Master's Degree in Economics & Innovation

A master’s degree in economics and innovation (MEI) equips you with the collaborative and technical skills to become a transformative innovator and difference-maker in solving real-world challenges. In the MEI program, you will learn to tackle the pressing challenges of industry and society by creating value-driven innovations and going beyond technical engineering aspects to successfully bring them to market.

You can select two focus areas: either value-driven innovation or energy economics and global sustainability to meet your specific career interests. When you graduate, you’ll possess a comprehensive perspective and the capability ready for high-impact careers, applying purposeful innovations to create sustainable economic and societal value for all. 

Degree Information

The MEI program is a non-thesis industry-focused degree program. By completing 10 courses (30 credit hours), students can earn a Master of Science degree and a graduate certificate in their selected focus area, either Value-Driven Innovation or Energy Economics and Global Sustainability.

Of the 10 total courses, 6 are required program core courses, and 4 are core area courses designated for a focus area.

There are 6 program core courses:

  • ECON 6301: Microeconomics: Managerial and Project Economics
  • ECON 6302: Macroeconomics: Navigating Risks and Trends
  • ECON 6355: Econometrics and Forecasting
  • ECON 5360: Data Driven Strategic Insights
  • ENG MGT 5320: Project Management
  • ENG MGT 5515: Integrated Product and Process Design (or MECH ENG 5715: Concurrent Engineering)

In addition to the 6 required program core courses, students must take four courses in their selected focus area: Value-driven Innovation Focus Area or Energy Economics and Global Sustainability Focus Area.

Do you want to be a transformative innovator? Chart your path on this track, where you will learn what it takes to drive purposeful innovations that make a meaningful impact. You will master the collaborative processes that create unique value for customers, stakeholders, and society.

  • ECON 5338: Innovation and Value Generation
  • ECON 5543: Innovation Economics and Finance
  • ECON 5648: Innovation to Market
  • ECON 6020: Contemporary Issues in Technology and Innovation

Are you interested in solving global energy challenges? Pursue your passion in this track, where you will learn to address global issues at the intersection of energy systems, economic policies, and environmental sustainability through multidisciplinary education and collaboration between engineers and economists.

  • ECON 6638: Energy Policy and Economic Analysis
  • ECON 5543: Innovation Economics and Finance
  • ECON 5658: Building Sustainability and Environmental, Social and Governance (ESG)
  • ECON 6030: Contemporary Issues in Energy Economics

We seek highly motivated candidates who have completed a STEM bachelor’s degree in economics, engineering, or science, possess a strong foundation in mathematics, and are passionate about driving innovation to solve real-world problems. Ideal candidates are eager to pursue careers that will help either the public or private sectors build ecosystems promoting economic and community growth while enhancing the societal impact of sustainable, value-creating technologies and innovations.

The admissions committee will carefully evaluate applicants’ academic foundation. At a minimum, applicants must have completed courses in calculus and statistics. Additionally, applicants must submit a compelling statement of purpose outlining their career interests and goals and explaining how the MEI program can support their future career path.

  • A completed application form (submitted online).
  • A resume or curriculum vitae.
  • One-page personal statement on how the MEI program can support future career goals.
  • Official transcripts from all universities attended.
  • At least one semester of calculus and one semster of statistics are required for admission. previous economics classes are not required but can be considered for admission purposes.
  • GRE or GMAT scores are not required but can be submitted to assist inc onsidering admission.
  • Language Requirement: If english is not your native language (See S&T's list of Engish Proficiency Exempt Countries), you must submit english test scores to meet the minimum language requirement:
    • TOEFL: 80
    • IELTS: 6.5
    • PTE: 58
    • Duolingo: 115
    • Cambridge English B2 First, C1 Advanced, or C2 Proficiency: 176

Certificates

Industry Executive Insights

John Lovitt

I've led teams at McDonnell Douglas, HP, Rational Software, and startups, generating billions in revenue and thousands of jobs. The global shortage of skilled professionals to assess technology’s economic and technical viability highlights the need to educate students with the MEI curriculum.

— John Lovitt, retired Silicon Valley senior executive, Missouri S&T Trustee, and S&T alumnus 

John Wagner

The MEI program offers an opportunity to build a workforce with an engineering background also capable of navigating the complex decision-making process surrounding technology investment, particularly in the face of policy uncertainty.

— John C. Wagner, Director of the Department of Energy’s Idaho National Laboratory, Missouri S&T Trustee, and S&T alumnus