Master of Science in Economics

Aalto University

Program Description

Master of Science in Economics

Aalto University

Study objectives

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

The programme qualifies you both to understand the connection between micro- and macroeconomic questions and to see the causality between such questions.

In addition, the programme equips you with appropriate econometric and mathematical analytical tools to address economic issues and problems. You will learn to analyse, organise and effectively communicate your analyses.

Programme overview

In the Master's Programme in Economics, you will gain internationally recognized qualifications and knowledge, which are valuable in demanding job markets. Our courses cover all major areas of economics. In addition to the core mandatory courses, you may choose electives from a wide selection of specialized courses in e.g. labor and personnel economics, environmental and energy economics, industrial organization, international economics, development economics, and economic history.

The programme is integrated with the Helsinki Graduate School of Economics and has a long-term cooperative agreement with other universities in the region. This means that you will also be able to take economics courses at the following institutions in addition to the Department of Economics at the Aalto University School of Business:

  • Department of Political and Economic Studies at the University of Helsinki
  • Department of Economics of Hanken School of Economics
  • Wider Institute, i.e. United Nations University World Institute for Development Economics Research

Study languages

The language of instruction is English. Students may write tests and assignments in English or Finnish.

Career opportunities

As a graduate of Economics, you will have broad career prospects in areas that require strong economic expertise and analytical skills.

Examples of positions held by our graduates in firms, the financial sector, research institutes, public administration, and international organizations include:

  • economist
  • specialist
  • analyst
  • consultant

The programme also gives you a good background for doctoral studies in economics.

Post-graduate study options

Degree gives you an eligibility for doctoral studies.

Learning outcomes

The Master’s Programme in Economics gives you a solid education in how to produce, analyse and use economic data to tackle the challenges faced by organizations and the broader society.

Upon graduating from the programme, you will be able to

Understand economic theory and use it in new situations

  • read most scientific literature in the field
  • understand modern microeconomics and macroeconomics at a general level, and selected subfields of economics at a deeper level
  • make small modifications to existing theoretical models
  • interpret real-world phenomena in the light of theories

Use arguments based on economic theory in practice

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

Apply quantitative skills for efficient use of data

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

Communicate fluently both to economic experts and non-experts, orally and in writing

Admission requirements

Required previous studies

To be considered for admission the applicant must have completed intermediate level courses in:

  • Macroeconomics;
  • Microeconomics;
  • Econometrics*; and
  • Mathematical Methods of Economics**.

The Econometrics and Mathematical Methods of Economics courses can be replaced with other adequate enough courses in statistical and mathematical methods.

*The Econometrics course (or an equivalent statistical methods course) should have covered multivariate regression analysis with cross-section and time series data and hypothesis testing.

** The Mathematical Methods of Economics (or an equivalent mathematical methods course) should have covered linear algebra; functions of several variables; unconstrained and constrained optimization; difference equations and differential equations.

The required studies must be explicitly pointed in the application and the motivation letter. Course descriptions of these courses must be included in the application. It is the applicant’s responsibility to provide adequate information on the content, extent and grading of the courses. 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 programme.

Note that applicants who have completed a Master’s degree (higher academic degree) with the major subject in Economics are not eligible to apply for the Master’s Programme in Economics.

The applicants that fulfill the above requirement of previous studies are ranked according to the criteria below.

Admission group 1

Applicants who have a Finnish lower university degree in “Economics and Business Administration” (name of degree: kauppatieteiden kandidaatin tutkinto, KTK) or a Finnish “Bachelor of Social Science” (valtiotieteen kandidaatin tutkinto, VTK) with major in Economics.

1) Weighted GPA of previous studies in economics

Applicants are evaluated based on their previous studies in economics.

Applicants with GPA of their previous degree lower than 3.50 are not eligible for admission.

2) Motivation letter

The motivation letter is written in English into the electronic application system and the maximum length of the letter is 4000 characters (including space 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 intermediate level Microeconomics, Macroeconomics, Econometrics and Mathematical Methods of Economics.

3) CV

Admission group 2

Applicants who have a Finnish university degree other than those listed in admission group 1, an applicable university of applied sciences degree or an applicable university degree completed abroad.

1) Weighted GPA of previous studies in economics

Applicants are evaluated based on their previous studies in economics.

Applicants must demonstrate good academic performance. To be eligible, an applicant’s weighted GPA of the previous degree must be better than “good” on the grading scale of the university granting the degree. Applicants with a weighted GPA of previous degree lower than “good” are not eligible.

2) GMAT score (or comparable GRE score)

GMAT or GRE is obligatory in admission group 2 (minimum score 550 in GMAT or equivalent GRE score).

3) Motivation letter

The motivation letter is written in English into the electronic application system and the maximum length of the letter is 4000 characters (including space 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 intermediate level Microeconomics, Macroeconomics, Econometrics and Mathematical Methods of Economics.

4) CV

This school offers programs in:
  • English


Last updated November 16, 2018
Duration & Price
This course is Campus based
Start Date
Start date
Sept. 2019
Duration
Duration
2 years
Full time
Price
Price
15,000 EUR
€15,000 per academic year for non-EU/EEA citizens.
Information
Deadline
Request Info
The application period for studies starting in autumn 2019 runs from 3 December 2018 to 24 January 2019.
Locations
Finland - Helsinki
Start date : Sept. 2019
Application deadline Request Info
The application period for studies starting in autumn 2019 runs from 3 December 2018 to 24 January 2019.
End date Request Info
Dates
Sept. 2019
Finland - Helsinki
Application deadline Request Info
The application period for studies starting in autumn 2019 runs from 3 December 2018 to 24 January 2019.
End date Request Info