School of Business
At the School of Business we strive for better business and better society. We excel in education and research with a multidisciplinary approach and in collaboration with our partners.
Economics, Master of Science (Economics and Business Administration)
The Economics programme prepares students to structure and understand the world through in-depth economic expertise and strong analytical skills, combined with computation and data processing skills. It is meant for students who are fascinated by complex challenges such as climate change, inequality and innovation, and want to address these challenges in an analytical manner. Students have the unique opportunity to be part of Helsinki Graduate School of Economics, formed by Aalto University, Hanken School of Economics, and University of Helsinki, that aims to train the future generation of world-class economists.
Degree:
Master of Science (Economics and Business Administration)
Application period:
1 Dec 2022 – 2 Jan 2023
Language of instruction:
English
Duration:
2 years,
full-time
Eligibility:
Relevant Bachelor's degree
Field of study:
Business and Economics
Credits:
120 ECTS
Organising school:
School of Business
Tuition fees:
For non-EU/EEA citizens, €15000/y (Master’s studies)
Applying to master’s programmes
Description
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:
- In-depth knowledge of economic theory. Graduates understand modern microeconomics and macroeconomics, and selected domains of economics at a deeper level. Interpret real-world phenomena in light of these theories.
- An analytical toolkit to address complex questions. Graduates possess econometric and mathematical analytical tools to address economic challenges and problems.
- Strong argumentation skills rooted in economic theory. Graduates possess econometric and mathematical analytical tools to address economic challenges and problems.
- Quantitative skills for efficient use of data. Graduates can use and interpret economic data critically and apply statistical methods to examine relationships and test economic hypotheses.
- Confidence in communications. Graduates are able to communicate fluently both to experts and non-experts about economic phenomena.
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.
Language of instruction
The language of instruction is English.
Tuition fees and scholarships
Aalto University’s tuition fee for master’s programmes taught in English is 15 000 euros per academic year. Tuition fees apply to citizens of countries other than those of the European Union (EU), the European Economic Area (EEA) or Switzerland.
Aalto University has a scholarship programme to support non-EU/EEA citizens who study in a fee-charging degree programme. The scholarship may cover 100% or 50% of the tuition fee.
More information on tuition fees and scholarships at Aalto University is available at the Scholarships and Tuition Fees webpage.
Structure of studies
The Master's Programme in Economics is organised by the School of Business and comprises a total of 120 ECTS credits. The two-year programme consists of:
- Programme studies (84 ECTS), including Master’s Thesis (30 ECTS)
- Minor studies (24 ECTS)
- Electives (12 ECTS)
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.
Master's Programme in Economics
Specialisations
The economics programme builds on rigorous theoretical models and careful data analysis. You will study formal modelling, empirical methods and institutions at the leading centre for economic research in Finland.
Our courses cover all major areas of economics. In addition to the core mandatory courses, you may choose electives from a wide selection of specialised courses. Examples of the course selection include:
- History of Economic Growth and Crises (6 ECTS)
- Development Economics (6 ECTS)
- Investment Decisions in Emerging Markets (6 ECTS)
- Labor Economics (6 ECTS)
- Microeconomics: Pricing (6 ECTS)
Internationalisation
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.
Further study opportunities
The degree grants eligibility for doctoral studies.
Career opportunities
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.
Research focus
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
Co-operation with other parties
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.
Study languages
The language of instruction is English.
Chat with Aalto students
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Admission dates
The admissions to Master's programmes at Aalto University in the field of Business and Economics are organised once a year. The application period for studies starting in autumn 2023 is from 1 December 2022 to 2 January 2023.
Here are the most important dates to remember:
- 1 December 2022 – Application period begins and online application system opens
- 2 January 2023 – Application period ends and the online application system closes
- 29 March 2023 – Admission results are published at the earliest
- 20 April 2023 – Deadline for accepting the offered study place
Programme-specific Admission Requirements
In addition to these programme-specific admission requirements, applicants must also fulfill the general admission requirements.
Admission group 1
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 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? | 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? | 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 |
Admission group 2
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? | Analytical and quantitative skills |
|---|---|
| Admission requirements | GMAT or GRE is obligatory in admission group 2 (minimum score 550 in GMAT or equivalent GRE score). |
| Evaluated documents | GMAT/ GRE test results |
| 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 |
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A parkland-style campus established in the 1950s forms the core of Otaniemi. The overall vision of the campus was that of Alvar Aalto, and its individual buildings were designed by Aalto and other celebrated Finnish architects such as Reima and Raili Pietilä and Heikki and Kaija Sirén.
Department of Economics
The Department of Economics provides a comprehensive insight into the functioning of economies and the environment in which companies operate.
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