MSc Economics & MSc Economics (Finance) Assessment Information
For a brief description of core and option courses see Description of courses
Exams and Dissertation
The core and option courses are examined in April/May each year. Following these exams, successful students write a dissertation of between 8,000 and 10,000 words for submission in August. For those intending to pursue a PhD the dissertation is often on a topic which relates to their proposed area of research.
How the Masters degree is Assessed
All coursework and examinations are marked according to the following standard (the MSc* is the standard required to proceed to the PhD):
70 - 100 MSc* with Distinction
An excellent performance. Here the student shows a deep mastery and understanding of the subject, and a well developed ability to analyse and apply concepts, models, and techniques. The work is very well organised, and there is a clear awareness of how to bring the material learned to bear on a variety of issues, including those not previously encountered.
60 - 69 MSc*
A very good performance. Work in this class displays very good understanding of the material and a sound technical ability. In addition it should also demonstrate potential for research in either very good technical proficiency or a clear awareness of how to use the ideas that have been learned to address previously unencountered theoretical, policy, or empirical issues.
50 - 59 MSc Pass
A good performance, satisfactory for a Masters degree. Work in this class demonstrates a good knowledge and sound understanding of the material as reflected in an ability to explain the central ideas; however, there may be a heavy reliance on course materials. Work in this class should also demonstrate some basic technical ability, but not any great technical facility and it will be weak in the ability to use ideas, models and, techniques to address previously unencountered theoretical, empirical or policy issues.
40 - 49 Diploma Pass
Work in this class demonstrates an adequate knowledge of the material in the programme and an ability to present it in an orderly fashion in answering a question. However the work will reflect no real understanding or mastery of the subject; it will not display an ability to explain the central ideas and arguments themselves, tending instead to mechanically reproduce diagrams and mathematics etc. with no explanation.
0 - 39 Fail
Work in this class fails to demonstrate an adequate knowledge of the material in the programme.
All examination papers are marked ‘double blind’. The external examiner is consulted on marginal papers, as well as being shown a representative sample of exam papers in order to monitor and validate marking standards.
How the Final Mark is Constructed
The MSc and Diploma Marks are constructed from the April/May exam marks and from the dissertation as follows:-
After the examination diet in April/May an aggregate mark for each candidate is calculated by taking a weighted sum of the final marks (out of 100) for each of the nine courses using the SCOTCAT points as weights. In what follows, Microeconomics 1 together with Microeconomics 2, Macroeconomics 1 together with Macroeconomics 2 and Quantitative Methods 1 together with Quantitative Methods 2 count as a single ‘unit of assessment’ giving three such units of assessment. The average of the three option course marks counts as a further (fourth) single ‘unit of assessment’.
A candidate with less than 180 (40%) fails both the Diploma and the MSc.
A candidate with an aggregate mark of at least 180 (40%) and less than 225 (50%) is awarded the Diploma, and is not allowed to proceed to the dissertation stage, except that a candidate with 180 (40%) or more, but who achieves less than 40% in two or more units of assessment, normally fails both the Diploma and the MSc.
To be permitted to proceed to the dissertation, candidates must achieve an aggregate mark of at least 225 (50%) in the taught courses, except that candidates who achieve an aggregate mark of at least 225 (50%) in the taught courses and who also achieve less than 40% in one unit of assessment and less than 50% in another unit of assessment will not normally be permitted to proceed to the dissertation.
Submission of the Dissertation in August
In August the dissertation mark (out of 100) is added to the aggregate mark with a weight of 11/2. The aggregate mark now has a maximum of 600.
Candidates who have been permitted to proceed to the dissertation and who achieve at least 50% in the dissertation will be awarded the MSc.
Requirements for the award of the Diploma, MSc, MSc* and MSc with distinction
To be awarded the MSc* and to be allowed to proceed to the PhD stage of the Graduate Programme, candidates must
(i) achieve at least 50% in the dissertation;
and (ii) achieve at least 50% in the each of the core courses;
and (iii) achieve an average of at least 40% in the three option courses;
and (iv) achieve an aggregate mark of at least 360 (60%).
To be awarded the MSc* with Distinction, candidates must:
(i) achieve at least 70% in the dissertation;
and (ii) achieve at least 60% in the each of the core courses;
and (iii) achieve an average of at least 60% in the three option courses;
and (iv) achieve an aggregate mark of at least 420 (70%).