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Applications for 2024 entry closed at 5pm on Friday 6 September. Applications for 2025 entry open on Monday 16 September.
Economics
School of Economics,
Faculty of Social Sciences
![Photo of Richard Mosley Masters student working at the Department for Work and Pensions](http://cdn.sheffield.ac.uk/sites/default/files/styles/mobile_single_column_1x/public/2019-10/29284.jpg?h=b9200632&itok=dfC8VPrv)
Course description
MSc Economics, our flagship masters course, is flexible, allowing you to choose modules in economics or finance whilst also giving you core analytical skills.
This course prepares you for a career as an economist in finance, consultancy, the public sector or in research.
Modules
Core modules:
- Microeconomic Analysis
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Microeconomics is concerned with the behaviour of individuals, households and firms, and their interactions. This module aims to develop the skills you will require to analyse microeconomic problems and theories and to provide an introduction to advanced microeconomics. You will use mathematical and quantitative analysis to analyse topics such as consumer theory, risk and uncertainty, and intertemporal choice. In addition, this module will further develop your skills of critical evaluation and appraisal in the context of advanced microeconomic theory.
15 credits - Macroeconomic Analysis
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Macroeconomics concerns the behaviour of the economy as a whole. In this module you will develop a coherent framework for understanding macroeconomics building on microeconomic foundations. The module will analyse the source of business cycle fluctuations, the aims of monetary policy in advanced economies, including the design of optimal monetary policy. It will also provide an advanced understanding of fiscal policy and debt dynamics. You will be introduced to the concept of financial frictions in the context of the last financial crisis, and gain an understanding of the aims and challenges faced by monetary policy makers.
15 credits - Econometric Methods
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This module will develop your core econometrics skills. The first half of the module provides a grounding in key econometric techniques covering elements such as the classical linear regression model, hypothesis testing and problems of non-spherical disturbances. More advanced topics are then introduced in the second half of the module. Specifically you will focus upon topics in microeconometrics: including modelling discrete binary variables; censoring and sample selection, and then topics in macroeconometrics including: economic forecasting; stationarity; and cointegration. You will also develop a knowledge of using econometric software Stata.
15 credits
Optional modules* - one from:
- Modern Theory of Banking and Finance
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This module will give you a broad introduction into the economic literature on finance and banking. You will develop an understanding of the principles behind investment-financing decisions, the concept of governance and its implications for the efficiency of firms' investment decisions, and the role of financial intermediation. The module emphasises both theoretical and practical considerations. On completing this module, you will have a working knowledge of lexicon, theory, and tools associated with monetary theory and understand how the economy and financial markets fit together.
15 credits - Modern Finance
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This module will introduce you to some of the key concepts and methods in modern finance. This is an analytical module, which reflects the quantitative nature of the subject and in which each topic is developed from first principles. The module will cover the theoretical foundations of investor choice and portfolio selection based on utility theory, using these to provide a rigorous foundation for the Capital Asset Pricing Model. You will then examine some of the empirical issues that arise in the practical use of the theory.
15 credits
*the optional modules available each semester may change
Core modules - one or two from:
- Applied Microeconometrics
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The module provides examples and experience of applying standard microeconometric techniques to large sample surveys, with practical guidance on how to estimate and interpret results from different models. The syllabus covers topics such as limited dependent variables, instrumental variables, panel data methods and decomposition methods. Throughout use will be made of the Stata econometric software.
15 credits - Applied Macroeconometrics
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This module will enable you to understand recent applied literature in core journals of macroeconomics and finance, which uses time series methods, and prepare you for possible later research involving time series. You will learn to identify the empirical features of macroeconomic and financial data, and how to analyse the dynamic interaction of macroeconomic variables over time using key econometric techniques. Throughout use will be made of the Stata econometric software.
15 credits
Optional modules* - three from:
- Asset Pricing
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This module will introduce you to the advanced principles of asset pricing in finance and the use of derivatives in risk management. You will gain knowledge of how important derivative assets are traded, the pricing models for important derivative assets, and the principles of hedging. This is an analytical module, which reflects the quantitative nature of the subject and in which each topic is developed from first principles. The module will cover both the theoretical foundations of asset pricing, the issues that arise in the practical use of these models and their limitations.
15 credits - International Money and Finance
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In this module, you will acquire an understanding of the relationship between domestic and international economic activity in an open economy. You will learn to relate the various motives underlying international financial flows to their effects on real economic variables. The module will introduce mainstream theories of the determination of equilibrium exchange rates, both in the short run and the long run. You will also explore the causes of international financial crises and consider policy responses.
15 credits - Industrial Organisation
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This module will introduce you to contemporary topics in industrial organisation with a particular emphasis on the role of economic analysis of strategic decision making. You will learn to use and appraise a range of economic techniques to make better strategic decisions. In this module you will build on and expand on your knowledge of microeconomics related to market structure; such as competition in oligopolistic industries. You will also become familiar with further oligopoly models (product differentiation, collusion, mergers) as well as behaviour in platform markets. We will also consider market implications when consumers are imperfectly informed (or naive) about prices or product characteristics.
15 credits - Monetary Economics
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This module will provide you with a formal analysis of monetary economics and an understanding of how monetary policy works. It will cover the role of monetary policy in the macro economy, and expose you to the latest theoretical developments in monetary theory and policy. You will also gain an appreciation of some of the limitations of monetary policy.
15 credits - Public Economics
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This module will provide you with a comprehensive grounding in public economics. Government policies, through fiscal policy instruments, can have a massive impact on the allocation of resources and the distribution of income in the economy. This module evaluates the government's ability to identify and achieve more efficient and equitable outcomes than the situation without intervention. You will apply the theory in the analysis of real world public policy programmes.
15 credits - International Trade
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This module will provide you with an overview of the theory of international trade to explain the patterns of exchange of goods and services between countries, international migration and foreign direct investment flows. The module provides a survey of all the main models of international trade and foreign direct investment, supplemented by applications to key contemporary policy issues. You will use a number of analytical tools and empirical methods to analyse trade and policy issues.
15 credits - Public Policy Evaluation
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This module will introduce you to the key principles for evaluating the impacts of government policies. The module will cover the leading quantitative techniques for estimating causal policy effects, and how to select appropriate techniques for different policy interventions. You will gain an understanding of how evidence about policy evaluation is used to inform policy debates, and critically assess real world examples of policy evaluation. Examples will be drawn from health, labour, education and development economics. Throughout use will be made of the Stata econometric software.
15 credits - Econometrics of Machine Learning
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This module provides a comprehensive exploration of machine learning techniques in econometrics, aiming to assess predictions and guide decision-making in practical economic and business scenarios. It covers various machine learning methods, including regression, variable selection, shrinkage techniques, classification, tree-based approaches, ensemble learning, and neural networks. The module equips participants with the skills to discern the most fitting machine learning technique for a specific problem, facilitating the ability to make predictions or informed decisions. The practical application of machine learning techniques will be demonstrated in computer lab sessions, exclusively conducted using the R programming language.
15 credits - Applied Microeconometrics
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The module provides examples and experience of applying standard microeconometric techniques to large sample surveys, with practical guidance on how to estimate and interpret results from different models. The syllabus covers topics such as limited dependent variables, instrumental variables, panel data methods and decomposition methods. Throughout use will be made of the Stata econometric software.
15 credits - Applied Macroeconometrics
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This module will enable you to understand recent applied literature in core journals of macroeconomics and finance, which uses time series methods, and prepare you for possible later research involving time series. You will learn to identify the empirical features of macroeconomic and financial data, and how to analyse the dynamic interaction of macroeconomic variables over time using key econometric techniques. Throughout use will be made of the Stata econometric software.
15 credits - Corporate Finance
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The course unit covers more advanced topics in corporate finance - such as financing and investment decisions under asymmetric information - and valuation techniques for investment appraisal - such as real option pricing. Some of the fundamental assumptions underlying corporate finance such as the efficient market hypothesis are also challenged and an alternative approach to finance, behavioural finance, is reviewed. Financial operations such as mergers and acquisitions and initial public offerings are also discussed. As this course unit is highly quantitative, it requires a good knowledge of the basic mathematical concepts (e.g. probability calculus and derivatives), statistics (e.g. regression analysis, normal distributions and variance analysis) and the financial concepts reviewed in MGT230.
20 credits
*the optional modules available each semester may change
- MSc Dissertation
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In this module students will complete an extended piece of written work on a topic of their choice. The dissertation will demonstrate their ability to carry out independent research and make an original contribution to the discipline.
60 credits
The content of our courses is reviewed annually to make sure it's up-to-date and relevant. Individual modules are occasionally updated or withdrawn. This is in response to discoveries through our world-leading research; funding changes; professional accreditation requirements; student or employer feedback; outcomes of reviews; and variations in staff or student numbers. In the event of any change we'll consult and inform students in good time and take reasonable steps to minimise disruption.
Open days
An open day gives you the best opportunity to hear first-hand from our current students and staff about our courses.
You may also be able to pre-book a department/school visit as part of a campus tour.Open days and campus tours
Duration
- 1 year full-time
- 2 years part-time
School
School of Economics
We have an international reputation for practical and real-world economics.
You'll be taught by some of the top economic experts in their field and you'll receive the latest cutting-edge teaching from people who care passionately about their subject.
Our staff advise government departments in the UK such as the Department for Work and Pensions, the Department for Education, as well as advisory bodies such as the Low Pay Commission. Their research helps shape government policies and aims to improve people's lives. This research also informs what you will be taught in your modules.
Our graduates are in demand by some of the country's top economics employers such as the Bank of England, PwC, IBM and HM Treasury.
Entry requirements
Minimum 2:1 undergraduate honours degree in economics or a related subject with a strong emphasis on macroeconomics, microeconomics, mathematics and statistics.
Overall IELTS score of 6.5 with a minimum of 6.0 in each component, or equivalent.
If you have any questions about entry requirements, please contact the school/department.
Fees and funding
Apply
Applications for 2024 entry closed at 5pm on Friday 6 September. Applications for 2025 open on Monday 16 September.
Contact
study@sheffield.ac.uk
+44 114 222 3456
Any supervisors and research areas listed are indicative and may change before the start of the course.
Recognition of professional qualifications: from 1 January 2021, in order to have any UK professional qualifications recognised for work in an EU country across a number of regulated and other professions you need to apply to the host country for recognition. Read information from the UK government and the EU Regulated Professions Database.