Economics MSc

Designed in collaboration with experts from the Office of National Statistics (ONS), our MSc Economics degree offers an applied economics programme that focuses on skills and knowledge that are required from graduates who want to work as professional economists in the private, public or non-profit sector.

Course Outline And Modules:

From the cost-of-living crisis and climate change to the Covid-19 pandemic and global supply-chain problems; the past years have brought many challenges to economies all around the world. 

Studying economics will equip you with the skills and tools to analyse these issues and allow you to find ways to address them. 

Our core modules will introduce you to advanced economic theories and their applications in the areas of microeconomics, macroeconomics and behavioural economics. 

Furthermore, our applied data analysis module will provide important insight into managing and analysing contemporary large-scale data using professional software packages. 

Another core part of the programme is how economic data is measured and what the limitations are. For example, is GDP a suitable measure for economic well-being?

The optional modules will offer you the opportunity to specialise in different areas. For students who want to study further areas of economics, we offer the modules Economics of Entrepreneurship and International Trade and Development. 

For students who want to focus more on programming and data analysis, the options are Data Mining and Visualisation and Programming for Data Analytics. Exploring Enterprise Experience and Business Finance modules provide further insight into business and finance.

The programme concludes with an Economics Research Project, that will give you the opportunity to apply the knowledge and skills developed during the course to analyse a relevant economics research problem you are interested in. 

How Will My Skills Develop? 

The key competencies of economic knowledge, application and communication will be developed through many different avenues: Interactive classes provide space for discussions, reflections and feedback; innovative and authentic assessment promotes the use of economic key skills; group coursework will develop team-working skills, and the Economics research projects promote independent-learning and critical thinking skills under the guidance of a personal supervisor.

How Will This Course Help My Career? 

Employability of our Economics graduates is a key aim of our programme. Therefore, we collaborated with the Office for National Statistics (ONS) to address the skills gap that they observe in economics graduate employees. 

With the expertise of the ONS, we created the module Measuring the Economy on how data is measured and what challenges arise when economics statistics are created, and how these challenges can be overcome. 

Findings of the Economics Network employer survey show that economics graduates who have the ability to organise, interpret and present quantitative data, and to communicate economic ideas are in demand by employers. 

Therefore, our economic modules do not only aim at introducing students to advanced economic theories, but also to apply these theories to current issues and communicate the results in a clear and concise manner. 

Similarly, the Applied Data Analysis module will cover the management of data and the professional presentation and interpretation of econometric results.

The aim of the Aston Global Advantage (AGA) module is professional development and employability. As part of the Economics specific delivery of AGA, we will also offer the “Professional Economist” module, where we focus on communication skills, for example, how economists can communicate with a non-economist audience.

Modules:

• Core modules
• Microeconomics
• This module provides students with an advanced understanding of the microeconomic foundations of consumer and producer theory. This will then be used to analyse a range of real-world questions and policy applications. In addition, students will develop an understanding of some limitations of traditional microeconomic theory.
• Macroeconomics
• This module provides students with an understanding of advanced macroeconomics theories and their applications. It will allow students to recognise the link between macroeconomic theories and sustainability and long-run growth. In addition, students will learn how to critically evaluate economic policies.  
• Behavioural Economics and Policy
• This module provides detailed insights into how behavioural biases of humans affect economic decision-making. A wide range of theoretical, experimental and empirical field evidence on decision-making will be considered to analyse the ways in which individual behaviour may deviate from what is typically assumed by economists.  We will then examine the resulting implications for business strategy and policy.  
• Applied Data Analysis
• This applied econometrics module uses large-scale contemporary data to engage students in a range of practical activities and accompanying discussions—providing a modern and effective portfolio of data management and analysis skills, supported by a solid conceptual understanding of key econometric techniques. 
• Measuring the Economy
• This module explores how economic activity is measured and what challenges we face in producing reliable economic statistics that take account of the characteristics of a modern economy. Furthermore, potential remedies will be explored on how to overcome these challenges.  
• The Aston Global Advantage 
• The Aston Global Advantage is our professional development programme that runs throughout all MSc programmes at Aston Business School. Focusing on professional development and employability, this integrated module gives you the opportunity to identify, develop and apply the key transferrable skills you will gain throughout the year.
• Ethics in Academic Practice
• This module provides an introduction to the Academic Offence framework. By completing the resources you will understand the key principles underpinning the submission of academic assignments. These principles can then be applied to the rest of the modules studied at the university.
• Optional Modules
• Economics of Entrepreneurship
• We will examine the following questions. What is entrepreneurship? Why does it matter to the economy? Who becomes an entrepreneur? Why are some places (countries, regions) more entrepreneurial than others? What can/should governments do to promote entrepreneurship?  The student will work on empirical data from Global Entrepreneurship Monitor to investigate some of these questions empirically.  
• International Trade and Development 
• This module discusses two distinctive, but related areas of economic activity, International Trade and Economic Development. International Trade explores how firms interact between country borders in order to achieve their objectives. While Economic Development focuses on the conditions and stages that a society needs to go through in order to transition from relatively low to high income per capita.   
• Business Finance
• This module teaches you the key principles and challenges of financial management decisions.  Develop an understanding of the characteristics influencing factors and the advantages and disadvantages of different forms of financing.  You'll also apply mathematical techniques to support a range of business decisions such as the valuation of shares and the evaluation of investment opportunities. 
• Exploring Enterprise Experience
• The focus of this module on preparing students to start their own business and experience decisions taken at every stage of their business cycle. Through the virtual business simulation module, students will have the ability to apply knowledge gained from other modules into real life situations and experience in setting up their business
• Data Mining and Visualisation
• We will explore data mining techniques and their use in business decision-making. You will also learn how to uncover patterns and trends hidden in data.
• Programming for Data Analytics
• This module aims to teach you the programming skills required to carry out advanced data analysis on large datasets such as those found in many Big Data applications. These skills are now commonly expected by organisations seeking to employ data analysts, and the module aims to address this demand.
• Research Project
• Research Methods
• The module will provide students with a scaffolding for carrying out their Economics Research Project. It will guide students through all the stages of the research project process, for example, from finding a feasible and relevant research question, and selecting a suitable methodology, to writing-up the results.
• MSc Economics Research Project
• MSc Economics research project gives students the opportunity to develop a detailed research project investigating an area in the field of Economics. The research project will give students the opportunity to apply theories, concepts, frameworks and models to analyse a research problem, understand in depth previous literature in the field, and collect data to reach conclusions regarding the research problem.

Entry Requirements:

• One of the following:
• A UK honours degree, minimum Lower Second Class (2:2) in a subject related to economics
• Equivalent overseas degree recognised by Aston University
• Subject-specific requirements
• Applicants must have taken 2 or more of the following modules, to at least intermediate level within their bachelor's degree:
• Microeconomics
• Macroeconomics
• Econometrics or Statistics
• Mathematics or Quantitative studies
• As well as
• Two professional references – at least one must be from an academic referee.
• An official academic transcript of your university grades to date.
• A completed application form.