THE
MASTERS YEAR
Masters
Degrees
The programme offers
taught MSc degrees in:
- Economics
- Economics (Finance)
Teaching on the MSc courses
is based in Edinburgh, and students graduate with an MSc from The
University of Edinburgh.
The masters programme
aims to provide a modern and comprehensive training in Economics
that will equip students to move directly into a career as a professional
economist or to undertake research for a PhD.
The MSc programme has
five main elements:
- preliminary courses
in Maths and Econometrics (mid-September to early October)
- six core courses,
two each in Microeconomics, Macroeconomics, and Quantitative
Methods (October
to mid February)
- residential methodology
weekend (January)
- three option courses
(End February to early April)
- dissertation (to
be handed in in August)
Core and Optional
Courses
All students are required
to take the introductory Maths and Econometrics courses, the
six
compulsory core courses and three further courses to be chosen
from the range of electives on offer. Students taking the MSc
in Economics
may choose three courses from across the range of options offered
on the programme. Students taking the MSc in Economics (Finance) must take
the courses in Asset Pricing, Corporate Finance and International
Money
and Finance as their three "option" courses".
The option courses are designed to familiarise students with the
main elements of the relevant theory and to introduce students to
a range of more advanced topics and recent developments in Economics.
They also emphasise the problems that arise when making the transition
from theoretical models to empirical and applied work and in this
respect they are particular useful in formulating and writing the
summer dissertation. By the end of the course students should be
proficient in state-of-the-art analytical and quantitative techniques
that are the essential skills of today's professional economist.
For a brief description of the 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 proceed
to the PhD the dissetation is often on a topic which relates to
their proposed area of research.
How the Masters Degree
is Assessed
Marking standards
All coursework and examinations
are marked according to the following standard (the MSc* is the
standard required by the rules of the SGPE 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%).
Part-time Study
We welcome applications
from students who wish to study part-time. In this case, it is
normal
to take the preliminary maths and econometics course, two core
subjects and one option in the first year, and the remaining
core subjects, two further options, and the dissertation in the
second
year.
Careers after
the Masters degree
If after successfully
obtaining the MSc you choose not to continue to the PhD but seek
employment instead, you will find a wide range of opportunities
open to you. The Programme has been in existence now for over 20
years and Masters graduates over this time have found employment
in a great variety of fields, from theoretical and applied economic
research, to careers with banks, the public sector and consultancy
services. Edinburgh University is listed as one of the best in the
world for international mobility of its students. Some of the economics
bodies with which MSc students will become familiar during their
period of study and which will in many cases form career destinations
for them include:-:
Scottish Enterprise
Scottish Executive
Royal Economic Society
Scottish Economic Society
European Investment Bank
Bank of England
Deutche Bank
Scottish Parliament
Scottish Excutive
Scottish Economic Policy Network
Scottish Enterprise
Tax & Finance Consultancies
Accountancy Firms: Earnst & Young
Fraser of Allander Institute
ScotEcon
David Hume Institute
HERU (Health Economics Research Unit)
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