The Economics (ECN) major teaches tools to analyse markets and industries and the economic challenges facing private business, public institutions and international organisations.
Understanding economic mechanisms is vital for the success of business and the design of public policy and this major offers a thorough and comprehensive education in economic theory and empirical methods.
The ECN major studies what motivates and drives decisions for individuals, companies, competitors and authorities, and what determines prices, returns and economic allocations.
You will be equipped to analyse a diverse set of core economic questions such as:
- What are the effects of the financial crisis on the economy?
- Why are some mergers not profitable?
- Is taxing wealth a good idea?
- How fast should oil resources be exploited?
The Economics profile contains three mandatory courses:
- Macroeconomics cover areas such as business cycles, inflation and economic growth in a national and global perspective, including monetary and fiscal policy.
- Microeconomics focuses on consumer behaviour and strategic interaction between companies in markets with imperfect competition and on how information and uncertainty affect decision-making.
- Econometrics applies statistical methods to economic data in order to analyse economic themes with a focus on regression analysis and extensive use of practical lab exercises.
Three additional courses allow you to focus on subject areas you find particularly interesting, such as
- Industrial economics
- International economics
- Development economics
- Labour economics
- Public economics
- Resource and environmental economics
- Behavioural economics
- Economic history
Candidates who have completed the Economics major, have acquired the following:
K1: a solid understanding of microeconomic models analysing demand and consumer behaviour, competition and firm strategy, as well as market structure and information;
K2: a solid understanding of macroeconomic models analysing growth and business cycles in the aggregate economy, inflation and employment, as well as monetary and fiscal policy;
K3: knowledge of econometric methods to analyse economic data, and an understanding identification of causal effects and prediction;
K4: an understanding of models and methods used in specialised areas in economics.
S1: the ability to work with and analyse analytic models of the economy;
S2: a critical understanding of the main theoretical models describing economic behaviour both at the micro- and macroeconomic level;
S3: the ability to analyse economic data and contrast and compare empirical predictions and implications across different economic models
C1: the ability to utilise available information and data with necessary critical understanding of sources;
C2: the ability to analyse economic questions using a combination of theoretical and empirical models;
C3: the ability to formulate research questions in economics and provide answers using both theoretical and empirical methods.
C4: the ability to work in teams and to communicate on economic issues to both specialists and a wider audience.
Students graduating from the ECN major work in both the private and public sector, in consultancy and analysis, banks, insurance, telecom, energy, or the oil sector. Public employers of students of the economics profile include Norges Bank, ministries and regulators, as well as international organisations (World Bank, IMF, OECD).
- Bachelor’s degree
Admission to master’s degree studies in Norway requires Higher Education Entrance Qualification and a completed degree comparable to a Norwegian bachelor’s degree. Please refer to NOKUT (The Norwegian Agency for Quality Assurance in Education) for information about the minimum educational requirements for your country.90 ECTS must be within economics and business administration. This may include methodological subjects like statistics or mathematics, but not exclusively. 30 ECTS must be within business administration (e.g. finance, accounting, strategy, marketing, statistics, mathematics, etc.). Economics courses such as micro- or macroeconomics may not count toward the business administration requirement. This requirement is absolute and cannot be compensated by work experience, test results or other criteria.Applicants are ranked according to their grade average. Your GPA should correspond approximately to a B on the ECTS grading scale. Admission is highly competitive with only one in eight applicants being offered admission. If you are to complete your degree in the spring semester of the admission year, admission will be assessed on results up to and including the penultimate semester. If offered conditional admission based on ongoing education and final transcripts result in an unacceptable decrease in grade point average, you will be refused unconditional admission.
- GMAT or GRE
Applications not including a GMAT/GRE test by March 15 will under no circumstances be considered, unless you belong to one of the few groups exempted (see Exemptions from the GMAT-/GRE requirement below).Minimum test scores required:
- GMAT: a total score of 600 points (Programme code: 7KZ-ZK-01)
- GRE: 152 points on the quantitative reasoning section (Programme code: 0686)
Test scores must be less than five years old at the time of the application deadline and only test scores issued to NHH directly from the issuing authority are accepted.
Exemptions from the GMAT-/GRE Requirement
- English language requirement
Unless you belong to one of the groups exempted (see below), you must document a good command of the English language by passing one of the three tests below:
- TOEFL – Test of English as a Foreign Language (Programme code: 0686) Minimum total score: 90 points on the internet based test, 575 points on the written test or 233 on the computer-based test
- IELTS Academic – International English Language Testing System
Minimum overall band score: 6,5
- PTE Academic – The Pearson’s Test of English. Minimum score: 62
Test scores must be less than two years old at the time of the application deadline and only test scores issued to NHH directly from the issuing authority are accepted.
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