Specialists with strong analytical skills in economics combined with computation and data processing skills are high in demand. The Economics programme is for you if you want to approach real-world challenges in a systematic and empirical manner. How do international trade and migration affect global inequality? How can we build institutions that provide resilience against shocks such as financial crises? How should we design markets to incentivise innovation? The programme prepares you for understanding the connection between such micro- and macroeconomic questions and for distinguishing between causality and correlation. Economics graduates have:
Upon graduation from the Economics programme, graduates are able to apply broad economic expertise and strong analytical skills in a wide variety of organisational settings.
Juuso Nisula, Business Analyst, Magenta Advisory by BearingPointStudying economics gave me the ability to scrutinize complex problems and to not accept things at face value.
The language of instruction is English.
The tuition fee for this programme is 15 000 euros per academic year. Citizens of European Union (EU), the European Economic Area (EEA) or Switzerland do not pay tuition fees. Citizens of other countries must pay tuition fees.
Aalto University offers a small number of scholarships in the form of tuition fee waivers to fee-paying students. Scholarships can be awarded to the highest-achieving applicants based on the programme's evaluation criteria. Applicants are ranked according to the criteria outlined on the programme's webpage.
More information on tuition fees and scholarships at Aalto University is available at the Scholarships and Tuition Fees webpage.
The Master's Programme in Economics is organised by Aalto University School of Business and comprises a total of 120 ECTS credits. The two-year programme consists of:
The programme is integrated into Helsinki Graduate School of Economics. This means that you will also be able to take courses in economics at the following institutions: Department of Political and Economic Studies at the University of Helsinki, Department of Economics of Hanken School of Economics, and Wider Institute, i.e. United Nations University World Institute for Development Economics Research.
Students have the opportunity to complete minor studies (24 ECTS) at an official exchange programme partner of the School of Business.
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.
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.
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.
Aalto University Economics professors are internationally renowned scholars, who have worked in some of the best universities around the world. Economics students will gain internationally recognised qualifications and knowledge, which builds a great foundation for an international career or continuing academic work in leading international universities. As part of their studies, students have the chance to spend a semester abroad in one of the Aalto partner universities around the world.
Aalto University is international by nature, welcoming thousands of degree and exchange students from abroad each year. These students join the diverse Aalto community not only through studies, but also multiple free time events, activities and celebrations around the campus. Programme administrators, active student tutors and student support services work rigorously to help international students integrate into Nordic culture and welcome them at home in Finland.
The Master of Science (Economics and Business Administration) degree grants eligibility for doctoral studies.
Economics graduates are qualified in taking on positions that require broad economic expertise and strong analytical skills, whether it is building a career in academia, the private or public sector, or in a national or international context. Entry-level titles range from analysts, consultants, advisors to policymakers and researchers.
Aalto University has well-established career services which help you get employed in Finland and abroad. Aalto students tend to find good positions with ease upon their graduation. There is also a very active entrepreneurship community at Aalto, which can help as a springboard for founding a company. Finally, if an academic career is of interest, the Master’s programme in Economics is a great foundation for doctoral studies and post-doc positions.
The research in this programme is linked to several focus areas in the School of Business. Additional information about research related to this programme can be found at the Department of Economics website: https://www.aalto.fi/en/department-of-economics
Aalto University and the departments involved in the programme collaborate with many high-quality universities worldwide.
The student can take advantage of the studies within other Aalto University Schools, studies under the flexible study right agreement (JOO) within other universities as well as the major's international connections and student exchange possibilities.
Are you wondering what it is like to study at Aalto? Come chat with our students and alumni about all things Aalto on Unibuddy chat platform.
Applicants meeting Aalto’s general eligibility criteria for master's studies are evaluated and ranked according to the evaluation criteria decided in advance for each study option.
The applications to Master’s Programme in Economics are evaluated based on the following criteria.
Bachelor’s degree from a university in Finland
| What is evaluated? | Previous studies |
|---|---|
| Admission requirements |
Required previous studies To be considered for admission, the applicant must demonstrate suitability by previous studies. A successful candidate has typically taken the following intermediate level courses or their equivalents: Macroeconomics; Microeconomics; Econometrics*; and Mathematical Methods of Economics**. The Econometrics and Mathematical Methods of Economics courses can be replaced with other adequate enough courses in statistical and mathematical methods. *The Econometrics course (or an equivalent statistical methods course) should have covered multivariate regression analysis with cross section and time series data and hypothesis testing. ** The Mathematical Methods of Economics (or an equivalent mathematical methods course) should have covered linear algebra; functions of several variables; unconstrained and constrained optimization; difference equations and differential equations. The required studies must be explicitly pointed in the application and the motivation letter. Course descriptions of these courses must be included in the application. It is the applicant’s responsibility to provide adequate information on the content, extent and grading of the courses. The applicant’s previous methodological studies and studies in economics, giving the ability to start the advanced studies, are assessed by a representative of the programme. Note that applicants who have completed a Master’s degree (higher academic degree) with the major subject in Economics are not eligible to apply for the Master’s Programme in Economics. The applicants that fulfill the above requirement of previous studies are ranked according to the criteria below. |
| Evaluated documents | Transcript(s) of records, degree certificate(s) |
| Criticality | Critical (0 points = rejection) |
Please Note! Remember to submit course descriptions for the required previous studies.
If your previous studies were evaluated in other scale than the ECTS then you need to attach an informal description regarding the evaluation scale to the application.
| What is evaluated? | Weighted GPA of previous studies in economics |
|---|---|
| Admission requirements | Applicants are evaluated based on their previous studies in economics. |
| Evaluated documents | Transcript(s) of records, degree certificate(s) |
| Criticality | Critical (0 points = rejection) |
| What is evaluated? | Weighted GPA of previous degree |
|---|---|
| Admission requirements | Applicants with GPA of their previous degree lower than 3.50 are not eligible for admission. |
| Evaluated documents | Transcript(s) of records, degree certificate(s) |
| Criticality | Critical (0 points = rejection) |
| What is evaluated? | Motivational letter and CV |
|---|---|
| Admission requirements |
The motivation letter is written in English and the maximum length of the letter is 4000 characters (including space characters). The motivation letter should answer at least the following questions: Why am I applying for admission to this particular study programme? What are my abilities to study Economics? Particular attention should be paid to explaining how the applicant’s previous studies cover the requirements of intermediate level Microeconomics, Macroeconomics, Econometrics and Mathematical Methods of Economics. |
| Evaluated documents | Motivation letter and CV |
| Criticality | not critical |
Bachelor’s degree from a university of applied science in Finland or from a higher education institution abroad
| What is evaluated? | Previous studies |
|---|---|
| Admission requirements |
Required previous studies To be considered for admission, the applicant must demonstrate suitability by previous studies. A successful candidate has typically taken the following intermediate level courses or their equivalents: Macroeconomics; Microeconomics; Econometrics*; and Mathematical Methods of Economics**. The Econometrics and Mathematical Methods of Economics courses can be replaced with other adequate enough courses in statistical and mathematical methods. *The Econometrics course (or an equivalent statistical methods course) should have covered multivariate regression analysis with cross section and time series data and hypothesis testing. ** The Mathematical Methods of Economics (or an equivalent mathematical methods course) should have covered linear algebra; functions of several variables; unconstrained and constrained optimization; difference equations and differential equations. The required studies must be explicitly pointed in the application and the motivation letter. Course descriptions of these courses must be included in the application. It is the applicant’s responsibility to provide adequate information on the content, extent and grading of the courses. The applicant’s previous methodological studies and studies in economics, giving the ability to start the advanced studies, are assessed by a representative of the programme. Note that applicants who have completed a Master’s degree (higher academic degree) with the major subject in Economics are not eligible to apply for the Master’s Programme in Economics. The applicants that fulfill the above requirement of previous studies are ranked according to the criteria below. |
| Evaluated documents | Transcript(s) of records, degree certificate(s) |
| Criticality | Critical (0 points = rejection) |
Please Note! Remember to submit course descriptions for the required previous studies.
If your previous studies were evaluated in other scale than the ECTS then you need to attach an informal description regarding the evaluation scale to the application.
| What is evaluated? | Weighted GPA of previous studies in economics |
|---|---|
| Admission requirements | Applicants are evaluated based on their previous studies in economics. Applicants must demonstrate good academic performance. |
| Evaluated documents | Transcript(s) of records, degree certificate(s) |
| Criticality | Critical (0 points = rejection) |
| What is evaluated? | Overall evaluation of previous studies |
|---|---|
| Admission requirements | Applicants must demonstrate good academic performance. |
| Evaluated documents | Transcript(s) of records, degree certificate(s) |
| Criticality | Critical (0 points = rejection) |
| What is evaluated? | Analytical and quantitative skills |
|---|---|
| Admission requirements | GMAT or GRE is obligatory in admission group 2 (minimum score 550 in GMAT, 515 in GMAT Focus edition or GRE score of 154 verbal reasoning - 155 quantitative reasoning). |
| Evaluated documents | GMAT/ GRE test results |
| Criticality | Critical (0 points = rejection) |
| What is evaluated? | Quality of the academic institution |
|---|---|
| Admission requirements | Recognition of the BSc institution |
| Evaluated documents | Degree certificate |
| Criticality | not critical |
| What is evaluated? | Motivational letter and CV |
|---|---|
| Admission requirements |
The motivation letter is written in English and the maximum length of the letter is 4000 characters (including space characters). The motivation letter should answer at least the following questions: Why am I applying for admission to this particular study programme? What are my abilities to study Economics? Particular attention should be paid to explaining how the applicant’s previous studies cover the requirements of intermediate level Microeconomics, Macroeconomics, Econometrics and Mathematical Methods of Economics. |
| Evaluated documents | Motivation letter and CV |
| Criticality | not critical |
The academic evaluation for the Master’s Programme in Economics is done based on the following programme-specific documents:
Please also remember to check the general document requirements for all master’s applicants.
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The Department of Economics provides a comprehensive insight into the functioning of economies and the environment in which companies operate.
School of Business
In case of programme-specific questions and inquiries, please contact the School of Business.
Aalto University Admission Services
If you have any questions regarding the application process, application documents or language tests, please contact Aalto University Admission Services