Demanding, high-quality education in economics
Master’s Program in Economics at the University of Helsinki provides demanding, high-quality education in the field of economics. Oriented towards social sciences, the two study tracks of the program prepare students for demanding expert occupations or equip them with the capability to pursue a Doctoral Degree in Economics. Graduates of the program are hard currency in the labor market.
Goal of the program
This program prepares you for a career as an economist in business, financial markets, and the public sector. Upon completing the program you will be awarded the Master of Social Sciences degree, having demonstrated that you have developed many skills needed in your future career:
- Profound knowledge of economic theory and familiarity with scientific economic literature,
- The ability to apply economic theory to solving practical problems and interpreting economic phenomena,
- Familiarity with econometric methods and the ability to apply them to practical research problems,
- The ability to collect and interpret empirical data,
- The ability to communicate conclusions and assess the significance of the assumptions made for them,
- Fluency in communicating economic issues to different domestic and international audiences as well as the capability to work independently and in multidisciplinary cooperation,
- Readiness to assess your own professional performance and systematically develop it, and
- Knowledge of sources of economic information and the ability to adopt new tools of economic analysis.
The program comprises two tracks. The Research track is more demanding in that it gives more profound knowledge of economic theory and econometric methods than the General track. This track is particularly suitable if your goal is to pursue a doctoral degree in economics. Profound knowledge of economic theory and methods is also useful in many demanding careers as an economist.
The degree requirements in both tracks correspond to international standards, which will help you when finding employment and pursuing further studies towards a doctoral degree in Finland and globally.
Information on the languages of instruction
The language of teaching is English. It is also possible to complete courses, write the Master's thesis and get supervision in Finnish or Swedish. At the beginning of the program, you select the language of studies and demonstrate your competence in it.
The module of Economic Theory and Econometric Methods, which you will take in the autumn semester of your first year of study, is the foundation of the program. It covers the central microeconomic and macroeconomic theory as well as basic econometric methods. After completing this module, you can choose from a wide selection of fields of economics to concentrate on. Optional studies consist of additional courses in economics or other university-level courses. In addition, an internship or a labor market project is included in the degree requirements.
The program mostly comprises lecture courses. The courses on economic theory and econometric methods consist of lectures and exercise sessions; for the most part, they are completed by taking a written examination. Depending on the track, you take 3 to 4 field courses, selected based on your interests. Additional field courses in economics can be included in the optional studies. In the field courses, you will be exposed to different teaching methods, such as problem-based learning and other group activities and seminars. Your grades in many field courses will be based on assignments, presentations and term papers in addition to a final examination.
Economics is a quantitative social science discipline, so you are expected to have good basic command of mathematics and statistics. Your skills in these areas will be systematically developed in this program. Especially if you aim for a career as an economist or for doctoral studies, you are advised to include further methodological courses in your optional studies. In addition to mathematics and statistics, courses in computer science are recommended.
The structure of the program is comparable to those of the Master's programs in economics offered by the best international universities. It differs from the Master's programs of the Finnish business schools in that the demanding courses in economic theory and econometrics comprise a greater proportion, and the goal is above all to prepare you for a career as an economist. The research track corresponds to Master's program in quantitative economics offered by some foreign universities. In line with our program, the research track will prepare you for a career as an economist and for doctoral studies in economics.
Selection of the study track
The program has two tracks:
- General track
- Research track
You select the track when applying for the program: your choice will determine the degree requirements. The difference between the tracks is that the Research track aims at providing more profound knowledge of economic theory and econometric methods, whereas the General track emphasizes fields and applications of economics, and it is possible to include more optional studies in the degree. The Research track prepares you for doctoral studies in economics, and its degree requirements contain most of the doctoral-level core courses in economic theory and econometrics. Taking these courses as part of the Master's degree helps you to graduate faster from the doctoral program later. Graduates from the Research track are given precedence for the doctoral program in economics at the University of Helsinki. The Research track is also recommended if you are interested in taking the more demanding core courses to acquire more profound knowledge of economics even if your goal is not to pursue doctoral studies.
The program comprises 120 credits (ECTS, European Credit Transfer System), and it is designed to be completed in two years. The degree requirements consist of the following modules (in the General / Research track):
- Advanced studies (at least 90 ECTS / 100 ECTS)
- Economic theory and econometric methods (30 ECTS / 45 ECTS)
- Research skills (10 ECTS)
- Master's thesis (30 ECTS)
- Field courses in economics (20 to 24 ECTS / 15 to 18 ECTS)
- Career orientation module (5 to 15 ECTS)
- Optional studies (11 to 25 ECTS / 2 to 15 ECTS)
After completing the unit in economic theory and econometric methods, you select the fields in economics that you want to concentrate on. It is advisable for you to include further advanced field courses in economics or methodological courses in your optional studies. The study unit in research skills prepares you for writing the Master's thesis, and familiarises you with scholarly work in economics, research ethics and reporting research results. In addition, you prepare a research proposal for your thesis. Integrated into the studies, the degree requirements include drawing up a personal study plan, and career planning. The career orientation module (5 to 15 ECTS), involves an internship period, or other studies aimed at developing employment skills. In addition, 11 to 25 ECTS (in the Research track, 2 to 15 ECTS) optional studies are required.
You will write your Master's thesis (30 ECTS) during the spring semester of your second year of study. This can be either a theoretical or an empirical thesis on a topic selected under the guidance of your supervisor, where you apply the knowledge and skills you have acquired in the program. In a theoretical thesis, you will consider an economic problem in the light of existing literature and potentially extend existing economic models. In an empirical thesis, on the other hand, you will approach an economic problem by applying econometric methods to relevant economic data. It is also possible to concentrate on developing a new econometric method or comparing the properties of existing methods.
You start preparing for writing your thesis in the autumn semester of your second year of study by completing the Research skills study module, which includes drawing up a research proposal for your thesis. Supervision primarily takes place in the Master's Thesis seminar, lasting the entire spring semester of your second year of study. You may write the thesis in English, Finnish, or Swedish.
The Master's program in Economics at the University of Helsinki prepares you for a career as an economist in business and the public sector. Economists are employed in administrative, planning and development duties requiring economic expertise in various national and international organizations. Examples include an analyst career involving risk management, asset pricing and investment strategy, jobs related to analyzing the market, production and pricing in companies, assessment and planning of economic policy, and communication. Analytical skills and knowledge of quantitative methods will be of central importance in your work as an economist. In particular, economists find employment in government, financial institutions, central banks, national and international organizations, and business.
It is advisable to select the field courses and the topic for your Master's thesis in view of your interests and career goals. The career orientation module included in the program is a good chance to acquire work experience in your area of interest. The Research track prepares you for particularly demanding careers. It is also an excellent path to doctoral studies in economics.
The atmosphere at the Helsinki Centre of Economic Research (HECER) is quite international, consisting of the Discipline of Economics and the departments of economics at Aalto University and the Hanken School of Economics. The staff regularly publish in international journals and collaborate with foreign researchers. There are also several regular research seminars on a number of fields, where most foreign visitors present their work. In addition, foreign researchers often pay longer visits to the HECER, and a large proportion of the graduate students come from abroad.
All courses in the program are taught in English, and a large proportion of Master's theses are written in English. The staff have ample experience at universities abroad, and there are several foreigners among them. Foreign graduate students act as teaching assistants, and exchange students from the universities involved in the HECER regularly take the courses of the program. You can include study units in foreign languages arranged by the Language Centre in the optional studies.
The degree requirements meet internationally unified standards in economics. The University of Helsinki has a number of agreements with foreign universities that enable you to visit them to gain international experience and take courses offered there. Courses taken at the master's level at universities abroad can replace field courses in economics in the degree requirements, and you can include other university-level courses in your optional studies. The most suitable time for a visit to a foreign university is in the spring semester of your first year of study after completing the core courses in economic theory and econometrics. You can also include an internship abroad in the Career orientation module.
Teaching in the program is arranged in cooperation with the departments of economics of Aalto University and Hanken School of Economics. Together with the Discipline of Economics at the University of Helsinki, they form the Helsinki Centre of Economic Research (HECER), which also advances research in economics in Finland by arranging regular research seminars. The VATT Institute of Economic Research shares the same building with the three units of the HECER. Together they form the greatest concentration of economists in Finland. The Discipline of Economics has a joint professorship of public economics with the VATT Institute of Economic Research, and a joint professorship in Empirical Macroeconomics with Statistics Finland.
In addition to the courses arranged by the units of HECER, in the optional studies you can include courses from the wide selection offered by the University of Helsinki as well as courses of other Finnish universities, under the flexible study rights agreement (JOO). A number of study units in development Economics are arranged in collaboration with the World Institute for Development Economics Research of the United Nations University (UNU-WIDER). The Discipline of Economics has close connections to the Department of Mathematics and Statistics at the University of Helsinki in research and education, and they both participate in the Bachelor program in Mathematical Sciences.
Central fields of research in economics at the University of Helsinki include time series econometrics, game theory and applied microeconomics, macroeconomics, international economics and public economics.
The goal of research in time series econometrics is to develop statistical methods applicable in modeling economic time series and to apply them in empirical economic research. At the University of Helsinki, the research has concentrated on models useful in examining the connections between the macroeconomy and financial markets, and they have been applied to aggregate macroeconomic time series, stock returns and interest rates, amongst other things.
Microeconomics studies the interaction between single agents and communities, for example, markets. Typical research topics include consumer behavior, pricing, competition, exploitation of market power, and company behavior. The central method of microeconomic research, decision and game theory, takes into account the agents' strategic behavior. At the University of Helsinki, game theory has been applied to problems involving bargaining, search and contracts as well as immaterial rights.
Macroeconomics comprises research on economic growth and business cycles. At the University of Helsinki, the former has focused on the effects of globalization, environmental issues and labor market institutions on economic growth. Recent research on business cycles has focused on monetary and fiscal policy as well as on the role of the financial system in determining the cycles. Research on public economics has dealt with income distribution and socio-economic mobility.
The Master of Social Sciences degree awarded upon completion of the program enables you to apply for doctoral program in economics at the University of Helsinki and at international universities.
If your ultimate goal is a doctoral degree in economics, the Research track is recommended. Because it contains the majority of the core courses of the doctoral degree requirements, you can complete the doctoral degree at an accelerated pace. When selecting students for the Doctoral program in Economics at the University of Helsinki, precedence is given to graduates from the Research track, and it is also an asset if you are applying for doctoral program at foreign universities.
Citizens of non-EU/EEA countries, who do not have a permanent residence status in the area and pursue their studies in English, are liable to pay tuition fees. You can check from FAQ at the Studyinfo website whether or not you are required to pay tuition fees.
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