The MSPE Program just received a holiday present. The MSPE Program has been approved as a STEM program!!! The CIP Code will now be 45.0603 called "Econometrics and Quantitative Economics". The primary benefit is that the Optional Practical Training (OPT) period can be extended from one year to three years. The University ISSS website has more information under F-1 OPT Extension in the Employment tab. (Go to: http://www.isss.illinois.edu/students/employment/f1_optext.html )
There are some administrative details for the Graduate School and ISSS to complete after the holidays. The staff and I do not fully understand these details right now, nor their timing, so we cannot answer all of the questions that you might have now. But we expect that this change will be implemented as quickly as possible.
For those of you who are currently on Optional Practical Training, this may affect your career decisions. We will update you whenever we learn more about the implementation of this change. But stay in touch with us.
For those of you who have returned to your previous or new careers, we hope that you will pass this information onto your friends and colleagues who are considering an application to the MSPE program.