New MA program in Economics, Data, and Policy— Interview with Ádám Zawadowski
Ádám, you were Head of Department during the inception of the new MA program in Economics, Data, and Policy. What inspired the development of the program?
The number one demand of most students was flexibility: Many times students still need time to figure out what they are interested in and what kind of courses to take. So we decided to combine the strengths of our different programs to establish a new one that is very flexible, both in focus of topics and in the level of mathematical rigor. We have always had a strong focus on applied data analysis and we decided to make this a defining feature by offering even more courses in this area. Also, we firmly believe that what we do, be it research or applied work, should not be self-serving but useful for society, thus the emphasis on policy also comes naturally.
How is the new MA program in Economics, Data, and Policy structured in terms of curriculum and specialization tracks?
The program is designed so that the first year concentrates on basic skills with a lot of courses on data analysis accompanied by coding. At the same time, students also start participating in policy or research seminars and we have also freed up time for electives so students can start exploring what they really want to focus on in their second year. At the beginning of the second year, they can freely choose between the four tracks: data science, global economic policy, finance, and research (pre-PhD). Even in the second year, there is quite a bit of flexibility to take courses from the other tracks or even from other departments at CEU. Importantly, there is also free choice in the technical level of courses.
Tell us more about the career paths the program unlocks.
The four tracks offer quite different career paths. I envision most students doing a data science track to end up being business analysts in the private sector but some might opt for similar jobs in the public sector to help data-driven decision making. Those in the policy track are likely to join international organizations central banks, or ministries to help policy-making. I think most of those going for the research track will continue doing a PhD in Economics at CEU or another leading university in the US or the EU. Those choosing the finance track are likely to become analysts at banks, central banks, or financial regulators.
Considering the program’s emphasis on international trends, data analysis, and coding, how do will it remain aligned with the latest industry demands? Additionally, what measures are in place to equip students for the dynamic field of economics and policy?
We have learned, and continue to learn, a lot from our industry-focused one-year programs in Business Analytics and Finance and have incorporated many of the practical courses into the respective tracks of our two-year program. These courses are regularly updated based on industry demand, e.g. most courses will switch to Python programming language due to demand from employers. The policy track includes many courses by visiting professors with first-hand policy experience and of course, our research track courses are taught by our research-active faculty, many of whom are leading researchers in their own fields.
Do you think the new program will also prepare successful Ph.D. candidates?
The program allows students to strengthen their fundamentals by first doing introductory masters level courses and then figuring out what topics to focus on and whether they want to venture into Ph.D.-level courses or go for more applied topics instead. It also allows students who already had lots of formal economics training to jump right into Ph.D. level courses and start focusing on research as soon as possible to get a head start in their Ph.D. We will help students to figure out what the best personalized path for them is, based on their past coursework and their interests.
How is the mission of the Department of Economics and Business reflected in the courses and research conducted by the department?
The mission of the department is to teach how to combine rigorous arguments with credible evidence, to better understand the economic forces that impact our society. Of course, we strive to fulfil this mission in our own research as well. In our courses, we focus on topics that are relevant to economic decision-making and also teach how to use state-of-the-art new methods, like machine learning, in economics.
Tell us more about yourself. What was the professional journey that brought you to CEU?
I was an MA student at CEU many years ago and thanks to that, I was accepted to do my PhD in Economics at Princeton University. After my PhD, I stayed in the US for another five years as an Assistant Professor at Boston University before returning to my alma mater. I got so much from CEU, that I felt like I would also like to help others get the same experience.
What inspired you to pursue an academic career, and what motivated your decision to undertake a PhD in Economics?
My father was a professor of solid-state physics while my mother was a researcher in space physics. Growing up, I observed their passion for their work: Their example showed me that being a researcher is an exciting, flexible, and very rewarding job. It was an easy decision for me to follow the same path. It was harder to move away from physics given the family tradition but I was simply much more fascinated by how living humans interact in the economy than how lifeless particles or planetary objects interact.
What advice would you give to someone who is deciding if the Ph.D. is the right path for them?
I always tell students that research is not for everyone but if you are interested in it, then it is an amazing career path to do a PhD and then work on whatever topic you are most interested in. In our new MA program, we have now incorporated the PhD research seminar for those who want to see how research ideas are developed and they can also get “their hand dirty” by brainstorming about ideas and presenting them to peers, including PhD students, to get feedback. We also plan to have a hands-on course in which students can serve as research assistants to professors e.g. over the summer, thereby seeing how research is done by them and also earning some course credits by doing so.
Outside of your academic pursuits, you enjoy swimming, playing tennis, skiing, hiking, and even gardening. What draws you to these activities?
There is one big unifying theme: they are outdoors! You might think swimming is an indoors sport, but I usually go only when the outdoors pool is open. I think as a professor I spend more than enough time in front of the computer indoors so I prefer to spend my free time outdoors.
Adam Zawadowski is an Associate Professor in the Department of Economics and Business at the Central European University since 2015. Before joining CEU, he was an Assistant Professor of Finance at Boston University Questrom School of Business. He has received his MSc from Budapest University of Technology and Economics in engineering-physics, his MA from Central European University in Economics, and his PhD from Princeton University in Economics. His primary research interest is in financial frictions, attention allocation, liquidity, credit default swaps, and financial networks. He served as Head of the Department between 2020 and 2023.
