Economics (Conversion) GDip

 
  

Fact file

Qualification
GDip Economics (Conversion)
Duration
9 months full-time, option to study for a second year at MSc level
Entry requirements
2:1 (or international equivalent)
Other requirements
IELTS
6.5 (with no less than 6.0 in any element).

If these grades are not met, English preparatory courses are available
Start date
September
Campus
University Park
School/department
Tuition fees
You can find fee information on our fees table.
 

Overview

This conversion course offers a route onto the MSc programme if you did not specialise in economics at undergraduate level, but have some background in economics or quantitative subjects.
Read full overview

It can be tailored to suit the needs of students from a range of academic backgrounds with varying degrees of mathematical training.

You will take lectures, tutorials and seminars in undergraduate economics modules, so that you are equipped with the knowledge and skills required to undertake postgraduate study.

If you complete the course at the required level, you will be able progress onto any of the following courses, obtaining a GDip and MSc qualification in just two years:

I have enjoyed the course. While the diploma was challenging, it was not overwhelming, and has prepared me well for the masters. It has opened the door to being an economist which is what I set out to achieve. I would highly recommend the course to others who want a career as an economist.
 

Euan Ritchie

Key facts

  • 6th in the UK for research power in the latest Research Excellence Framework
  • The school is in the top 100 worldwide for economics in the QS World University Rankings by Subject 2017
 

Course details

This course comprises 120 credits of core and optional modules. You can take one of two pathways, depending on your academic background and mathematical skills.

If you complete the course at the required level, you will be able progress onto any of our MSc courses, obtaining a GDip and MSc qualification in just two years.

Assessment

Modules are assessed by a combination of exams and coursework at the end of the relevant semester.

 
 

Modules

Core

Macroeconomic Theory

This module will address both the fundamental and applied aspects of macroeconomic theory. In particular, the module will focus on:

  • introducing the modern theory of expectations and economic dynamics
  • using this approach to think about short run fluctuations
  • studying the role of macro policy on short run fluctuations

The module will review the so-called modern approach to aggregate demand and aggregate supply. This entails incorporating into the classical approach to aggregate supply and aggregate demand insights from Keynesian economics. This will serve as a base to discuss the role of macro-policy in controlling for fluctuations in output and employment. 

 
Microeconomic Theory

This module covers intermediate microeconomics including general equilibrium analysis, welfare economics, elementary game theory, and strategic behaviour of firms.

 

Either:

Quantitative Economics III

An introduction to the theory and practice of econometric methods, focusing on regression analysis and its application to economic situations. The module will pay particular attention to the principles of estimation and inference in the multiple regression model, and will rely on illustrations and intuition to develop understanding of the techniques and their interpretation. 

You will deepen your understanding of the material covered in class via a series of 'hands-on' computer classes using specialist econometric software (STATA) and a set of tutorials that will review worked examples.

 
Quantitative Economics IV

This module is an introduction to the theory and practice of econometric methods, focusing on regression analysis and its application to economic situations. It will focus on practical issues relating to data modelling and issues relating to model specification and testing. It will also introduce you to regression analysis using time series data.

It will rely on illustrations and intuition to develop understanding of the techniques and their interpretation. You will advance your understanding of the material covered in class via a series of 'hands-on' computer classes using Stata. A set of tutorials will also examine worked examples that have been set as homework. 

 

or

Econometrics I

This module generalises and builds upon the econometric techniques covered in the year one module, Introductory Econometrics. This will involve introducing a number of new statistical and econometric concepts, together with some further development of the methodology that was introduced in year one. The multivariate linear regression model will again provide our main framework for analysis.

 
Econometrics II

This module introduces you to a range of statistical techniques that can be used to analyse the characteristics of univariate economic time series. The basic theoretical properties of time series models are discussed and we consider methods for fitting and checking the adequacy of empirical time series models. Methods of forecasting future values of economic time series are then considered.

 

Optional

Four from:

Advanced Mathematical Economics

The module is intended to provide an introduction to mathematical techniques used in economics. In particular, examples of economic issues that can be analysed using mathematical models will be discussed in detail.

Particular attention will be given to providing an intuitive understanding of the logic behind the formal results presented. Students who wish to pursue a higher degree in economics will find the module particularly useful.

 
Development Economics

This module is a general introduction to the economic problems of developing countries. The module will cover such topics as:

  • the implications of history and expectation
  • poverty, income distribution and growth
  • fertility and population
  • employment, migration and urbanisation
  • markets in agriculture
  • agricultural household models
  • risk and insurance
  • famines
 
Environmental and Resource Economics

This modules will look at:

  • market failure and the need for environmental policy - the Coase theorem
  • instruments of environmental policy - efficiency advantages of market instruments
  • applications of market instruments, especially the EU Emission Trading Scheme
  • fisheries - the open access problem and rights-based policies
  • valuation of the benefits of environmental policy
  • biodiversity and its benefits
  • international trade in polluting goods
  • mobile capital: race to the bottom?
 
Experimental and Behavioural Economics

This module provides a foundation in behavioural economics and the role of experimental methods in economics. The traditional approach in economics is to explain market outcomes and economic decision-making using simple theoretical models based on perfectly rational, self-interested agents who maximise their well-being by carefully weighing up the costs and benefits of different alternatives. Behavioural economics, on the other hand, aspires to relax these stringent assumptions and develop an understanding of how real people actually make decisions.

The module will introduce you to behavioural and experimental economics, discuss these fields from a methodological perspective and examine several areas of economic analysis in which they are applied. This will include individual choice under risk and uncertainty, decision-making in strategic situations and competition in markets.

 
Financial Economics

This module will offer an introduction to some theoretical concepts related to the allocation of risk by financial institutions. Then it will apply these concepts to the analysis of financial and banking crises.

 
Industrial Economics

This module provides an economic analysis of the theory and practice of organisation of firms and industries. It explores the nature of competition among firms and their behaviour in various markets, with the specific emphasis on imperfectly competitive markets. Tools for both empirical and theoretical approaches to the analysis of industries are covered.

Starting from a detailed analysis of market structures, the module goes on to discuss various aspects of firms' behaviour and their influence on market outcome. Among the behaviours covered in the module are price discrimination, vertical integration, advertising, research and development activities and entry and exit of firms. Government regulation of industries is also discussed.

 
International Money and Macroeconomics

This module will provide an introduction to international monetary issues, including the determination of exchange rates, and the functioning of the international monetary system.

 
International Trade

This module is an introduction to international trade theory and policy. It covers the core trade theories under perfect and imperfect competition and applies them to understanding the pattern of trade, gains from trade and modern topics like foreign outsourcing. On the policy side, it examines the effects of different government trade policy instruments and the role of international trade agreements.

 
Labour Economics

This module provides an introduction to the economics of the labour market. We will look at some basic theories of how labour markets work and examine evidence to see how well these theories explain the facts.

Particular attention will be given to the relationship between the theory, empirical evidence and government policy. The module will refer especially to the UK labour market, but reference will also be made to other developed economies.

 
Monetary Economics

This course will provide a foundation for the monetary economics modules in the third year and is a complement to financial economics for the second and third years. It will cover topics such as the definitions and role of money, portfolio choice, financial markets and banks, central banks and monetary policy, and the monetary transmission mechanism. 

Under these headings the module will address issues of theory, policy and practice relating to recent experience in the UK and other countries. The module will feature some current debates and controversies based on recent events.

 
Numerical Methods in Economics

This module covers the following:

Static numerical methods

  • Numerical solution methods
  • Numerical static optimisation methods
  • Applications: resource allocation, computable general equilibrium

Dynamic numerical optimisation

  • Discrete dynamic programming
  • Implementation of the methods
  • Applications: optimal growth, rational expectations, asset management

Agent-based economic modelling

  • Foundations of agent-based modelling
  • Basics of computer programming
  • Applications: evolutionary games, markets   
 
Political Economy

The module will cover the following:

Foundations

  • The rational political individual?
  • Voter participation
  • Collective action and the role of the state

Core political economy

  • The economic approach to politics
  • Political aspects of economics: rights and the limits of the state
  • Political aspects of economics: inequality and the duties of the state

Political economy in action

  • Political economy in action: some current issues in applied political economy
 
Public Sector Economics

This module looks at:

  • public finances in the uk
  • market failures
  • fundamental theorems of welfare economics
  • social welfare functions
  • externalities
  • public goods
  • natural monopolies
  • public choice
  • social insurance: social security, taxation and equity
  • excess burden of taxation and tax incidence
 

 

The modules we offer are inspired by the research interests of our staff and as a result may change for reasons of, for example, research developments or legislation changes. This list is an example of typical modules we offer, not a definitive list.

 
 

Funding

Funding information is available on the school website and can also be found on the Graduate School website.

International and EU students

The University of Nottingham offers a range of masters scholarships for international and EU students from a wide variety of countries and areas of study.

Applicants must receive an offer of study before applying for our scholarships. Please note the closing dates of any scholarships you are interested in and make sure you submit your masters course application in good time so that you have the opportunity to apply for them.

The International Office also provides information and advice for international and EU students on financing your degree, living costs, external sources of funding and working during your studies.

Find out more on our scholarships, fees and finance webpages for international applicants.

 
 

Careers

This course is designed as a conversion route to our MSc courses, allowing you to consolidate your skills and experience in your chosen field of economics. However, it is also a qualification in itself.

Nottingham economics postgraduates are spread around the globe, working in academia, government and the private sector. Our courses provide specialist skills in theoretical and empirical economics, which are sought-after by employers.

Employability and average starting salary

90% of postgraduates from the School of Economics who were available for employment secured work or further study within six months of graduation. £29,500 was the average starting salary, with the highest being £32,000.*

* Known destinations of full-time home postgraduates 2015/16. Salaries are calculated based on the median of those in full-time paid employment within the UK.

Career and professional development

Whether you are looking to enhance your career prospects or develop your knowledge, a postgraduate degree from the University of Nottingham can help take you where you want to be.

Our award-winning Careers and Employability Service offers specialist support and guidance while you study and for life after you graduate. They will help you explore and plan your next career move, through regular events, employer-led skills sessions, placement opportunities and one-to-one discussions.

 
 
 
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Disclaimer
This online prospectus has been drafted in advance of the academic year to which it applies. Every effort has been made to ensure that the information is accurate at the time of publishing, but changes (for example to course content) are likely to occur given the interval between publishing and commencement of the course. It is therefore very important to check this website for any updates before you apply for the course where there has been an interval between you reading this website and applying.

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