Course description
Students will take core subjects and three optional courses from a wide range of subject areas. These options cover virtually all the main research areas in modern economics and one usually forms the basis for the summer dissertation.
Learning Outcomes
By the end of the programme you should be able to demonstrate knowledge and understanding of:
* the core elements of microeconomic and macroeconomic theory and selected topics in applied macro/microeconomics;
* econometric methods for both time- series and cross-sectional data analysis, enabling you to critically assess applied work and utilise standard econometric techniques in your own research;
* applications of core economic theory and analytical and quantitative techniques, together with further specific techniques and ongoing research activity relating to your chosen options.
You will also develop a range of intellectual, practical and transferable skills, particularly those of critical analysis and assessment.
How You Will Be Taught
The MSc programme makes extensive use of the virtual learning environment, WebCT. There is a specific WebCT site for this programme on which you will find lecture notes, timetables, the Programme Handbook and much more.
The MSc is taught as a University of Edinburgh degree but under the auspices of the Scottish Graduate Programme in Economics - a consortium of eight Scottish universities that provides the teaching staff for the MSc. As a result, teaching is of the highest possible quality. The intimate links formed with academics across Scotland is a major selling point for anyone considering PhD study.
Masters Degrees
The programme offers taught MSc degrees in:
* Economics
* Economics (Finance)
Teaching on the MSc courses is based in Edinburgh, and students graduate with an MSc from The University of Edinburgh.
The masters programme aims to provide a modern and comprehensive training in Economics that will equip students to move directly into a career as a professional economist or to undertake research for a PhD.
The MSc programme has five main elements:
* preliminary courses in Maths and Econometrics (mid-September to early October)
* six core courses, two each in Microeconomics, Macroeconomics, and Quantitative Methods (October to mid February)
* residential methodology weekend (January)
* three option courses (End February to early April)
* dissertation (to be handed in in August)
Core and Optional Courses
All students are required to take the introductory Maths and Econometrics courses, the six compulsory core courses and three further courses to be chosen from the range of electives on offer. Students taking the MSc in Economics may choose three courses from across the range of options offered on the programme. Students taking the MSc in Economics (Finance) must take the courses in Asset Pricing, Corporate Finance and International Money and Finance as their three "option" courses".
The option courses are designed to familiarise students with the main elements of the relevant theory and to introduce students to a range of more advanced topics and recent developments in Economics. They also emphasise the problems that arise when making the transition from theoretical models to empirical and applied work and in this respect they are particular useful in formulating and writing the summer dissertation. By the end of the course students should be proficient in state-of-the-art analytical and quantitative techniques that are the essential skills of today's professional economist.
Exams and Dissertation
The core and option courses are examined in April/May each year. Following these exams, successful students write a dissertation of between 8,000 and 10,000 words for submission in August. For those intending to proceed to the PhD the dissetation is often on a topic which relates to their proposed area of research.
How the Masters Degree is Assessed
Marking standards
All coursework and examinations are marked according to the following standard (the MSc* is the standard required by the rules of the SGPE to proceed to the PhD):
70 - 100 MSc* with Distinction
An excellent performance. Here the student shows a deep mastery and understanding of the subject, and a well developed ability to analyse and apply concepts, models, and techniques. The work is very well organised, and there is a clear awareness of how to bring the material learned to bear on a variety of issues, including those not previously encountered.
60 - 69 MSc*
A very good performance. Work in this class displays very good understanding of the material and a sound technical ability. In addition it should also demonstrate potential for research in either very good technical proficiency or a clear awareness of how to use the ideas that have been learned to address previously unencountered theoretical, policy, or empirical issues.
50 - 59 MSc Pass
A good performance, satisfactory for a Masters degree. Work in this class demonstrates a good knowledge and sound understanding of the material as reflected in an ability to explain the central ideas; however, there may be a heavy reliance on course materials. Work in this class should also demonstrate some basic technical ability, but not any great technical facility and it will be weak in the ability to use ideas, models and, techniques to address previously unencountered theoretical, empirical or policy issues.
40 - 49 Diploma Pass
Work in this class demonstrates an adequate knowledge of the material in the programme and an ability to present it in an orderly fashion in answering a question. However the work will reflect no real understanding or mastery of the subject; it will not display an ability to explain the central ideas and arguments themselves, tending instead to mechanically reproduce diagrams and mathematics etc. with no explanation.
0 - 39 Fail
Work in this class fails to demonstrate an adequate knowledge of the material in the programme.
All examination papers are marked ‘double blind’. The external examiner is consulted on marginal papers, as well as being shown a representative sample of exam papers in order to monitor and validate marking standards.
How the final mark is constructed
The MSc and Diploma Marks are constructed from the April/May exam marks and from the dissertation as follows:-
After the examination diet in April/May an aggregate mark for each candidate is calculated by taking a weighted sum of the final marks (out of 100) for each of the nine courses using the SCOTCAT points as weights. In what follows, Microeconomics 1 together with Microeconomics 2, Macroeconomics 1 together with Macroeconomics 2 and Quantitative Methods 1 together with Quantitative Methods 2 count as a single ‘unit of assessment’ giving three such units of assessment. The average of the three option course marks counts as a further (fourth) single ‘unit of assessment’.
A candidate with less than 180 (40%) fails both the Diploma and the MSc.
A candidate with an aggregate mark of at least 180 (40%) and less than 225 (50%) is awarded the Diploma, and is not allowed to proceed to the dissertation stage, except that a candidate with 180 (40%) or more, but who achieves less than 40% in two or more units of assessment, normally fails both the Diploma and the MSc.
To be permitted to proceed to the dissertation, candidates must achieve an aggregate mark of at least 225 (50%) in the taught courses, except that candidates who achieve an aggregate mark of at least 225 (50%) in the taught courses and who also achieve less than 40% in one unit of assessment and less than 50% in another unit of assessment will not normally be permitted to proceed to the dissertation.
Submission of the Dissertation in August
In August the dissertation mark (out of 100) is added to the aggregate mark with a weight of 11/2. The aggregate mark now has a maximum of 600.
Candidates who have been permitted to proceed to the dissertation and who achieve at least 50% in the dissertation will be awarded the MSc.
Requirements for the award of the Diploma, MSc, MSc* and MSc with distinction
To be awarded the MSc* and to be allowed to proceed to the PhD stage of the Graduate Programme, candidates must
(i) achieve at least 50% in the dissertation;
and (ii) achieve at least 50% in the each of the core courses;
and (iii) achieve an average of at least 40% in the three option courses;
and (iv) achieve an aggregate mark of at least 360 (60%).
To be awarded the MSc* with Distinction, candidates must:
(i) achieve at least 70% in the dissertation;
and (ii) achieve at least 60% in the each of the core courses;
and (iii) achieve an average of at least 60% in the three option courses;
and (iv) achieve an aggregate mark of at least 420 (70%).
Part-time Study
We welcome applications from students who wish to study part-time. In this case, it is normal to take the preliminary maths and econometics course, two core subjects and one option in the first year, and the remaining core subjects, two further options, and the dissertation in the second year.
Careers after the Masters degree
If after successfully obtaining the MSc you choose not to continue to the PhD but seek employment instead, you will find a wide range of opportunities open to you. The Programme has been in existence now for over 20 years and Masters graduates over this time have found employment in a great variety of fields, from theoretical and applied economic research, to careers with banks, the public sector and consultancy services. Edinburgh University is listed as one of the best in the world for international mobility of its students. Some of the economics bodies with which MSc students will become familiar during their period of study and which will in many cases form career destinations for them include:-:
-Scottish Enterprise
-Scottish Executive
-Royal Economic Society
-Scottish Economic Society
-European Investment Bank
-Bank of England
-Deutche Bank
-Scottish Parliament
-Scottish Excutive
-Scottish Economic Policy Network
-Scottish Enterprise
-Tax & Finance Consultancies
-Accountancy Firms: Earnst & Young
-Fraser of Allander Institute
-ScotEcon
-David Hume Institute
-HERU (Health Economics Research Unit)
