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Master's Programme in Economics
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Curriculum 2026–2028
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 20 ECTS
Major 84-87 cr
Code: BIZ24
Scope: 84-87 ECTS
Programme director: Tuukka Saarimaa
| Code |
Course name |
ECTS | Teaching |
|---|---|---|---|
| 31E00910 | Applied Microeconometrics I | 6 | I English / 1. year |
| 31E99906 | Capstone: Microeconomic Policy | 6 | II English / 1. year |
| 31E23000 | Macroeconomics: Policy | 6 | III English / 1. year |
| ECON.20.thes | Master’s Thesis | 20 | I-II, III-IV |
| 31E99905 | Master’s Thesis Seminar 1 | 6 | I-II, III-IV English / 2. year |
| BIZ.matr | Maturity Test | 0 | I-II, III-IV |
Choose at least 40 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). |
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| Aalto University | |||
| 31E00920 | Applied Microeconometrics II | 6 | II Englsih |
| 31E15000 | Development Economics I | 6 | I English |
| 31E16000 | Development Economics II | 6 | IV English |
| ECON-E0900 | Economics of Energy Markets | 6 | IV English |
| ECON-E0200 | Economics of Cities | 6 | IV English |
| ECON-E3000 | Empirical Methods for Market Analysis | 6 | II English |
| 31E40100 | History of Economic Growth and Crises | 6 | III English |
| 31E00500 | International Trade | 6 | II English |
| ECON-E0710 | Labor Economics I | 6 | III English |
| ECON-E0720 | Labor Economics II | 6 | IV English |
| 31E11100 | Microeconomics: Pricing | 6 | I English |
| BIZ-E0100 | Customized Student Business Project2 | 6 | I-V, summer |
| 31E03100 | Topics in Economics | 6 | Not lectured |
| FIN-E0317 | Designing Experiments in Economics and Finance | 6 | I English |
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Hanken 2026-2027 Helsinki GSE courses: https://www.helsinkigse.fi/studies |
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| Complete list will be updated later. | |||
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University of Helsinki, Master's Programme in Economics 2026-2027 Helsinki GSE courses: https://www.helsinkigse.fi/studies |
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| Complete list will be updated later. | |||
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 InformationIt 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 ECTS
Students who wish to start in the Environmental and Energy Economics major must contact Professor Matti Liski.
| Code |
Course name |
ECTS | Teaching |
|---|---|---|---|
| 31E00910 | Applied Microeconometrics I | 6 | I English |
| ECON-E0800 | Advanced Environmental Economics | 6 | I-II English |
| 31E99906 | Capstone: Microeconomic Policy | 6 | II English |
| ECON-E0900 | Economics of Energy Markets | 6 | IV English |
| AGERE-E01 | Environmental Economics I: Theory 1 | 5 | II English |
| AGERE-E11 | Solving Environmental Problems with Data 1 | 5 | IV English |
| ECON.20.thes | Master’s Thesis | 20 | 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 5-10 ECTS:Enrolment in Aalto Sisu through Cross-institutional studies (RIPA). |
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| AGERE-003 | Economic Valuation Methods 1 | 5 | I English |
| AGERE-E09 | Resource Economics II 1 | 5 | IV English |
Choose 6-12 ECTS: |
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| 31E23000 | Macroeconomics: Policy | 6 | III English |
| 31E11100 | Microeconomics: Pricing | 6 | I English |
Choose 5-15 ECTS so that 86 ECTS of programme studies are fulfilled: |
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| The courses available from all of the three universities are listed below. | |||
| Aalto University | |||
| 31E00920 | Applied Microeconometrics II | 6 | II English |
| 31E15000 | Development Economics I | 6 | I English |
| 31E16000 | Development Economics II | 6 | IV English |
| ECON-E0200 | Economics of Cities | 6 | IV English |
| ECON-E3000 | Empirical Methods for Market Analysis | 6 | II English |
| 31E40100 | History of Economic Growth and Crises | 6 | III English |
| 31E00500 | International Trade | 6 | II English |
| ECON-E0710 | Labor Economics I | 6 | III English |
| ECON-E0720 | Labor Economics II | 6 | IV English |
| FIN-E0317 | Designing Experiments in Economics and Finance | 6 | I English |
|
Hanken 2026-2027 Enrolment in Aalto Sisu through Cross-institutional studies (RIPA). |
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| Complete list will be updated later. | |||
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Master’s program in Agricultural, Environmental and Resource Economics (AGERE) 2026-2027 Enrolment in Aalto Sisu through Cross-institutional studies (RIPA). |
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| Complete list will be updated later. | |||
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University of Helsinki, Master's Programme in Economics 2026-2027 Enrolment in Aalto Sisu through Cross-institutional studies (RIPA). |
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| Complete list will be updated later. | |||
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: 84-86 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 | Teaching |
|---|---|---|---|
| ECON.20.thes | Master’s Thesis | 20 | 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 | August, before period I English / 1. year |
Research Master courses 30 ECTSStudents can enroll for the courses offered by Hanken and University of Helsinki (UH) in Aalto University's Sisu through Cross-institutional studies (RIPA). |
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| ECON-L2100 | Advanced Microeconomics 1 | 5 | I English (Aalto) |
| ECON-L2200 | Advanced Microeconomics 2 | 5 | II English (Aalto) |
| ECON-L3110 | Dynamic Optimization | 5 | I English (Aalto) |
| ECOM-R319 | Advanced Macroeconomic Theory 1 | 5 | II English (UH) |
| ECOM-R314 | Advanced Econometrics 1 | 5 | I English (UH) |
| ECOM-R315 | Advanced Econometrics 2 | 5 | II English (UH) |
Choose 15-30 ECTS from the following rMSc courses: |
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| 26090 | Advanced Microeconomics 3: Game Theory | 5 | III English (Hanken) |
| ECON-L2400 | Advanced Microeconomics 4 | 5 | IV English (Aalto) |
| ECOM-R313 | Advanced Macroeconomic Theory 2 | 5 | III English (UH) |
| ECOM-R318 | Advanced Macroeconomic Theory 3 | 5 | IV English (Aalto) |
| ECON-L2500 | Advanced Microeconometrics | 5 | IV English (Aalto) |
| ECOM-R321 | Advanced Time Series Econometrics | 5 | III English (UH) |
Choose 0-12 ECTS so that 84-86 ECTS of the programme studies are fulfilled: |
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| Aalto University | |||
| 31E99906 | Capstone: Microeconomic Policy | 6 | II English |
| 31E23000 | Macroeconomics: Policy | 6 | III English |
| 31E00920 | Applied Microeconometrics II | 6 | II English |
| 31E15000 | Development Economics I | 6 | I English |
| 31E16000 | Development Economics II | 6 | IV English |
| ECON-E0900 | Economics of Energy Markets | 6 | IV English |
| ECON-E0200 | Economics of Cities | 6 | IV English |
| ECON-E3000 | Empirical Methods for Market Analysis | 6 | II English |
| 31E40100 | History of Economic Growth and Crises | 6 | III English |
| 31E00500 | International Trade | 6 | II English |
| ECON-E0710 | Labor Economics I | 6 | III English |
| ECON-E0720 | Labor Economics II | 6 | IV English |
| 31E11100 | Microeconomics: Pricing | 6 | I English |
| FIN-E0317 | Designing Experiments in Economics and Finance | 6 | I English |
| Optional courses from Hanken and the University of Helsinki | |||
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
Elective studies must meet the following requirements: they must be completed at a university or university of applied sciences; they must, as a rule, be a part of the degree studies of the university or university of applied sciences organizing the studies and they must meet the objectives of the degree completed at the Aalto University School of Business. Elective studies cannot overlap with other studies included in the degree in terms of content and intended learning outcomes.
Higher education institutions also offer studies outside degree education aimed at a wide audience, the suitability of which for the degree is assessed in relation to the intended learning outcomes of the degree. For example, courses that can be completed freely online and have a scope of 1-3 ECTS are generally not accepted as part of the degree.
Elective studies are selected so that the scope of the degree of 120 ECTS is met.
Elective studies can, for example, be used for:
- completing a minor
- broadening your skills and knowledge via multidisciplinary studies by
- completing another minor or individual courses in the fields of technology, art and design
- completing University Wide Studies
- completing studies at European Unite! universities
- completing network studies, for example from the Hilma network of gender studies or other networks
- acquiring entrepreneurial skills
- deepening language and communication skills by
- completing studies at the Aalto University Language Centre either as individual courses or as an entire minor
- completing studies in language and multicultural studies offered by European Unite! universities
- broadening or deepening expertise in your own field by
- completing additional studies in your programme or major
- completing studies in other programmes or majors
- completing additional studies in a minor
- completing the Customized Student Business project BIZ-E0100 (read more here) or Non-governmental organization project BIZ-E0110 (read more here)
- acquiring working life skills by completing an intership (read more at During your studies > Other studies)
- learning self-leadership skills, finding meaningfulness and developing study-wellbeing by completing Personal Impact courses.
A minor can be
- a minor organized by Aalto University (find the list of offered minors here)
- international minor that is completed through the Aalto University exchange programme at a university abroad or in a programme fulfilling the requirements of the exchange programme as a free mover student (instructions here)
- a study module completed at another university in Finland or abroad. As a rule, the minor must be a confirmed minor or similar study module in the curriculum of the higher education institute offering the study module.
The scope of the minor is determined according to the requirements of the minor.
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 including both oral and written proficiency. You can choose any course on level B2 or higher. Courses at a sufficient level and including both oral and written proficiency are marked with ‘o’ and ‘w’ in the course name. 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.