The Agricultural and Applied Economics (AAE) Department just conducted its first alumni career outcome survey for its Professional Master’s (MSPO) students and the results are compelling: all respondents are either working in professional jobs related to their careers or are continuing their studies in highly ranked PhD programs. MSPO graduates are working as economists, data scientists, data analysts, research analysts, risk managers, and consultants at start-up companies, government institutions and nonprofit organizations, including Scale AI, Cadmus Group, America’s Credit Unions, the Bank of China, World Vision, Deloitte, and many others.
MSPO alumni are in agreement that that their investment in higher education has paid off both in terms of meeting their career goals and improving their earnings potential. Those working in the U.S. reported annual incomes of at least $75,000; graduates working outside the U.S. reported annual salaries between $36,000 and $75,000. This is in line with data from the Bureau of Labor Statistics which reports that the median pay for all economists in the U.S.—including mid- and late-career economists—is $113,940 per year. Most graduates reported a typical time to promotion of less than one year, with promotions often including salary increases between 10% and 30%.
Immediately following graduation, the majority of MSPO graduates seek employment in industry, however this trend is changing. A growing number of students are finding that they enjoy research, economic theory and the university environment; consequently, they are choosing to pursue PhD programs. These students are finding tremendous success, being admitted into top PhD programs in the U.S.
MSPO graduates have received fully funded offers from PhD programs at universities such as Duke, UC Berkley, UC Riverside and UW-Madison. In fact, four MSPO graduates have continued their studies as PhD students here at UW-Madison: two in the Agricultural and Applied Economics Department, one at the Nelson Institute for Environmental Studies, and another in the UW-Madison Business School. Of the four MSPO students that applied for PhD programs from this year’s Class of 2024, all have received fully funded offers from highly ranked universities including UNC-Chapel Hill, Purdue, Penn State and Michigan State.
The MSPO program prepares students for the professional job market and PhD programs by combining economic theory with rigorous training in econometrics and data science, including applied research projects advised by world-renown AAE faculty. Students address real-world challenges and make impactful contributions in key areas like environmental economics, international development, agriculture, business, and finance. All MSPO students receive practical support in preparing for the job market, identifying careers and PhD programs that fit their goals and interests, making connections with leaders in industry and academia, writing their resumes and cover letters, and practicing job interviews.
To learn more about the MSPO program, visit https://aae.wisc.edu/grad/mspo/