MSc in Finance and Economics
University of St Andrews
Saint Andrews, United Kingdom
GBP 29,950 / per year *
08 Aug 2024
Earliest start date
* overseas / home: £14,140
The MSc in Finance and Economics provides advanced training in the theoretical tools and empirical techniques for economics and finance, preparing students for a professional career in international banking, the finance industry and governmental agencies.
The MSc in Finance and Economics is a one-year taught postgraduate programme run by the School of Economics and Finance.
- Small group teaching allows a high level of student-teacher interaction, encouraging a warm and friendly learning environment
- The programme's focus is to provide a self-contained, rigorous but relevant learning experience that prepares you either to start employment at a senior level in a wide variety of economics or finance-related activities or to pursue further research
- Advanced training in essential elements of an Economics Masters degree (macroeconomics or microeconomics) is combined with essential training in finance (investment analysis, corporate finance), supplemented by a wide variety of applications
- The programme aims to prepare students for jobs at a senior level in a wide range of areas: economics, finance, commerce, insurance, academia, diplomatic service and banking.
The modules published below are examples of what has been taught in previous academic years and may be subject to change before you start your programme.
Each compulsory module typically comprises:
- 20 lecture contact hours
- 5 or 10 contact hours for seminars, workshops and tutorials
- Intensive independent study
Semester 1 - Compulsory
You must take three compulsory modules in Semester 1. These are:
- Econometric Methods and Applications: advanced level training in econometric methods.
- Investment Management: fundamental principles of financial markets, financial instruments and modern security valuation techniques.
and one of:
- Macroeconomics: advanced treatment of the core models and concepts used in modern macroeconomics.
- Microeconomics: advanced treatment of the core models and concepts used in modern microeconomics.
Semester 2 - Compulsory
In Semester 2, students take one compulsory module and can choose two optional modules from a selection of topics. The compulsory module is:
- Corporate Finance: investigates the relationship between corporate liabilities and corporate actions.
In your second semester, you will have the opportunity to choose two modules from a selection of topics. The assessment patterns for individual optional modules may vary from the assessment patterns for compulsory modules.
Examples of optional modules that may be offered include:
- Behavioural Finance: Examines the effects of behavioural biases in financial markets
- Causal Inference in Econometrics: Teaches cutting-edge econometric methods used in many empirical economics fields to establish plausibly causal estimates of phenomena like the minimum wage or the impact of immigration
- Corporate Governance: Covers three key components: corporate governance, risk management, and financial management
- Econometric Time Series Analysis: Provides an advanced treatment of the core theory and practice of time series econometrics
- Game Theory: Provides a thorough advanced treatment of the core models and concepts used in modern game theory
- Industrial Economics: Focuses on the structure and mechanisms governing markets and on the way firms compete against each other in the pursuit of profit maximisation
- Monetary Policy: Studies key issues in monetary policy
- Portfolio Management: Studies key issues in asset allocation, portfolio composition and management at an advanced level
- Risk Management: Teaches standard techniques in risk and insurance problems
MSc Finance and Economics students may take up to one advanced undergraduate optional from the following in the second semester:
- Behavioural Economics: Individual Decisions and Welfare
- Development Economics
- Econometrics of Impact Evaluation
The final element of the MSc is a 15,000-word dissertation. The dissertation should be on an area of either finance or economics that you are interested in, chosen in discussion with your supervisor who will support you through the process.
You will receive training in Semester 1 in framing a hypothesis, conducting bibliographic research, writing a literature survey, and structuring a dissertation.
The programme consists of traditional lectures, as well as tutorials, seminars and computer lab work in small groups.
You will also complete a 15,000-word dissertation on a topic of your choice which is relevant and appropriate to the MSc.
Courses are assessed both continuously and with end-of-semester exams.
Every MSc student is assigned an adviser at the beginning of the year. Your adviser will provide you with individual guidance on module choice and academic conduct.
Scholarships and Funding
The University of St Andrews is committed to attracting the very best students, regardless of financial circumstances.
The University of St Andrews offers postgraduate scholarships and other financial awards. These may be held in addition to external funding or awards from a government body. These may also cover (fully or partially) tuition fees, maintenance (living costs including accommodation), or both.
Scholarships are available based on academic merit and financial need. There are scholarships available for both home and overseas fee status. The scholarship team recommends reading the terms of each award carefully and applying to a range of funding sources.
Postgraduate study is an investment in your intellectual development and career potential. The University of St Andrews provides scholarships to help as many students as possible continue in higher education.
Scholarship availability may depend on your area of study or fee status (for example, whether you are a 'Home' or 'Overseas' student).
There is a long-standing tradition of Finance and Economics graduates working in a wide variety of challenging and rewarding posts including:
- Diplomatic service
They work in the UK, Europe, and North America, and more frequently in locations such as China, Taiwan, Hong Kong, Japan, and Thailand.
Program Tuition Fee
English Language Requirements
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