The Financial Economics sequence provides students training in the financial theory of the firm, financial markets and institutions to complement their training in applied economics analysis.

Before enrolling in the sequence, students must consult the Graduate Program Director of the Department of Economics and the MBA Program Office to obtain approval for registering for Finance, Insurance, and Law (FIL) courses. In order to enroll in FIL courses, students must have satisfied the following requirements: (1) complete ECO 437 with a grade of B or better; (2) have a GPA of 3.0 or higher; (3) complete FIL 404 or equivalent (the student has either taken a similar course at the undergraduate level or passed a proficiency exam administered by the MBA Program Office) before registering for FIL 440.

University Admission Requirements

A student applying to a master’s program must:

  • have earned a four-year bachelor’s degree or its equivalent from a college or university that is accredited by the appropriate regional accrediting association, or do so within one academic year
  • have a minimum 2.8 GPA (on a scale in which an A is a 4.0) for the last 60 hours of undergraduate work
  • present official transcripts from each college or university other than Illinois State at which graduate, undergraduate, or non-degree credit was earned. Transcripts can be emailed from the university to or mailed in a sealed envelope to: Office of Admissions, 201 Hovey Hall, Campus Box 2200, Normal, IL 61790-2200

International students can learn more about specific application requirements by visiting the Office of Admissions.

Additional Program Admission Requirements

Graduate Record Exam (GRE)

  • Applicants need to have a quantitative score of 150 or better, and a verbal score of 140 or better.
  • Use institutional code 1319 to submit GRE scores.

Letters of Recommendation

This program requires three letters of recommendation.


For admission without deficiencies, applicants need to have successfully completed college courses in:

  • basic calculus and statistics
  • intermediate microeconomic and macroeconomic theory

Students who do not meet these coursework requirements can still be admitted into the program, but will have to take additional classes.

Application Fee

Illinois State requires a $50 non-refundable application fee. Accepted forms of payment include check, money order, and credit card.

International Students

In addition to the above requirements, international applicants need to submit:

  • Scores from either the Test of English as a Foreign Language (TOEFL) or International English Language Testing System (IELTS). Before admission and financial aid decisions can made, Illinois State must receive official GRE and TOEFL scores directly from ETS (no photocopies).
    • Minimum TOEFL Scores: 550 for paper-pencil test or 79 for internet-based test
    • Minimum IELTS Score: 6.5 band
  • Declaration of Finances

Admission Timeline

U.S. residents can be admitted into the program any time prior to the beginning of a semester.

International students are admitted at least two months prior to the start of the semester. This gives sufficient time to comply with immigration requirements.

The fall semester starts in mid-August. The spring semester begins in mid-January.


More information is available on Illinois State’s graduate school webpage.

Resources for International Students

Admission Dates and Deadlines

Term Application Deadline
Fall (August) July 1
Fall (August) May 1 for International students
Spring (January) March 1
Spring (January) October 1 for International students
Summer (May/June) No applications are accepted for summer

Graduate Assistantship Information

The University provides graduate assistantships as a means of financial support. They are intended as a way to facilitate a student’s progress to degree while providing important professional development.


To be eligible for an assistantship a student must, generally,

  • be admitted unconditionally as a degree-seeking student into a graduate academic program, or have a minimum of 120 undergraduate hours if in an integrated degree program
  • be in good-standing
  • be enrolled full-time (typically at least 9 credit hours during the fall or spring semesters, or at least 6 hours during the summer session).


Graduate assistants receive

  • monthly wages paid in the form of either a stipend or an hourly wage
  • a waiver for 100% of tuition during a semester of appointment
  • a waiver for up to 12 credit hours of tuition for the summer term immediately following a fall or spring appointment

Cost & Funding

See Student Accounts for information on tuition and fees. Funding for graduate students is available from several different sources. Students who have been admitted from continuous states including Iowa, Indiana, Kentucky, Michigan, Missouri, and Wisconsin will receive in-state tuition.

Graduate Coordinator

Name Office Email Phone
Hassan Mohammadi Stevenson 430 (309) 438-7777