MSc Economics

The MSc Economics is a broad-based research-training course designed to provide you with an opportunity to develop theoretical and quantitative skills. You will study compulsory modules in economic theory and econometrics as well as options from a wide range of modules including those in international finance, environmental economics, mathematics and micro- and macro-economics, according to your individual career plan.

This Master's is ideal for those who aim to gain employment as professional economists in government, financial institutions, business, commerce, industry, international agencies and other similar organisations. It is also suitable for those seeking eventual PhD enrolment and/or an academic career as a lecturer in Economics. Many of our former PhD students now hold academic posts as lecturers in University departments both in the UK and overseas.

Overview

MSc Economics is a broad-based research-training course designed to provide you with an opportunity to develop theoretical and quantitative skills. In addition to the compulsory modules, you will have the flexibility to choose options from a variety of areas in economics and social sciences or to focus more narrowly according to your individual career plan.

If you take this course, you will be encouraged to attend relevant workshops, seminars and conferences in specialist fields according to your interests and for which the University of East Anglia is famous. These include the Centre for Competition Policy (CCP), the Centre for Behavioural and Experimental Social Sciences (CBESS), our growing research base in financial markets, and research seminars in the School of Environmental Sciences.

MSc Economics fits into our Academic and Professional Programme and is designed to provide intensive research-led training in advanced economic theory, econometrics and research methods, as well as a particular speciality. It is suitable for those with a good undergraduate degree (equivalent to 2:1 or 1st) that contains a substantial component of economics or who have a Graduate Diploma in Economics.

This course is ideal for those who aim to gain employment as professional economists in government, financial institutions, business, commerce, industry, international agencies and other similar organisations. It is also suitable for those seeking eventual PhD enrolment and/or an academic career as a lecturer in Economics. Many of our former PhD students now hold academic posts as lecturers in University departments both in the UK and overseas.

Course Structure

You will study compulsory modules in economic theory and econometrics as well as having the opportunity to write a dissertation on a topic of your own choice, supervised by an academic from the School.

You will also be able to choose from a range of optional modules including those in international finance, environmental economics, mathematics and micro- and macroeconomics. For further details of the modules currently on offer, please see the Course Profile tab.

Assessment

Assessment will be carried out through combinations of coursework and exams. You will also write a dissertation on a topic of your choice, supervised individually by an academic from the School.

Additional Support offered by the School of Economics

September Pre-Sessional Courses

The School of Economics runs an intensive course in Mathematics and Statistics for Economists in the fortnight preceding the Masters programme in September. This course incorporates the techniques of calculus and matrix algebra; in addition, students are introduced to the econometric software package which will be used in their MSc programme. While the course is not compulsory it is recommended you attend and will run from 11th September 2017 - 22nd September 2017.

Course Modules 2017/8

Students must study the following modules for 140 credits:

Name Code Credits

APPLIED ECONOMETRICS

This module builds on the econometric theory of earlier courses: ECO-7000A, ECO-7009A and ECO-7002A. It attempts to place the theoretical ideas of those modules in the context of current applied analysis. The module is divided into five main parts: data issues and distribution theory time series econometrics, estimation of systems of equations, microeconomics, and panel data models. There is an emphasis on the practical application of common estimation techniques, with the specialist econometric software package STATA being used extensively. These skills are assessed in an applied project at the end of the course.

ECO-7001B

20

ECONOMETRIC THEORY

This is an advanced module in econometric theory, aimed at students with some prior knowledge of econometrics. Using matrix algebra, the multiple regression model is analysed, and the theory of estimation and hypothesis testing is developed in this context. Violations of the basic assumptions of the multiple regression model, such as heteroscedasticity, serial correlation, misspecification and measurement error, are analysed from a theoretical perspective. Finally, dynamic models and models of expectations are covered. The specialist econometric software package STATA plays a role, but with a much greater emphasis on techniques than on results.

ECO-7002A

20

ECONOMIC THEORY I

This is an advanced module in microeconomic theory, designed for postgraduate students with a strong background in economics. The topics covered in this module include the duality approach to demand theory, firm theory, general equilibrium theory, game theory, choice under uncertainty, agency theory and the economics of asymmetric information. The rational-choice foundations of microeconomics are also critically examined.

ECO-7003A

20

ECONOMIC THEORY II

IN TAKING THIS MODULE YOU CANNOT TAKE ECO-7016B IT IS RECOMMENDED THAT STUDENTS TAKE ECO-7003A IN THE AUTUMN SEMESTER. This module provides training in modern macroeconomic theory. The main topics include macroeconomic growth, international convergence, fiscal policy, intergenerational transfers, investment theory, and open-economy applications. The discussion follows the dynamic general equilibrium framework, which represents the macroeconomy as an intertemporal model where firms, households, and the government are forward-looking agents pursuing their objectives over time. This module bridges the gap between traditional static models and modern dynamic theories by investigating the microeconomic foundations of aggregate relationships and the role of time in economic decisions. For each topic, the lectures present a benchmark model and provide a summary of the empirical evidence and/or other quantitative applications of the theory.

ECO-7019B

20

ECONOMICS DISSERTATION (60 CREDITS)

All students taking the ECO MSc degrees in Economics, Environmental Economics, Experimental Economics, Industrial Economics, Finance and Economics, Media Economics, International Business Finance and Economics and International Business, and Economics and International Relations, are required to submit a dissertation. This module prepares students to write a dissertation of a length and technical complexity as specified in their Course Guide, on a topic approved by the Course Director or other authorised person.

ECO-7023X

60

Students will select 40 credits from the following modules:

Students may select alternative modules from other schools with the approval of the Postgraduate Teaching Director.

Name Code Credits

BEHAVIOURAL AND EXPERIMENTAL ECONOMICS I

This module provides an introduction to experimental economics. We consider why economists sometimes choose to conduct experiments, the kinds of insights they can give us, and the various kinds of experiments that have been conducted. We will cover the insights from experimental economics in several areas, such as individual decision making, markets, coordination, negotiation, charitable giving, public goods games, and games with pre-play communication

ECO-7021A

20

BEHAVIOURAL AND EXPERIMENTAL ECONOMICS II

This module provides training in the practice of experimental economics, and complements Behavioural and Experimental Economics I. Part I of the module is a series of tutorials dealing with the design of experiments, the analysis of data, and the interpretation of experimental results. In Part II each student designs, runs, and writes up a small experimental project.

ECO-7022B

20

FINANCE

Finance is a module which provides non-specialist students with an introduction to the financial structure of firms and familiarises students with the basic analysis of financial markets. The early part of the module provides a brief overview, introducing a range of key concepts. We then proceed to consider the decisions firms need to make regarding investment, the raising of capital and how best to return profits to shareholders. The latter part of the module looks at financial markets, the simple ways by which investors can improve their investment strategy, and how this leads to basic models of asset pricing. We close by considering the extent to which markets might be considered efficient, and the role that behavioural finance has played in more-fully understanding asset-pricing anomalies.

ECO-7008A

20

FINANCIAL MARKETS

This is a technical module that involves the study of modern portfolio theory and asset pricing, behavioural finance, and the efficient markets hypothesis. Modern equilibrium asset pricing models build upon the concepts of portfolio theory. In equilibrium, financial assets yield returns that are proportional to the risks that remain after diversification. We introduce the Capital Asset Pricing Model (CAPM) and discuss approximations and extensions, including the Single Index model and various factor models such as the recent Fama-French (2015) 5-factor model. Throughout the lectures and seminars, we illustrate the concepts with numerous real-world examples in Excel.

ECO-7012A

20

FINANCIAL MATHEMATICS

This is a technical finance module aimed at students wishing to pursue careers in the financial sector. The module is taught to both Economics (ECO) and Actuarial (CMP) students. CMP students can benefit from the Institute and Faculty of Actuaries accreditation. The focus of the module is on valuation and risk analysis of financial products. The module is highly analytical with weekly exercise sessions in computer labs. Topics covered include: continuous-time stochastic processes, stochastic models for security prices, bonds, term structure of interest rates, futures and forwards, options, hedging and credit risk.

ECO-7013B

20

INDUSTRIAL ECONOMICS I

This module begins by looking at some advanced topics in monopoly behaviour, before investigating how firms interact in markets. The latter is the core material of industrial organisation theory, and we develop the game theoretic approaches to oligopoly pricing, product differentiation, and strategic investment. Applying these core ideas, we investigate topics such as strategic entry deterrence mergers, 2-sided markets, RandD, patents and vertical relationships including exclusive dealing, other restraints and rebates. Although this is essentially a module in applied microeconomic theory, emphasis is placed on empirical relevance, testability and policy analysis.

ECO-7006A

20

INDUSTRIAL ECONOMICS II

BEFORE TAKING THIS MODULE YOU MUST TAKE ECO-7006A (INDUSTRIAL ECONOMICS I) This is a graduate-level module in industrial economics, designed for students with a strong prior background in economics. It investigates a number of empirical topics in industrial organisation and competition policy, building on the theoretical insights provided by Industrial Economics I. Topics include collusion, predatory behaviour, price discrimination, bundling, product differentiation, vertical restraints, mergers and merger simulation, entry and industrial concentration and effectiveness of competition policy.

ECO-7005B

20

INTERNATIONAL FINANCE

This module comprises two sections. The first section examines finance from an investor's perspective, highlighting aspects of portfolio diversification and asset pricing. In the second section, we focus on corporate finance, examining corporate governance issues, how operations are funded (capital structure), and how firms return money to shareholders (payout policy). Particular attention is paid to international topics, including how to price assets across segmented markets, and the benefits, or otherwise, of international portfolio diversification.

ECO-7015B

20

MACROECONOMICS OF DEVELOPMENT

Why are some countries richer than others? The objective of the module is to provide a rigorous analysis of economic growth issues and examine macroeconomic models that describe determinants of long-term growth and income. We will study the role of capital accumulation, initial income, population growth, education, technological progress, and institutions in determining different patterns of economic development. Theory and data analysis will jointly help explain why some countries embark on divergent development paths.

DEV-7029B

20

MICROECONOMICS OF DEVELOPMENT

The module provides the building blocks for microeconomic analysis of development. Topics include: #Poverty, inequality and welfare #Agricultural household production #Intra- household allocation #Risk, uncertainty and insurance #Markets and Institutions: credit #Markets and institutions: labour #Human capital : education, health and nutrition #Public goods, collective action #Institutions, transaction costs #Policy reforms #Household surveys and their analysis. The module consists of lectures, seminars and workshops. Students are assessed by essay and exam.

DEV-7018A

20

Disclaimer

Whilst the University will make every effort to offer the modules listed, changes may sometimes be made arising from the annual monitoring, review and update of modules and regular (five-yearly) review of course programmes. Where this activity leads to significant (but not minor) changes to programmes and their constituent modules, there will normally be prior consultation of students and others. It is also possible that the University may not be able to offer a module for reasons outside of its control, such as the illness of a member of staff or sabbatical leave. Where this is the case, the University will endeavour to inform students.

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Entry Requirements

  • Degree Subject Economics
  • Degree Classification 2.1 or equivalent

Entry Requirement

Applicants should normally have a good first degree from a recognised higher education institution. The University will also take into account the employment experience of applicants where relevant.

It is normal for undergraduate students to apply for entry to postgraduate programmes in their final year of study. Applicants who have not yet been awarded a degree may be offered a place conditional on their attaining a particular class of degree.

Students for whom English is a Foreign language

We welcome applications from students whose first language is not English. To ensure such students benefit from postgraduate study, we require evidence of proficiency in English. Our usual entry requirements are as follows:

  • IELTS: 6.5 (minimum 6.0 in all components)
  • PTE (Pearson): 62 (minimum 55 in all components)

Test dates should be within two years of the course start date.

Other tests, including Cambridge English exams and the Trinity Integrated Skills in English are also accepted by the university. The full list of accepted tests can be found here: Accepted English Language Tests

INTO UEA run pre-sessional courses which can be taken prior to the start of your course. For further information and to see if you qualify please contact intopre-sessional@uea.ac.uk (INTO UEA Norwich)

Fees and Funding

Fees for the academic year 2017/18 are:

  • UK/EU Students: £7,365
  • International Students: £15,000

NB: Fees listed are inclusive of the compulsory 2-week pre-sessional Mathematics and Statistics for Economists course.

International applicants from outside the EU may need to pay a deposit.

Living Expenses

Approximately £9,135 living expenses will be needed to adequately support yourself.

Scholarships and Funding

A variety of Scholarships may be offered to UK/EU and International students. Scholarships are normally awarded to students on the basis of academic merit and are usually for the duration of the period of study. Please click here for more detailed information about funding for prospective Economics students.

How to Apply

Applications for Postgraduate Taught programmes at the University of East Anglia should be made directly to the University.

You can apply online, or by downloading the application form.

Further Information

To request further information & to be kept up to date with news & events please use our online enquiry form.

If you would like to discuss your individual circumstances prior to applying please do contact us:

Postgraduate Admissions Office
Tel: +44 (0)1603 591515
Email: admissions@uea.ac.uk

International candidates are also encouraged to access the International Students section of our website.

    Next Steps

    We can’t wait to hear from you. Just pop any questions about this course into the form below and our enquiries team will answer as soon as they can.

    Admissions enquiries:
    admissions@uea.ac.uk or
    telephone +44 (0)1603 591515