Economics

Programme description

The study programmes in economics are structured to ensure internationally comparable qualifications and a lifelong human capital. The programmes are particularly strong in the areas of International Economics, Financial Economics, and Applied Microeconomics. A long-term cooperative arrangement between the Department of Economics at the School of Business, the Discipline of Economics at the University of Helsinki and Department of Economics at Hanken School of Economics allows the students to choose from a wide selection of advanced specialisation courses.

Learning goals
The aim of the master’s programme in economics is to give students a wide understanding of economic issues and a comprehensive knowledge of econometric and mathematical tools of analysis. When studying in the programme, the students will develop the following skills:

  • analytical thinking: the ability to analyse a wide range of economic phenomena by using different theories;
  • scientific thinking: the ability to apply the economic theory in practice;
  • methodological skills: the ability to use econometric and mathematical methods; and
  • communication skills: the ability to structure and report economic analysis orally and in writing.

Employment opportunities
The graduates are prominent in a wide variety of careers that require broad economic expertise and strong analytical skills, such as economists, analysts, or consultants in firms, financial sector, research institutes, public administration, and international organizations.

Programme director
Professor Pekka Ilmakunnas

Degree requirements 120 cr

1. Programme studies 84 cr

Mandatory studies 60 cr

31E12100

Microeconomics: Policy

6 cr

II

31E23000

Macroeconomics: Policy

6 cr

 IV

31E00910

Applied Microeconometrics I 

6 cr

 II

31E99910

Master’s Thesis

30 cr

 I-IV

31E99905

Master’s Thesis Seminar

6 cr

 I-IV

31E99903

Maturity Test

0 cr

 I-IV

31E99904

Capstone Course: Economics *)

6 cr

 I-IV

*) The Capstone course consists of one of the advanced courses offered by the subject and additional requirements defined for the Capstone course.

It is recommended that students who wish to continue to doctoral studies choose a wider combination of courses in micro- and macroeconomic theory than the minimum requirements. It is also possible to choose the research master track from the beginning of the master's studies.

Elective studies 24 cr

Choose 4 courses from the following (or courses from the mandatory studies list):

31E00500

International Trade

6 cr

 III

31E00510

History of Economic Thought

6 cr

**) Not lectured in 2016-2017

31E00600

Open Economy Macroeconomics

6 cr

 IV

31E00700

Labor Economics

6 cr

 IV

31E00920

Applied Microeconometrics II

6 cr 

 III

31E01000

Topics in Economic Theory and Methods I

6 cr

**) Not lectured in 2016-2017

31E01400

Macroeconomics of Labor Markets

6 cr

**) Not lectured in 2016-2017

31E01800

Resource and Environmental Economics

6 cr

**) Not lectured in 2016-2017

31E15000

Development Economics I

6 cr

 I

31E16000

Development Economics II

6 cr

IV **) Not lectured in 2016-2017

31E17000

African Economic Development 

6 cr

 V

31E40100

History of Economic Growth and Crises

6 cr

 II

31E40200

Economics of Science and Innovation

6 cr

III **) Not lectured in 2016-2017

31E11100

Microeconimics: Pricing

6 cr

 I

31E13000

Microeconomics: Industrial Organization

6 cr

 III

31E03000

Investment Decisions in Emerging Markets

6 cr

 V

31E09000

Economics studies at University of Helsinki

6 cr

 

31E09900

Economics studies at another university

6 cr

 

**) Not lectured 2016-2017

At the consent of the programme director it is possible to include 1-2 courses offered by other subjects at the School of Business or by other schools of the Aalto University. This enables the student to focus on a certain area of economics, e.g. financial economics. These courses must meet the goals and requirements of the programme.

Within the HECER cooperation the students can also complete advanced courses of economics offered by the University of Helsinki and Hanken School of Economics. The following courses are availible:

University of Helsinki:

31E02300

Bayesian Econometrics

6 op

II

31E02400

Money and Monetary Policy

6 op

III

31E02500

Globalization and Growth

6 op

IV

31E31000

Econometrics I: Basics

6 op

II

31E32000

Econometrics II: Time Series and Panel Data Models

6 op

III

31E19220

Banking Theory in Macroeconomics

6 op

**) Not lectured in 2016-2017

31E19200

Macroeconometrics

6 op

I

31E21000

Macroeconomics I: Growth and Cycles

6 op

III-IV

31E22000

Macroeconomics II: Short Term Flunctuations

6 op

IV-V

 

Decision Theory and Markets

6 op

I

 

Advanced Microeconomic Theory II: Pricing

6 op

II

 

Search Theory

6 op

IV-V

Hanken School of Economics:

31E01200

Behavioral and Experimental Economics

6 op

II

31E01900

Banking and Finance

6 op

III

31E02000

Competition Policy

6 op

IV

2. Minor studies 24 cr

3. Electives 12 cr

Research Master Track

Students aiming at the Doctoral Programme or jobs that require advanced methodological skills may at the consent of the programme director also include in their degree studies courses from the Finnish Doctoral Programme in Economics (FDPE). A separate structure is proposed for the Research Master Track. Alternatively, the FDPE courses can replace the required advanced courses in Microeconomic and Macroeconomic Theory and Econometrics, or they can be completed for programme electives.

Degree requirements 120 cr

1. Programme studies 84 cr

Mandatory studies 42 cr

31E99901

Master’s Thesis

30 cr

 I-IV

31E99905

Master’s Thesis Seminar

6 cr

I-II, III-IV

31E99903

Maturity Test

0 cr

 I-IV

31E99904

Capstone Course: Economics *)

6 cr

 I-IV

*) The Capstone course consists of one of the advanced courses offered by the subject and additional requirements defined for the Capstone course.

FDPE (Finnish Doctoral Programme for Economics) courses 36 cr, compulsory

The FDPE course details are given on the website www.fdpe.fi > curriculum > core courses, FDPE codes MIxxxxx, MAxxxxx, EKxxxxx.

31L30211

Microeconomics part 1

3 cr

 I

31L30212

Microeconomics part 2

3 cr

 II   

31L30213

Microeconomics part 3

3 cr

 III

31L30214

Microeconomics part 4

3 cr

 IV

31L30311

Macroeconomics part 1

3 cr

I

31L30312

Macroeconomics part 2

3 cr

II

31L30313

Macroeconomics part 3

3 cr

III

31L30314

Macroeconomics part 4

3 cr

IV

31E30215

Qualifying Examination: Microeconomics

6 cr

 

31E30315

Qualifying Examination: Macroeconomics

6 cr

 

Elective course 6 cr

One of the following:

31E00500

International Trade

6 cr

 III

31E00510

History of Economic Thought

6 cr

**) Not lectured in 2016-2017

31E00600

Open Economy Macroeconomics

6 cr

 IV

31E00700

Labor Economics

6 cr

 IV

31E00920

Applied Microeconometrics II

6 cr 

 III

31E01000

Topics in Economic Theory and Methods I

6 cr

**) Not lectured in 2016-2017

31E01400

Macroeconomics of Labor Markets

6 cr

**) Not lectured in 2016-2017

31E01800

Resource and Environmental Economics

6 cr

**) Not lectured in 2016-2017

31E15000

Development Economics I

6 cr

 I

31E16000

Development Economics II

6 cr

**) Not lectured in 2016-2017

31E17000

African Economic Development

6 cr

 V

31E40100

History of Economic Growth and Crises

6 cr

 II

31E40200

Economics of Science and Innovation

6 cr

**) Not lectured in 2016-2017

31E11100

Microeconimics: Pricing

6 cr

 I

31E13000

Microeconomics: Industrial Organization

6 cr

 III

31E03000

Investment Decisions in Emerging Markets

6 cr

 V

31E09000

Economics studies at University of Helsinki

6 cr

 

31E09900

Economics studies at another university

6 cr

 

**) Not lectured 2016-2017

At the consent of the programme director it is possible to include a course offered by other subjects at the School of Business or by other schools of the Aalto University. This enables the student to focus on a certain area of economics, e.g. financial economics. These courses must meet the goals and requirements of the programme.

Within the HECER cooperation the students can also complete advanced courses of economics offered by the University of Helsinki and Hanken School of Economics.

2. Minor studies 24 cr

Minor in Research Methods, compulsory

31L30411

Econometrics Part 1

3 cr

I

31L30412

Econometrics Part 2

3 cr

 II

31L30413

Econometrics Part 3

3 cr

 III

31L30414

Econometrics Part 4

3 cr

 IV

31E30415

Qualifying Examination: Econometrics

6 cr

 

31E30416

Math Camp

6 cr

 August 2016

3. Electives 12 cr

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