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

Student story

The APE master's degree is offered jointly by PSL, the Ecole des Ponts ParisTech, the EHESS, and the University of Paris 1 Panthéon-Sorbonne, with the support of 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.

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 2024/25

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: February 11 to March 11, 2024 on PSE application portal

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:

  • English proficiency: Non-native English speaker applicants must include in their application file a certificate of English proficiency (TOEFL, IELTS, TOEIC, Cambridge ESOL) of C1 level. Applicants who have been trained in programs in English are exempted from this requirement. However, in this case, we need a letter from the administrative office of your university mentioning that the language of instruction for your courses was English. If you have studied in an Anglophone country, there is no need to prove any document related to the language. 
  • 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 detail.

Pre-requisites for entering the M2:

A few applicants can enter directly into the M2 year, if they have already taken and passed coursework that provides a level of preparation equivalent to that of Year 1 of the APE Program. (in microeconomics, macroeconomics and econometrics)

Selection and admission

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.

Please note though that these proposals are very exceptional. Only two or three students are being proposed an M1 entry if they applied for M2. So you must evaluate your level very carefully and apply for the right program.

Tuition fees

243 euros for the academic year 2023-2024 (all nationalities) + 100 euros of CVEC

Institution for registration: ENS - PSL
Degree issued: French Master’s degree delivered by Université PSL or the Ecole des Ponts ParisTech, the EHESS, and the University of Paris 1 Panthéon-Sorbonne

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

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