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Master's Programme in Economics
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Curriculum 2024–2026
About the programme
There are three separate majors in the programme:
Economics
Economics major equips the student with a well-rounded and comprehensive understanding of modern economics and its relevance to real-world phenomena. Its flexible structure allows for an individually designed curriculum that combines specialized courses in chosen sub-fields of economics together with analytical and quantitative courses that prepare for demanding analytical jobs. Economics major prepares the student for a professional career in the private or public sector.
Environmental and Energy Economics
Environmental and Energy Economics major has a special focus on environmental and energy markets and policies. Environmental and energy economics endows the student with skills relevant for a broad set of public or private positions related to the energy transition.
Research Master in Economics
The primary objective of the Research Master in Economics major is the provision of in-depth understanding of the principles of economic analysis. It represents state-of-the art scientific knowledge of the field and prepares students to operate in most demanding expert positions in government, business, and research. The advanced and technically oriented nature of the major also serves as an excellent foundation for entry into a PhD program and other research-focused roles in the society.
Degree level learning goals
MSc degree studies consist of programme studies and elective studies. In some programmes, there is also a compulsory minor. The scope of the modules varies between programmes.
In addition to the goals stated in Government Decree on University Degrees (794/2004) 7 § the aim of the Master of Science degree in Economics and Business Administration is to provide students with
- Businss knowledge: a comprehensive understanding of the area of specialisation, including its potential to address environmental, economic and social sustainability challenges;
- Problem-solving and opportunity creation skills: the ability to identify and analyse sustainability challenges and business opportunities and creatively develop solutions;
- Scientific thinking: the ability to independently retrieve, assess, apply and create knowledge in the field of business and economics;
- Ethical behaviour: the ability to reflect on the ethical foundations and implications of business decision-making for different stakeholders and to act accordingly; and
- Communication and teamwork: the ability to communicate effectively and to foster diversity, equity and inclusiveness in organisations.
Programme level learning objectives
The aim of the master’s programme in economics is to give students a wide understanding of economic issues and a comprehensive knowledge of econometric and mathematical tools of analysis. When studying in the programme, the students will develop the following skills:
- analytical thinking: the ability to analyse a wide range of economic phenomena by using different theories;
- scientific thinking: the ability to apply the economic theory in practice;
- methodological skills: the ability to use econometric and mathematical methods; and
- communication skills: the ability to structure and report economic analysis orally and in writing.
Degree structure
Total
120
ECTS
84-87
ECTS
33-36
ECTS
*Including master's thesis 30 ECTS
Major 84-87 cr
Code: BIZ24
Scope: 84-87 ECTS
Programme director: Tuukka Saarimaa
| Code |
Course name |
ECTS | Period |
|---|---|---|---|
| 31E00910 | Applied Microeconometrics I | 6 | I |
| 31E99906 | Capstone: Microeconomic Policy | 6 | II |
| 31E23000 | Macroeconomics: Policy | 6 | III |
| ECON.thes | Master’s Thesis | 30 | I-II, III-IV |
| 31E99905 | Master’s Thesis Seminar 1 | 6 | I-II, III-IV |
| BIZ.matr | Maturity Test | 0 | I-II, III-IV |
Choose at least 30 credits |
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|
Within the Helsinki GSE cooperation economics students can also complete advanced courses of economics offered by the University of Helsinki and Hanken School of Economics. Students can enroll for the courses in Aalto University's Sisu through Cross-institutional studies (RIPA). |
|||
| Aalto University | |||
| 31E00920 | Applied Microeconometrics II | 6 | II |
| ECON-E0900 | Economics of Energy Markets | 6 | IV |
| ECON-E0200 | Economics of Cities | 6 | IV |
| 31E15000 | Development Economics I | 6 | I |
| 31E16000 | Development Economics II | 6 | IV |
| 31E40100 | History of Economic Growth and Crises | 6 | III |
| 31E00500 | International Trade | 6 | II |
| ECON-E0710 | Labor Economics I | 6 | III |
| ECON-E0720 | Labor Economics II | 6 | IV |
| 31E11100 | Microeconomics: Pricing | 6 | I |
| BIZ-E0100 | Customized Student Business Project2 | 6 | I-V, summer |
| 31E13000 | Industrial Organization (Micro III) | 6 | not lectured |
| 31E03100 | Topics in Economics (Data driven business analysis) | 6 | 24-25: II |
| FIN-E0317 | Designing Experiments in Economics and Finance | 6 | 24-25: V 24-26: I |
| Hanken 2024-2025 | |||
| 26037 | Behavioral Economics | 5 | II |
| 26033 | Competition Economics | 5 | IV |
| 26043 | Economics of new ventures and innovations | 5 | I |
| 26044 | Markets and industrial organization | 5 | II |
| 26035 | Money and Banking | 5 | I |
| University of Helsinki, Master's Programme in Economics 2024-2025 | |||
| ECOM-411 | Applied Macroeconometrics 1 | 5 | IV |
| ECOM-412 | Applied Macroeconometrics 2 | 5 | I |
| ECOM-410 | Applied Macroeconomics | 5 | I |
| ECOM-G314 | Econometrics 1 | 5 | II |
| ECOM-452 | Economic Justice | 5 | III |
| ECOM-G312 | Macroeconomics 1 | 5 | I |
| ECOM-G313 | Macroeconomics 2 | 5 | II |
| ECOM-G310 | Microeconomics 1 | 5 | I |
| ECOM-G311 | Microeconomics 2 | 5 | II |
| ECOM-434 | Money and Monetary Policy | 5 | III |
| ECOM-449 | Political Economy of Development | 5 | III |
| ECOM-440 | Public Economics 1: Taxation Policy | 5 | III |
| ECOM-441 | Public Economics 2: Expenditure Policies | 5 | IV |
| ECOM-438 | Search Theory | 5 | IV |
1 Enrollment to the seminar held in autumn semester by 31.5. (in the previous spring) and to the seminar held in spring semester by 31.10. (in the previous autumn).
2 Customized Student Business Project must be agreed in advance, see course description in Sisu for more details. Only for Aalto students.
Economics MSc Thesis InformationAt the consent of the programme director it is possible to include 1-2 courses offered by other subjects at the School of Business or by other schools of the Aalto University. This enables the student to focus on a certain area of economics, e.g. financial economics. These courses must meet the goals and requirements of the programme. For more information, you can contact the planning officer of Economics.
It is recommended that students who wish to continue to doctoral studies choose a wider combination of courses in micro- and macroeconomic theory than the minimum requirements. It is also possible to choose the Research Master in Economics major from the beginning of the master's studies.
Code: BIZ24
Scope: 86-87 ECTS
Students who wish to start in the Environmental and Energy Economics major must contact Professor Matti Liski.
| Code |
Course name |
ECTS | Period |
|---|---|---|---|
| 31E00910 | Applied Microeconometrics I | 6 | I |
| ECON-E0800 | Advanced Environmental Economics | 6 | 24-25 no teaching 25-26 periods I-II |
| 31E99906 | Capstone: Microeconomic Policy | 6 | II |
| ECON-E0900 | Economics of Energy Markets | 6 | IV |
| AGERE-E01 | Environmental Economics I 1 | 5 | II |
| AGERE-E02 | Environmental Economics II: Mechanisms1 | 5 | III |
| ECON.thes | Master’s Thesis | 30 | I-II, III-IV |
| 31E99905 | Master’s Thesis Seminar 2 | 6 | I-II, III-IV |
| BIZ.matr | Maturity Test | 0 | I-II, III-IV |
Choose at least one course of the following:Enrolment in Aalto Sisu through Cross-institutional studies (RIPA). |
|||
| AGERE-003 | Economic Valuation Methods 1 | 5 | I |
| AGERE-E09 | Advanced Natural Resource Economics 1 | 5 | IV |
| AGERE-E11 | Solving environmental problems with data 1 | 5 | IV |
Choose at least one course of the following: |
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| 31E23000 | Macroeconomics: Policy | 6 | III |
| 31E11100 | Microeconomics: Pricing | 6 | I |
Choose 0-6 credits of the following: |
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| The courses available from all of the three universities are listed below. | |||
| Aalto University | |||
| 31E00920 | Applied Microeconometrics II | 6 | II |
| 31E15000 | Development Economics I | 6 | I |
| 31E16000 | Development Economics II | 6 | IV |
| ECON-E0200 | Economics of Cities | 6 | IV |
| 31E40100 | History of Economic Growth and Crises | 6 | III |
| 31E00500 | International Trade | 6 | II |
| ECON-E0710 | Labor Economics I | 6 | III |
| ECON-E0720 | Labor Economics II | 6 | IV |
| FIN-E0317 | Designing Experiments in Economics and Finance | 6 | 24-25: V 24-26: I |
| Hanken 2024-2025 Enrolment in Aalto Sisu through Cross-institutional studies (RIPA). |
|||
| 26037 | Behavioral Economics | 5 | II |
| 26033 | Competition Economics | 5 | IV |
| 26043 | Economics of new ventures and innovations | 5 | I |
| 26044 | Markets and industrial organization | 5 | II |
| 26035 | Money and Banking | 5 | I |
| Master’s program in Agricultural, Environmental and Resource Economics (AGERE) 2024-2025 Enrolment in Aalto Sisu through Cross-institutional studies (RIPA). |
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| AGERE-002 | Cost-Benefit Analysis (MOOC) | 5 | IV |
| AGERE-E06 | Economics of Aquatic Resources: Numerical Models | 5 | I |
| AGERE-E07a | Energiapolitiikka Suomessa | 5 | III |
| AGERE-E08 | Introduction to Dynamic Optimization | 5 | III |
| University of Helsinki, Master's Programme in Economics 2024-2025 Enrolment in Aalto Sisu through Cross-institutional studies (RIPA). |
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| ECOM-411 | Applied Macroeconometrics 1 | 5 | IV |
| ECOM-412 | Applied Macroeconometrics 2 | 5 | I |
| ECOM-410 | Applied Macroeconomics | 5 | I |
| ECOM-G314 | Econometrics 1 | 5 | II |
| ECOM-452 | Economic Justice | 5 | III |
| ECOM-G312 | Macroeconomics 1 | 5 | I |
| ECOM-G313 | Macroeconomics 2 | 5 | II |
| ECOM-G310 | Microeconomics 1 | 5 | I |
| ECOM-G311 | Microeconomics 2 | 5 | II |
| ECOM-434 | Money and Monetary Policy | 5 | III |
| ECOM-449 | Political Economy of Development | 5 | III |
| ECOM-440 | Public Economics 1: Taxation Policy | 5 | III |
| ECOM-441 | Public Economics 2: Expenditure Policies | 5 | IV |
| ECOM-438 | Search Theory | 5 | IV |
1 Offered by the Master’s program in Agricultural, Environmental and Resource Economics (AGERE) at the University of Helsinki.
2 Enrollment to the seminar held in autumn semester by 31.5. (in the previous spring) and to the seminar held in spring semester by 31.10. (in the previous autumn).
Code: BIZ24
Scope: 84 ECTS
Programme director: Tuukka Saarimaa
Students aiming at the Doctoral Programme or jobs that require advanced methodological skills can apply for the major Research Master in Economics. Research master courses are arranged within the Helsinki Graduate School of Economics cooperation.
Economics students who wish to complete Research Master in Economics must apply for the major. The application period is once a year in the Spring.
To be eligible for the major, student should have a grade point average of at least 4.00 in the core B.Sc. courses, i.e. Intermediate Microeconomics, Intermediate Macroeconomics, Econometrics and Mathematical Methods of Economics. For students from other programs, previous studies must prove sufficient knowledge in economics, mathematics and statistics. To be eligible for the major student's study right must also be valid for at least two years. Student can start completing the research master courses only after the approval of the programme director.
| Code | Course name | ECTS | Period |
|---|---|---|---|
| ECON.thes | Master’s Thesis | 30 | I-II, III-IV |
| 31E99905 | Master’s Thesis Seminar 1 | 6 | I-II, III-IV |
| BIZ.matr | Maturity Test | 0 | I-II, III-IV |
| ECON-E6000 | Math Camp | 3 | I (20.8.-30.8.2024) |
Research Master courses 30 creditsStudents can enroll for the courses offered by Hanken and University of Helsinki in Aalto University's Sisu through Cross-institutional studies (RIPA). |
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| ECON-L2100 | Advanced Microeconomics 1 | 5 | I, Aalto |
| ECON-L2200 | Advanced Microeconomics 2 | 5 | II, Aalto |
| ECON-L3100 | Advanced Macroeconomics 1 | 5 | I, UH (ECOM-R312) |
| ECON-L3200 | Advanced Macroeconomics 2 | 5 | II, UH (ECOM-R313) |
| ECON-L4100 | Advanced Econometrics 1 | 5 | I, UH (ECOM-R314) |
| ECON-L4200 | Advanced Econometrics 2 | 5 | II, UH (ECOM-R315) |
Choose 3 courses from the following: |
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| ECON-L2300 | Advanced Microeconomics 3 | 5 | III, Hanken (26047) |
| ECON-L2400 | Advanced Microeconomics 4 | 5 | IV, Aalto |
| ECON-L3300 | Advanced Macroeconomics 3 | 5 | III, UH (ECOM-R319) |
| ECON-L3400 | Advanced Macroeconomics 4 | 5 | IV, UH (ECOM-R318) |
| ECON-L4300 | Advanced Econometrics 3 | 5 | III, UH (ECOM-R321) |
| ECON-L4400 | Advanced Econometrics 4 | 5 | IV, Aalto |
1 Enrollment to the seminar held in autumn semester by 31.5. (in the previous spring) and to the seminar held in spring semester by 31.10. (in the previous autumn).
Economics MSc Thesis Information
Helsinki Graduate School of Economics, Research Master courses
The research master courses are arranged within the Helsinki Graduate School of Economics cooperation. The course details are given on the course host university’s (Aalto University, Hanken School of Economics or University of Helsinki) Sisu page. The research master track courses (Advanced Econometrics, Advanced Macroeconomics and Advanced Microeconomics) are listed on the Helsinki GSE website.
Elective studies 33-36 cr
You can choose elective studies to your Master's degree so that the scope of the degree (120 credits) is fulfilled. You can exceed the scope of the degree by one course maximum.
Elective studies can include basic, intermediate or advanced level courses. You can use the module e.g.
- To complete a minor
- To broaden your skills and knowledge via multidisciplinary studies:
- select courses in the field of technology or art
- select courses in other universities via JOO study right
- Select gender studies via Hilma network or other Aalto networks
- To gain entrepreneurial skills
- To deepen your language and communication skills (see short informational video about the Language Center here)
- To deepen or broaden your skills and knowledge in the field of business
- select additional courses in your degree programme or major
- select courses from other degree progarmmes or majors in the School of Business
- select additional courses in your minor
- complete the Customized Student Business project BIZ-E0100 (read more here)
- To gain work experience and working life skills via an internship (read more at During your studies > Other studies)
- To gain skills in self leadership, finding meaningfulness, and improving study wellbeing via Personal Impact courses
The scope of the minor varies depending on the minor. Please check each minor's requirements. For a list of all the minors at Aalto University, see Aalto Minors hub.
Please also check your programme's curriculum to see if there are any requirements for the minor in your programme.
A minor included in the Master's degree can be one of the following:
- a module confirmed in the curriculum (a minor study entity offered at the School of Business)
- a module completed in an official exchange programme partner of the School of Business or in another programme meeting the requirements set in the official exchange programme policy of the School of Business
- a module earned at another Aalto University school
- a module earned at another Finnish university e.g. under the agreement on flexible study rights (JOO agreement).
Exchange studies is a very popular minor among the students of the School of Business. If you are interested in completing exchange studies as your minor, please check out this short informational video.
If you have mandatory language studies in your master's degree, they are included in the elective studies module. You have received information about these in the beginning of your studies, if this applies to you. If you are uncertain of whether you need to demonstrate language proficiency in the master's degree, please contact your programme's planning officer to get further information about the matter.
- If you have completed your bachelor's degree in Finland (in Aalto or in another higher education institute), you have fulfilled the compulsory language requirements in the respective degree or received the exemption. You do not need to complete language studies in the master's degree.
- If your language of education is Finnish or Swedish and you have completed your bachelor’s degree outside of Finland, you must demonstrate proficiency in national languages by writing the maturity test in your language of education (Finnish or Swedish) and complete the language proficiency tests in the other national language. Read more about the language of education here. You may also apply for an exemption of demonstrating proficiency in national languages. See also the following bullet.
- If you have completed your bachelor’s degree outside of Finland, you must complete minimum of 3 ECTS in English. You can choose any course on B2 level or higher. Students, whose language of education is not Finnish or Swedish, may alternatively complete an elementary course in Finnish or in Swedish. The courses in national languages can be at any level on CEFR scale.
Language studies are included in students’ elective studies and are agreed in the personal study plan (HOPS). Language center offers the language studies.
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