Master in Economics
Helsinki, Finland
Master degree
DURATION
2 years
LANGUAGES
English, Finnish, Swedish
PACE
Full time
APPLICATION DEADLINE
EARLIEST START DATE
TUITION FEES
EUR 18,000 / per year *
STUDY FORMAT
On-Campus
* for non-EU/EEA countries
Key Summary
The focus of the Program is social-science oriented. Our highly demanding Program includes two study tracks: the General track, with a quantitative emphasis quite similar to other international Master’s Programs, and the new Research track, which prepares students for doctoral studies in Economics.
Demanding, high-quality education in economics
In the Master’s Programme in Economics at the University of Helsinki, you get a demanding high-quality education in the field of economics by focusing on the key elements of economic analysis and methods. Oriented towards social sciences, the two study tracks of the programme prepare students for demanding expert occupations or equip them with the capability to pursue a Doctoral Degree in Economics. Graduates of the programme are hard currency in the labour market.
Teaching in the Master's Programme in Economics is arranged in cooperation with the departments of economics at Aalto University and Hanken School of Economics. Together with the discipline of economics at the University of Helsinki, they form the Helsinki Graduate School of Economics (Helsinki GSE). The unit offers the most extensive selection of economics courses in Finland.
Studying
The Master's Programme in Economics at the University of Helsinki is social-science-oriented and more mathematical and quantitative than at other Finnish universities.
It offers diverse opportunities to study different methods of economics. Consequently, an economics degree from the University of Helsinki is highly valued in the job market.
Teaching in the Master's Programme in Economics is arranged in cooperation with the departments of economics at Aalto University and Hanken School of Economics. Together with the discipline of economics at the University of Helsinki, they form the Helsinki Graduate School of Economics (Helsinki GSE). The unit offers the most extensive selection of economics courses in Finland.
The highly demanding program includes two study tracks: the general track with a quantitative emphasis quite similar to other international Master’s Programmes and the research track which prepares students for doctoral studies in Economics.
Students and student life
Student life and especially the student organisation culture is exceptionally rich and diverse in Finland. At the University of Helsinki, more than 250 student organisations operate within the Student Union of the University of Helsinki (HYY), ranging from faculty and subject organisations to political and societal organisations, and from choirs and orchestras to sports and game clubs. Their activities include anniversary celebrations, academic dinner parties, cultural events, get-togethers and excursions.
As a student and member of the Student Union (HYY), you are entitled to many benefits and services. For example, affordable student housing, low-cost sports services and student-priced meals. You also get numerous discounts, for example on public transport fees across the country.
Contents
The module on Economic Theory and Econometric Methods, which you will take in the autumn semester of your first year of study, is the foundation of the programme. 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 labour market project is included in the degree requirements.
The programme 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 so that they form a meaningful whole. 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 a good basic command of mathematics and statistics. Your skills in these areas will be systematically developed in this programme. Especially if you aim for a career as an economist or 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 programme is comparable to those of the Master's programmes in economics offered by the best international universities. It differs from the Master's programmes 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 programmes in quantitative economics offered by some foreign universities. In line with our programme, the research track will prepare you for a career as an economist and doctoral studies in economics.
Two tracks
The programme has two tracks:
- General track
- Research track
You select the track when applying for the programme: 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 emphasises 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 programme later. Graduates from the Research track are given precedence for the doctoral programme 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 a more profound knowledge of economics even if your goal is not to pursue doctoral studies.
Structure
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. You should 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.
Master thesis
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.
Why Economics?
When studying in the Master's Programme in Economics, you benefit from the economic expertise of three universities: the University of Helsinki, Aalto University and Hanken School of Economics. Together, they form the Helsinki Graduate School of Economics (Helsinki GSE), a teaching and research unit providing the most extensive selection of economics courses in Finland.
Upon completing the Master's Programme in Economics at the University of Helsinki, you will be awarded the Master of Social Sciences degree, and will have gained the following skills:
- 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 Master's Programme in Economics prepares you for a career as an economist in business, financial markets and the public sector.
Our scholarship program is for students who are applying to the University of Helsinki. These scholarships are intended for excellent students from outside the EU/EEA, who wish to complete a Master's program at the University of Helsinki. Grants can be applied while applying to the University of Helsinki’s Master’s programs.
The Master's Programme 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 organisations. Examples include:
- an analyst career involving risk management
- asset pricing and investment strategy
- jobs related to analysing the market
- production and pricing in companies
- assessment, planning of economic policy, and communication.
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 programme is a good chance to acquire work experience in your area of interest. The Research track prepares you for particularly demanding careers and is also an excellent path to doctoral studies in economics.
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 organisations, and business.