Study options

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.
School of Business Economics


Master of Science (Economics and Business Administration)

Application period:

30 Nov 2023 – 2 Jan 2024

Language of instruction:



2 years, full-time


Relevant Bachelor's degree

Field of study:

Business and Economics


120 ECTS

Organising school:

School of Business

Tuition fees:

For non-EU/EEA citizens, €15000/y (Master’s studies) Read more

Applying to master’s programmes


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.

Studying economics gave me the ability to scrutinize complex problems and to not accept things at face value.

Juuso Nisula, Business Analyst, Magenta Advisory by BearingPoint

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)
  • Electives (36 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


There are three separate majors in the programme:


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.

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:

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.

Chat with Aalto students

Are you wondering what it is like to study at Aalto? Come chat with our students about all things Aalto on Unibuddy chat platform.

Chat with our students!
4 student ambassafors taking a selfie

Study-option-specific Admission Procedure and Evaluation Criteria

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.

Admission group 1

Bachelor’s degree from a university in Finland


Admission group 2

Bachelor’s degree from a university of applied science in Finland or from a higher education institution abroad

Get to know us better!

School of Business students sitting

School of Business alumni stories

Here you can find School of Business alumni stories. Our alumni share their professional journeys and give advice and tips regarding working life. The stories have been sorted based on the alumni's majors. The newest publications are placed first in the major groups.

School of Business
School of Business students. Photo: Ari Toivonen

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.

Outside picture of the School of Business building in Otaniemi. Three Aalto Flags swinging in front of the building.

Department of Economics

The Department of Economics provides a comprehensive insight into the functioning of economies and the environment in which companies operate.

Follow us!

Contact information

School of Business

[email protected] / [email protected]

  • Published:
  • Updated: