Master of Science in Economics

Aalto University

Program Description
EFMD Equis Accredited
AACSB Accredited

Master of Science in Economics

Aalto University

The Master's Programme in Economics develops the ability to apply economic theory to a wide range of economic phenomena.

The programme qualifies students to understand the connection between micro- and macroeconomic questions as well as to see the causality between such questions.

The programme equips students with appropriate econometric and mathematical tools of analysis to tackle economic issues and problems. Students are trained to analyze, organize and effectively communicate their analyses.

Study experience

The Master's Programme in Economics is structured to ensure internationally comparable qualifications and a lifelong human capital. The programme is particularly strong in the areas of International Economics (including Development Economics) and Applied Microeconomics (including Environmental and Energy Economics, Labor and Personnel Economics, Industrial Organization, and Game Theory).

A long-term cooperative arrangement between the Department of Economics at the Aalto University School of Business, the Department of Political and Economic Studies at the University of Helsinki, the Department of Economics of Hanken School of Economics, and the Wider Institute, allows a student at one institution to take lecture courses at the other institution with a minimum of paperwork.

Learning outcomes

Students graduating from the programme will have:

Understanding of economic theory and ability to use it in new situations

  • ability to read scientific literature in the field, with the exception of the most advanced material
  • general understanding of modern microeconomics and macroeconomics and deeper understanding of selected subfields of economics
  • ability to make small modifications to existing theoretical models
  • ability to interpret real-world phenomena in the light of theories

Ability to use arguments based on economic theory in practice

  • ability to formulate recommendations for decision making both in the public and private sector
  • ability to analyze the effects of policies

Quantitative skills for efficient use of data

  • ability to critically use and interpret economic data
  • ability to use statistical methods to examine relationships and to test economic hypotheses

Fluent communicational skills

  • ability to orally and verbally communicate economic arguments both to economic experts and non-experts

Career prospects

The graduates are prominent in a wide variety of careers that require broad economic expertise and analytical skills such as economists, specialists, analysts, or consultants in firms, financial sector, research institutes, public administration, and international organizations. The programme also gives a good background for doctoral studies in economics.

Programme-specific requirements

Admission group 1: Applicants having completed a Finnish lower university degree in “Economics and Business Administration” (kauppatieteiden kandidaatin tutkinto, KTK) or “Bachelor of Social Science” (valtiotieteen kandidaatin tutkinto, VTK) with major in Economics. GMAT/GRE not required.

Admission group 2: Applicants having completed a Finnish university degree other than in "Economics and Business Administration", an applicable Finnish polytechnic degree or an applicable university degree completed abroad. GMAT/GRE required, minimum total score 550.

Applicants having already completed a Finnish MSc degree (higher academic degree) with the major subject in Economics or an equivalent non-Finnish degree or programme with the major subject in Economics (higher academic degree) are not eligible to apply to the MSc degree programme in Economics.

To be considered for admission, the applicant must have completed a sufficient amount of such studies that give ability to start the advanced studies in the Master’s programme in Economics. Those studies must include intermediate level courses in Microeconomics and Macroeconomics (basic courses are not sufficient to meet the requirement), and intermediate studies in Econometrics and in Mathematical Methods of Economics OR adequate enough studies in mathematical and statistical methods used in advanced Economics studies.

The applicant’s previous methodological studies and studies in Economics, giving the ability to start the advanced studies, are assessed by a representative of the degree programme. It is the applicant’s responsibility to provide adequate information on the content, extent and grading of the courses.

When the above mentioned prerequisites are fulfilled the applicants are ranked according to grades in the relevant courses mentioned above and, in admission group 2 also according to the GMAT/GRE test results.

A motivation letter has to be included in the application. The letter must be written in the electronic application system and the maximum length of the letter is 4000 characters. The motivation letter should answer at least the following questions: Why am I applying for admission to this particular study programme? What are my abilities to study Economics? Particular attention should be paid to explaining how the applicant’s previous studies cover the requirements of Microeconomics, Macroeconomics and adequate methodological studies (Econometrics, Mathematical Methods or other methodological studies).

This school offers programs in:
  • English

Last updated April 21, 2016
Duration & Price
This course is Campus based
Start Date
Start date
Sept. 2016
2 years
Full time
Request Info
The application period is 1 December 2015 - 15 January 2016.
Start date Sept. 2016
Finland Helsinki
Application deadline Request Info
The application period is 1 December 2015 - 15 January 2016.
End date Request Info
Duration 2 years
Price Free