Economic Policy and Analysis (MSc)

Economics is more relevant than ever to understand contemporary events in the global economy and provide the tools and techniques for business and governments to address the issues they face. Reflecting the needs of both private and public sector employers, our highly practical MSc prepares you to assess business problems, interpret public policy and effectively communicate the insights that economic analysis can provide.

Aimed at those with a genuine interest in the application of economics to real-world situations, this course aims to provide you with an in-depth knowledge of the latest theories, practices and key concepts in economics that underpin public sector policy and business decision-making. This includes the various scenarios where we explore strategic interaction, market failure and macroeconomic objectives.

The focus is very much on developing the practical skills needed by a working economist – the ability to apply economic techniques to complex problems and provide specialist advice. You will gain hands-on experience with the industry-standard computing and econometrics software used to analyse and manipulate data.

You will be taught by staff who share their experience working and consulting for government departments such as the Department for Transport, local authorities and supranational organisations such as the OECD.

There is an increasing demand worldwide for economic analysis in local and central government, non-governmental organisations, and charities in areas such as international development, urban and regional development policy, education or research. Past graduates have become Fast Stream economists in the UK Government Economic Service and HM Treasury, and others have gained employment as economists in charities and the private sector.

Top reasons to study with us

• Taught by experienced, specialised staff who are published researchers and have worked with the UK Government departments, local authorities and NGOs.
• In the Research Excellence Framework 2021, 75% of Westminster Business School impact case studies in the Business and Management Unit of Assessment scored 4* whilst 25% scored 3*. Read how our research is shaping the world.
• Free access and experience using Office for National Statistics datasets and EViews.
• Free online subscription to Financial Times and part of the material on the course reading list includes free textbooks for the majority of core and option modules.

Course structure

• As well as enhancing your ability to apply relevant economic principles in support of policy and strategy development, the course aims to develop your ability to communicate complex issues to wide audiences, your awareness of significant sources of economic and financial data, the problems faced when carrying out policy evaluation and your capability for self-awareness and group working.
• You will take the following set of modules in slightly different orders, depending on whether you start in September or January. 
• Microeconomics and Macroeconomics modules will build a strong foundation of knowledge of the fundamental concepts and ideas in economics. We’ll look at how a working economist develops policy advice in relation to production and supply decisions. Drawing on real-life economic scenarios from a variety of sector contexts, we’ll also examine sources of market failure, the economic choices available and competition policy in different countries. 
• In quantitative modules (Data Analysis and Applied Economics), you’ll learn fundamental statistical and econometric techniques and will be introduced to the software used to analyse quantitative data, including Excel, EViews and Stata.
• You will also study a selection of policy-relevant economics fields:  Development Economics and Policy, International Trade Policy and Sustainable Energy Policy.
• In Research Methods, you will learn how to set up your dissertation research, leading to the writing of your research proposal.
• Your studies culminate with the final dissertation (Economic Evaluation Project), an intensive piece of research of between 8,000 and 10,000 words, where you will provide a study of real-life economic policy. As a guide, previous students have considered topics as diverse as the effectiveness of government subsidies on productivity in UK SMEs and an assessment of the impact of the ASEAN Free Trade Agreement on the economy of the Philippines.

Core modules

• Applied Economics
• Data Analysis
• Development Economics and Policy
• Economic Evaluation Project
• International Trade Policy
• Macroeconomic Analysis and Policy
• Microeconomic Analysis and Policy
• Research Methods
• Sustainable Energy Policy

Careers

• As an economics postgraduate, you can look forward to excellent career prospects. Our students have gone on to successful careers in government and consultancy as economic analysts, regulatory economists and market analysts.
• The strong international focus of the course provides an excellent opportunity to develop the knowledge and skills to pursue a career in multinational companies or international organisations. Many graduates return to their countries of origin and are employed in developing international business opportunities or government institutions, while other graduates develop their careers with international charities or other non-governmental organisations. Several of our recent graduates have also found that the course opened up opportunities for PhD study.

Job roles
This course will prepare you for roles such as:

• Economist (in the private and public sectors)
• Economic advisor/analyst
• Management consultant

Graduate employers
Graduates from this course have found employment at organisations including:

• International Monetary Fund
• Rio de Janeiro Mayor’s Office
• Shelter (UK housing charity)
• The UK Government Economic Service including Ofcom and Ofgem