Why this course?
You’ll learn all about the fundamental principles of economic analysis. You'll also gain the skills to apply insights obtained from these principles in particular context such as:
- acquiring and analysing information
- supporting decision-making
- problem solving
- policy making in private and public sector organisations
The course is suitable for those intending to develop their careers in areas such as economics, banking, energy, central and local government, charities and management.
If you're already working in one of these areas, the course will enhance your effectiveness by developing skills in data analysis, decision-making, policy formation and communication.
Aims & objectives
The programme will provide you with:
- a good understanding of micro and macroeconomic theory
- experience in the application of relevant economic theory to policy development and decision making in public and private sector organisations
- an appreciation of the nature and functioning of markets, institutions and policy-making environments that condition and shape policy choices
- a good working knowledge of statistical and econometric modelling techniques that support analysis and decision-making
- skills in the methods and techniques of economic appraisal of projects and programmes
There’s two semesters of core and elective modules, followed by a dissertation.
- Foundations of Microeconomics
- Further Topics in Microeconomics
- Macroeconomics for the Business Environment
- Macroeconomics for the Global Business Environment
- Analysis of Economic Data
- Quantitative Methods
- Principles of Economic Appraisal
- Economic Appraisal of Programmes & Policies
You must choose four modules from the list below. You can substitute two modules for classes offered elsewhere in the Business School. You'll choose from:
- Fundamentals of Business Economics
- International Trade & Policy
- Games of Strategy
- Environmental Economics
- Energy Economics
Dissertation topics can be chosen from within the broad range of issues covered on the programme.
Foundations of Microeconomics
Further Topics in Microeconomics
This is designed to be accessible if you have no prior expertise in economics.
It is focused on economic literacy with a clear emphasis on the application to contemporary issues in the real world. Knowledge of these topics provides the foundation for further study in a broad range of topics in Economics.
Macroeconomics for the Business Environment
You'll build on knowledge acquired in Foundation of Microeconomics to explore various topics in Microeconomics.
In particular we will explore situations in which markets do not work properly and discuss justifications for public intervention. As with the foundation course, emphasis will be put on how the ideas can be applied to the real world.
Particular relevance will be given to topics related to imperfections in financial markets and in public utilities, and to the regulation of such markets.
Macroeconomics for the Global Business Environment
By the end of the class you'll be able to assess the information content in the behaviour of key macroeconomic variables; discuss their implications for business managers. You'll understand the objectives and challenges in the design and operation of macroeconomic policies and explain how policy impacts on the macroeconomic environment.
Analysis of Economic Data
By the end of the class you'll be able to assess the information content in the behaviour of key macroeconomic variables.
You'll be able to discuss their implications for business managers; understand the objectives and challenges in the design and operation of macroeconomic policies as well as explain how policy impacts on the macroeconomic environment.
This module introduces some of the statistical methods commonly used in applied economics with an emphasis on regression analysis.
You'll focus on understanding and application but also consider some of the more formal concepts required to engage in econometric work with confidence.
Principles of Economic Appraisal
This module builds on Analysis of Economic Data.
You'll cover the following estimation techniques:
- Univariate Time Series Analysis
- Instrumental Variables
- Panel Data Models
- Limited Dependent Variable Models
Each topic will be introduced in lectures and then illustrated via practical application in lab sessions.
Economic Appraisal of Programmes & Policies
Economic appraisal is a key tool in the work of an economist, and this module goes through the key principles and techniques of economic appraisal, in both private and public contexts.
It deals with several forms of economic appraisal:
- cost-benefit analysis (CBA)
- cost-effectiveness analysis (CEA)
- multi-criteria analysis (MCA)
EAPP extends and builds on its companion class Principles of Economic Appraisal. It deals in-depth with issues relating to:
- programmes or policies (rather than single projects)
- public or perspective choices in a second-best environment
- distributional (rather than efficiency) considerations
- the implications for economic appraisal of ‘large’ programmes or policies that will often entail system-wide or secondary impacts
and special considerations that arise from public finance considerations, complications and potential pitfalls in appraisal processes, as well as appropriate ways of dealing with imperfect information and uncertainty.
Module content will make use of work done by the Economics Department for governmental bodies, and which has generated highly supportive peer review from the UK Government Economic Service and from our external examiners.
You must choose four modules from this list. You can substitute two classes listed here for classes offered elsewhere in the Business School.
Fundamentals of Business Economics
International Trade & Policy
The Fundamentals of Business Economics module introduces you to the concepts of Business Economics and to the complexity of business decisions. The scope of the module extends to cover issues in business strategy and to explain how firms position themselves in markets in order to be successful.
Games of Strategy
The focus of this module is on developing an understanding as to why countries engage in international trade.
At the heart of the module is an analysis of the distribution of the gains from trade, identifying the circumstances where trade liberalization is mutually beneficial and those where there are winners and losers at the international or national level.
The module will address the current issues facing the world trading system and how these might be resolved.
Games of Strategy studies decision making in strategic scenarios where the outcome of a decision depends not only on your decision but also the decisions made by others.
We study the analysis of such decisions to fully understand how to make effective decisions in these ubiquitous environments.
The module explores key economic issues at the heart of topical energy questions. The module covers
- the objectives of energy policy
- private and social perspectives on energy supply and demand
- regulation using relevant examples (including North Sea activity and renewable electricity)
- economic models to understand interactions between energy and the economy
MSc students only
The dissertation is an extensive and substantial piece of economic analysis, which typically involves a literature review, original research, and econometric analysis.
You're expected to demonstrate their ability to apply the knowledge and tools that they have acquired throughout the year.
Learning & teaching
As well as attending lectures you’ll undertake projects, case studies and small group work.
A good Honours degree, or overseas equivalent.
For students whose first language is not English, more information about the English language requirements for studying at Strathclyde can be found here.
Pre-Masters preparation course
The Pre-Masters Programme is a preparation course for international students (non EU/UK) who do not meet the entry requirements for a Masters degree at the University of Strathclyde. The Pre-Masters programme provides progression to a number of degree options
To find out more about the courses and opportunities on offer visit isc.strath.ac.uk or call today on +44 (0) 1273 339333 and discuss your education future. You can also complete the online application form. To ask a question please fill in the enquiry form and talk to one of our multi-lingual Student Enrolment Advisers today.
Fees & funding
How much will my course cost?
All fees quoted are per academic year unless stated otherwise.
- 2015/16 - £9,000 (full-time)
- 2015/16 - £4,500 (part-time)
Rest of UK
- 2015/16 - £9,000 (full-time)
- 2015/16 - £4,500 (part-time)
- 2015/16 - £15,000 (full-time)
- 2015/16 - £7,500 (part-time)
How can I fund my course?
The fees shown are annual and may be subject to an increase each year.
The MSc in Applied Economics builds on our experience over many years in delivering classes that produce highly employable graduates. The course has been designed with employers' needs in mind, with design input from those who employ our graduates.
How much will I earn?
The range of typical starting salaries for an economist can be anywhere from £25,000 to £35,000, rising to up to £40,000 with a few years' experience*.
Where are they now?
Economists have excellent employment prospects and are amongst the most sought after postgraduates. Some examples of the kinds of work our graduates do is provided in the following list.
Job titles include:
- Economists in investment banking and other bank departments
- Central Bank economists
- Economics statisticians
- Officials in regulatory agencies
- Commercial/business analysts with multinational companies and large organisations (such as health authorities)
- Economic, investment and management consultancies
- Economic assistants in government departments or agencies
- Academic posts, such as research assistants/fellows and lecturers in university and research institutes
- Managerial positions in charitable organisations
- Managerial and chartered accountants
- Analysts and Financial Advisers
- Energy Analysts and Economists
- Health managers and economists
- Business and Corporate Management
- Economists and other officials in Environmental Protection Agencies and NGOs
- Local government and Development Agency officials
*information is intended only as a guide. Figures are taken from Prospects http://www.prospects.ac.uk/economist_salary.htm