Programme Specification: MSc Economics
1. Awarding Body
2. Details of accreditation by a
professional/statutory body, e.g. ESRC;
BPS etc
3. Name of final award
4. Programme Title
LSE
This is an approved programme of the ESRC
1+3 PhD scholarship scheme (UK/EU only).
5. Duration of the course
Full time 10 months, or 22 months for those
who first register for the preliminary year.
Economics
N/A
6. Based in the Department/Institute:
7. Relevant QAA subject benchmark
statements
8. Application Code
9. First written/last amended
MSc
Economics
L1U1 (10 months)
L1U2 (22 months)
November 2003 / November 2012 / January
2016
10. The programme aims to:
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Give students proficiency in the mode of discourse and skills of advanced
microeconomics, macroeconomics and econometrics;
Give students the ability to apply that knowledge to new problems and contexts;
Prepare students for careers as professional economists in government, business,
non-profit organisations or in academia (via a PhD).
11. Programme outcomes: knowledge and understanding; skills and other attributes
At the end of the programme, students will be able to demonstrate the following:
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Knowledge and understanding of advanced principles of economic analysis;
An advanced understanding of a specialist subject of the student’s choosing;
Competence in quantitative techniques to an appropriate level;
An ability to analyse new economic facts and models;
The ability to apply economic analysis and the technical skills appropriate to
subsequent employment as a professional economist;
Proficiency in (depending on courses chosen) some or all of the following:
a. skills in IT for general and academic purposes,
b. library and Internet research,
c. use of econometric software,
d. research-report writing,
e. oral presentation.
Information relating to careers.
12. Teaching, learning and assessment strategies to enable outcomes to be achieved
and demonstrated
1. Teaching
1.1 Design
The programme comprises compulsory courses in microeconomics, macroeconomics and
econometrics. Microeconomics is offered at two levels, the more advanced level being
available to students with a strong technical background. The fourth course is chosen from a
list of specialised field options, taking students towards the research frontier in the area.
Students are required to attend preliminary courses during September to ensure that all have
the necessary background in mathematics for micro and macro-economics, probability and
statistics before the start of formal teaching.
1.2 Modes of Delivery
The Department believes that a command of economic analysis is best achieved through
repeated application of the key principles in a range of contexts. Practical considerations such
as student numbers (e.g., there can be 200 students on EC411) or the level of treatment of
the subject requires that the dominant mode of teaching be formal lectures for developing and
illustrating the key concepts. However, in order to reinforce the understanding of those
principles, to enable effective interaction with students, and to provide regular formative
assessment, lectures are coupled with small-group classes.
Both the core and field courses involve 40 hours of lectures and 20 hours of accompanying
classes.
1.3 Staff Expertise
The Department’s considerable strength in research and experience in policy work are
deployed to good advantage in the graduate programme, giving it a distinctive flavour.
Lectures are taught exclusively by LSE or visiting faculty. Classes are taught by LSE Fellows
drawn from the ranks of the Department’s senior research students. LSE Fellows will have
had several years of teaching experience at the undergraduate level.
2. Learning
2.1 The role of classes
The primary purpose of classes is to deepen and broaden student understanding of core
material taught in lectures, to enable application of principles as appropriate and to enable
students to learn in an interactive environment. For class teaching to be effective class sizes
are restricted to approx 15 students.
The nature of the subject matter and the level of the module for which it is provided largely
dictate the format of classes. Classes in core modules are normally devoted to discussing
exercises assigned by the lecturer, which students have attempted before class. In some field
modules classes place more emphasis on discussion, and class work may take the form of
essays. The interactive nature of class teaching permits a number of distinct functions:
a. Formative assessment and feedback on exercises and class work marked by the
teacher
b. Independent learning, by the advance completion of assigned exercises and class
work.
c. The development of oral communication skills. Class teachers are expected to
promote the active engagement of all students, by discussion of exercises.
2.2 Support
The Programme Director, MSc Tutor and Programme Manager are available to advise
students on course choice and other programme-related issues.
Each student is allocated as their academic advisor one of the lecturers from their chosen field
option. All teachers hold regular office hours for student consultations.
Information on study skills, IT training, library resources and language support is given to
students during orientation from Programme Staff and is available on the LSE website.
Comprehensive course packs, including reading lists, articles and other readings are provided
for each of the courses. Lecture notes, problem sets and solutions are provided via Moodle.
During term, students are given training sessions on STATA, as preparation for lectures in
applied econometric techniques.
‘Remedial’ classes and drop-in surgeries are scheduled throughout the year for students who
need extra support with mathematics and statistics.
3. Assessment
3.1 Formative Assessment and Feedback
Initial formative assessment takes place at the end of September when students take tests as
formative assessment in EC400 focusing on mathematics for micro and macroeconomics and
probability and statistics. This identifies those in need of additional support.
During the year, formative assessment and feedback take place primarily through the class
setting. Feedback is given through discussion of exercises completed by the students in
advance of the class. Formative assessment is tailored to the level and content of particular
modules but normally two items of work per term are marked by class teachers and returned
to students. On the core courses, one of these items will be a take-home exercise and the
other will be a diagnostic test (first term) or mock exam (lent term).
Students are encouraged to consult class teachers about specific queries either during regular
office hours or by e-mail. Class teachers and faculty hold weekly (at least) office hours
throughout term.
3.2 Summative assessment
This programme conforms to the LSE Classification Scheme for Masters Degrees.
Summative assessment is mainly by means of closed-book three-hour examinations in the
Summer Term. Core course examinations are usually a combination of short questions to
check the precision of a student's analytical capabilities, coupled with longer, more openended questions that allow the student more scope to display the breadth of his knowledge.
The field option courses are assessed by a three-hour exam (50%) and a 6,000-word
dissertation (50%).
In order to maintain good practice in assessment, examinations are double-blind marked
according to outline solutions/mark frames supplied by the module proprietor(s).
13. Programme structures and requirements, levels, modules and awards
See the MSc Economics programme regulations.
All MSc students within the department are eligible for a conditional offer of progression to
MRes/PhD.
Additional information
14. Criteria for admission to the programme
Minimum entry requirement: One year – first class honours with concentration on
economics and quantitative subjects and at least a year of calculus and statistics.
English requirement: Standard
GRE/GMAT requirement: all graduates of non-UK institutions must submit a GRE score no
more than five years old
Applicants who have not majored in undergraduate economics may apply to take the MSc
programme over two years (see MSc Economics (two year) programme regulations). The
first, or preliminary, year is designed for students with high academic ability and a basic
knowledge of economic theory, to develop their skills to the point where they are eligible for
postgraduate study. Entry requirement – a first class honours degree with two semesters of
college-level calculus or equivalent.
15. Indicators of quality
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QAA Subject Review (December 2000): awarded 23 points out of 24;
RAE rating (2008): 60% world leading, 35% internationally excellent;
Demand for places (2009): applications 1044, intake 120;
ESRC 1+3 recognition;
21% of students (2009/0)achieve Distinction grade, i.e., three marks of 70+, plus a
pass, or two marks of 70+ and two marks of 60+ with an aggregate of 280;
The LSE Careers Centre website provides data on career destinations of LSE
graduates.
16. Methods for evaluating and improving the quality and standard of teaching and
learning
A. School-wide mechanisms:
 induction programme and mentoring scheme for new members of staff;
 regular staff appraisal and review;
 improvements in teaching technique by the Teaching and Learning Centre through
observations, advice and further training;
 student evaluations of courses and teachers;
 the Teaching Learning & Assessment Committee;
 the Graduate Studies Subcommittee;
 TLAC Departmental Review once every five years.
B. Departmental Mechanisms:
The Head of Department, in consultation with subject area nominees is responsible for
assigning lecturers to courses. He and the staff member responsible for the recruitment of
LSE Teaching Fellows both receive results of the School’s Teaching Quality surveys.
Primary responsibility for course content and delivery rests with course proprietor(s). They
receive feedback on the course, their teaching and the teaching of other faculty and LSE
Fellows via the School’s termly Teaching Quality surveys.
General student feedback and consultation takes place via the termly MSc Staff/Student
Liaison Committee, chaired by the MSc Tutor. In between times, the MSc Tutor and
Programme Manager act as the conduits for student comments or complaints.
The Exam Board Chair (MSc Economics) is responsible for all aspects of the examination
process.
The MSc Programme Director is responsible to and reports to the Department’s Graduate
Studies Committee, chaired by the Head of Department on:
a. programme monitoring and review (degree structure, course content)
b. examination issues (external examiners, outcomes, progression)
c. graduate experience (admissions, teaching, advising)
Proposed changes to the structure of the degree or its core courses must be submitted to a
Departmental Meeting for approval before going to the School’s GSSC.