Mathematics and Economics BSc

   
   
  

Fact file - 2018 entry

Qualification
Mathematics and Economics | BSc Jt Hons
UCAS code
GL11
Duration
3 years full-time
A level offer
A*AA/AAA
Required subjects
At least A in mathematics. Required grades depend on whether further mathematics is offered.
IB score
36 (including 6 in maths at Higher Level) 
Course location
University Park Campus 
Course places
250 across all mathematics courses
School/department
 

Overview

The course offers a grounding in relevant mathematical concepts and techniques, combined with substantial degree-level studies in economics.
Read full overview

This course is aimed at mathematically-minded people thinking of entering the business or financial sector upon graduating; for example as management consultants, actuaries, accountants or business analysts. No previous knowledge of economics or management/business studies is assumed.

Year one 

Two thirds of the first year is devoted to mathematics. You will study core mathematics under the three headings of Calculus, Linear Mathematics and Analytical and Computational Foundations, as well as probability and statistics.

You will benefit from our peer-assisted study support (PASS) scheme, designed specifically to help you settle in. PASS Leaders, who are current maths students, will provide you with a friendly face at the start of your first year and then academic support during that year, through regular PASS sessions.

The remaining third of the first year is comprised of two modules from the School of Economics covering micro- and macroeconomics.

Year two 

Your time in the second year is equally split between mathematics and economics. In both disciplines there is a wide range of modules to choose from.

Year three

As for year two, your time is equally divided between both disciplines with a wide range of optional modules in mathematics and economics.

More information 

See also the School of Economics.

 

Entry requirements

A levels: A*AA/AAA at A level including at least A in mathematics. Applicants may be asked for one of: A* in A level mathematics, A in A level further mathematics or A in AS level further mathematics. STEP is not required but may be taken into consideration when offered.

A levels in general studies, critical thinking and citizenship studies are not accepted.

IB: 36 overall, including 6 in mathematics at Higher Level. 

English language requirements 

IELTS 6.5 (no less than 6.0 in any element)

If you require additional support to take your language skills to the required level, you can attend a presessional course at the Centre for English Language Education (CELE), which is accredited by the British Council for the teaching of English. Successful students can progress onto their chosen degree course without taking IELTS again.

Alternative qualifications 

For details see our alternative qualifications page

Flexible admissions policy

In recognition of our applicants’ varied experience and educational pathways, The University of Nottingham employs a flexible admissions policy. We may make some applicants an offer lower than advertised, depending on their personal and educational circumstances. Please see the University’s admissions policies and procedures for more information.  
 

Modules

Please note, the structure detailed below is based on 2017 modules and is likely to change for 2018 entry; updates will be added when they are available.

Typical year one modules 

Analytical and Computational Foundations

This module will introduce you to three core concepts and techniques that underpin all maths modules in your degree. These are mathematical reasoning (the language of maths and providing concrete proof of mathematical theorems), an introduction to the computer package MATLAB (its use and application), and basic analysis methods.

 
Calculus
In this module, you will begin by practising the basic concepts and methods of calculus including limits, functions, and continuity. In the second semester you will move onto more advanced usage of calculus. Topics will be based around the calculus of functions of several variables and include partial derivatives, chain rules, the vector operator grad, Lagrange multipliers and multiple integrals.
 
Linear Mathematics

This module introduces you to the methods and practices of linear mathematics that you will need in subsequent modules on your course, such as complex numbers, vector algebra and matrix algebra. You will then expand your knowledge to include vector spaces, linear transformations and inner product spaces.

 
Probability
This module provides an introduction to probability by developing a framework for the logic of uncertainty. Random variables and the topics surrounding them will also be introduced.
 
Statistics

This module offers you the chance to learn about a range of statistical ideas and skills, along with concepts and techniques for modelling and practical data analysis. You will learn to write reports based on these topics which will help you in further studies.

 
Introduction to Microeconomics

You will be introduced to microeconomics, including behaviour of firms and households in situations of competitive and imperfectly competitive markets.

 
Introduction to Macroeconomics
You will be introduced to modern macroeconomic analysis including issues such as growth and employment, wage and price dynamics and consumption and saving behaviour. You will learn about the two main modern schools of macroeconomic thought: 'New Classical' and 'Keynesian'.
 
 

Typical year two modules

Introduction to Scientific Computation

In this module you’ll be introduced to basic techniques in numerical methods and numerical analysis. You’ll build upon your core year one modules to generate approximate solutions to problems that may not be easy to analyse. There’ll be a wide range of topics such as iterative methods for nonlinear equations, rounding and truncation errors, polynomial interpolation and orthogonal polynomials.
 
Probability Models and Methods

This module will give you an introduction to the theory of probability and random variables, with particular attention paid to continuous random variables. Fundamental concepts relating to probability will be discussed in detail, including well-known limit theorems and the multivariate normal distribution. You will then progress onto complex topics such as transition matrices, one-dimensional random walks and absorption probabilities.

 
Statistical Models and Methods
The first part of this module provides an introduction to statistical concepts and methods and the second introduces a wide range of techniques used in a variety of quantitative subjects. The key concepts of inference including estimation and hypothesis testing will be described as well as practical data analysis and assessment of model adequacy.
 

And then either:

  • Microeconomic Theory
  • Macroeconomic Theory

Or:

  • Microeconomic Theory
  • Econometrics 1
  • Econometrics 2

Or:

  • Macroeconomic Theory
  • Econometrics 1
  • Econometrics 2
Microeconomic Theory

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

 
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. 

 
Econometrics 1

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 2

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:

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
 
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 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.

 
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
 
Introduction to 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
 
 

Typical year three modules

Coding and Cryptography
In this module you will be introduced to two main topics of coding theory; error-correction codes and cryptography. Within these topics you will learn the main concepts, theorems and techniques and practise applying these with specific example. You will have two hours of lectures each week.
 
Game Theory
In this module you will explore the connection between numbers and games and how games can be analysed. You will learn about the algorithms of gaming, stemming from many areas of mathematics and computing. You will be able to use the mathematical knowledge you have gained so far on the course to analyse various situations in a logical manner, practising strategic decision-making. You will spend two hours per week in lectures.
 
Mathematical Finance
In this module the concepts of discrete time Markov chains are explored and used to provide an introduction to probabilistic and stochastic modelling for investment strategies, and for the pricing of financial derivatives in risky markets. You will gain well-rounded knowledge of contemporary issues which are of importance in research and applications. For this module there will be a combination of lectures, example and problem classes for around four hours each week.
 
Statistical Inference
In this module you will explore two main concepts of statistical inference; classical (frequentist) and Bayesian. Topics include: sufficiency, estimating equations, likelihood ratio tests and best-unbiased estimators. You will gain knowledge of the theory and concepts underpinning contemporary research in statistical inference and methodology. For this module there will be a combination of lectures, example and problem classes for around four hours each week.
 
Stochastic Models
In this module you will develop your knowledge of discrete-time Markov chains by applying them to a range of stochastic models for use in natural sciences and scientific industries. You will be introduced to Poisson and birth-and-death processes and then you will move onto more extensive studies of epidemic models and queuing models with introductions to component and system reliability. For this module there will be a combination of lectures, example and problem classes for around three hours each week.
 
Topics in Statistics
In this module you will build on your knowledge from previous modules by covering three main topics relating to statistics, sequential analysis, multivariate analysis and designed experiments. The skills you build will be of relevance to a professional statistician. You will have four hour lectures each week.
 

Optional economics modules covering advanced topics such as:

  • Economics Dissertation
  • Econometric Theory
  • Financial Economics
  • International Trade Theory
  • Labour Economics
  • Macroeconomics
  • Mathematical Economics
  • Microeconomics
  • Monetary Economics
  • Public Economics
  • Time Series Econometrics
  • Industrial Organisation
  • International Trade Policy
  • Numerical Methods
  • Political Economy
  • Topics in Econometrics
 

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. The above list is a sample of typical modules we offer, not a definitive list.

 
 

Careers

The school has a specialised careers programme to help you develop your CV and start planning for your future career. 

Mathematics is a wide-ranging and versatile subject, and the list of careers open to you as a mathematics graduate is extensive. Some graduates make specific use of mathematics while others use the more general skills they have gained, such as analysis and problem solving, high-level numeracy and a capacity to learn independently.

Our graduates are in high demand from prospective employers and have been well received into a broad range of careers in commerce, industry, the professions and government. The University of Nottingham is one of a small number of leading universities whose graduates are targeted for recruitment by various top companies. Our graduates have been well received in a broad spectrum of careers which include:

  • commerce
  • engineering
  • financial services
  • government
  • industry
  • information technology
  • science

Postgraduate research

Rather than directly entering the employment market upon graduating, you might decide to continue your studies at higher-degree level. Postgraduate areas of study include:

  • business studies
  • computer science
  • education
  • engineering
  • finance
  • mathematics
  • statistics

Each year some of our best students choose to stay at Nottingham and join our lively group of postgraduate research students in the School of Mathematical Sciences.

The research groups within the school each offer a large number of diverse and interesting research projects, across the specialisations of pure mathematics, applied mathematics and statistics.

Professional recognition

royal-statistical-society

This course is recognised by the Royal Statistical Society and the Institute and Faculty of Actuaries.

In order to be eligible for the RSS accreditation, students must take at least 100 credits in Parts I & II at level 2 or above, including at least 60 credits at level 3 or above in Statistics modules.

Average starting salary and career progression

In 2014, 92% of first-degree graduates in the School of Mathematical Sciences who were available for employment had secured work or further study within six months of graduation. The average starting salary was £23,996 with the highest being £40,000.*

In 2014, 92% of first-degree graduates in the School of Economics who were available for employment had secured work or further study within six months of graduation. The average starting salary was £29,639 with the highest being £52,000.*

* Known destinations of full-time home and EU first-degree graduates, 2014/15. Salaries are calculated based on those in full-time paid employment within the UK.

Careers support and advice

Studying for a degree at The University of Nottingham will provide you with the type of skills and experiences that will prove invaluable in any career, whichever direction you decide to take. Throughout your time with us, our Careers and Employability Service can work with you to improve your employability skills even further; assisting with job or course applications, searching for appropriate work experience placements and hosting events to bring you closer to a wide range of prospective employers.

Have a look at our careers page for an overview of all the employability support and opportunities that we provide to current students.  

The University of Nottingham is the best university in the UK for graduate employment, according to the 2017 The Times and The Sunday Times Good University Guide.

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Fees and funding

Scholarships and bursaries

The University of Nottingham offers a wide range of bursaries and scholarships. These funds can provide you with an additional source of non-repayable financial help. For up to date information regarding tuition fees, visit our fees and finance pages.

Home students*

Over one third of our UK students receive our means-tested core bursary, worth up to £2,000 a year. Full details can be found on our financial support pages.

* A 'home' student is one who meets certain UK residence criteria. These are the same criteria as apply to eligibility for home funding from Student Finance.

International/EU students

Our International Baccalaureate Diploma Excellence Scholarship is available for select students paying overseas fees who achieve 40 points or above in the International Baccalaureate Diploma. We also offer a range of High Achiever Prizes for students from selected countries, schools and colleges to help with the cost of tuition fees. Find out more about scholarships, fees and finance for international students.

International Orientation Scholarship
The International Orientation Scholarship is awarded to the best international (full-time, non EU) applicants to the school's courses. The scholarship is awarded in subsequent years to students who perform well academically (at the level of a 2:1 Hons degree or better at the first attempt).

Students on the BSc Mathematics and Economics degree course in the School of Mathematical Sciences receive £1,000. Please note that the scholarship will be paid once for each year of study, so if you repeat a year for any reason, the scholarship will not be paid for that repeated year.

The scholarship will be paid by cheque in December each year, provided you have registered with the university and the school, are on a relevant course on the 1 December census and have paid the first instalment of your fee.

International Office

The University of Nottingham provides information and advice on financing your degree and managing your finances as an international student. The International Office offers a range of High Achiever Prizes for students from selected schools and colleges to help with the cost of tuition fees.  
 
 

Key Information Sets (KIS)

Key Information Sets (KIS)

KIS is an initiative that the government has introduced to allow you to compare different courses and universities.

Assessment

There is assessment associated with this programme that is not attached to a specific module. During first year students complete an assessed, non credit bearing course on Careers and Employability for Economists. This allows reflection on personal development and implications on students' future careers. It will include workshops on work experience, interviews and job application in  sessions led by leading employers, graduates and the Careers Service.  

How to use the data

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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