GRE, it is important to take it as early as possible. Information on the GRE can be obtained by visiting their website. The Institution Code for Iowa State University is R6306. No major code is needed. 

The program's economics courses are very quantitative. Students who do well typically have a strong background in math (calculus, including multi-variate calculus, and linear algebra) and statistics, as well as intermediate microeconomic and macroeconomic theory courses. Math courses that emphasize logic and proofs (e.g. real analysis, abstract algebra, topology) are especially recommended for Ph.D. applicants.

There is no single, sufficient condition for admission with financial aid. We look at a portfolio of items that include (not in any order): GRE scores (especially the Quantitative); transcripts; grades in math and economics courses; letters of recommendation; and the written statement of purpose. Each year, out of about 150 applicants, we offer admission with funding to approximately 35 Ph.D. applicants.