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Course overview

As the world becomes more complex and ever more digitised, the skills that allow you to separate fact from fiction, to pick out and interpret the right information in the right way, are becoming more valuable. Our Economics MSc gives you those skills.

The course focuses on current economic thinking, providing the technical tools for understanding and developing microeconomic and macroeconomic models. You will also build a thorough knowledge of econometric techniques.

You can focus on your interests and career goals by choosing from a range of specialist optional modules alongside your advanced-level core areas of economics.

Our teaching is informed by our world-leading research. Theoretical knowledge is supported with hands-on training in the use, presentation and interpretation of economic data, which includes exploring a variety of advanced econometric software packages.

With an advanced economics degree from the University of Nottingham, you will graduate with all the knowledge, practical skills and confidence you need to stand out to employers and progress as a professional economist or academic researcher.

Why choose this course?

Flexible course

with a broad range of modules informed by our world-leading research

One-to-one supervision

by a faculty member for your dissertation

Earn two degrees

with the opportunity to transfer to our dual degree, spending a second year in Germany

Gain real experience

by applying for internships and placements through our faculty placements scheme

Top 100

in the world for economics

Active seminar series

featuring distinguished visitors from across the world

Course content

The course is made up of 120 credits of core and optional taught modules, plus a 60-credit dissertation on a subject of your choice.

Semester one

You will take modules in microeconomic theory, macroeconomic theory, econometric theory and economic data analysis.

Semester two

You will choose two further required modules, which can be in microeconomics, macroeconomics and econometrics, and choose two optional modules from a wide range. You will also start work on your dissertation by taking a module in economic research methodology.

Dissertation

After completing your semester two modules, you will undertake a 15,000-word dissertation, with one-to-one support from an expert academic supervisor. This will demonstrate familiarity with a particular area of economic theory or policy, or the ability to apply a specific analytical technique.

Modules

Core modules

Microeconomic Theory

This module covers:

  • modern techniques of microeconomic theory
  • foundations and applications of game theory
  • information economics
Macroeconomic Theory

This module will cover analytical and theoretical issues in macroeconomics including:

  • modelling aggregate variables under adaptive and rational expectations
  • modelling with imperfect competition
  • constructing overlapping generations models
  • price inertia
Econometric Theory

This module teaches the core techniques of econometric theory, including:

  • detailed analysis of the multiple linear regression model
  • large sample theory
  • asymptotic testing procedures
  • non-linear techniques
  • mis-specification testing
Economic Data Analysis

This module provides you with 'hands on' training in the use, presentation and interpretation of economic data, including time series, cross-section and panel data. It comprises of:

  • an introduction to basic principles of economic data analysis
  • descriptive statistics
  • hypothesis testing
  • simple and multiple regression
  • introduction to panel data
  • introduction to dynamic modelling
  • time series models

The module will include a series of practical classes using econometrics software packages.

Economic Research Methodology

This module covers the following:

  • A review of perspectives on the principles and philosophical foundations of economic enquiry
  • The construction and evaluation of theories and research programmes
  • The role of models and concepts of rationality in economics
  • Alternative empirical methods
  • Professional practice
MSc Dissertation: Economics

A period of research and study designed to allow you to demonstrate familiarity with a particular area of economic theory or policy, or of applied economics or econometrics, and the ability to apply a specific analytical and/or empirical technique.

One of:

Advanced Microeconomic Theory

This module examines central theoretical aspects from modern microeconomic theory, paying particular emphasis on game theory, imperfect competition and incomplete information.

Advanced Macroeconomic Methods

This module covers the theory for the solution and estimation of dynamic stochastic models that are widely used in all fields of macroeconomics. The module is structured in a way such that you will be exposed both to theory and the practical implementation of the methods taught.

It covers topics from approximation methods for stochastic non-linear macroeconomic models, such as linear and higher-order Taylor approximation as well as dynamic programming techniques. It also exposes students to the empirical evaluation of these models ranging from calibration to classical and Bayesian estimation methods.

The module applies the techniques to contemporary general equilibrium macroeconomic models designed for positive and policy analysis such as the New Keynesian model but also models that are designed to explain partial equilibrium behaviour such as consumer saving and industry investment.

One of:

Applied Microeconometrics

The module considers modern econometric techniques for modelling microeconomic data. It covers four broad econometric techniques:

  • Robust standard errors and applications
  • Discrete choices model
  • Microeconometric policy evaluation methods for observational studies
  • Instrumental variables and GMM estimation
Time Series Econometrics

The module covers fundamental properties of time series and various classes of stochastic processes. Issues in estimation and forecasting of time series models; concepts of contemporary interest to time series econometricians are also covered.

Optional modules

Two from:

Behavioural Economic Theory

The module explores the psychological underpinnings of economic behaviour and of recent theories in behavioural economics. Topics covered include:

  • Introduction to behavioural economics
  • Choice and risk
  • Reference-dependence and loss aversion
  • Choice and time
  • Social preferences I: inequality aversion
  • Social preferences II: reciprocity and psychological games
  • Models of strategic thinking
Development Microeconomics

This module employs tools of microeconomic analysis to address topics central to development issues in low-income countries. One part concentrates on issues concerning household behaviour covering intrahousehold allocation, production, risk, migration and rural markets (especially credit), while the second part focuses on poverty and income distribution, covering measurement, income dynamics, and poverty reduction strategies.

Economics of Corporate Finance

This module offers an introduction to the economics of corporate finance. It is designed to provide you with the basic theoretical background in this area that is necessary for any applied work. Emphasis is placed on the analysis of simple models and their applications.

The module covers a variety of topics with substantial time devoted for covering issues directly related to the financial needs of firms, such as capital structure, credit rationing and corporate governance.

The module also examines the role of financial intermediaries analysing bank failures and, consequently, the scope for banking regulations. The last part of the module looks closely at the relationship between the financial sector and the real economy thus offering the background for any applied work related to the link between financial development and economic fluctuations.

Experimental Methods in Economics

This module covers the following:

  • Foundation in the research method of modern laboratory experimentation
  • Economics as an experimental subject
  • Rationale for experiments, applications and practicalities, considered in the context of specific experiments and programmes of experiments
Financial and Macroeconometrics

The module extends the coverage of advanced econometric modelling techniques and considers their application through the study of selected topics in finance and macroeconomics, developing familiarity and critical awareness of empirical research in these areas.

It covers techniques for the analysis of stationary ARMA processes, Vector Autoregressions (VARs), linear regression models, linear systems of simultaneous equations, cointegration, long-run structural VARs, forecasting, and models of changing volatility. The selected topics include the econometric analysis of business cycle fluctuations, wage, price and (un)employment determination, portfolio choice and stock market returns.

International Macroeconomics

This module covers the following:

  • International linkages in economics as a result of exchange rate movements, capital movements and spillovers
  • Factors which determine the level of the exchange rate and trade effects
  • International effects of monetary and fiscal policies
Monetary Theory and Practice

This module covers monetary aspects of advanced macroeconomics and is suitable for students of mainstream economics, finance and international economics. It focuses on the theory and practice of central banking, monetary policy and control.

It covers concepts such as time inconsistency, the problem of inflation bias with solutions, credibility, transparency and accountability of monetary institutions, inflation targeting and price stability, the choice of instruments for monetary policy and their control, and finally monetary transmission. It combines some theory with evidence and practice.

The above is a sample of the typical modules we offer but is not intended to be construed and/or relied upon as a definitive list of the modules that will be available in any given year. Modules (including methods of assessment) may change or be updated, or modules may be cancelled, over the duration of the course due to a number of reasons such as curriculum developments or staffing changes. Please refer to the module catalogue for information on available modules. This content was last updated on Monday 09 November 2020.

Learning and assessment

How you will learn

  • Lectures
  • Seminars
  • Tutorials
  • Workshops

How you will be assessed

  • Coursework
  • Project work
  • Presentation
  • Dissertation

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

Contact time and study hours

Each module in semester one will have three contact hours per week, made up of a mixture of lectures, tutorials and lab classes. For each contact hour, we expect you to spend an additional three hours of self-study, reading, completing homework, assignments and studying for exams.

Each module in semester two will have two contact hours per week, and we expect you to spend slightly more time in self-study as you start to work on your dissertation. During June, July and August, you will work on your dissertation, supported by a minimum of three one-to-one supervision meetings with your supervisor.

Entry requirements

All candidates are considered on an individual basis and we accept a broad range of qualifications. The entrance requirements below apply to 2021 entry.

Undergraduate degree2:1 (or international equivalent) in a discipline with significant economics content, including some mathematical and quantitative methods modules

Applying

Our step-by-step guide covers everything you need to know about applying.

How to apply

Fees

Qualification MSc
Home / UK £13,000
International £23,000

If you are a student from the EU, EEA or Switzerland starting your course in the 2021/22 academic year, you will pay international tuition fees.

This does not apply to Irish students, who will be charged tuition fees at the same rate as UK students. UK nationals living in the EU, EEA and Switzerland will also continue to be eligible for ‘home’ fee status at UK universities until 31 December 2027.

For further guidance, check our Brexit information for future students.

Additional costs

As a student on this course, you should factor some additional costs into your budget, alongside your tuition fees and living expenses.

You should be able to access most of the books you’ll need through our libraries, though you may wish to purchase your own copies or more specific titles which could cost up to £60.

Please note that these figures are approximate and subject to change.

Funding

There are many ways to fund your postgraduate course, from scholarships to government loans.

The University also offers masters scholarships for international and EU students. Our step-by-step guide contains everything you need to know about funding postgraduate study.

Postgraduate funding

Careers

We offer individual careers support for all postgraduate students.

Expert staff can help you research career options and job vacancies, build your CV or résumé, develop your interview skills and meet employers.

More than 1,500 employers advertise graduate jobs and internships through our online vacancy service. We host regular careers fairs, including specialist fairs for different sectors.

Graduate destinations

Our economics masters provides a logical and rigorous perspective on human behaviour which is valued by a wide range of employers around the world, in banking, business, consulting, government and academia.

Our graduates now work in academia, government and the private sector, at organisations such as Barclays, Bloomberg, Deloitte, Economist Intelligence Unit, Goldman Sachs, IBM, PwC, and Thomson Reuters.

Career progression

93.8% of postgraduates from the School of Economics secured graduate level employment or further study within 15 months of graduation. The average annual salary for these graduates was £31,605.*

* HESA Graduate Outcomes 2020, using methodology set by The Guardian. The average annual salary is based on graduates working full-time within the UK.

This course does not include an integrated placement option. However, you will have the opportunity to apply for internships and placements through the Postgraduate Placements Nottingham (PPN) scheme and the Faculty of Social Sciences placements scheme.

Dual degree options

The school has professional links with the University of Konstanz and the University of Tübingen in Germany. If you complete the taught component of this course, you can transfer onto our dual degree and spend a second year in Konstanz or Tübingen. This is a great opportunity to travel abroad and study at a highly ranked university in beautiful parts of Germany.

Two masters graduates proudly holding their certificates
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Fei Wang, MSc Economics

MSc student Fei tells us about the support he's received from the School of Economics to develop his economic skills.

Related courses

The University has been awarded Gold for outstanding teaching and learning (2017/18). Our teaching is of the highest quality found in the UK.

The Teaching Excellence Framework (TEF) is a national grading system, introduced by the government in England. It assesses the quality of teaching at universities and how well they ensure excellent outcomes for their students in terms of graduate-level employment or further study.

This content was last updated on Monday 09 November 2020. Every effort has been made to ensure that this information is accurate, but changes are likely to occur given the interval between the date of publishing and course start date. It is therefore very important to check this website for any updates before you apply.