External summary

Economics is the study of the incentives that shape and reconcile the decisions that individuals, businesses, governments and societies make, and the macroeconomic outcomes such as economic fluctuations, growth, unemployment and crises, which may arise from those decisions.

The MSc in Economics (Finance) aims to provide a modern and comprehensive education to equip students to undertake research for a PhD, or to move directly into a career as a professional economist with a specialism in finance.

Economics at the University of Edinburgh has a distinguished history, spanning over two hundred years. Leading Edinburgh-based scholars of the Scottish Enlightenment, such as Adam Smith and David Hume, played a key role in the development of modern economics. The leading international scholars, who comprise our current faculty, continue to work at the cutting edge of research, providing an exciting and stimulating learning environment for high ability students drawn from a wide range of countries.

Economics at Edinburgh offers students the opportunity to develop (i) an understanding of key economic and social issues, (ii) a strong blend of qualitative and quantitative reasoning skills, (iii) the ability to abstract from less relevant issues and get to the heart of a problem, (iv) the ability to assemble and evaluate complex evidence and arguments, (v) the ability to apply core economic principles to key decision-making contexts, (vi) the ability to communicate precisely and succinctly and (vii) personal effectiveness in task-management, time-management and teamwork.

Study at a leading, large and diverse university also offers broad opportunities to further develop important career-related skills and links through a wide range of extra-curricular activities.

The MSc in Economics (Finance) offers the opportunity to choose from an unusually wide range of electives drawing on the broad research interests and expertise of the academic staff of the eight participating institutions within the SGPE.

Educational aims of programme

The specific educational aim of the programme is to provide students with the opportunity to develop and demonstrate:

• a broad knowledge and understanding of key economic and social issues, principles, models and associated mathematical and statistical techniques, along with applications and policy implications of those models; a deeper understanding of recent research activity in some more specialised areas relevant to students??? intended research or employment and of techniques and issues at the forefront of the discipline.
• research and investigative skills such as problem framing and solving and the ability to assemble and evaluate complex evidence and arguments.
• personal and intellectual autonomy through independent learning, self evaluation and self improvement and through the application of core economic principles to key decision-making contexts.
• communication skills in order to critique, create and communicate understanding and to collaborate with and relate to others.
• personal effectiveness through task-management, time-management, teamwork and group interaction, dealing with uncertainty and adapting to new situations.

Programme outcomes: Knowledge and understanding

Graduates in Economics from the University of Edinburgh will have had the opportunity to develop and demonstrate knowledge and understanding in the following areas:

A1. Core economic concepts (e.g. opportunity cost, incentives, strategic thinking, marginal considerations, expectations and surprises).

A2. The core principles and models of microeconomic theory and selected topics in applied microeconomics, which are used to illustrate and explore the issues and problems which arise in making the transition from theoretical models to empirical and other applied work. Topics covered include: optimisation and duality; uncertainty and risk, general equilibrium and welfare analysis; interdependency and strategic behaviour; games, oligopoly and market structure; imperfect competition and price discrimination; information and incentives.

A3. Core issues and approaches in macroeconomics, enabling students to derive and manipulate key macro models and consider their relevance to macroeconomic policy debates. Topics covered include analysis of economic growth and cross country income differences; economic fluctuations; macroeconomic policy; unemployment and macroeconomic aspects of labour markets.

A4. Key mathematical and statistical/econometric techniques. The ability to understand applications of these techniques and to use them as problem solving tools or for data analysis in their own research. Coverage includes: the general linear model, OLS estimators, basic testing and forecasting with IIDN disturbances; multicollinearity; use of dummies, seasonality and structural change; specification/model selection tests; heteroscedasticity, autocorrelation and GLS estimators; errors in variables, simultaneity and IV estimators; systems of simultaneous equations, identification and estimation; panel data; macroeconomic applications of time series analysis; and tools for dynamic optimisation.

A5. Major modern developments in economic analysis, with a deeper understanding and appreciation of ongoing research activity in some more specialised areas related to finance.

A6. Applications of Economic theory and reasoning to applied topics and policy issues.

Programme outcomes: Graduate attributes - Skills and abilities in research and enquiry

Graduates in Economics from the University of Edinburgh will have had the opportunity to develop and demonstrate skills and abilities relating to the process of research and enquiry including:

B1. The ability to identify, define and analyse theoretical and applied economic problems and identify or devise approaches to investigate and solve these problems.

B2. The ability to search for, evaluate and use information to develop their knowledge and understanding of economic and social phenomena and the methods and techniques used to analyse these.

B3. The ability to critically assess existing understanding of economic and social issues, the limitations of that understanding and the limitations of their own knowledge and understanding of those issues.

B4. The ability to question the principles, methods, standards and boundaries of economic knowledge.

B5. The ability to understand economic, legal, and environmental issues in the use of information.

Programme outcomes: Graduate attributes - Skills and abilities in personal and intellectual autonomy

Graduates in Economics from the University of Edinburgh will have had the opportunity to develop and demonstrate skills and abilities relating to personal and intellectual autonomy including:

C1. The ability to be independent learners who take responsibility for their own learning, and are committed to continuous reflection, self-evaluation and self-improvement.

C2. The ability to make decisions on the basis of rigorous and independent thought, taking into account ethical and professional issues.

C3. The ability to work towards personal goals in an independent manner.

C4. The ability to collaborate and debate effectively to test, modify and strengthen their own views.

Programme outcomes: Graduate attributes - Skills and abilities in communication

Graduates in Economics from the University of Edinburgh will have had the opportunity to develop and demonstrate skills and abilities in communication including:

D1. The ability to make effective use of oral, written and visual means to critique, create and communicate understanding.

D2. The ability to further their own learning through effective use of feedback.

D3. The ability to use communication as a tool for collaborating and relating to others.

D4. The ability to communicate relevant information succinctly and precisely.

D5. The ability to communicate both qualitative and quantitative reasoning

Programme outcomes: Graduate attributes - Skills and abilities in personal effectiveness

Graduates in Economics from the University of Edinburgh will have had the opportunity to develop and demonstrate skills and abilities in relation to personal effectiveness such as:

E1. The ability to manage tasks and skills in time-management.

E2. The ability to cope with uncertainty and to adapt to new situations

E3. The ability to adapt to new situations make decisions based on their understanding.

E4. The ability to work effectively with others, capitalising on their different thinking.

Programme outcomes: Technical/practical skills

Graduates in Economics from the University of Edinburgh will have had the opportunity to develop and demonstrate the following advanced technical and or practical skills and abilities:

F1. High level language programming ability in STATA and/or other statistical packages

F2. General computer IT Literacy

F3. Modelling skills: abstraction, logic, succinctness, quantitative analysis (mathematics and statistics)

F4. Qualitative analysis.

Programme structure and features

The MSc programme is a full-time 1 year programme, September to September. In Semester 1 students take a compulsory 3-week course in mathematical and statistical methods, Mathematics, Statistics and Econometrics, as well as diagnostic tests on economics and quantitative methods. Students with an unsatisfactory performance in this section of the programme have in the past tended to struggle later and are encouraged to withdraw from the programme. Following a satisfactory performance in this course, students take core courses, Microeconomics 1, Macroeconomics 1 and Econometrics 1 for the remainder of Semester 1. In week 0 of the second semester, students attend the SGPE Annual Residential Research conference, which includes special sessions on the Econometrics teamwork projects, the available option courses, post MSc employment and study opportunities, plenary presentations by visiting researchers, and the opportunity to attend parallel sessions of research presentations by SGPE PhD students. In the remainder of the first half of the second semester students take further core courses Microeconomics 2, Macroeconomics 2 and Econometrics 2: Time Series. In the second half of Semester 2, students take elective courses. Throughout the programme courses are closely linked to the research interests of teaching staff. In addition all students research and write a dissertation over a 3-month period during the summer.

Knowledge and understanding, and the skills and other attributes listed in section 10 above are developed progressively throughout the programme.

Issues related to sustainability, social responsibility and equality and diversity are embedded in the normal curriculum; to some extent they relate to the core economic concepts outlined in 11. A above. They are particularly emphasised in required courses: Microeconomics 1 and Macroeconomics 1.

Courses are a mix of 20 credits (normally 1 semester, 9 teaching weeks, in length) and 10 credits (normally 5/6 weeks in length). A ???normal??? year comprises 120 credits of taught courses plus a 60 credit dissertation. Students should expect to undertake approximately 200 hours of efficient learning per 20 credits. This includes formal class time, which for required courses, is 6-7 hours per week per course. Option courses have less formal class time (normally 3.5 hours per week) and place more emphasis on guided independent study.

The normal mode of study is through coursework and examination, the only exception being the dissertation, which does not include a final examination. The normal programme structure, with entry, progression and exit points, is outlined below.

Teaching and learning methods and strategies

Knowledge and understanding: 11.A1-11.A4 are developed progressively in the core courses in Teaching Blocks 1 to 3 of the programme through lectures, tutorials, learning-by-doing through working through problem sets and guided independent study. The core econometrics and macroeconomics courses include lectures and small-group exercise classes, many of which are held in computer laboratories utilizing statistical/econometric packages. Additional support is provided by a Help Desk staffed by selected PhD students.
11.A4 is developed as an integral part of the core courses both through the econometrics sequence, including the introductory course, Mathematics, Statistics and Econometrics. This course is supported by tutorials and incorporates a range of diagnostic tests to highlight areas in need of attention.
11.A5 and 11.A6 are also developed in the core required courses, with more detailed and in depth treatment in a wide range of option courses taken in Teaching Block 4 of the programme. Option courses typically employ informal lectures. Regular class contact is supplemented by more informal, student-driven, office hours.
Independent study, both to broaden knowledge and understanding and to learn-by-doing, is important throughout the programme and is progressively emphasised, culminating in a substantive dissertation. Co-operative learning, with fellow students, is also encouraged. Formal instances of co-operative learning exist through the use of study groups in core courses and the team project in Econometrics 2.

Skills and abilities relating to research and enquiry are central to the mastery of economics and are emphasized and developed progressively throughout the programme. While all teaching/learning modes play an important role in developing these capabilities, they are particularly emphasised in: small-group classes and tutorials; feedback and guidance on exercises and essays; project work; discussions in informal lectures; guidance for independent study, e.g. dissertation supervision; and student-driven office-hour consultations. Exercises, essays and other assignments, throughout the programme, develop these capabilities by challenging students to apply, adapt, question and extend knowledge and understanding in novel contexts. The programme structure enables students to develop an appreciation of differing approaches to analysing economic phenomena ranging from more literary and discursive modes to more technical and formal modes. Core and option courses, and the dissertation, provide opportunities for critical appraisal of existing understanding at or close to the research frontier and scope to extend knowledge and understanding of economic and social phenomena. 11.B1-11.B5 are emphasised in the SGPE Postgraduate Residential Research Conference.

Skills and abilities relating to personal and intellectual autonomy are emphasized and developed throughout the programme. They are encouraged and reinforced by feedback on course-work, guided exercises and project reports throughout the programme. The emphasis on these skills increases throughout the programme, culminating in the dissertation. Learning opportunities, such as the Help Desk and office hours, require the use of independent action and initiative. Core economics principles and concepts (e.g. opportunity cost, incentives, strategic thinking, marginal considerations, expectations and surprises) are transferable to most decision contexts and foster 11.C2. Projects, interaction in small-group classes and cooperative learning, develop 11.C4. More generally, finance options and the dissertation topic, taken by the student, possibly following consultation with their Director of Studies foster 11.C1-11.C4. Provision of different levels of academic and pastoral support at different stages in the programme fosters the development of personal and intellectual autonomy.

Skills and abilities in Communication: 11.D1 and 11.D2 are encouraged and reinforced by feedback on, guided exercises and project reports throughout the programme. The study of Economics emphasises succinct communication through the use of formal modelling and abstraction. The emphasis on these increases throughout the programme, culminating in the dissertation. Learning opportunities, such as the Help Desk and office hours, develop communications and interpersonal skills. Teamwork projects, interaction in small-group classes, cooperative learning, and regular day-to-day contacts (such as obtaining information and advice from busy lecturing, service or administrative staff) develop 11.D3. Both the diverse set of phenomena and the range of modes of analysis embodied in the Economics programme enable students to develop an ability to understand communicate both qualitative and quantitative reasoning. The wide range of extra-curricular activities available at the University of Edinburgh, together with vacation employment and internship opportunities, also play an important role in developing and enhancing these skills.

Skills and abilities in Personal Effectiveness: The MSc Programme Handbooks, and other department and university resources, provide guidance on 11.E1. The time-pressures of student life involve balancing the demands of non-academic and academic pursuits: keeping up-to-date with studies, course-work deadlines (which involve some deadline bunching), exam preparation, and longer-term projects, such as the dissertation, reinforce these skills through learning-by-doing in the context of independent research. In conjunction with the increased emphasis on independent action, time-management skills are more important in later stages of the programme. Course-work deadlines, examinations and class presentations are potentially stressful, encouraging students to learn to cope with stress, with guidance and advice on stress-management provided by an extensive network of university and department resources. Teamwork projects, interaction in small-group classes, cooperative learning, and regular day-to-day contacts (such as obtaining information and advice from busy lecturing, service or administrative staff) develop 11.E4. Core economics principles and concepts (e.g. opportunity cost, incentives, strategic thinking, marginal considerations, expectations and surprises) are transferable to most decision contexts and hark back to outcomes 11.A1 through 11.A6 (as well as relating to C2). Provision of different levels of academic and pastoral support at different stages in the programme fosters the development of personal effectiveness.

Technical/practical skills: Extensive use, linked to learning-by-doing, is made of computing and IT resources throughout the programme, beginning with the introductory course, QM0, including: computer assisted learning; essay, report and dissertation presentation; data analysis and statistical econometric work; as an information resource; for communication by e-mail. These foster development of 11.F1 and 11.F2. In analysing economic and social issues, throughout the programme, frequent use is made of formal mathematical and statistical models to study the mechanisms at work. Thus students have extensive opportunities to develop the ability to abstract from irrelevant details and focus on the heart of the problem, which is the essence of good modelling in economics. Use of models enables students to develop logical skills and offers them opportunities to develop the succinctness of their analytical arguments. Use of written assessments also encourages students to develop their skills of qualitative or discursive analysis: argumentation, strength of internal logic, sharpness of structure, use of relevant examples etc.

Assessment methods and strategies

Knowledge and understanding is tested by a mix of multiple choice and written examinations; problem sets, project reports in various formats, teamwork projects, essays, and a dissertation. Written examinations vary in format depending on the knowledge and understanding being tested. Some employ traditional essays (often with a model-based analytical core), others place more emphasis on problem-solving.

All forms of assessment (outlined above) place great emphasis on research and enquiry. Examinations (including multiple choice exams) are designed to test the ability to analyse economic problems and evaluate understanding of economic phenomena, by challenging students to adapt and apply their knowledge and understanding, rather than rewarding memorization and regurgitation. Essays, project work and the dissertation also emphasize skills and abilities relating to research and enquiry.

Skills and abilities in Personal and Intellectual Autonomy: This group of skills plays an important part in all forms of assessment. 11.C1-11.C3 is emphasized, in particular, in essays, reports and the dissertation. 11.C4 is emphasised by assessed teamwork projects.

Skills and abilities in Communication: This group of skills plays an important part in all forms of assessment. 11.D1, 11.D2, 11.D4 and 11.D5 are emphasized, in particular, in essays, project reports, the dissertation and by written examinations; 11.D3 by assessed teamwork projects.

Skills and abilities in Personal Effectiveness: This group of skills plays an important part in all forms of assessment. 11.E1 is emphasized, in particular, in essays and project reports. The dissertation, the work for which is staged over a period of 14 months, places particular emphasis on 11.E1. Examinations (including multiple choice exams) are designed to test 11.E2, by challenging students to adapt and apply their knowledge and understanding, rather than rewarding memorization and regurgitation. The wide variety of assessment modes in use throughout the programme encourages adaptability. 11.E3 is emphasized by examination and deadline pressures, and 11.E4 by assessed teamwork projects.

Technical/practical skills: Assessment of 11.F1 and 11.F2 is primarily through course-work ??? guided exercises, essays, project reports - and the dissertation. 11.F3 and 11.F4 are assessed both through coursework and examination

Career opportunities

Economics graduates from the University of Edinburgh are highly regarded by employers. The MSc most naturally leads on to either further study, usually at PhD level, a career as a professional economist directly after graduation, or a job directly in finance. Opportunities include working for government, one example being the Government Economic Service within the Scottish Government, working for international organisations, or working as an economist within a financial organisation. The skills you learn throughout your course will also equip you for careers in business, management and consultancy, or for work within aid agencies, not-for-profit organisations or government departments.

Other items

Support for students and their learning
??? Pre-arrival guidance on reading material and expected standards of mathematics and statistics.
??? Freshers??? week induction programme for general orientation, introduction to study skills and learning resources.
??? Semester 1 social programme to foster sense of community.
??? Introductory Mathematics, Statistics and Econometrics course with diagnostic tests to indicate areas of weakness in maths, stats and economics knowledge.
??? Extensive weekly tutorial and computing laboratory provision for core courses during Semesters 1 and 2.
??? Small work groups for core course tutorials to facilitate teamwork and communication skills.
??? A weekly Economics Help Desk staffed by selected PhD students throughout core courses.
??? Office-hour provision allows easy personal contact with teaching staff outside formal classes.
??? Dedicated Teaching room for lectures and classes.
??? Residential postgraduate research conference includes special sessions on the Econometrics 2 teamwork projects, the available option courses, post MSc employment and study opportunities, plenary presentations by visiting researchers, and the opportunity to attend parallel sessions of research presentations by SGPE PhD students, offers opportunities for networking and helps foster a sense of community.
??? Teaching staff are carefully selected by the SGPE Executive from the extensive staff-resources provided by the eight collaborating institutions. Teaching responsibilities are closely related to the research interests of research-active staff, enabling staff to draw on their own research in classroom applications and encouraging a lively, advanced and research-linked learning environment.
??? Use of university Computing suites for computing laboratories in econometrics and macroeconomics courses.
??? Dedicated work rooms with study space and computing facilities.
??? Extensive library and related IT and data resources in the nearby University Library.
??? Computing resources are available in extensive open access labs run by the University Information Services, located in the Central Area as well as at the Pollock Halls of Residence.
??? All students have e-mail, which facilitates easy communication with academic and administrative staff.
??? All students on the programme are allocated to a Director of Studies, whose role is to provide advice and guidance on academic and personal matters. They are assisted by the Programme Administrator and Administrative Assistant who are able to assist students with routine queries, such as confirmation of attendance and course enrolments, and can provide factual references (for tenancies, bank accounts etc). The Administrative staff are available during normal office hours and are usually a student's first port of call.
??? University support services include the Advice Place (run by the Students??? Association), the Student Counselling Service, Chaplaincy Centre, the Disability Office, Accommodation Services, International Office.
??? Active student societies including, the Economic Society, AIESEC (an international business society), and the Trading and Investment Club, provide valuable social fora and opportunities for further developing important career-related skills and links.
??? Careers??? advice is provided by the well-regarded University Careers Service.