Curriculum 2020–2022

Student Guide

Master's Programme in Economics

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Degree structure

Programme studies 84 cr
- Incl. Master's thesis 30 cr
Minor 24 cr
Electives 12 cr

MSc degree studies consist of the following study modules: Programme studies 84 ECTS credits, Minor studies 24 ECTS credits and Electives 12 ECTS credits.

In addition to the goals stated in (794/2004) 7 § the aim of the Master of Science degree in Economics and Business Administration is to provide students with

deep overall knowledge of the area of the specialised master’s degree programme, and very good knowledge of the minor subject or corresponding study entities included in the degree;
the knowledge and skills required in challenging managerial positions or positions demanding a high level of expertise, or as entrepreneur;
the ability to independently produce and apply knowledge in the field of business administration and economics, and preparedness for demanding international postgraduate programmes;
the ability to address ethics, sustainability, and international context; and
excellent communication and team working skills.

Programme studies 84 cr

Code: BIZ24
Credits: 84 ECTS
Programme Director: Professor Juuso Välimäki

The aim of the master’s programme in economics is to give students a wide understanding of economic issues and a comprehensive knowledge of econometric and mathematical tools of analysis. When studying in the programme, the students will develop the following skills:

analytical thinking: the ability to analyse a wide range of economic phenomena by using different theories;
scientific thinking: the ability to apply the economic theory in practice;
methodological skills: the ability to use econometric and mathematical methods; and
communication skills: the ability to structure and report economic analysis orally and in writing.

Programme studies 84 cr

Mandatory studies 54 cr

Code	Course name	ECTS credits	Teaching period
		6 cr	III
		6 cr	I
		6 cr	II
ECON.thes		30 cr	I-II, III-IV
	¹⁾	6 cr	I-II, III-IV 1)
BIZ.matr	Maturity Test	0 cr	I-II, III-IV

^{*) Replaces course 31E12100 Microeconomics: Policy. Students who have started their master's level studies before 1.8.2017 and completed the course 31E12100 Microeconomics: Policy complete the course Capstone: Economics (31E99904).}

^{1) Enrollment to the seminar held in autumn semester by 31.5. (in the previous spring) and to the seminar held in spring semester by 31.10. (in the previous autumn). See further information from}^.

It is recommended that students who wish to continue to doctoral studies choose a wider combination of courses in micro- and macroeconomic theory than the minimum requirements. It is also possible to choose the research master track from the beginning of the master's studies.

Elective studies 30 cr

Choose five courses from the list below:

Course name	ECTS credits	Teaching period
	6 cr	20-21 no teaching 21-22 period II
*)	6 cr	*)
⁽¹	6 cr	IV
⁽²	6 cr	V
	6 cr	20-21 period III 21-22 period II
	6 cr	*)
	6 cr	*)
	6 cr	III
	6 cr	20-21 period II 21-22 period I
	6 cr	IV
	6 cr	20-21 period II 21-22 period III
	6 cr	I
	6 cr	*)
**)	6 cr	*)
Economics studies at another university	6 cr

^{1) Replaces the course 31E00700 Labor Economics}
^{2) Replaces the course 31E00710 Topics in Labor Economics}
^{*) Not lectured 2020-2021 or 2021-2022}
^{**) Topics in Economics is usually taught by a visiting lecturer. Topic may vary from year to year and the course is not necessarily offered every year.}

Also courses 77E24000 Business Presentations (3 cr) and 77E25000 Business Negotiations (3 cr) can be included in the programme electives.

At the consent of the programme director it is possible to include 1-2 courses offered by other subjects at the School of Business or by other schools of the Aalto University. This enables the student to focus on a certain area of economics, e.g. financial economics. These courses must meet the goals and requirements of the programme. For more information, you can contact the planning officer of Economics.

Advanced courses in University of Helsinki and Hanken School of Economics

Within the Helsinki GSE cooperation the students can also complete advanced courses of economics offered by the University of Helsinki and Hanken School of Economics.

To take courses at the other two universities, you must apply study rights for the courses and fill in a study right application form at

The following courses are available:

University of Helsinki 2021-2022:

Course name	ECTS credits	Teaching period
Applied Macroeconomics ()	5 cr	I
Applied Macroeconometrics 1 ()	5 cr	I
Applied Macroeconometrics 2 ()	5 cr	IV
Contract Theory ()	5 cr	20-21 period III 21-22 no teaching
Econometrics 1 ()	5 cr	II
Economic Growth ()	5 cr	III
Experimental Economics ()	5 cr	IV
Health Economics ()	5 cr	I
Macroeconomics 1 ()	5 cr	I
Macroeconomics 2 ()	5 cr	II
Microeconomics 1 ()	5 cr	I
Microeconomics 2 ()	5 cr	II
Money and Monetary Policy ()	5 cr	III
Public Economics 1: Taxation Policy ()	5 cr	III
Public Economics 2: Expenditure Policies ()	5 cr	IV
Search Theory ()	5 cr	20-21 period 21-22 no teaching
Environmental Economics I: Theory () *	5 cr	II
Environmental Economics II: Mechanisms () *	5 cr	III
Climate and Energy Policy () *	5 cr	20-21 period IV 21-22 no teaching
Advanced Natural Resource Economics (AGERE-E09) *	5 cr	IV
Introduction to Dynamic Optimization () *	5 cr	III
Economics of Aquatic Resources: Numerical Models () *	5 cr	IV
Cost-Benefit analysis MOOC () *	5 cr	IV
Economic Valuation Methods () *	5 cr	II
General Equilibrium Modelling () *	5 cr	IV (even years)
Economics Studies Completed at the University of Helsinki	5 cr

^{*) Organized by the Master’s program in Agricultural, Environmental and Resource Economics (AGERE)}

Students can complement these courses with the course "31E09200 Supplementary Studies in Economics" (1 cr). The course 31E09200 Supplementary Studies in Economics should be completed at the same time than the course for which the supplementary 1 credit is needed, so the student should contact the programme director or the planning officer of economics in advance. For more information, see course description in Sisu (search with the code ).

Please note that the teaching periods in the University of Helsinki differ from the teaching periods in Aalto. Information about the registration to the courses can be found from .

Hanken School of Economics 2021-2022:

Course name	ECTS credits	Teaching period
Behavioral Economics ()	5 cr	II
Competition Economics ()	5 cr	IV
Economics of new ventures and innovations ()	5 cr	I
Empirical Industrial Economics ()	5 cr	IV
Markets and industrial organization ()	5 cr	II
Money and Banking ()	5 cr	III
Economics Studies Completed at Hanken	5 cr

Information about the registration to courses offered by Hanken can be found from .

Minor studies 24 cr

Electives 12 cr

Students aiming at the Doctoral Programme or jobs that require advanced methodological skills may at the consent of the programme director also include in their degree studies research master track courses arranged within the Helsinki Graduate School of Economics cooperation. A separate structure is proposed for the Research Master Track. Alternatively, the research master track courses can replace the required advanced courses in Microeconomic and Macroeconomic Theory and Econometrics, or they can be completed for programme electives.

Students who wish to complete the research master track must send an application to the programme director Juuso Välimäki. Student can start completing the research master track courses only after the approval of the programme director.

Research Track information session 17.11.2021 (pdf)

Programme studies 84 cr

Mandatory studies 39 cr

Code	Course name	ECTS credits	Teaching period
ECON.thes	Master’s Thesis	30 cr	I-II, III-IV
		6 cr	I-II, III-IV ¹⁾
BIZ.matr	Maturity Test	0 cr	I-II, III-IV
		3 cr	I *)

^{*) The Math Camp is held 23.8.2021 - 3.9.2021.}

^{1) Enrollment to the seminar held in autumn semester by 31.5. (in the previous spring) and to the seminar held in spring semester by 31.10. (in the previous autumn). See further information from}^.

(Helsinki Graduate School of Economics) Research Master Track courses 45 cr

The research master track courses are arranged within the Helsinki Graduate School of Economics cooperation. The course details are given on the course host university’s (Aalto University, Hanken School of Economics or University of Helsinki) WebOodi/Sisu page. The research master track courses (Advanced Econometrics, Advanced Macroeconomics and Advanced Microeconomics) are listed on Helsinki GSE website at:

Compulsory 30 cr

Course name	ECTS credits	Teaching period	University
Advanced Microeconomics 1 *)	5 cr	I	Hanken
Advanced Microeconomics 2 *)	5 cr	II	Aalto
Advanced Macroeconomics 1 *)	5 cr	I	HY
Advanced Macroeconomics 2 *)	5 cr	II	HY
Advanced Econometrics 1 *)	5 cr	I	HY
Advanced Econometrics 2 *)	5 cr	II	HY

^{*) Students must choose one of the compulsory course as a Capstone course.}

Electives 15 cr

Choose 3 courses from the following:

Course name	ECTS credits	Teaching period	University
Advanced Microeconomics 3	5 cr	III	Aalto
Advanced Microeconomics 4	5 cr	IV	Aalto
Advanced Macroeconomics 3	5 cr	III	HY
Advanced Macroeconomics 4	5 cr	IV	HY
Advanced Econometrics 3	5 cr	III	HY
Advanced Econometrics 4	5 cr	IV	Aalto

Minor studies 24 cr

The minor of the Master’s degree is 24 credits.

Economics research master track students can complete for example a .

For a list of all the minors at Aalto University, see

Electives 12 cr

Master’s thesis and thesis seminar

The programme study module includes a 30-credit thesis with a 6-credit seminar. The thesis must demonstrate readiness for scientific thinking, command of research methods, conversance with the topic of the thesis, and ability for scientific communication.

The student takes also part in a thesis seminar, which is designed to help the students to prepare their thesis work. The seminar commonly consists of meetings, completing thesis, presenting the research topic to the seminar group and acting as an opponent for a fellow student’s thesis. Seminar lasts usually the whole semester, and it is organised during both autumn and spring semesters.

Seminar practices vary depending on the degree programme: please see the instructions for each programme in Sisu or MyCourses. For instructions on writing and handing in the thesis please see the page Completing your master's thesis.

At the Department of Economics, the students enroll to the 31E99905 Master's thesis seminar held in autumn semester already by 31.5. (in the previous spring) and the seminar held in spring by 31.10. (in the previous autumn). You can find more information about the enrollment and master's thesis seminar in general from .

Minor 24 cr

The minor study module of the Master’s degree is 24 credits and can be one of the following:

a module confirmed in the curriculum (a minor study entity offered at the School of Business) ,
a module completed in an official exchange programme partner of the School of Business or in another programme meeting the requirements set in the official exchange programme policy of the School of Business, or
a module earned at another Aalto University school or at another Finnish university e.g. under the agreement on flexible study rights (JOO agreement).

For a list of all the minors at Aalto University, see Minors

In some cases it is possible to complete two minors in the Master's degree. Please note that you can only choose the second minor if it fits into your degree or exceeds it by maximum of one course.

Exchange studies is a very popular minor among the students of the School of Business. If you are interested in completing exchange studies as your minor, please check out this short video:

Elective studies

You can choose elective studies to your Master's degree so, that the extent of the degree (120 credits) is fulfilled. You can exceed the extent of the degree by one course maximum.

Elective studies can include basic, intermediate or advanced level courses. You can use the module e.g.

To broaden your skills and knowledge via multidisciplinary studies:
- select courses in
- select -courses
- select courses in
To deepen your
To deepen or broaden your skills and knowledge in the field of business
- select additional courses in your degree programme or major
- select courses from other degree progarmmes or majors in the School of Business
- select additional courses in your minor
To gain work experience and working life skills via
To gain skills in self leadership and finding meaningfulness via
To broaden your degree with a second minor, if it fits in your degree
- Please not that you can only choose the second minor if it fits into your degree or exceeds it by maximum of one course. You can find the requirements of minors in Into

If you have mandatory language studies in your master's degree, they are included in the elective studies module. You have received information about these in the beginning of your studies, if this applies to you.

Students who have received their first cycle university degree from the Aalto University or from another Finnish university of from a Finnish university of applied sciences have principally demonstrated their language proficiency in the bachelor's degree or received an exemption. Therefore there is no need to demonstrate language proficiency in the master's degree
Students, who have received their first cycle university degree outside of Finland and whose is Finnish or Swedish, do demonstrate their language proficiency in the master's degree
Students, who have received their first cycle university degree outside of Finland and whose is other than Finnish or Swedish, do not demonstrate their language proficiency in the master's degree

If you are uncertain of whether you need to demonstrate language proficiency in the master's degree, please contact your programme's planning officer to get further information about the matter. Read also more about the language requirements for the maturity test in the page Completing your master's thesis > Maturity test.

Why should I study languages?

Updated: 8.9.2025
Published: 8.6.2022

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Student Guide

Master's Programme in Economics

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