Code: BIZ309
Credits: 51 ECTS cr
Responsible Professor: Professor Marko Terviö

Principles of Economics

Quantitative Methods

During the programme studies, students acquire specific knowledge and skills related to economic and social sciences, including business and management. They develop skills in making judgments autonomously and analyzing complex problems using relevant analytic and quantitative tools. They take into account sustainability and ethical issues in analyzing economic problems. They improve their written and oral communication, and acquire lifelong learning skills useful for both continuing their studies and their professional futures.

Knowledge and Understanding

Upon completing the study programme, the students will have acquired knowledge related to:

• analyzing the behavior of economic actors; the functioning of various markets; policy responses to market imperfections; macroeconomic phenomena, national and international institutions, and public finance
• quantitative methods (mathematical, statistical and programming) for the understanding of socioeconomic phenomena
• fundamentals of business and management
• minor subjects chosen by the student

Applying Knowledge and Understanding

Upon completing the study programme, the students will be able to:

• analyze and assess micro and macroeconomic issues and data, paying attention to the underlying causal relationships between relevant economic variables and formulating analytical models in order to understand economic phenomena
• apply mathematical, statistical and programming techniques in order to thoroughly investigate causal relationships related to economic and other social phenomena
• understand the cultural, social and psychological underpinnings

Knowledge and skills needed for scientific thinking

Upon completing the programme, the students will:

• be able to think scientifically and appreciate the power of economics methodology
• understand the limitations of economics methodology
• acquire the knowledge and skills required for a master’s degree and for continuous learning

Communication and language skills

By graduation, the students will:

• have good oral and written communication skills in English
• demonstrate good communication skills in both national languages, Finnish and Swedish (required of those who have finished their upper secondary education in Finnish or Swedish, if a Finnish citizen, or who have sufficient knowledge of Finnish); or basic knowledge of the Finnish language and culture (required of those who do not fulfill the criteria mentioned above)
• have business communication skills and the ability to work in different types of international teams

Ethics and sustainability

By graduation, the students will be able to:

• identify and analyze ethical, social, economic, environmental, and international issues in the field of economics

Code: BIZ3190
Credits: 60 ECTS cr
Responsible Professor: Professor Marko Terviö

Mandatory studies 36 cr

Elective studies 12 cr

Choose two electives in economics (12 cr):

Bachelor’s thesis and seminar 12 cr

You can choose any bachelor level courses (except courses in Economics) from the School of Business. Please note that some courses might have prerequisites. If you need help in choosing the business courses, please contact the planning officer of your programme.

You can browse the course offer for business studies at courses.aalto.fi.The business studies and elective studies can also be used to form a second minor from the School of Business.

Examples of business studies

Accounting / Laskentatoimi
Finance
Information and Service Management
Management / Johtaminen
Marketing / Markkinointi
Yritysjuridiikka (Business Law, only in Finnish)

Bachelor level minors offered at the school of Business:

• Accounting / Laskentatoimi
• Finance
• Information and Service Management
• Information Technology Programme (ITP)
• International Business (Mikkeli Campus)
• Johtaminen (Management, in Finnish)
• Marketing / Markkinointi
• Multilingual Business Communication / Monikielinen yritysviestintä
• Quantitative Methods
• Yritysjuridiikka (Business law, in Finnish)

For a list of all the minors at Aalto University, see https://www.aalto.fi/en/minors#/

Students can complete an exchange module 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.

Exchange studies

All minors in Aalto University are found in the minor study quide in https://www.aalto.fi/en/minors#/.
You can filter minors by theme, level, language and availability.

Degree students at Aalto University have the possibility to study at another Finnish university. The Flexible Study Rights Agreement (JOO) is a national agreement between universities, which provides students of Finnish universities the opportunity to include courses from other universities into their degrees.

^*) UWAS courses are not available in Aalto University after academic year 2021-22. Students can complete 5 cr of other elective studies.

University-Wide Art Studies (UWAS) offers all Aalto students an opportunity to explore art-based practices and processes beyond disciplinary boundaries. Its course portfolio consists of thematically focused and carefully curated courses where art and design facilitate transdisciplinary encounters between students from various backgrounds.

^**) Bachelor's degree includes 4–10 ECTS credits of Electives. This can consist of for example

• additional studies in the degree programme,
• additional studies in the minor study module,
• courses from other programmes,
• language and communication studies,
• studies at another Aalto University School,
• studies at another university through the flexible study right agreement (JOO studies), or
•  internship (6 cr or 3cr).

Elective studies can include basic, intermediate or advanced level courses.

Language and communication skills have been defined as an important area of expertise for the graduates of the School of Business. One of the goals set for the bachelor’s degree are good language and communication skills and the skills needed to operate in a multicultural environment.

• Students need to demontstrate language proficiency on both national languages of Finland
• Students need to demonstrate proficiency in English in their bachelor's degree

Language of secondary education and the other national language

The language of your secondary education (koulusivistyskieli) affects your language studies. The language of secondary education can be only Finnish or Swedish in this meaning. It is defined principally by the diploma of upper secondary school: it is the national language that you have passed as a mother tongue. If you are not graduated from upper secondary school (lukio), or you have graduated from international upper secondary school programme in Finland or you have upper secondary education from abroad, your language of secondary education is the national language you have as a mother tongue in the comperehensive school (peruskoulu) diploma. If you don't have Finnish or Swedish as a mother tongue neither in upper secondary school nor comperehensive school diploma, your language of secondary education is determined only if you have taken the Finnish/Swedish as a second language test in the Finnish matriculation examination and received a grade  M (magna cum laude approbatur) or higher.

You'll demonstrate proficiency in the language of your secondary education in the maturity test writen with your bachelor's thesis and the proficiency in the other national language in the course or tests that are for this purpose. It is possible to exempt a student from demonstrating proficiency in natiobal languages, if the conditions are met. Please read more about how the language of secondary education is defined and on exemptions (in Finnish) from the language centre pages. Applications on language exemptions are sent to [email protected].

The bachelor’s degree in Economics includes 12 credits of language and communication studies, consisting of a course in the second national language, a Business Communication Skills course, and at least 6 credits of language and communication studies.

My language of secondary education is Finnish

Language and communication studies - Finnish as the language of secondary education

^{* Starting from 1.8.2022, students complete the national requirement tests (Swedish) LC-5001 and LC-5002. You can find more information of Finnish language tests and preparatory courses in the language centre page: Finnish as a second language and as a foreign language
** Complete the ruotsin lähtötasotesti (pre-test of Swedish skills) before enrolling in order to find out whether you need to take a preparatory Swedish course.}

Language and communication studies - Swedish as the language of secondary education

^{* Starting from 1.8.2022, students complete the national requirement tests (Finnish) LC-7001 and LC-7002.} 

My language of secondary education is other than Finnish or Swedish

Language and communication studies – language of secondary education other than Finnish or Swedish

The student must apply for a determination of their language proficiency requirements, i.e. to apply for an exemption.

Education and studies in languages and communication for all Aalto students are provided by the Language Centre which is a university-level service unit. More information: Aalto language centre

Language and communication studies

Teaching of languages and communication

• English
• Spanish
• Japanese
• Chinese
• Portuguese
• French
• Swedish
• German
• Russian
• Finnish:
  • As foreign language
  • Written communication
• Intercultural Communication
• Speech communication

The starting levels of language courses are defined in accordance with the Common European Framework of Reference, which consists of the following proficiency levels: A1, A2, B1, B2, C1, and C2. Level A indicates a basic knowledge of the language, Level B a more advanced knowledge, and level C the highest level of proficiency. For details on the CEFR proficiency levels, see the Into site of the Language Centre.

Students can choose such foreign language courses that meet their interests and goals. Business Communication Skills course and compulsory Swedish course, all students of School of Business start at the same level: the starting level of Business Communication Skills is C1, while that of Swedish Business Communication 1, is B1. In all other foreign language courses, students should choose a starting level meeting their current proficiency level.

The starting level of a course/study module is mentioned in the course description under the heading ‘CEFR level’. Most courses also have set target levels.

The Language Centre offers the Minor in Multilingual Business Communication (24 cr), a minor study module that may be included in either the bachelor’s or master’s degree. Only courses for business students may be counted towards this minor.

You can also take language and communication studies as electives in your degree, in which case you can take any courses offered by the Language Centre. As a student of the School of Business, you can also apply for language courses at other higher education institutions under the JOO flexible study right scheme.

Students may demonstrate the requisite Swedish proficiency also by taking a practical skills test. A passed practical skills test substitutes for the 3-credit course, Swedish Business Communication 1. The practical skills tests is recommended only for students who have substantially added to their Swedish proficiencies since comprehensive or general upper secondary school and acquired Swedish skills in their own field at the target level for their degree. The practical skills test serves to demonstrate both written and oral business language skills. You may take the test a maximum of three times, but if you do not pass it on the second try, you are recommended to take the course LCB-5800 Swedish Business Communication 1. Registration for the practical skills test as well as the written test LCB-5801 and the oral test LCB-5802 is done in Sisu.