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MSc degree studies consist of the following study modules:

• Programme studies 84 ECTS credits
  • Including Master's thesis 30 ECTS credits
• Minor studies 24 ECTS credits
• 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.

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.
   

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

Degree requirements

1. Programme studies 84 cr

Mandatory studies 54-60 cr

^{*) Only for students of economics who have started their master's level studies before 1.8.2017 and have already completed the course 31E12100 Microeconomics: Policy but not the 31E99904 Capstone: Economics course. The Capstone course consists of one of the advanced courses offered by the subject and additional requirements defined for the Capstone course.}

^{**) Capstone course for all economics students who have started their master's level studies after 1.8.2017 or who have not completed the course 31E12100 Microeconomics: Policy before. Replaces course 31E12100 Microeconomics: Policy.}

^{1) Master's thesis will be registered in three sectons:}

^{1/3 Research plan (10 cr)
2/3 Findings (10 cr)
3/3 Submitted thesis (10 cr)}

^{2) 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 24-30 cr

Choose 4-5 courses from the following, so that the programme studies will be 84 credits altogether (if student completes 31E99904 Capstone: Economics, 4 courses + one for 31E99904 Capstone: Economics; if student completes 31E99906 Capstone: Microeconomic Policy, 5 elective courses):

^{*) Lectured only 2018-2019
**) Not lectured 2018-2019 or 2019-2020
***) 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.
****) The course will be held as a book exam in study year 2018-2019. The exam dates will be updated to WebOodi in January 2019.
) Only lectured in 2019-2020. The course will be lectured in Economicum (Arkadiankatu 7, Helsinki).} 

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.

Within the HECER cooperation the students can also complete advanced courses of economics offered by the University of Helsinki and Hanken School of Economics. The following courses are available:

University of Helsinki:

^{1) 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 WebOodi (search with the code 31E09200).
*) Course Public Economics is also available in periods IV-V, academic year 2019-2020. See further information about the course in the University of Helsinki WebOodi, their course code is ECOM-439.
**) Not lectured in academic year 2019-2020.}

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 here.

Hanken School of Economics:

^{*) Courses Applied Microeconomics (period II), Money and Banking (period III) and Applied Empirical Methods are also available at Hanken in study year 2019-2020.}

Hanken’s courses will be 5 credits from the study year 2018-2019 onwards. You can find the courses offered by Hanken from Aalto WebOodi by searching with the code 31E09300. 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 WebOodi (search with the code 31E09200).

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

2. Minor studies 24 cr

3. Electives 12 cr

Research Master Track, degree requirements 120 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 courses from the Finnish Doctoral Programme in Economics (FDPE). A separate structure is proposed for the Research Master Track. Alternatively, the FDPE courses can replace the required advanced courses in Microeconomic and Macroeconomic Theory and Econometrics, or they can be completed for programme electives.

If student wishes to complete the research master track, they must first discuss about the requirements of the research master track with the programme director in order to get a clear picture of this track and if the track is suitable for the student. Student can start completing the research master track courses only after the discussion with the programme director.

1. Programme studies 84 cr

Mandatory studies 42 cr

^{*) Only for students of economics who have started their master's level studies before 1.8.2017. The Capstone course consists of one of the advanced courses offered by the subject and additional requirements defined for the Capstone course.}

^{**) Capstone course for all economics students who have started their master's level studies after 1.8.2017. Replaces course 31E12100 Microeconomics: Policy.}

^{1) Master's thesis will be registered in three sectons:}

^{1/3 Research plan (10 cr)
2/3 Findings (10 cr)
3/3 Submitted thesis (10 cr)}

^{2) 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 .}

FDPE (Finnish Doctoral Programme for Economics) courses 36 cr, compulsory

The FDPE course details are given on the website > curriculum > core courses, FDPE codes MIxxxxx, MAxxxxx, EKxxxxx.

^{3) The qualifying examinations should be completed in May after the student has completed all the four courses in Microeconomics/Macroeconomics. Please contact the director of the Master's programme in Economics for the details.}

Elective course 6 cr

One of the following:

^{*) Lectured only 2018-2019
**) Not lectured 2018-2019 or 2019-2020
***) 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.
****) The course will be held as a book exam in study year 2018-2019. The exam dates will be updated to WebOodi in January 2019.
) Only lectured in 2019-2020. The course will be lectured in Economicum (Arkadiankatu 7, Helsinki).}

At the consent of the programme director it is possible to include a course 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.

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

If student completing the research track wants to include courses 77E24000 Business Presentations (3 cr) and 77E25000 Business Negotiations (3 cr) to their degree, they can include the courses in the electives of the degree, not in the elective studies of the programme.

2. Minor studies 24 cr

Minor in Research Methods, compulsory

^{*) The Math Camp in August 2019 will be held during 19.-29.8.2019, exam 30.8.2019.}

^{3) The qualifying examination should be completed in May after the student has completed all the four courses in Econometrics. Please contact the director of the Master's programme in Economics for the details.}

3. Electives 12 cr

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

1. a module confirmed in the curriculum (a minor study entity offered at the School of Business) ,
2. 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
3. a module earned at another Aalto University school or at another Finnish university under the agreement on flexible study rights (JOO agreement).

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

Exchange studies is a very popular minor among the students of the School of Business.

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

Mandatory language studies

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.

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.

Master's thesis at the Department of Economics

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 .

MSc degree studies consist of the following study modules:

• Programme studies 84 ECTS credits
  • Including Master's thesis (30 ECTS credits)
• Minor studies 24 ECTS credits
• 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.
   

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.

Code: BIZ24
Credits: 84 ECTS
Programme Director: Professor Pauli Murto

Degree requirements

1. Programme studies 84 cr

Mandatory studies 54-60 cr

^{*) Only for students of economics who have started their master's level studies before 1.8.2017 and have already completed the course 31E12100 Microeconomics: Policy but not the 31E99904 Capstone: Economics course. The Capstone course consists of one of the advanced courses offered by the subject and additional requirements defined for the Capstone course.}

^{**) Capstone course for all economics students who have started their master's level studies after 1.8.2017 or who have not completed the course 31E12100 Microeconomics: Policy before. Replaces course 31E12100 Microeconomics: Policy.}

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 24-30 cr

Choose 4-5 courses from the following, so that the programme studies will be 84 credits altogether (if student completes 31E99904 Capstone: Economics, 4 courses + one for 31E99904 Capstone: Economics; if student completes 31E99906 Capstone: Microeconomic Policy, 5 elective courses):

^{**) Not lectured 2017-2018}

Also courses 75E24000 Business Presentations (3 cr) and 75E25000 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.

Within the HECER cooperation the students can also complete advanced courses of economics offered by the University of Helsinki and Hanken School of Economics. The following courses are available:

University of Helsinki:

^{1) Students can complement these courses with the course "31E09200 Supplementary Studies in Economics" (1 cr).}

Register to the courses lectured at the University of Helsinki in Aalto WebOodi. You can find the study events from Aalto WebOodi by searching with the code 31E09100. Please note that the teaching periods in the University of Helsinki differ from the teaching periods in Aalto.

Hanken School of Economics:

2. Minor studies 24 cr

3. Electives 12 cr

Research Master Track, degree requirements 120 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 courses from the Finnish Doctoral Programme in Economics (FDPE). A separate structure is proposed for the Research Master Track. Alternatively, the FDPE courses can replace the required advanced courses in Microeconomic and Macroeconomic Theory and Econometrics, or they can be completed for programme electives.

1. Programme studies 84 cr

Mandatory studies 42 cr

^{*) Only for students of economics who have started their master's level studies before 1.8.2017. The Capstone course consists of one of the advanced courses offered by the subject and additional requirements defined for the Capstone course.}

^{**) Capstone course for all economics students who have started their master's level studies after 1.8.2017. Replaces course 31E12100 Microeconomics: Policy.}

FDPE (Finnish Doctoral Programme for Economics) courses 36 cr, compulsory

The FDPE course details are given on the website > curriculum > core courses, FDPE codes MIxxxxx, MAxxxxx, EKxxxxx.

Elective course 6 cr

One of the following:

^{**) Not lectured 2017-2018}

At the consent of the programme director it is possible to include a course 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.

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

If student completing the research track wants to include courses 75E24000 Business Presentations (3 cr) and 75E25000 Business Negotiations (3 cr) to their degree, they can include the courses in the electives of the degree, not in the elective studies of the programme.

2. Minor studies 24 cr

Minor in Research Methods, compulsory

3. Electives 12 cr

The 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 under the agreement on flexible study rights (JOO agreement).

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

Master's degree includes 12 ECTS credits of Electives. This can consist of for example

• additional studies in the degree programme,
• additional studies in the minor study module,
• courses from other programmes,
• language and communication studies,
• studies at another Aalto University School,
• studies at another university through the flexible study right agreement (JOO studies), or
• internship (6 cr or 3cr).

More information is provided under the titles Language and communication studies and Internship.

Elective studies can include basic, intermediate or advanced level courses.

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 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.

Registration for the seminar varies 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 Planning your studies.

Maturity test

After completing the Master's Thesis the student has to write a maturity test in order to demonstrate their familiarity with the subject of the thesis and proficiency in Finnish or Swedish language. If a student has demonstrated their Finnish or Swedish proficiency in the Bachelor’s degree, it is not required again for the Master’s degree. In this case the maturity test will be evaluated only based on the content. However, the maturity test is still always written in Finnish or Swedish, unless the student has been exempted to write the test in some other language (see instructions below).

The maturity test is a written examination based on the Master’s thesis. The School of Business students write an executive summary which is classified as the maturity test. For further instructions regarding the maturity test, please see Planning your studies - Maturity test.

If a student has had their (high school) education in a language other than Finnish or Swedish or abroad, it is possible to apply for an exemption in order to make the test in English or some other language. The application will be addressed to the Vice Dean of the School of Business. In this case the maturity test will be evaluated only based on the content.

MSc degree studies consist of the following study modules:

• Programme studies 84 ECTS credits
  • Including Master's thesis (30 ECTS credits)
• Minor studies 24 ECTS credits
• 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.

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.

Code: BIZ24
Credits: 84 ECTS cr
Programme director: Professor Pekka Ilmakunnas

Degree requirements 120 cr

1. Programme studies 84 cr

Mandatory studies 60 cr

^{*) The Capstone course consists of one of the advanced courses offered by the subject and additional requirements defined for the Capstone course.}

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 24 cr

Choose 4 courses from the following (or courses from the mandatory studies list):

^{**) Not lectured 2016-2017}

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.

Within the HECER cooperation the students can also complete advanced courses of economics offered by the University of Helsinki and Hanken School of Economics. The following courses are availible:

University of Helsinki:

Hanken School of Economics: 

2. Minor studies 24 cr

3. Electives 12 cr

Research Master Track, degree requirements 120 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 courses from the Finnish Doctoral Programme in Economics (FDPE). A separate structure is proposed for the Research Master Track. Alternatively, the FDPE courses can replace the required advanced courses in Microeconomic and Macroeconomic Theory and Econometrics, or they can be completed for programme electives.

1. Programme studies 84 cr

Mandatory studies 42 cr

^{*) The Capstone course consists of one of the advanced courses offered by the subject and additional requirements defined for the Capstone course.}

FDPE (Finnish Doctoral Programme for Economics) courses 36 cr, compulsory

The FDPE course details are given on the website > curriculum > core courses, FDPE codes MIxxxxx, MAxxxxx, EKxxxxx.

Elective course 6 cr

One of the following:

^{**) Not lectured 2016-2017}

At the consent of the programme director it is possible to include a course 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.

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

2. Minor studies 24 cr

Minor in Research Methods, compulsory

3. Electives 12 cr

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

1. a module confirmed in the curriculum (a minor study entity offered at the School of Business) ,
2. 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
3. a module earned at another Aalto University school or at another Finnish university under the agreement on flexible study rights (JOO agreement).

2016–2017 minors at Aalto

2016–2017 minors

2016–2017 minors for School of Business students only

Please see

Master's degree includes 12 ECTS credits of Electives. This can consist of for example

• additional studies in the degree programme,
• additional studies in the minor study module,
• language and communication studies,
• studies at another Aalto University School,
• studies at another university through the flexible study right agreement (JOO studies), or
• internship (6 cr or 3cr).

More information is provided under the titles Language and communication studies and Internship.

Elective studies can include basic, intermediate or advanced level courses.

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 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. Registration for the seminar varies depending on the degree programme: please see the instructions for each programme in WebOodi, MyCourses or department’s homepages.

Maturity test

After completing the Master's Thesis the student has to write a maturity test in order to demonstrate their familiarity with the subject of the thesis and proficiency in Finnish or Swedish language. If a student has demostrated their Finnish or Swedish proficiency in the Bachelor’s degree, it is not required again for the Master’s degree. In this case the maturity test will be evaluated only based on the content. However, the maturity test is still always written in Finnish or Swedish, unless the student has been exempted to write the test in some other language (see instructions below).

The maturity test is a written examination based on the Master’s thesis. The School of Business students write an executive summary which is classified as the maturity test. For further instructions regarding the maturity test, please see Planning your studies - Maturity test.

If a student has had their (high school) education in a language other than Finnish or Swedish or abroad, it is possible to apply for an exemption in order to make the test in English or some other language. The application will be addressed to the Vice Dean of the School of Business. In this case the maturity test will be evaluated only based on the content.