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Master's Programme in Economics
Language of instruction:
Field of study:
Juuso Nisula, Business Analyst, Magenta Advisory by BearingPoint
Studying economics gave me the ability to scrutinize complex problems and to not accept things at face value.
Objectives of studies
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.
Scholarships and Tuition fees
The tuition fee is €15 000 per academic year for non-EU/EEA citizens.
Prospective students subject to tuition fees are eligible to apply for Aalto University Scholarship.
The language of instruction is English.
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.
Content of studies
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)
- International Trade (6 ECTS)
- Investment Decisions in Emerging Markets (6 ECTS)
- Open Economy Macroeconomics (6 ECTS)
- Resource and Environmental Economics (6 ECTS)
Post-graduate study options
The degree grants eligibility for doctoral studies.
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.
As a programme, the Master's in Economics encompasses a wide range of subfields and is not limited to only a specific business function. Thus, the programme provides an excellent basis for further studies in economics, other quantitatively oriented fields, or another selection from the wide range of courses and programmes in the multidisciplinary campus of Aalto University.
Aalto University is well-known for bridging disciplines of business, arts, technology and science. The lively campus and freedom of choosing elective courses across the University bring students from different fields under one roof. This spontaneous multidisciplinarity environment sparks new ideas, gathers enthusiasts around them and gives birth to friendships, networks, and every so often, startups.
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 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 2020 is from 2 December 2019 to 3 January 2020.
Here are the most important dates to remember:
- 2 December 2019 – Application period begins and online application system opens
- 3 January 2020 – Application period ends and the online application system closes
- 30 March 2020 – Admission results are published
- 28 April 2020 – 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.
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:
- 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.
Admission group 1
Applicants who have a Finnish lower university degree in “Economics and Business Administration” (name of degree: kauppatieteiden kandidaatin tutkinto, KTK) or a Finnish “Bachelor of Social Science” (valtiotieteen kandidaatin tutkinto, VTK) with major in Economics.
Admission group 2
Applicants who have a Finnish university degree other than those listed in admission group 1, an applicable university of applied sciences degree or an applicable university degree completed abroad.
Get to know us
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.
Finland’s excellent reputation in education, combined with a wide range of courses offered in English, makes Finland an attractive study destination for international students. Boasting the largest technology hub of the Nordic countries, Finland is a world leader in information technology, business, design and many other academically centred fields.