This programme is currently under development and may be subject to change
Duration: 2 years full time
Institution code: R72
|Fee type||Year 1||Year 2|
Duration: 1 year full time
Institution code: R72
UK fees*: £12,600
International / EU fees**: £20,700View this course
Economics (2 year course) (MSc)
Our MSc Economics degree course is designed to equip you with the tools of a modern economist. It will help prepare you for your chosen career path, whether in the private and financial services sectors or in government or if you wish to continue your studies doing a PhD. Through your studies you will gain a strong grounding in core areas of economics and have the flexibility to tailor your degree to areas you are particularly interested in, such as applied econometrics, inequality and development.
This two-year course is designed for students who would like to study economics but earned their first degree in a different subject. The first year consists of undergraduate-level modules which provide the foundations of microeconomics, macroeconomics and quantitative methods, as well as some optional modules. The second year consists of the regular MSc Economics modules, subject to progression.
Studying in the Department of Economics within the School of Law and Social Sciences at Royal Holloway means that you will learn from internationally renowned experts at one of the UK’s top ten teaching and research Economics departments. Our balanced approach to research and teaching guarantees high quality teaching from subject leaders, cutting edge materials and intellectually challenging debates. You will have close contact with the academic staff teaching on the course and you will receive individual support from the course director.
Our facilities include access to Bloomberg terminals, which are used by financial traders and investment banks globally. These give you access to live financial and economic data, portfolio construction and optimisation tools, information and analytics to support your studies. We are also equipped with state-of-the-art software packages such R and Python.
A two-week pre-sessional course is available to bring you up to speed with your quantitative skills.
On graduation you will have the ability to solve theoretical and applied problems in economic policy, critically evaluate current research, develop simplified frameworks for studying the real world and be able to appreciate what would be an appropriate level of abstraction for a range of economic issues.
- Excellent career prospects with economics graduates having an impressive employment record and starting salaries amongst the highest in the country
- Be part of a relatively small cohort enabling you to receive individual support from the course director and other academic staff
- Use our in-house economics data lab to carry out research.
From time to time, we make changes to our courses to improve the student and learning experience. If we make a significant change to your chosen course, we’ll let you know as soon as possible.
Core ModulesYear 1
The module introduces analytical tools for studying the behaviour of individuals and firms in a variety of economic settings. Topics include consumer and firm optimisation problems, strategic interactions between firms in different non-competitive environments, choice under uncertainty, intertemporal decisions and general equilibrium theory. For each topic, real world applications are used to show how models are used to examine complex issues, to make predictions and policy prescriptions. The features of economies that give rise to desirable market outcomes under different welfare criteria are studied in conjunction with situations that result in market failures.
This module covers macroeconomics at the intermediate level and introduces an integrated framework for thinking about the determinants of aggregate variables like unemployment, investment, consumption, interest rates, inflation, exchange rates and the balance of trade (net exports). The Autumn Term covers the core theory, developing an integrated model of goods, financial and labour markets. We focus on the three central variables of macroeconomics - output, unemployment, and inflation - and examine what factors may cause changes in these variables. The course introduces a unified framework for understanding the role of macroeconomic policy. In the Spring Term, we examine the dynamic elements of the economy, focusing on growth, consumption and investment. We will first study the process of economic growth over the long-run with a special emphasis on the recent economic catch-up of China and East Asia.
The aim of this module is to provide you with a solid understanding of the essentials of empirical research techniques (i.e. econometrics) used by applied economists. The module will cover core econometric topics that are needed by all wishing to undertake econometric analysis, with a particular focus on topics in both time series and cross section econometrics that can be used by students of industrial, business and finance.
The aim of this module is to extend your knowledge of the essentials of empirical research techniques (i.e. econometrics) used by applied economists. The module will build on the topics covered in Econometrics 1.
In this module you will develop an understanding of basic mathematical methods that are used in the study of Economics and Finance, including basic matrix analysis, topology, statistics, and probability theory. You will look at differentiation and integration of standard functions, and basic manipulations of vectors and matrices. You will also examine various optimisation problems and theorems leading to certain basic results in calculus.
This module will develop your understanding of the basics of modern microeconomic analysis. You will become familiar with the tools that economists use to analyse problems of resource allocation in market settings, beginning with a formal analysis of the optimising behaviour of consumers and producers. You will be introduced to markets and the notion of competitive equilibrium, in both partial and general equilibrium settings. You will then look at how individual market participants can affect prices, analysing the problem of a monopolist. Finally, you will consider static game theory to analyse markets where a small number of firms compete with each other (oligopolies).
This module will provide you with an introduction to modern intertemporal macroeconomics. You will learn about the tools used for dynamic economic analysis and apply them to topics such as economic fluctuations, unemployment, long-run growth, consumption decisions by households and investment decisions by firms. You will develop an understanding of dynamic macroeconomic models of economic behaviour, the main theories of economic fluctuations, the modern theory of unemployment, the principal determinants of consumption and investment decisions, and look at the process of economic growth.
This module will provide you with an overview of the principal methods of econometric analysis. Emphasis is placed on applied econometrics and will ensure that you are comfortable when reading and evaluating the econometric work of others in order to produce good quality applied econometric work of your own. You will be introduced to the principles and assumptions underlying ordinary least squares, the consequences of any departure from these assumptions, and methods used for testing. The second half of the module will focus on time-series analysis.
You will attend a set of preparatory classes to equip you with the necessary skills required for research, including a hands-on approach to using statistical packages and reading peer-reviewed articles. You will be expected to use either econometric or statistical techniques, and apply your knowledge and skills from the other quantitative methods and theory modules taken during your studies, to produce your own piece of research around 10,000 words in length.
This module will describe the key principles of academic integrity, focusing on university assignments. Plagiarism, collusion and commissioning will be described as activities that undermine academic integrity, and the possible consequences of engaging in such activities will be described. Activities, with feedback, will provide you with opportunities to reflect and develop your understanding of academic integrity principles.
The aim of the course is to give guidance to students who want to work in the financial industry. The level of this course is mostly for third year or MSc students, but it does not require pre-existing knowledge so first and second year students can follow this course. This course aims to bridge the gap between finance studies at university and what finance industry professional expect from graduates. The course explains precisely what existing finance jobs entail, what is required from the people working in those jobs, what the perspectives of these jobs are. This course will also prepare students for the professional interview of such a job.
There are a number of optional course modules available during your degree studies. The following is a selection of optional course modules that are likely to be available. Please note that although the College will keep changes to a minimum, new modules may be offered or existing modules may be withdrawn, for example, in response to a change in staff. Applicants will be informed if any significant changes need to be made.Year 1
This module will analyse the economic issues of behaviour and outcomes in labour markets. It will focus on topics relating to labour supply and demand, wage formation and earnings inequalities, e.g.: Labour Demand; Labour Supply; Human Capital and Compensating Wage Differentials; Inequality in Earnings; Labour Mobility; Discrimination; Unemployment.
The module is designed to broaden the economist’s statistical toolkit beyond the standard regression analysis and introduces modern techniques in machine learning. Topics covered will include k-Nearest Neighbours, decision trees, Linear Regression, Logistic Regression, Neural Networks, comparing prediction algorithms and Model Selection, Ensemble Methods, Unsupervised Learning including Clustering and Density Estimation. Weekly lab sessions where weekly assignments are covered will complement the theoretical material presented in the lecture.
In this module you will develop an understanding of economic inequality. You will look at the factors that determine wage differentials among workers from a theoretical and empirical point of view. You will consider why similar workers are paid differently and examine how labour mobility can improve the allocation of workers to firms, enhance aggregate productivity, and reduce inequality.
The module aims to introduce the student to what factors affect corporate financial decisions. Particular emphasis is given to the concepts of Net Present Value and Risk. The learning outcomes include: Understand what the goals of a firm are; Understand how investments are valued (Internal rate of returns) in order to help with good financial planning); Understand the concepts of risk, agency costs and how they feed into financial decision making; Understand the process of price formation in financial markets; Understand venture capital and different types of debt finance and debt valuation, including leverage.
In this module you will develop an understanding of both theoretical and empirical issues in Development Economics, such as the behaviour of credit and insurance markets in developing economies, the existence of poverty traps and the role of income, ethnicity, gender and caste in the development process.
This course covers static and dynamic games, games with incomplete information, Bayesian decision theory, and common knowledge. Particular topics include the minimax theorem for zero-sum games, the equivalence of Nash and minimax equilibria for zero-sum games, extensive-form games, backward induction in extensive-form games, subgame perfection, the representation of incomplete information in games, how agents update when they receive information, infinitely-repeated games, folk theorems in infinitely-repeated games, and the effect of common knowledge on the willingness of agents to trade and bet, signalling, and Bayesian perfect equilibria.
In this module you will develop an understanding of some of the key topics in macroeconomics, notably the roles of technological change, monetary policy, and fiscal policy in macroeconomic fluctuations. You will look at models of economic growth, resource allocation, and technological change, evaluating empirical evidence of these, and you become familiar with techniques such as dynamic optimisation, log-linearisation and difference equations for general economic analysis.
This course aims to give students broad advanced-level training in the economics of policy evaluation. It does so by providing students with the facility to apply economic models to evaluate actual policy interventions, and teaches them quantitative techniques and qualitative methods, and particularly their application to evaluate actual policy interventions in particular fields and countries. Students will learn to apply the following evaluation methods to public policy: i) randomised experiment, ii) natural experiments, iii) panel and fixed effects methods, iv) differences in differences methods, v) regression discontinuity designs, and vi) instrumental variables.
The aim of this module is to give a more in-depth look at corporate finance issues related to company evaluation and with the main user of those evaluations e.g. private equity and Venture Capitalist (VC). It also aims at giving a practical approach to key aspects of corporate valuation, for example, leverage. Finally, this module will detail the dynamic and the valuation specificity for the different stages of the company from the start up, to the IPO to the mature company doing merger and acquisition.
This module provides an overview of a very significant area of the contemporary financial world. The first part gives a coverage of the important elements of the default-free fixed income securities market, and the second part covers the derivatives market. The module focuses on the analytical tools used in portfolio management and risk management. For bond portfolios, these tools include yield curve construction, duration, convexity and formal term structure models. For derivatives, the emphasis will be on valuation, trading mechanisms and management of credit risk.
The aim of this module is to provide an overview of the current research on health behaviour and outcomes in middle- and low-income countries, with special attention to the role of poverty and inequality in shaping those outcomes. The module will focus on drivers of health outcomes and the effectiveness of different interventions and public health programmes and how the environment shapes disease incidence (such as malaria, and other vector-borne diseases).
The aim of this module is to provide an understanding on behavioural aspects of individual actions and outcomes related to health. It will offer recent insights in behavioural economics, at the intersection with psychology and health economics to explore addictions, lifestyle choices and their consequences on individual health. The module will also provide insights into why and how people decide to insure themselves against health shocks and the role of policy in shaping health behaviour, from taxes, outright bans (e.g. illegal drugs, smoking restrictions) and behavioural interventions (nudges) like framing, reference points and the role of behavioural biases.
The aim of this module is to provide an understanding in the measurement and patterns of long-term trends in health outcomes, including the demographic transition and the evolution of life expectancy, anthropometrics and other indicators that measure quality of life. The module will discuss historical aspects of health, including pandemics in history, the Industrial Revolution and the birth of Public Health, including vaccine programmes and the eradication of diseases and the nationalisation of healthcare.
Teaching & assessment
Assessment is carried out by a variety of methods including coursework, examinations and a dissertation.
A non-Economics related subject. Applicants must show that they have completed or be studying at least one year's worth of Mathematics or Statistics modules in which a 2.2 or above is achieved.
International & EU requirements
Your future career
An Economics masters degree at Royal Holloway, University of London will equip you with an enviable range of transferable skills and can lead into a variety of career paths as well as the knowledge and a solid foundation for continued PhD studies. Employers recognise and reward the real knowledge and skills developed in an Economics degree.
We will help students to recognise their own strengths, skills and abilities so that they can make strong applications for their chosen job or further study. We also provide careers support including application and interview coaching, career strategy discussions and the opportunity to network with major employes.
- Our graduates are highly employable and full time employment or further study achieved by 90% of Economics graduates within six months of graduation (Unistats 2012).
- Our graduates are highly employable and, in recent years, have entered many different economics-related areas, including working in the Public Sector (Government Economics Service), Journalism and Business Analysis.
- Our graduates are currently working for firms such as Accenture, TNS, Bloomberg, Citigroup, Royal Bank of Scotland, Credit Suisse, Pricewaterhouse Cooper and Baker and Mackenzie.
Fees, funding & scholarships
UK students tuition fees*
- Year 1: £8,400
- Year 2: £12,600
International/EU students tuition fees**:
- Year 1: £13,800
- Year 2: £20,700
Other essential costs***: There are no single associated costs greater than £50 per item on this course.
* and ** These tuition fees apply to students enrolled on a full-time basis. Students studying on the standard part-time course structure over two years are charged 50% of the full-time applicable fee for each study year.
All postgraduate fees are subject to inflationary increases. This means that the overall cost of studying the course via part-time mode is slightly higher than studying it full-time in one year. Royal Holloway's policy is that any increases in fees will not exceed 5% for continuing students. For further information, please see our terms and conditions. Please note that for research courses, we adopt the minimum fee level recommended by the UK Research Councils for the Home tuition fee. Each year, the fee level is adjusted in line with inflation (currently, the measure used is the Treasury GDP deflator). Fees displayed here are therefore subject to change and are usually confirmed in the spring of the year of entry. For more information on the Research Council Indicative Fee please see the RCUK website.
** The UK Government has confirmed that EU nationals are no longer eligible to pay the same fees as UK students, nor be eligible for funding from the Student Loans Company. This means you will be classified as an international student. At Royal Holloway, we wish to support those students affected by this change in status through this transition. For eligible EU students starting their course with us during the academic year 2023/24, we will award a fee reduction scholarship equivalent to 30% of the difference between the UK and international fee for your course. This will apply for the duration of your course. Find out more
*** These estimated costs relate to studying this particular degree at Royal Holloway during the 2022/23 academic year, and are included as a guide. Costs, such as accommodation, food, books and other learning materials and printing, have not been included.