About the MSc programmes
The MSc Economics programme is intended to equip you with the main tools of the professional economist, whether you intend working in government, central banking, international organisations or private sector firms such as economic consultancies. The advanced and technically rigorous nature of the programme also serves as an excellent foundation for PhD programmes and other research-focused roles.
We expect students to have very good examination results, with a first degree in economics (not business studies), with standard courses in intermediate macro and microeconomics and econometrics, and a number of advanced courses that use these as prerequisites. You should have a solid quantitative background with at least university-level mathematics courses in both advanced calculus and linear algebra, as well as courses in statistics and econometrics.
If your first degree is not in economics, you should apply to take the MSc programme over two years.
All students who do not have an undergraduate economics degree from a UK institution must have taken the GRE General Test no more than five years before 1 October 2015, and must include full and percentile test scores for all three sections with their application. Please see lse.ac.uk/admissionsEnquiries for more information. We do not require a specific mark but the test gives us an indication of aptitude for economics. Typically we expect candidates to score at least 161/770 in the quantitative section of the test. A higher score will count in your favour, but other information, such as examination results and references will also matter in the overall evaluation. We recognise that if your first language is not English, the verbal test will be more demanding and we view your score on that basis.
An offer of a place on the MSc Economics will include a conditional offer of progression to the MRes/PhD Economics, subject to the attainment of a distinction grade in the MSc.
The degree concentrates on the core elements of economic theory and econometrics. Although extensive use is made of mathematics, this is intended as a tool in order to facilitate analysis, with the primary objective of the programme being the provision of a formal training in, and in-depth understanding of, core economic models. (If you are interested in a more mathematically demanding programme you should apply for the MSc Econometrics and Mathematical Economics.)
To succeed on the programme you need to prove that you can work to a high standard and have excellent analytical ability; the core economics and econometrics courses assume a knowledge of constrained optimisation, matrix algebra and probability and statistics.
Students are required to attend the September Introductory Course in Mathematics and Statistics before the main teaching programme starts. The course includes treatment of dynamic programming, continuous time dynamic optimisation, quadratic forms, Kuhn-Tucker theorum and marginal and conditional probability distributions, amongst other topics.
Macroeconomics focuses on core models of growth and business cycle fluctuations, drawing on developments at the frontiers of research.
Either Microeconomics focuses on classical theories of consumer and producer behaviour, the theory of competitive equilibrium, models of imperfect competition and information economics, amongst other topics or (with permission) Advanced Microeconomics which gives more emphasis to mathematical methods following a proof based approach, and provides a firm grounding in classical microeconomic theory as well as a variety of recent developments from behavioural economics and other fields.
Econometrics presents modern, technical tools for empirical analysis in economics, both for cross section, time series and panel data; focusing on the properties of different estimation models, as well as illustrating the use of these techniques in practical problems.
Students will also be expected to choose one full unit course from a range of options or field courses. Please note that not every course is available each year and that some courses may only be available with the permission of the course convenor and/or may be subject to space.
MSc Economics (two year programme)
The preliminary year of the two year route is designed to give students with a sound quantitative background the opportunity to acquire the foundation in economic theory and techniques that would make them eligible for progression to the MSc in Economics.
The preliminary year will give students the opportunity to:
acquire a solid foundation in economics and quantitative techniques
earn the Diploma in Economics
progress to the final year of the MSc in Economics, or to other related MSc programmes, subject to performance and programme prerequisites
prepare for a career as an economist
To be eligible to apply for the two year route, a student should have a strong academic qualification with emphasis on quantitative subjects. We give detailed attention to transcripts and look for strength in mathematics and statistics especially.
All applicants must have taken the GRE General Test no more than five years before applying, and must include full and percentile test scores for all three sections with their application. Please see lse.ac.uk/admissionsEnquiries for more information. Typically we expect candidates to score at least 161/ 770 or higher in the quantitative section of the test and 4.5 or higher in the analytical section. We recognise that if the applicant's first language is not English, the verbal test will present special difficulties and we take that into account when assessing the score.
Students who have not previously studied economics are required to first take LSE Summer School courses in introductory macroeconomics and introductory microeconomics. Alternatively, such students may arrange to take equivalent courses elsewhere, subject to obtaining prior confirmation that the proposed courses are acceptable to us.
The preliminary year consists of examined intermediate level courses to the value of four full units.
Macroeconomic Principles covers economic growth, consumption, investment, unemployment, business cycles, inflation, monetary and fiscal policy, financial markets and international macroeconomics.
Either Microeconomic Principles I examines consumer theory, producer theory, strategic choice, general equilibrium and welfare, topics in welfare economics and uncertainty and information or Microeconomic Principles II is similar to Microeconomic Principles I but assumes students have a greater mathematical facility permitting greater depth and a number of additional topics to be covered.
Either Mathematical Methods looks at a range of basic mathematical concepts and methods in calculus of one and several variables and in linear algebra or Further Mathematical Methods covers calculus and linear algebra.
Either Introduction to Econometrics examines the essential elements of econometrics or Principles of Econometrics provides an intermediate-level introduction to the theory and practice of econometrics.
Students progressing to the final year of the MSc Economics must attend the Introductory Course in Mathematics and Statistics in September 2016.
Further information about the MSc Economics programme can be found at lse.ac.uk/MScEcon
Further information about the two year route, including progression requirements and contact information, can be found at lse.ac.uk/MScEconTwoYear
Please read the following important information before referring to full details of course options found in the Programme Regulations.
The programme regulations available are for the current academic session and may be subject to change before the beginning of the next academic year. For more information about course availability in the next academic session, please contact the relevant academic department. The School reserves the right at all times to withdraw, suspend or alter particular courses and syllabuses, and to alter the level of fees. Courses are on occasion capped (limited to a maximum number of students) or subject to entry conditions requiring the approval of the course convenor. The School cannot guarantee that places on specific courses will be available.
Our former students are employed as economists in a wide range of national and international organisations in government, international institutions, business and finance. Approximately one third of students proceed to PhD programmes at LSE or other leading universities.