Mineral and Energy Economics

The MS degree in Mineral and Energy Economics is the division’s most popular program. In the first year, students are trained in the core skills necessary for graduate-level economic analysis of energy, mineral and environmental topics. In the second year, students, in consultation with their advisor, customize their studies by selecting a set of enriching electives. The program is typically completed in two years: 12 courses (36 credit hours) with a recommended 3 courses per semester.

Degree Requirements

Two options are available for the MS degree: non-thesis and thesis. The non-thesis optionrequires 36 credit hours of graduate-level course work including core and elective courses. The thesis option requires a total of 36 credit hours consisting of 24 credit hours of graduate-level core and electives courses in addition to 12 credit hours of Master’s-level thesis development. For both options two advances economics elective courses must be taken. Masters students are only admitted to a thesis-based program after one or two semesters of course work. To apply send a statement of intent to the program manager. The request will be reviewed by the admissions committee.

Non-thesis Option Course Work

• 15 credit hours of core courses (5 classes)
• 21 credit hours of electives (7 classes, 2 must be advanced economics classes)

Thesis Option Course Work

• 15 credit hours of core courses (6 classes)
• 12 credit hours master’s-level thesis development/research credits
• 9 credit hours of electives (2 classes must be advanced economics classes)

Additional Program Option

Reciprocity Agreement with the University of Denver in Law and Economics Program. Students enrolled in the M.S. Mineral Economics Program at Mines or the Juris Doctorate Program (JD) in Law from the University of Denver may under the reciprocal agreement complete 6 approved credits at either school by enrolling for the courses at both Registrar Offices. PhD and JD students may have the opportunity to double count up to 12 credit hours towards both programs; see your advisor for more information. Applicants must apply to each program separately. See Kathleen Martin to register.

Prerequisites

Prior to starting the program, students must complete the following, all with a grade of B or higher:

• A course in Principles of Microeconomics
• A course in Probability and Statistics
• One semester of college-level calculus.
• Students will only be allowed to enter the program in the spring under exceptional circumstances as approved by the program
• director. Contact Dr. Ian Lange if you desire a spring admission.

Curriculum

Core Courses (15 credits Thesis & Non-Thesis)

All MS and PhD students in Mineral and Energy Economics are required to take a set of core courses that provide basic tools for the more advanced and specialized courses in the program.

• EBGN 509 Mathematical Economics*
• EBGN 510 Natural Resource Economics
• EBGN 521 Microeconomics II
• EBGN 590 Econometrics
• EBGN Econometrics Elective**

**  A second econometrics course is required (available courses are EBGN594 or EBGN690)

Electives (21 credits Non-thesis or 6 credits Thesis)

Choose courses in consultation with your advisor. Some typical electives are listed below. You are free to mix across the lists, but your program of study must be approved by your advisor. Students should not assume that courses taken at Mines or other institutions will apply to their degree without consultation with their advisor. A minimum of two course must be advanced economics classes. Below is a list of classes that may be offered.

• EBGN 530 Energy Economics
• EBGN 535 Economics of Metal Industries & Markets
• EBGN 570 Environmental Economics
• EBGN 610 Advanced Resource Economics
• EBGN 611 Advanced Microeconomics
• EBGN 632 Primary Fuels
• EBGN 645 Computational Economics
• EBGN 690 Advanced Econometrics
• EBGN 594 Time-series Econometrics
• EBGN 645 Computational Economics
• EBGN 655 Advanced Linear Programming
• EBGN 657 Advanced Integer Programming
• EBGN 690 Advanced Econometrics
• EBGN 504 Economic Eval. & Investment Decision Methods
• EBGN 540 Accounting and Finance
• EBGN 546 Investment and Portfolio Management
• EBGN 553 Project Management
• EBGN 555 Linear Programming
• EBGN 560 Decision Analysis
• EBGN 563 Management of Technology
• EBGN 572 International Business Strategy
• EBGN 575 Advanced Mining and Energy Valuation

The PhD program is designed for students interested in contributing economic research on mineral or energy topics through a PhD thesis. PhD students take the same first-year core as masters students followed by a set of advanced electives. They are then required to engage in original research of a professional-level quality. PhD students must pass a series of qualification exams after the first and second year of course work, and form a committee of faculty who will evaluate the research thesis. PhD students will take 48 credit hours (16 courses) in the classroom and an additional 24 credit hours of research under the supervision of their thesis advisor. Students are encouraged to complete their degree requirements within four years.

Prerequisites

Prior to starting the program, students must complete the following courses (normally as part of their undergraduate studies) with a grade of B or better:

• Principles of Microeconomics
• Probability and Statistics
• College-level Calculus
• Students will not be allowed to begin coursework until the prerequisites are satisfied.

PhD Course Work

• 15 credit hours of common core courses (5 classes)
• 3 credit hours of extended core courses
• 18 credit hours of electives, as approved by the student’s advisor and thesis committee (6 classes)
• For specific course work plans and suggested electives, review the PhD advising sheet .

PhD Research Requirement

• 36 hours of thesis credit

Additional Course Work Option

Reciprocity Agreement with the University of Denver in Law and Economics Program. Students enrolled in the M.S. Mineral Economics Program at Mines or the Juris Doctorate Program (JD) in Law from the University of Denver may under the reciprocal agreement complete 6 approved credits at either school by enrolling for the courses at both Registrar Offices. PhD and JD students may have the opportunity to double count up to 12 credit hours towards both programs; see your advisor for more information. Applicants must apply to each program separately. See Kathleen Martin to register.

Qualifying Examinations

Upon completion of the core course work, students must pass a series of qualifying written examinations to become a candidate for the PhD degree. The qualifying exams are offered at the end of the firs and second year of course work. After the first year of coursework the student will be tested to assess their mastery of microeconomics and quantitative methods (including econometrics). After completing the extended core in the second year students will be tested to assess their ability to perform independent research.

Research Presentation and Other Thesis-Related Requirements

Following a successful thesis proposal defense and prior to the final thesis defense, the student is required to present a completed research paper (or dissertation chapter) in a research seminar at Mines. The research presentation must be considered of a sufficient professional-level quality by at least three Mines faculty members in attendance. In addition to the mentioned requirements, the PhD student may, at the discretion of the committee, be required to complete assignments and/or examinations that are more directly related to the thesis topic.

Thesis Defense

The PhD degree culminates in a final oral defense of the student’s research thesis. Upon approval of the thesis by the student’s committee, the thesis is submitted to the Graduate School.

Guidelines for Appropriate Progress Toward the PhD Degree

The guidelines give expectations about what constitutes appropriate progress towards the PhD degree. They are meant to be helpful, identify specific milestones along the way, and officially monitor progress. Your progress towards a PhD degree will be reviewed annually by the division during the summer term. See the PhD Progress Form in the “Thesis Form” menu option to the right which identifies the necessary steps to obtain a finding of “satisfactory” progress.

Always refer to your bulletin for the most accurate information on degree requirements.

The Division of Economic and Business at Mines and the Institut Français du Petrole (IFP), in Paris, France, together offer an advanced collaborative international graduate degree program to meet the needs of industry and government. Our unique program trains the next generation of technical, analytical and managerial professionals vital to the future of the petroleum and energy industries.

These two world-class institutions offer a rigorous and challenging program in an international setting. The program gives a small elite group of students a solid economics foundation combined with quantitative business skills, the historical and institutional background, and the interpersonal and intercultural abilities in the fast-paced, global world of oil and gas.

Qualifications

Qualifications for the program include:

• The equivalent of a U.S. Bachelor’s degree with a strong academic background
• A keen interest in an international career in the public or private sector relating to petroleum and other energy industries
• A commitment to excellence and leadership
• For professionals working in industry, research or government organizations, both experience and academic background will be taken into consideration.

Degrees

After studying in English for only 16 months (8 months at Mines and 8 months at IFP) the successful student of Petroleum Economics and Management (PEM) receives not one but two degrees:

• Masters of Science in Mineral and Energy Economics from Mines and
• Diplôme D’Ingénieur or Mastère Spécialisé from IFP

Who is Eligible?

Mines, and the Mineral and Energy Economics program in particular, is known worldwide for the quality of its students. The program has attracted students from more than 25 countries. Students admitted to the program are chosen for their:

• Strong intellect
• Integrity
• Work ethic
• Quantitative skills as demonstrated by their:
  • Course work
  • GPA
  • Scores on either the GRE or the GMAT

In addition, students must demonstrate a strong interest in energy, minerals, public policy, and/or related environmental and technological issues. These interests will be reflected in the letter of interest and previous involvement in these areas. The division is also looking for strong leadership potential as shown by previous academic, personal, and employment successes. All students must have completed Calculus I, Introductory Probability and Statistics, and Principles of Microeconomics prior to entering the program.

Application Deadline

Important: Applications for admission to the dual degree program should be submitted for consideration by the deadlines  set by the Graduate Admissions Office to begin courses the following fall semester in August. We make our offers in April. Only seven students are selected for the program each year. We also select three alternate students. A deposit of $500 is due to secure your place in the program.

Tuition

The Western Interstate Commission for Higher Education (WICHE) allows students who are residents of 14 surrounding western states to enroll on a resident tuition basis. The Mineral and Energy Economics program is an approved WICHE program. For information on WICHE, visit http://www.wiche.edu/.

Degree Requirements

The Dual Degree program offered by the Division of Economics and Business (EB) requires students to take a total of 48 credit hours of graduate-level course work. Course work is split between Colorado School of Mines and the Institut Français du Petrole (IFP) with 24 credit hours in residence at Mines in Golden, CO and 24 credit hours in residence at IFP in Paris, France.

Mines Requirements for the Dual Degree Program

• 9 credit hours core courses (3 classes)
• 15 credit hours EB department electives (5 classes)

IFP Requirements for the Dual Degree Program*

• 5 courses taken during IFP Semester 1 – Spring (see IFP course list below)
• 8 courses taken during IFP Semester 2 – Summer (see IFP course list below)

*Sample IFP degree requirements.

Prerequisites

Entering students must have:

• A bachelor’s degree
• Demonstrate completion of the following undergraduate courses with a grade of “B” or better or its equivalent.
  • Microeconomics
  • Calculus
  • Probability and Statistics

Curriculum

Mines Core Courses (9 credit hours)

Dual Degree students are required to take the following set of core courses at Mines that provide basic tools for the more advanced and specialized courses in the program.

• EBGN 509 Mathematical Economics*
• EBGN 510 Natural Resource Economics
• EBGN Econometrics Elective**

**A econometrics elective is required (currently the available courses are EBGN594 or EBGN690)

Mines EB Department Electives (15 credit hours)

Choose 3 courses in addition to the EBGN Econometric Elective listed in Core Courses in consultation with your advisor. Some typical electives are listed below. You are free to mix across the lists, but your program of study must be approved by your advisor. Students should not assume that courses taken at Mines or other institutions will apply to their degree without consultation with their advisor. A minimum of two courses must be at the 600 level.

Applied Economics

• EBGN 512 Macroeconomics
• EBGN 530 Energy Economics
• EBGN 535 Economics of Metal Industries & Markets
• EBGN 570 Environmental Economics
• EBGN 594 Time-series Econometrics
• EBGN 610 Advanced Resource Economics
• EBGN 611 Advanced Microeconomics
• EBGN 690 Advanced Econometrics
• EBGN 698 Primary Fuels
• EBGN 698 Computational Economics

Quantitative Methods

• EBGN 594 Time-series Econometrics
• EBGN 655 Advanced Linear Programming
• EBGN 657 Advanced Integer Programming
• EBGN 690 Advanced Econometrics
• EBGN 698 Stochastic Programming
• EBGN 698 Computational Economics

Operations, Management and Finance

• EBGN 504 Economic Eval. & Investment Decision Methods
• EBGN 540 Accounting and Finance
• EBGN 546 Investment and Portfolio Management
• EBGN 553 Project Management
• EBGN 555 Linear Programming
• EBGN 560 Decision Analysis
• EBGN 563 Management of Technology
• EBGN 572 International Business Strategy
• EBGN 575 Advanced Mining and Energy Valuation

IFP Courses (24 credit hours)

Dual Degree students are required to take these or similar courses at IFP in France:

IFP Semester 1 (Spring)

• PEM1 Business Accounting
• PEM2 Organization Behavior
• PEM5 Energy Geopolitics
• PEM 6 Upstream Management
• PEM9 Production and Reservoir Engineering (9a.Beginner/9b.Advanced)

IFP Semester 2 (Summer)

• PEM3 Strategic Marketing
• PEM4 Energy Economics and Development
• PEM7 Downstream Economics
• PEM8 Commodities Markets and Trading
• PEM10 Refining
• PEM11 Efficiency Analysis of Industrial Firms
• PEM12 Industrial Optimization
• PEM13 Advance Econometrics

 

The Mines graduate certificate in Resource Commodity Analytics (RCA) is a four-course program that provides training in advanced quantitative and financial analysis applied to energy and mineral markets. The RCA certificate program takes the most quantitative aspects of our world-renowned graduate programs in Mineral and Energy Economics and Engineering and Technology Management to make an accelerated certificate. The program will serve professionals or recent graduates who want to acquire new skills for career growth, while providing flexibility and opportunity for those who will remain employed with their current employers, or are unable to complete a full Masters program. Courses in the program focus on natural resource markets & regulation, data analysis & forecasting, and financial valuation. The course of study is flexible enough to be completed in one intensive semester or over four semesters depending on the student’s needs and interests.

An undergraduate degree in a business, science, technology, engineering, math, or social science discipline with some coursework or experience with quantitative analysis is usually required to be admitted to this program.

The RCA Program

The certificate in Resource Commodity Analytics involves 12 credit hours of course work. Students must take at least one of the two required courses and an additional nine credit hours either from the list of required courses and/or elective courses. Full-time students intending to complete the certificate in one semester must enter in the fall; part-time students can enter in the spring or fall. In order to apply, please go to Admissions. No GRE test scores or letters of recommendation are needed.

Click here for more information on the curriculum and how to apply.