Published on December 11, 2020 Updated on April 18, 2023

Master Économie parcours Analyse économique (Economic Analysis)

LMD academic program
Master Économie parcours Analyse économique (Economic Analysis)


The Master 2 in Economic Analysis is a joint program between CY Cergy Paris Université and ESSEC Business School. It offers high quality training in economics in a one-year program, where all courses are taught in English. Read more



Head of M2 in Economic Analysis (a joint program with ESSEC):
  • Ms Laurence Jacquet
Administrative contact :

After the M2 EA master

After the M2EA master: possibility to continue with a PhD (2nd year of ESSEC PhD in Economics and CY doctoral program. M2 EA Alumni in non-academic positions are at World Bank, Société Générale SG, Ministère de l'Economie et des Finances, Ministère des armées, France Stratégie, OECD, etc.


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Applications for 2023-2024 are now open.
Several grants are available for students enrolled in the M2 EA in 2023-2024!

The Master 2 in Economic Analysis is a joint program between CY Cergy Paris University and ESSEC Business School. It offers high quality training in economics in a one-year program, where all courses are taught in English. Its purpose is to prepare for further studies in a PhD program. Therefore, the program focuses on economic theory as well empirical methods.

This program is the sequel of the Master 1 Economie Quantitative from CY Cergy Paris University. The information on the Master 1, which is taught in French and English, can be found here.

The Master 2 in Economic Analysis is part of a Ph.D. program in Economics of ESSEC Business School, in partnership with CY Cergy Paris University. Students who have successfully completed the master program may demand admission to the 2nd year of the ESSEC Ph.D. program in Economics. They are also eligible to apply to the doctoral program at CY Cergy Paris University.

Students gain a mastery of quantitative methods (optimization, econometrics, simulation methods) and the basic concepts of the individual choice theory and the micro and macroeconomic equilibrium. Specialization courses address current and advanced research in applied fields.

The training in research follows international standards of scientific quality in economy. Fluency in English facilitates the research activity, which is international in nature.

The two partner institutions have a strong scientific visibility. According to international rankings, CY Cergy Paris University is among the very best French universities, while ESSEC is among the French business schools that are most active in research.

Housing Assistance:

Please, carefully read where you will find detailled information regarding accommodation.

Students who are awarded an excellence grant from CY Cergy Paris Université or from Labex will be given some help from CROUS to find housing (usually in a students residence). Foreign students will receive help from the international relations service regarding travel and accommodation.

Foreign students (including those from the EU) may be eligible for assistance from the Caisse d’allocations familiales (CAF, family allowances programme), in particular for housing, link.
Your crous student housing aid for student in Crous-run accommodation
Your crous student housing aid allowance (for non-crous residents)
Your student housing aid for students 
who are renting a privet-market accommodation


M2 EA Presentation : Slides (in French) from the "Forum des masters IEP Saint-Germain en-Laye" (February 2023).


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CY Cergy Paris Université, Campus des Chênes 1 and 2, map

ESSEC Business School, Campus Cergy-Pontoise, ESSEC

Person in charge of the academic program

Directors of the M2 EA : Laurence JACQUET, CY Cergy Paris Université, Gorkem CELIK (ESSEC) and Estefania SANTACREU VASUT (ESSEC).
Administrative Coordinator: Ms. Silvine Souchet - tel. : +33 1 34 25 67 54 - CY Cergy Paris Université - "Chênes 1" building - Office 447 (4th floor)

Mailing Address :
CY Cergy Paris Université
Institut économie et gestion - M2 Economic Analysis
33, boulevard du Port


Research center



Prerequisites training

Any student holding a M1 (at CY Cergy Paris University or elsewhere) may apply to the Master 2 in Economic Analysis. Likewise, students who have graduated from a Grande École d’ingénieur ou Grande École de Gestion may apply, as well as students from the ESSEC MBA. Admission decisions are based on the analysis of the student’s application material. The student should also have a very good knowledge of English. An English proficiency certificate (TOEFL, TOEIC or IELTS) is required with a minimum CEF level of B2. Applicants who have finished international training in courses certified in English are exempted from this requirement. However, in this case we need a letter from the administrative office of your universities mentioning that the language of instructions of your courses was English. If you have studied in an Anglophone country, there is no need for any document of course.

As for foreign students, they must have degree equivalent to the French M1, such as a bachelor’s degree.A degree in economics is not necessary, but the candidate should have some background in mathematics, since the courses rely heavily on mathematical modelling of economics.

In addition to the application through this site, foreign students from outside the European Union, holding a foreign degree, must also follow the instructions in the website : Inscription des étudiants étrangers.

Be aware that the deadline for Campus France countries is usually at the end of February or very early in March.

Conditions of applications

Applications for 2023-2024 are now open.

Deadline for application: June 16th, 2023.

Be aware that the deadline for M2EA scholarships' application is May 5th, 2023. The International students who must apply via Campus France should keep in mind that Campus France’s deadline is usually very early March.

Application will be open from February 6th to June 16th, 2023. Admissions results will be released by email at the earliest on May 19th, 2023. Prior to the release of the results by email, we will be unable to respond to any question regarding the admissions committee’s decision.

Click here to download the application form 2023-2024.
Click here to download the scholarships application form 2023-2024.

Conditions of specific applications

Persons with disabilities who wish to take this program are invited to contact us directly, in order to study together the possibilities of taking this program.

Conditions of admission / Conditions of successful application

All applications will be evaluated by the admissions panel. 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.

All admissions are conditional on the applicant gaining the degree necessary for access to the Master 2 level (M1 or equivalent).  Proof of having obtained the necessary diploma will be asked for during registration (inscription administrative) in July and in September.


The detailed content of each course is available here.

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Content of the academic programm


1st term, September to December

Choice and Decision Theory (starts mid-September)

Microeconomic theory of individual decision making in the settings of consumption and production decisions. General Equilibrium, introductory examples.

Econometrics I: Fundamentals of Econometric Theory (starts early September)

Finite Sample Properties of Ordinary Least Squares. Large Sample Properties with Random Sampling. Instrumental Variable Methods. Maximum Likelihood Methods. Topics in Time Series.

Mathematics for Economics (starts early September)

A brief review of the essential mathematical concepts and notation most likely to be encountered in economic theory. Topics include: Single-variable and multivariate calculus. The algebra of vectors and matrices. Unconstrained and constrained optimization (Lagrange and Kuhn-Tucker). Difference equations. Dynamic optimization. Topology of Euclidean space (convergence, continuity, compactness). Convex sets. Correspondences. Fixed point theorems and applications to the existence of Nash or Walrasian equilibria. Differential equations (time permitting).

Macroeconomics I: Growth and overlapping generation model (starts in October)

The Solow growth model. Empirical investigations on economic growth/growth and human capital. Optimal growth: the Ramsey growth model. The OLG model. Endogenous growth, AK model. Endogenous technical change.

Microeconomics I: Choice under Uncertainty and Game Theory (starts in October)

Risk and Uncertainty. Decision under uncertainty. General Equilibroum under uncertainty. Main concepts and tools of game theory.

Applications of Econometrics I (10 hours, starts early September)

Applications of Econometrics I to real data using Python, Stata and R: simple linear regression, ordinary linear regression, randomized controlled trial, multiple linear regression on cross-sectional data, multiple linear regression on panel data.

2nd term, January to March

Macroeconomics II: Fluctuations

Overview of current economic fluctuations theories, with a special focus on the inflation-unemployment tradeoff from Dynamic Stochastic General Equilibrium (DSGE) models. Resolution and simulation, qualitative and quantitative evaluations of such models under rational expectations hypothesis. Analysis of optimal stabilization policies.

Microeconomics II: Welfare Economics and Markets failures

The two welfare theorems and possible market failures. Asymmetric information among the market participants and the problem of achieving efficiency. Corrections of these different market failures.

Applications of Econometrics II

An applied course that relies on statistical softwares. Specific identification techniques used in the empirical literature (e.g., Propensity Score Matching, Differences in Differences, Regression Discontinuity Design and Natural Experiments). Nonlinear regression (using binary Probit/Logit/Poisson models and machine learning algorithms), Autoregressive models. Simple linear regression on time series (CAPM model with heteroskedasticity tests and tests for the autocorrelation of the error term). Examples using datasets, notably those from articles published in the best scientific journals.

One course among 2 described below:

One course is to be chosen among 2 described below.


The econometrics of cross-section and panel data. Linear and non-linear econometric models, continuous and discrete dependent variables. Instrumental variable estimators, linear panel data estimators, models for discrete dependent variables and sample-selection models.

Time Series Analysis

Stationary time-series and non-stationary multivariate processes (structural and reduced-form). A typology of linear dynamic time-series models and, concept of cointegration, with applications to dynamic systems of equilibrium-correction relations. Modeling and forecasting macroeconomic and financial systems. and study of state-space models.

2 elective courses among any of the three specializations below

Industrial Organization

Industrial Organization

Main techniques and themes of Industrial Organization: strategic behavior of firms, market competition, competition and antitrust policy.

Empirical Industrial Organization

Structural empirical models in Industrial Organization. Demand modeling in IO and their applications, analysis of structural estimation of auction models, regulation, asymmetric information models and entry models.

International Economics

International Trade

Traditional and more recent theories of international trade. Ricardian and Hecksher-Ohlin models, extension to many goods and factors. Models of trade with imperfect competition. Gravity equations. Trade from the point of view of individual firms.

Research Topics in International Trade and Heterogeneous Firms

The purpose is to provide an understanding of cutting-edge research topics in the field of International Trade with a specific focus on heterogeneous firms and micro data analyses.

Public Economics

Public Economics

Provision of public goods. Taxation and its impact on economic behavior (e.g., labor supply, savings decisions), economic equilibrium (tax incidence), under informational imperfections and other distortions. Analysis of indirect taxation, taxation of capital, nonlinear taxation of income. This course combines theoretical models with empirical evidence.

Environmental Economics

This course introduces students to how economic analysis can be used to understand current environmental issues. Lectures include applications (applied theory and empirics) to economic development and environmental degradation, the economics of biodiversity, and energy.

Labor Economics

Themes in modern labor economics, focus on microeconomic models and empirical research with relevant policy implications. The role of human capital accumulation, wage determinants, education economics and labor supply. Discussion of some macroeconomic issues about employment and unemployment.

3nd term, April to June

Master’s Thesis
The master’s thesis is a piece of original scholarship, written under the direction of a faculty advisor, on a relevant topic in economics the student is interested in. Students are strongly advised to find a supervisor by the beginning of the academic year. Meetings with professors to discuss possible topics will be organized.

Research seminar I: Professors seminar

The role of this seminar is to develop critical thinking skills through active participation and writing of referee reports by students. Students will have to write a referee report on (at least) one of the papers presented at seminars. By the end of the term, students must be able to read a research paper, to know how to replace it in the literature, how to identify its strengths and weaknesses and to write an effective referee report.

Research seminar II: Students seminar

The objective of this seminar is to develop students' oral skills and ability to present research papers, as well as to develop critical thinking through the discussion of other students’ presentations. Each student makes several presentations to other students and professors. He/she presents some research papers related to the topic of his/her master thesis and focuses on his/her own research subject and methodology.

Teaching in the M2 EA is recognized for its very high quality. A large team of Researchers-Professors from ThEMA (CY and ESSEC) are involved in the program. They all show remarkable availability for the students and a strong international experience.

Summary of the main M2EA academic rules. This is an approximate translation which summarizes the legal rules of the Exam Regulation (“Règlement du Contrôle des Connaissances”) aimed at students who do not read French. However, the original set of rules in French are the only ones that apply, and the only ones on which administrative decisions will be taken.

What's next ?

Job opening

Business sector or job

After the M2EA:

The Master 2 in Economic Analysis offers a number of alternative careers. Among the several options, there are the large international institutions (European Commission, European Central Bank, OECD, IMF, World Bank, WTO, ILO, BIS, Regional Development Banks, etc.), which recruit students at Research Master level. French and foreign governments are also an outlet. Finally, the private sector, in particular the financial sector, is another option, since economists are capable of guiding major strategic choices.

Finally, the students most interested in academic research may continue into the PhD program to be able to pursue a career in universities, research institutions (CNRS, INRA, OFCE, etc..) or in Business Schools in France or abroad. The Master prepare students to follow a doctoral program in economics, in the fields of industrial organization, international economics, public economics, environmental economics, labor economics, development economics, macro and microeconomics. Students pursuing a PhD will be part of THEMA. They may also apply to the "Ph.D. in Economics", which is a program in partnership between ESSEC and CY Cergy Paris Université. The Master 2 corresponds to the first of the 2 years of courses within the PhD program. After that, the student’s time is devoted to the thesis research.

Professional integration

The M2 EA is recognized for an excellent employment record.
60% of M2 EA graduates continue in Ph.D. (several apply for the CY doctoral program and for the 2nd year of the ESSEC PhD), 20% join the private sector (mainly in banks, insurance companies and consulting e.g., BNP-Paribas, Deloitte, Société Générale SG, 3M), 10% join the public and semi-public sector (e.g. Ministère de l'Economie et des Finances, Ministère des armées and foreign Ministries) and 10% national and international organization (e.g., Central Banks, FAO, World Bank).



The university fees are annual and set by the Ministry of Higher Education and Research in France.

In 2019 the French government has voted a law that stipulates an increase in the registration fees up to € 3,770 for the Master’s degree for international students coming from outside the European Union and who were not registered previously in France at the master level.. However, we have been able to exempt international students enrolling into the M2 EA from paying the full fees in 2022-2023. They paid the same amount as the EU students: 243 euros per year (plus a 90 euros contribution to the CVEC). Admitted international students will be informed about the documents to provide in order to apply for an exemption from the full fees in 2023-2024.