Goal of the programme
This programme prepares you for a career as an economist in business, financial markets and the public sector. Upon completing the programme 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 programme 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.
Further information about the studies on the Master’s programme website.
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.
Find out more about the Be 1* of the Best Scholarship Programme.
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 programme, you select the language of studies and demonstrate your competence in it.
You start the studies by taking the module of Economic Theory and Econometric Methods, which 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, and in order to complete the programme in two years, it is important to take the courses in the recommended order. 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 programme. 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 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 for doctoral studies in economics.
Selection of the study track
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 more profound knowledge of economics even if your goal is not to pursue doctoral studies.
The programme 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)
You start the studies by taking the module of economic theory and econometric methods. After completing it, 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 module of research skills is completed in the second autumn term. It 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 are recommended to complete the field courses in economics, optional studies and the career orientation module during the first spring term and the second autumn term.
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 programme. 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 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 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 organisations, 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 programme 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.
You may apply if you meet the following three requirements:
- You have completed by 31 July 2019 a first-cycle degree (e.g., bachelor’s degree) or second-cycle degree (e.g., master’s degree) or a postgraduate degree in Finland or abroad.
- You have completed or will complete studies required for the master’s programme by 11 January 2019. Below are more details concerning applicable studies.
- You have sufficient proficiency in Finnish, Swedish or English. For further instructions on demonstrating your language proficiency, see the section “Required attachments”.
If you are, or have been, a degree student at the University of Helsinki, please check any special provisions that may apply to you.
If you have refugee status or are in a refugee-like situation, please read the applicable instructions.
Choosing a study track
The Master’s Programme in Economics has two study tracks and can admit no more than 34 new students. You can only apply to one of the study tracks, and you will have to select your study track on the application form.
Study tracks in the programme:
- General Economics (20 new students)
- Economics Research (14 new students)
If the maximum intake of students per study track is not filled, the master’s programme may, within the resources available, admit additional applicants from another study track of the programme so that the maximum intake of admissions is filled.
Applicants to the Master’s Programme in Economics must have completed a sufficient amount of studies applicable to the discipline of the selected study track. The studies included in the degree serving as grounds for application to the programme, or the studies completed in addition to that degree, must be applicable and appropriate to the master’s programme and its disciplines in terms of both content and the applicant’s performance so as to provide sufficient knowledge and skills for master’s studies.
You may be admitted if
- You prove your eligibility (see above) by the deadline
- You submit an electronic application during the application round and submit the required attachments by the specified deadline.The application form is open from 3 December 2018 (8:00h Finnish time) to 11 January 2019 (15:00h Finnish time). Read more about what will happen after the application period.
- You have completed studies worth at least 35 credits providing a sufficient basis for master’s level studies in economics and include intermediate-level courses in micro- and macroeconomic theory as well as econometrics.
- You have completed studiesin mathematics and statistics to the extent that they provide sufficient knowledge and skills for master’s studies.
Please note: even if the degree you are using as grounds for application is not completed during the application round, you must have a sufficient amount of applicable studies completed by 11 January 2019.
The applicability of the field and the sufficiency of the completed studies will be evaluated in conjunction with admission. The University of Helsinki does not provide any preliminary evaluation on the suitability of the applicant’s previous studies.
Factors affecting admissions:
- Applicability of previous studies to the selected study track in the master’s programme
- Academic performance
- Letter of motivation
- Short scientific text
Applications will be scored, and your admission will depend on the score your application has received.
If in this round of admissions you are applying for more than one master’s programme at the Faculty of Social Sciences, University of Helsinki, you must rank them in order of preference on your application form. If you could be admitted to more than one programme, you can only be admitted to the one you have ranked the highest.
Applicants will be informed of the results of the student selection by 12 April 2019 at the latest. Please note the one study place per term provision if you are applying for more than one study programme in spring 2019.
Study right to be awarded
If you are admitted, you have been granted the right to pursue the degree of Master of Social Sciences in the Master’s Programme in Economics.
In the multilingual Master’s Programme in Economics, you can choose the language of your degree to be Finnish, Swedish or English. This means that even though most of the teaching will be offered in English, you can answer examination questions and write course assignments and your master’s thesis in the language that you select as the language of the degree.
Please note that you can apply to pursue this master’s programme in one language only and that the language selected by you for this admission procedure will determine the language of your degree (Finnish, Swedish or English). You must select the language of your degree when submitting your application.
Statistics on applicants can be found on the University’s webpage.
The application must be accompanied by the following documents, and the documents must be submitted as instructed below:
- Officially certified copy of the degree certificate/diploma
- Official transcript
- Certificate of language proficiency
- Authorised translations into English, Finnish or Swedish (when necessary)
- A photocopy of your passport OR your official identity card OR your Finnish residence permit card
- Diploma supplement (if available)
- Letter of motivation to be included in the application form
- Short scientific text to be included in the application form
1) Read carefully the instructions on application enclosures and their submission.
2) You must choose the language of your degree (English, Finnish or Swedish) on the application form and demonstrate your language proficiency accordingly. For further information on the demonstration of language proficiency, please see the university’s instructions on demonstration of language proficiency.
3) If the degree serving as grounds for application to the programme is still incomplete, you need not submit a degree certificate/diploma with the application documents. If you are admitted, the admission decision will be conditional, and you will receive instructions with your letter of admission for submitting the official degree certificate/diploma. NB! The final degree certificate/diploma must be presented by 14 August 2019 at the latest.
|Due date||11.1.2019, 15:00|
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