Economics, M.Sc.

  • Application Deadline
  • 24 months
  • English (schedule IELTS)
University rank #137 (QS) ,
The Master's Programme in Economics develops the ability to apply economic theory to a wide range of economic phenomena. This Economics programme is offered by Aalto University.


This Economics programme is offered by Aalto University.

The programme qualifies you both to understand the connection between micro- and macroeconomic questions and to see the causality between such questions.

In addition, the programme equips you with appropriate econometric and mathematical analytical tools to address economic issues and problems. You will learn to analyse, organise and effectively communicate your analyses.

Programme overview: 

Applied Microeconomics and International Economics

In the Master's Programme in Economics, you will gain internationally comparable qualifications and knowledge which are valuable in demanding job markets. You will particularly be able to focus on two key areas:

  • Applied Microeconomics, including Environmental and energy economics, Labour and personnel economics, Industrial organization, Game theory, and Applied microeconometrics, and
  • International Economics, including Development economics

The programme has a long-term cooperative agreement with other leading-edge universities. This means that you will also be able to take economics courses at the following institutions in addition to the Department of Economics at the Aalto University School of Business:

  • Department of Political and Economic Studies at the University of Helsinki
  • Department of Economics of Hanken School of Economics
  • Wider Institute, i.e. United Nations University World Institute for Development Economics Research
Learning outcomes

The Master’s Programme in Economics gives you a solid education in how to produce, analyse and use economic data to tackle the challenges faced by organizations and the broader society.

Upon graduating from the programme, you will be able to:

  • understand economic theory and use it in new situations
  • read most scientific literature in the field
  • understand modern microeconomics and macroeconomics at a general level, and selected subfields of economics at a deeper level
  • make small modifications to existing theoretical models
  • interpret real-world phenomena in the light of theories

Programme Structure

Courses Included:

  • Microeconomics: Policy
  • Macroeconomics: Policy
  • Applied Microeconometrics I 
  • Master’s Thesis
  • Master’s Thesis Seminar
  • Maturity Test
  • Capstone Course: Economics 
For more information, please visit programme website.

                                                Detailed Programme Facts

                                                • Programme intensity Full-time
                                                  • Full-time duration 24 months
                                                • Credits
                                                  120 ECTS
                                                • Languages
                                                  • English
                                                • Delivery mode
                                                  On Campus

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                                                English Language Requirements

                                                You only need to take one of these language tests:

                                                • Minimum required score:


                                                  The IELTS – or the International English Language Test System – tests your English-language abilities (writing, listening, speaking, and reading) on a scale of 1.00–9.00. The minimum IELTS score requirement refers to which Overall Band Score you received, which is your combined average score. Read more about IELTS.

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                                                • Minimum required score (Grade C):


                                                  The CAE test – or the Cambridge Advanced English – is an exam for applicants who wish to get a Certificate in Advanced English. To receive the Advanced certificate, test-takers must score between 142 and 210 on the Cambridge English: Advanced test.

                                                  Note: degree programmes and applications may require a more specific minimum score for admission.

                                                • Minimum required score:


                                                  The TOEFL – or Test OF English as a Foreign Language – offers a paper-based test (PBT). The final, overall PBT score ranges between 310 and 677, and is based on an average taken from the three test components (listening, structure, and reading). The writing part of this test is scored separately on a scale of 0-6. Read more about TOEFL (PBT).

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                                                Academic Requirements

                                                You need the following GPA score:

                                                Required score: 3.5

                                                Applicants for graduate programs must have the equivalent of a bachelor’s degree with a minimum GPA equivalent to 3.5 on a US 4.0 grading scale. Admitted applicants typically have an undergraduate GPA of or better on a 4.0 scale. No exam grade should be lower than 4.5 (European grade scale) or D (American grade scale).

                                                Your GPA (Grade Point Average) is calculated using the grades that you received in each course, and is determined by the points assigned to each grade (e.g. for the US grading scale from A-F).

                                                • You need the following GMAT score:

                                                  Required score: 550

                                                  The GMAT - or Graduate Management Admission Test - is a frequent requirement for admission at management and business schools across the world. The GMAT score ranges between 200 and 800 and measures the verbal and quantitative reasoning of test-takers. Read more about the GMAT.

                                                • An appropriate Bachelor´s degree or an equivalent qualification.
                                                • A printed and signed cover letter from the online application system. 
                                                • An officially attested copy of an official Bachelor's degree certificate/diploma
                                                • An official transcript of records
                                                • An authorised translation of the degree certificate/diploma and an authorised translation of the official transcript of records
                                                • Language certificate
                                                • Portfolio
                                                • A CV

                                                Tuition Fee

                                                • International Applies to you

                                                  15000 EUR/year
                                                  Tuition Fee
                                                  Based on the original amount of 15000 EUR per year and a duration of 24 months.
                                                • EU/EEA Applies to you

                                                  Tuition Fee
                                                  Based on the original amount of 0 EUR per year and a duration of 24 months.
                                                We've labeled the tuition fee that applies to you because we think you are from and prefer over other currencies.

                                                Living costs for Helsinki

                                                • 975 - 1590 EUR/month
                                                  Living Costs

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