Analysis and Policy in Economics

Program type Initial Training
Degree Master's
Domain(s) Humanities & social sciences
Discipline(s) Economics
Teaching language(s) English
Place Paris

PSL host school

Other PSL school(s) contributing to the curriculum

Student story

The APE programme is offered jointly by the ENS - PSL, the Ecole des Ponts ParisTech, the EHESS, and the University of Paris 1 Panthéon-Sorbonne, and is certified by the Paris School of Economics.

It offers training in economics research taught entirely in English, and is recognised for:

  • Its international openness: nearly 70% of APE candidates are foreign students ; in September 2018, one in two students (in M1 and M2) came from courses undertaken overseas. In addition, 30% of APE graduates who enter the labour market and 40% of those who go on to further study, leave for another country.
  • The quality and diversity of teaching: more than 80 teacher-researchers are involved in the programme, chiefly members of PSE, with strong international experience.
  • The excellent employment record of the Masters graduates: more than 95% of graduates who enter the labour market are employed within three months of receiving their degrees – and a majority of these are hired even before the end of the academic year (See “PSE Graduate Placement (nov. 2018)”)


Master 1 and 2 curriculum in details


Around two thirds of graduates choose to pursue further studies when they finish their APE Masters – about 65% of them in doctoral programmes mainly in France including PSE, Sciences Po, Dauphine, HEC... and the rest in institutions including Harvard, Oxford, Bocconi, Columbia, UCLA, Princeton, LSE and Yale.

Among those who decide to enter the labour market, one graduate in three goes overseas and in total, half join the private sector (including AXA, Deloitte, McKinsey, Société Générale, Google), and next, the public and semi-public sector (e.g. Banque de France, INSEE, Trésor), and finally international organisations (World Bank, the IMF, the ECB). More than 85% of APE Masters (2013-2017) are hired within three months of having received their degree – a majority even before the end of the academic year.

Master 1

The M1 year aims to reinforce fundamental knowledge and basic methodological tools in microeconomics (a sequence of two courses, plus a course in games theory), econometrics (a sequence of three courses), macroeconomics (two courses, plus a course in international economics), and in economic history.
This year involves taking and passing ten obligatory courses, one of six elective courses in a specific field of economics, and a seminar in the social sciences, taken in another department of one of the partner establishments.

M1 courses details (sept. 2018)

Master 2

The aim of the second year (M2) is to lead students to their first experience of a successful research project. It is centred around a wide choice of advanced courses designed to allow students to acquire specialised knowledge in different domains of current economics research. In first semester, they choose four core courses from among 21 courses of 36 hours, and in second semester, they select six from a range of 30 18-hour courses.
At the same time, training in research processes takes place throughout the year. This consists in participation in a work-in-progress seminar, where students present their first steps in the development of their research projects. This is followed by the conduct of the research itself under the direction of a thesis supervisor, and the writing of a thesis of original work.

M2 courses details (sept. 2018)

All APE Masters applicants go through a selective admissions process. They must demonstrate a capacity to complete intensive courses and to acquire the analytical and quantitative tools central to the learning in this programme.

Application process 2021/22

Download the list of required documents for PSE application.

The application process is entirely conducted on line via There you can create your own “Applicant profile”, provide your personal information and upload the required documents. Once submitted, you can follow the follow the status of your application on line. Applications must be made in French or in English. Official translations of all documents in languages other than French or English is required.

Application: January 1st to March 7, 2021.

Note: you can apply both in APE and PPD programmes, however within each programme you can only submit one application in 1st year (M1) or 2nd year (M2); in other words, you must choose carefully between M1 and M2.

Academic prerequisites

The APE Masters is open to all students, French and foreign, who hold a degree or the equivalent, for admission to the first year of the Masters (M1). For admission to the second year (M2), the qualification required is an M1 or equivalent. The admissions process for the M1 and the M2 is identical. Masters applicants must have an advanced command of the English language as well as of basic qualitative methods.

There are certain prerequisites for admission to the APE Masters:

  • In English: Non-anglophone applicants must include with their application file a certificate of competence in English (TOEFL , IELTS , TOEIC, Cambridge ESOL). We demand level B2 (see the table of equivalences). Applicants who have finished international training in courses certified in English are exempted from this requirement.
  • In mathematics: Applicants must demonstrate excellent capacities for mastering the quantitative tools that are an essential element of APE training. We invite applicants to evaluate their level of knowledge in mathematics.
  • Regarding the fundamentals of economics, candidates are supposed to master, in terms of breadth of knowledge and depth of learning, the material that corresponds to the one presented in the following textbooks : 

> Microeconomics: Intermediate Microeconomics, H.Varian, Norton, 8th Edition (2010)
> Macroeconomics: Macroeconomics, O.J.Blanchard, Pearson, 7th Edition (2017) 
> Econometrics: 
>> Introductory Econometrics - A modern approach, J. Wooldridge, South-Western - Cengage Learning, 5th Edition (2012) (Chapters 1-4, 6, and 7 plus corresponding appendix) 
>> Introduction to the theory of econometrics, J.Magnus (2017), VU Univ. Press (Chapters 1-2 + Appendix B1 and B3) The micro-, macro- and econometrics sequences of courses in M1 will build on this basic knowledge without reviewing it in details
For direct admission to the second year of the Masters, students must have basic training in microeconomics, macroeconomics and econometrics, equivalent to the obligatory courses in the first year of the APE Masters.

Selection and admission

Evaluation of applications by the admissions panel
All applications will be evaluated by the admissions panel. Each application is evaluated independently by two teacher-researchers and discussed during a final selection session.

The panel can, in exceptional circumstances, delay its decision on an applicant’s admission if the dossier is missing some crucial information.

The panel can also propose that someone applying for admission to M2 be admitted instead to M1 if their academic record does not meet the standards required for admission directly to M2, or ask that the applicant submit to M2 entry tests. The applicants concerned will receive all the information necessary to prepare for these tests.

Each year, APE offers 60-65 places in M1 and 40 places in M2 (in addition to those students completing M1). On average, each year, between 20 and 25% of total applicants to M1 are admitted, and between 10 and 15% for the M2 (in addition to those from partner institutions).

All admissions are conditional on the applicant gaining the degree necessary for access to the desired Masters level (degree or equivalent for entry to M1; M1 or equivalent for entry to M2). The certificate of achievement will be demanded, in September, during the enrolment process.

Institution for registration: ENS - PSL.
Degree issued: French Master’s degree delivered by Université PSL  

Yuchen, student of the master's program in Analysis and Policy in Economics

“It’s impossible to talk about economics without considering the human dimension”

Yuchen is a brilliant student with many projects in mind. She describes the path that led her to the Master's degree in Analysis and Policy in Economics (APE) at the ENS-PSL* and set out her interest in political economy for us.

Check out her story

Find out more about students' stories at PSL


Bernard Caillaud,

Further information

Stay in touch

Find your course

By education level
  • By degree
  • Bachelor's
  • Master's
  • PhD
  • Other
By discipline
  • By discipline
  • Archeology
  • Archives – Documentation
  • Anthropology
  • Plastic Arts
  • Astrophysics
  • Banking - Finance - Insurance
  • Chemistry
  • Film
  • Communications - Journalism
  • Dance
  • Sustainable development
  • Law
  • Economics
  • Entrepreneurship
  • Geography - Geopolitics
  • Business Administration - Management
  • History
  • Art History
  • Digital Humanities
  • Computer Science
  • Languages
  • Literature
  • Marketing
  • Mathematics
  • Mechanics and Materials
  • Médecine
  • Fashion and design
  • Philosophy
  • Physics
  • Human Resources
  • Health - Medecine
  • Cognitive science
  • Data Science
  • Earth sciences
  • Engineering Science
  • Political Science
  • Religious sciences
  • Social Science
  • Space Science
  • Life Sciences
  • Sociology
  • Drama