College of Social Sciences
Department of Economics
Master of Arts in Economics
(2007/2008)
Mission
The MA program primarily prepares future decision makers for the Central Asian economy, which comprises five developing national economies still in the throes of transition to markets. Because of their regional importance, financial economics, public policy economics, and international economics are strengths of the program. The program emphasizes rigor in regional economic applications. It takes a select group of mature individuals through intensive and rigorous coursework that develops analytical skills and economic intuition. The curriculum is flexible, but it does not compromise the quality of education. Students receive a graduate education that is comparable to that of a typical accredited university in North America.
Though the program is small, its 46 regular offerings are diverse. Small classes, averaging fewer than 20 students in core courses and fewer than 10 in electives, afford more faculty attention to the student than most larger programs can provide.
This quantitative program is designed for students with undergraduate degrees. After completing the core courses in Microeconomics, Macroeconomics, Econometrics and Applied Economics, students may specialize in
International Economics
Public Policy Economics
Financial Analysis
Opportunities and Achievements
A graduate with a M.A. in economics has the skills to pursue many career opportunities: economic/financial advisor, banker, consultant, manager, entrepreneur, government official, professor, econometrician, etc. Graduates with talent and motivation are well prepared for doctoral studies in economics abroad. KIMEP graduates have studied at the London School of Economics and Political Science, at the University of Reading in Great Britain, and in the United States in Colorado, Delaware, Iowa State, Kentucky, Massachusetts, and Illinois.
During the summer, the student may attend classes abroad through KIMEP exchange programs. Several of our students were invited to international conferences to present papers prepared in KIMEP courses. Many scholarships are awarded every year by the SOROS Foundation; they help pay for tuition and accommodations for out-of-Almaty residents. The best second-year students are offered research and tutorial part-time assistantships within our program. Several graduates have been retained as lecturers.
Graduate Curriculum
Breakdown of Credits
Course type / Number of creditsCore Courses / 27
Major Electives / 12
Thesis or Research Project / 3 (research paper) or 6 (thesis)
KIMEP Free Electives / 3 (thesis) or 6 (research paper)
Total Required for Graduation / 48
Core Courses: 27 credits
We offer these courses every year
Course code / Title of the course / CreditsECON5011 / Probability Theory and Statistics / 3
ECON5012 / Econometrics I / 3
ECON5013 / Econometrics II / 3
ECON5021 / Microeconomics I / 3
ECON5022 / Microeconomics II / 3
ECON5031 / Macroeconomics I / 3
ECON5032 / Macroeconomics II / 3
ECON5801 or ECON5802 / Research Methods and Methodology or Applied Economics / 3
ECON5815 / Mathematical Economics / 3
Major Electives (ME): 12 credits
*Thesis or Research Project: 3 or 6 credits
* During the second year, all students must either write and defend a thesis or write an economic research project. The thesis counts for 6 credits; the research project counts for 3 credits. The thesis is supervised by a faculty member, reviewed by two reviewers, and defended during a final oral examination. To register for the thesis credits, the student must have completed first-year courses with a GPA no less than 3.33. To register for research project credits, the student must have passed all first-year courses. The project is supervised by a faculty member and reviewed by another faculty member. There is no defense or oral examination for the project.
KIMEP Free Electives: 3 or 6 credits
The writer of a thesis must take 3 credits in free electives, which may be outside the economics department. The writer of a research project must take 6 credits in free electives, which also may be outside the economics department.
Economics Electives for Specializations (Major Electives)
The specializations are International Economics, Public Policy Economics, and Financial Analysis. Students may graduate with or without a specialization. For a specialization, the student must complete 12 credits of the economic electives listed below in the specific area. Only immediate prerequisites are listed; these prerequisites may have other prerequisites.
Students who do not choose to specialize must take 12 credits of electives in addition to the number of credits of free electives required in the section above. Of the 12 additional elective credits, as many as 9 may be outside the economics department for the writer of a thesis; and as many as 6 may be outside the economics department for the writer of a research project. A list of all economics electives in the MAE program is given below.
International Economics
This specialization addresses both globalization and Kazakhstan as a transition economy. Specialists must take at least 4 of the following 7 courses:
ECON5142 International TradeECON5143 International Finance
ECON5232 Financial Management in Commercial Banks
ECON5147 World Commodity Markets
ECON5178 Foreign Investment in Kazakhstan
ECON5191 Development Economics
ECON5198 Regional Economics
Public Policy Economics
This specialization addresses the government’s role in the economy. Specialists must take at least 4 of the following 19 courses:
ECON5226 Industrial Organization
ECON5261 Public Economics I
ECON5262 Public Economics II
ECON5264 Public Choice
ECON5266 Taxation
ECON5274 Law and Economics
ECON5232 Financial Management in Commercial Banks
ECON5334 Monetary Economics
ECON5276 Institutional Economics
ECON5281 Environmental Economics
ECON5284 Environmental Policy
ECON5191 Growth and Development Economics
ECON5283 Resource Economics
ECON5285 Energy Economics
ECON5290 Health Care Economics
ECON5294 Transition Economics
ECON5295 Population Economics
ECON5142 International Trade
ECON5143 International Finance
ECON5296 Labor Economics
ECON5825 Project Analysis
Financial Analysis
Unlike the Finance major in the Department of Business Administration, this specialization uses a technical approach that develops analytical abilities. For some courses, knowledge of Statistics and Algebra is important, even though these courses are not mentioned explicitly as prerequisites. Specialists must take at least 4 of the following 13 courses:
ECON5318 Futures, Options and Other Derivatives
ECON5051 Money and Banking
ECON5352 Financial Institutions
ECON5232 Financial Management in Commercial Banks
ECON5353 Mathematical Theory of Finance
ECON5354 Financial Economics
ECON5355 Advanced Financial Derivatives
ECON5356 Commodity Exchanges
ECON5358 Actuarial Mathematics
ECON5334 Monetary Economics
ECON5357 Financial Economic Modeling
ECON5370 Economics of Risk Management
ECON5371 Financial Risk Management
ECON3351/ 5351 Foreign Exchange Markets
ECON3359/ 5359 Investment in Emerging Markets
List of Economics and Some Non-Economics Electives
ECON5051 Money and Banking
ECON5081 Macroeconomics for Managers
ECON5082 Microeconomics for Managers
ECON5142 International Trade
ECON5143 International Finance
ECON5147 World Commodity Markets
ECON5178 Foreign Investment in Kazakhstan
ECON5191 Growth and Development Economics
ECON5198 Regional Economics
ECON5226 Industrial Organization
ECON5232 Financial Management in Commercial Banks
ECON5261 Public Economics I
ECON5262 Public Economics II
ECON5264 Public Choice
ECON5266 Taxation
ECON5276 Institutional Economics
ECON5274 Law and Economics
ECON5281 Environmental Economics
ECON5283 Resource Economics
ECON5284 Environmental Policy
ECON5285 Energy Economics
ECON5286 Agricultural Economics
ECON5294 Transition Economics
ECON5295 Population Economics
ECON5296 Labor Economics
ECON5318 Futures, Options and Other Derivatives
ECON5334 Monetary Economics
ECON5351 Foreign Exchange Markets
ECON5352 Financial Institutions
ECON5353 Mathematical Theory of Finance
ECON5354 Financial Economics
ECON5355 Advanced Financial Derivatives
ECON5356 Commodity Exchanges
ECON5357 Financial Economic Modeling
ECON5358 Actuarial Mathematics
ECON5359 Investment in Emerging Markets
ECON5370 Economics of Risk Management
ECON5371 Financial Risk Management
ECON5801 Research Methods and Methodology
ECON5802 Applied Economics
ECON5803 History of Economic Thought
ECON5814 Economic and Business Forecasting
ECON5816 Optimization in Economics
ECON5824 Economics for Managers
ECON5825 Project Analysis
ECON5828 Information Economics
ECON5899 Special Seminar in Applied Economics
AC5201 Financial Accounting for Managers (given by the DBA program)
CIT3722 C++ (given by the Computer Center)
FN5202 Advanced Corporate Finance (given by the DBA program)
Typical Curriculum for M.A. in Economics
Fall / SpringSemester 1 / Semester 2
Course Name / Credits / Course Name / Credits
Microeconomics 1 / 3 / Microeconomics II / 3
Macroeconomics I / 3 / Macroeconomics II / 3
Probability Theory and Statistics; Mathematical Economics / 6 / Econometrics I / 3
English / Applied Economics or Research Methods and Methodology / 3
English
Subtotal / 12 / Subtotal / 12
Semester 3 / Semester 4
Course Name / Credits / Course Name / Credits
Econometrics II / 3 / Elective / 3
Elective / 3 / Elective / 3
Elective / 3 / Thesis / 6
Elective / English
English
Subtotal / 12 / Subtotal / 12
Pre-MA Courses
Intensive pre-M.A. courses are offered in summer for all new M.A. students who have not taken similar or more advanced courses. The courses are:
Intermediate Microeconomics ECON2181
Intermediate Macroeconomics ECON2182
Methods of Mathematics ECON5103
The lowest acceptable grade is a B-, unless the course description indicates otherwise.
The student may have Pre-MA courses waived if:
1. He has taken university-level or more advanced courses, such as Mathematical Analysis (Calculus) or Higher Mathematics, in the case of Methods of Mathematics; and Macroeconomics as well as Microeconomics, in the case of Intermediate Microeconomics and Intermediate Macroeconomics;
2. The number of credit hours for each course corresponds to 3 credits in the local system; and
3. The grade is Good or Excellent (not Satisfactory, Unsatisfactory, or Pass/Fail).
To obtain a waiver, the applicant must submit a certified translation in English of his transcript.
The Chair of the Economics Department can make exceptions. In particular, item (2) can be dropped if there is sufficient evidence that the applicant has been doing research in economics.
All courses can be taken in one of the two regular 15-week semesters (fall and spring), while several others are offered again during a 7-week intensive summer semester. Not all courses are offered each academic year (depending on the demand for and availability of faculty), but the prerequisite(s) are strictly observed in granting enrollment. Those who plan to enter the M.A. program can take courses in Intermediate Economics instead of Pre-MA courses.
KIMEP requirements. In addition to these departmental requirements, KIMEP also imposes several English requirements that depend on the test scores of the entering student. All entering masters students who passed KEET scores and other entrance qualifications still must complete four noncredit English courses at the beginning of the MAE program. These courses will cover the same subjects (Academic Speaking, Academic Listening I and II, Academic Reading and Writing) as the courses required of undergraduate students.
KIMEP recommends that the student take the first two courses in the Summer 1 term and the second two in the Summer 2 term. If a student cannot follow this schedule, then he may be able to take the third and fourth courses in the fall, at the same time as core courses in the MAE program.
Finally, the Masters student must also take (preferably in the first year) a special-purpose English course offered by the department. This course will earn credit. Either Applied Economics or Research Methods and Methodology will fulfill this requirement.
Incoming students skilled in English may test out of either the first two or all four of the required non-credit English courses by scoring well on a diagnostic test of English proficiency. The Testing Center gives this test, developed by the Language Center, before the start of each term in the year (Summer 1, Summer 2, Fall, and Spring). However, no student may test out of the one credit-bearing English course included in the masters program requirements.
Holders of KIMEP bachelors degrees will not receive automatic waivers of the non-credit English courses. They may take the diagnostic test and qualify for waivers like other students.
Students entering the MAE program may submit results of a recognized English proficiency test (e.g., TOEFL or IELTS) in applying for waivers from some or all of the non-credit English courses.
Students who failed KEET may still qualify for provisional entry into the MAE program. Upon completing the provisional program, they may take KIMEP’s diagnostic test in a bid for waivers of the non-credit English courses, like regular students.
Credit transfer policy
The student may request a credit transfer in writing from the Director of the MA program. The request must be supported with the course syllabus and transcript, as well as with an official translation to English of both documents.
The Director decides whether to transfer credit.
If the semester in which the relevant course is taught has not started, then the decision must be made within 2 weeks of the date on which the student filed the request but not later than three days after the end of the registration period. If the semester has started, then the decision must be made in 3 days. The student is responsible for any delays in registering for courses or in adding or dropping them.
In case of a refusal to transfer the credit, the student may appeal to the Chair of Economics Department. The Chair will create an ad hoc Credit Transfer Committee. The committee chair cannot be the same person as the Graduate or Undergraduate Director. The Committee must decide within 3 days of the date on which the appeal was filed. The Committee’s decisions are final.
All courses can be taken in one of the two regular 15-week semesters, while several others are offered again during a 7-week intensive summer semester. Not all courses are offered each academic year (depending on the demand for and availability of faculty), but the prerequisite(s) are strictly observed for granting enrollment. Those who plan to enter the M.A. program can take courses in Intermediate Economics instead of Pre-MA courses.
Independent study
The primary purpose of independent reading courses is to enable a student to pursue interests that are too specialized to sustain a regular classroom course. There is no limit on the number of such courses that the student may take, but in every case he must first obtain the consent of the instructor.
A secondary purpose of independent reading courses is to enable the student to complete required courses in time for graduation. Any course in this catalog that is not offered in the current semester can be taken as an independent reading course, if the instructor offering the corresponding classroom course consents, and if the Department Chair approves. The opportunity to take such a course may be provided only once to an M.A. student at KIMEP. The necessary fees and the number of credits shall be the same as for the corresponding classroom course.