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Major: Economics

Master’s Programme: Applied Econometrics and Economic Modelling

 

Curriculum / Study plan (pdf)

 

Qualification characteristics

1. Programme Objectives:

The Master’s Programme in Applied Econometrics and Economic Modelling is a three-semester full-time programme. Its main focus is on modern quantitative methods of analysis of economic data and processes. The training offered aims at building skills and competencies for solving real-world problems in many areas of government and business practice. In addition, the programme contributes towards skill transferability through complementing the modelling knowledge with the enhancement of critical thinking, project management, cross-disciplinary communication ability, etc. While the courses are specifically designed to be oriented towards the practice of the economist profession, they also provide strong theoretical foundations so that students acquire the ability to handle a wide range of problems many of which might turn out to be non-standard or unprecedented. In a more general setting, the linkage between theory and applications is constantly maintained and emphasized.

All courses are delivered by specialists having extensive experience in academia, government, and the analytics business. The curriculum is
designed in such a way so that it largely matches the standard requirements concerning the quantitative economics analyst profession as known in the market-leading institutions domestically and internationally.

 

2. Programme Scope (knowledge and skills necessary for successful professional development; theoretical preparation and specialized trainings, etc.)

The programme builds upon the Bachelor degree in Economics. It is structured so that is provides high-quality training at the Master’s level. The design warrants the coverage of a broad range of topics and approaches to the practice of quantitative economic analysis.

The programme starts with an extensive course on the mathematical and statistical foundations necessary to successfully master the theory and toolkits offered in the specialized core courses. It covers advanced topics in probability and statistics, difference and differential equations and systems as the indispensable tools of the science of dynamic economics, topics in mathematical optimization such as linear and non-linear programming, the calculus of variations, discrete- and continuous-time dynamic programming, etc.
Core courses taught are devoted to static and dynamic econometric theory and methods, statistical learning, microeconomic and
macroeconomic modelling, principles of banking and regulatory risk management, etc. With a strong view to practical applications, courses
based on using computational software environments such as R, Python, VBA, SQL, EViews, and SAS, are provided.
In addition, students can choose among specialized courses related to topics such as credit risk modelling, decision science, game theory and
economic behaviour, scorecard development for financial risk assessment, etc. Last but not least, the programme provides options to take part in courses focused on project management, soft skills development, acquiring professional research skills, etc.
Besides exams as the traditional approaches to assessing students’ progress, the learning process will also include solving practical problems, including through structured assignments. The programme completes with writing a Master’s thesis on a topic which will be jointly defined and implemented in cooperation with interested businesses. In this respect, it will also serve as a tool facilitating the transition to the job market.

 

3. Acquired Skills and Competencies

After successfully completing the programme, the graduate student:

SHOULD KNOW:
1) The advanced mathematical and statistical theory and their applications to economics
2) The foundations of advanced econometric techniques for static and dynamic data analysis and forecasting
3) The principles of advance microeconomic, macroeconomic, and financial modelling
4) The principles of functioning of related industries
5) The efficient methods of time, stress, crisis, and change management, negotiations, communications, etc.
SHOULD BE ABLE:
1) To express real-life problems as abstract economic and econometric models
2) To translate modelling concepts and ideas in structured software code using computational software environments
3) To design and implement independent applied research
4) To communicate ideas and results to an audience, to clients, to managers, etc.

 

4. Professional Development

The programme graduates are economists skilled in the theoretical and empirical modelling of real-life problems and data. They can find employment in governments and central banks, in financial institutions, in market research agencies, in social networks and media research
companies, in consultancies specialized in quantitative and decision analytics, in large industrial companies with own research units, etc. The
Master’s programme can also be considered as the preparatory stage for PhD studies leading to a career in academia.