Econometrics is a division of economics that uses the linear regression model, along with other mathematical formulas, to provide statistical analysis of many different economic policies and methods. Econometrics is necessary to help determine whether or not intended policies will actually develop as intended in the real world.

A master’s program is a focused degree that requires about two years of classwork, research, and possibly a thesis paper to earn. This advanced program of study allows students to further specialize their schooling in an area that interests them.