Full time 1 Year(s)
This programme provides a rigorous training in theory and methods and helps you develop marketable skills to launch yourself on to the job market. It opens up career opportunities in consulting companies, research centres, government departments, international agencies, or in the financial sector. It’s also ideal preparation if you are thinking of undertaking a PhD.
You’ll join a department known throughout the world for its strength in economics. Programme staff have international reputations in areas such as game theory, industrial organisation, econometrics, applied microeconomics, empirical macroeconomics, labour economics, and the economics of education.
You will study a range of modules as part of your course, some examples of which are listed below.
The dissertation is a substantial piece of independent work where you can apply research techniques and relevant economic theory to a research topic. This can be an area which has attracted your attention in the course of your studies, or may be linked to an aspect of your professional working experience. You choose your topic during the second term, in consultation with the MSc Director. You are then assigned to an appropriate member of teaching staff who acts as a supervisor and gives you guidance on the structure and content of the research.
This module lays the foundations for preparing you for research in economics or for work as a professional economist, and covers different aspects of the research toolbox of modern economists. The module is organised in three sub-modules: Mathematical Methods for Economists, Academic Skills for Economists, and Empirical Skills for Economists. The aim of these sub-modules is to develop the tools you need in order to master the material presented in the taught part of the MSc in Economics and to progress towards independent research for the dissertation, and ultimately to work as a professional economist.
Building on your undergraduate microeconomics knowledge and providing a foundation for the more advanced and specialist material in elective modules, this module focuses on theoretical and analytical techniques in microeconomics and highlights policy applications of material. Topics covered include consumer theory, market structure (with particular attention given to game theory analyses of oligopoly), general equilibrium and welfare, incomplete information and incentives, and mechanism design.
Building on your undergraduate studies, this module focuses on theoretical and analytical techniques in macroeconomics, highlighting policy applications of material. The module aims to give you a framework with which to analyse the macroeconomy and macroeconomic policy. Topics include the Ramsey model, aggregate consumption and investment, open economy models, DSGE models, the neoclassical growth model, RBC theory, and productivity and growth.
This module introduces you to the main techniques that are used for empirical analysis in fields ranging from microeconomics to macroeconomics and finance. The main goal is to teach you how to become both a producer and a critical consumer of empirical research. This is achieved by focusing on the practical implementation of econometric techniques.
This course covers the advanced microeconomics of labour markets, covering contemporary theory and empirical evidence. In doing so, this course will provide an understanding of the role of labour markets and labour market policy in the economy. A range of standard topics in labour economics are covered including labour demand and supply, models of wage determination and wage inequality, discrimination, unions and unemployment.
The first four sessions aim to establish an understanding of banks’ behaviour and balance sheets, including capital structure, lending decisions and attitudes to risk. These sessions also study the banks’ role in transmitting the monetary policy decisions of the central bank, i.e. the choice of official interest rates and ‘quantitative easing’. This enables a discussion of the effects of monetary and fiscal policy on the main macroeconomic variables. Session four looks at the origins of the financial crisis and the policy responses.
Sessions five to seven cover developments in international banking regulation before and since the crisis. This includes the regulation of capital and liquidity under the Basel accords, the attempts to address the moral hazard and the ‘too-large-to fail’ problems, and the influence of regulation on the shadow banking industry.
The final three sessions study banking and monetary policy in the international context, with a particular focus on problems in the Eurozone and the operation of the eurosystem of central banks.
In this course, the treatment will generally be non-technical and will be based on developing an understanding of institutional practices and their implications.
This module looks at what can happen to the asset pricing in situations where market imperfections coincide with imperfections in investor rationality. It therefore explores the boundary between mispricing which can be exploited and that which cannot be exploited profitably.
The module lays foundations for arbitrage, investment and wealth management, investment banking, and corporate finance. The material covered is at the frontier of academic and industry research, forming a conceptually advanced body of knowledge (CFA level III) which is of relevance for theory, research and practice.
Topics covered include:
The efficient markets hypothesis and competing theories
Limits to arbitrage
Heuristics, biases and prospect theory: mental accounts and evidence in market prices
Myopic loss aversion, disposition effect and overtrading
Professional investors and analysts: over- and under-reaction
Bubbles: observational and experimental, rational and non-rational
Closed-end fund discounts, co-movement and sentiment
The equity premium puzzle and the volatility puzzle
Behavioural portfolio theory
Giving you a rigorous background in the theory of industrial organisation, this module covers theoretical work and supporting empirical papers on the structure, behaviour and performance of firms and markets. Topics include the organisation of the firm, monopoly, price discrimination, oligopoly, product differentiation, research and development, merger strategies, and auctions.
The credit crunch and subsequent events have challenged modern financial theory, emphasising the need to develop better pricing and hedging models for financial products. They have also sparked renewed interest in how financial markets and institutions function. Striking a balance between theory and practice, this module gives you a firm grounding in the economics of financial markets, and covers a variety of finance topics, focusing on the valuation of stocks, bonds, derivatives (futures and forwards, options, swaps), portfolio management and hedging strategies.
This module gives an overview of public economics and political economy, providing you with research tools for theoretical and empirical work. It focuses on understanding the role of government in the economy through taxation, expenditure and institutional design, and the effect of political dynamics on governments’ decisions. Alongside classic topics such as public good provision and optimal taxation design, you will explore contemporary themes such as political economy, tax competition, endogenous institutions and the effects of political competition on public finance.
Information contained on the website with respect to modules is correct at the time of publication, but changes may be necessary, for example as a result of student feedback, Professional Statutory and Regulatory Bodies' (PSRB) requirements, staff changes, and new research.
Designed for: Numerate Economics graduates interested in a wide range of careers involving economics
Duration: 12 months full-time.
Entry requirements: 2:1 (Hons) degree (UK or equivalent) in Economics, or in a related subject, with at least 50% of modules in EconomicsIf you have studied outside of the UK, you can check your qualifications at International Qualifications:
English language: IELTS: Overall score of at least 7.0, with no individual element below 6.0 We consider tests from other providers, which can be found at English language requirements
If your score is below our requirements we may consider you for one of our pre-sessional English language programmes:
10 week- Overall score of at least 6.0, with no individual element below 5.5 For details of eligibility see: Pre sessional programmes 4 week- Overall score of at least 6.5, with no individual element below 6.0 Further information is available at English for Academic Purposes
Funding: All applicants should consult our information on fees and funding
Further information: Please see our website
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