PROGRAMME SPECIFICATION
PROGRAMME SPECIFICATION
Programme title:
MSc Economic Policy
Final award (BSc, MA etc):
MSc
(where stopping off points exist they should be
detailed here and defined later in the document)
UCAS code:
NA
(where applicable)
Cohort(s) to which this programme
specification is applicable:
From 2015 intake onwards
(e.g. from 2015 intake onwards)
Awarding institution/body:
University College London
Teaching institution:
University College London
Faculty:
Social & Historical Sciences
Parent Department:
Economics
(the department responsible for the administration of
the programme)
Departmental web page address:
http://www.ucl.ac.uk/economics/masters
(if applicable)
Method of study:
Full-time or part-time
Full-time/Part-time/Other
Criteria for admission to the
programme:
Length of the programme:
(please note any periods spent away from UCL, such
as study abroad or placements in industry)
Level on Framework for Higher
Education Qualifications (FHEQ)
(see Guidance notes)
Relevant subject benchmark statement
(SBS)
See
http://www.ucl.ac.uk/prospectivestudents/graduate/taught/degrees/economic-policy-msc
12 months (full time)
24 months (part time)
Level 7
Not applicable
(see Guidance notes)
Brief outline of the structure of the
programme
and
its
assessment
methods:
(see guidance notes)
Students must:
1) Take four mandatory core modules, each with a credit rating
of 15
 Research Methods: assessed by a two-hour unseen written
exam
 Microeconomics, Macroeconomics and Econometrics: each
assessed by a three-hour unseen written exam
2) Take four options modules, each with a credit rating of 15,
each assessed by a two-hour unseen written exam or a
3,000-word essay
3) Write a 10,000-word dissertation, with a credit weighting of
60
Board of Examiners:
Name of Board of Examiners:
MSc Economic Policy
Professional body accreditation
(if applicable):
NA
Date of next scheduled
accreditation visit:
EDUCATIONAL AIMS OF THE PROGRAMME:
The MSc in Economic Policy aims to provide students from a range of backgrounds with an education of the highest
standard in the economic theory and quantitative methods relevant to economic policy, and a systematic
understanding of how economic theory, methods and research findings can be applied to analyse particular issues
of economic policy, as a preparation for a professional career in this field in government agencies and the private
sector, and as a foundation for further graduate study.
PROGRAMME OUTCOMES:
The programme provides opportunities for students to develop and demonstrate knowledge and understanding,
qualities, skills and other attributes in the following areas:
A: Knowledge and understanding
Knowledge and understanding of:
Teaching/learning methods and strategies:
1. The core elements of microeconomic
and macroeconomic theory.
The main teaching methods are lectures supplemented
by classes in which quantitative problems and/or essays
are discussed.
2. Core empirical methods employed in
economics, with some practical
experience of their application.
3. How the concepts and methods of
theoretical and applied economics can be
applied to analyse a wide range of current
issues of economic policy.
Four compulsory core courses provide students with a
systematic and comprehensive presentation of the major
theories and methods of economics. The core courses
are supplemented by option courses which show how
the methods introduced in the core courses can be
applied to analyse economic policies in a number of key
fields. Option courses also allow students to study
selected aspects of economic theory, applied methods
and economic policy in greater depth. The courses are
careful to show how the theory and methods of
economic policy analysis fit into the intellectual
framework of economics as a whole. Readings
considered in the various courses often include journal
articles and/or other material at the forefront of current
research.
A supervised dissertation, which is completed in the
summer, provides students with the opportunity to apply
their understanding and knowledge to a substantial
original analysis of a specific theoretical, empirical or
policy issue.
Assessment: Feedback to students is provided by
graded coursework, discussion in classes, and, for the
dissertation, by meetings with the dissertation
supervisor. Summative assessment consists of essays
in April, exams in May and June, and the dissertation.
B: Skills and other attributes
Intellectual (thinking) skills:
1. Comprehension of complex arguments.
Teaching/learning methods and strategies:
Quantitative exercises in many of the core courses give
students practice working with economic models.
2. Confrontation of theory and evidence.
3. Ability to work with quantitative
models and numerical data.
4. Understanding of the roles of
theory and empirical evidence in forming
and critically assessing policy.
5. Ability to assess the relevance
and importance of the ideas of others.
6. Ability to independently formulate
and communicate arguments and
conclusions.
Lectures present alternative theories, interpretations,
and policy recommendations, which students must
consider.
Essays provide students with the opportunity to critically
assess the theories or policy recommendations of others
and to formulate and present their own arguments and
conclusions.
Finally, the dissertation provides students with the
opportunity to further develop their skills at independent
thinking, research, and communication in the context of
a sustained original project.
Assessment: Students are given feedback on their
problem sets and essays (formative assessment).
Summative assessment takes place via end-of-course
essays, examinations and the dissertation. The essays
in April and exams in May and June assess students’
ability to use quantitative methods, to critically assess
arguments, to apply economic reasoning to policy
analysis, and to communicate effectively. Through their
performance in the dissertation, students may further
demonstrate their ability to work with quantitative
models, think critically and independently, and present
arguments and conclusions.
C: Skills and other attributes
Practical skills (able to):
1. Understand and critically assess
economic arguments and arguments
relating to various fields of economic
policy made in media and professional
discourse.
2. Research numerical data and other
information related to economics and
economic policy in books, journals,
websites, and other sources.
3. Bring together information from
different sources and present it in a
coherent argument.
4. Analyse economic data using standard
statistical techniques, implemented
through widely used software.
5. Understand arguments phrased in
diagrammatic or algebraic terms, and to
use these tools to communicate with
others.
Teaching/learning methods and strategies:
Students are given initial guidance on how to identify,
locate and use material available in libraries or on the
web. Most courses involve substantial reading lists
which include articles at the forefront of research and
may present alternate theories to analyse the same
policy or set of stylized facts. The core course on
quantitative methods provides every student with
practice analysing data using statistical software.
Arguments in lecture are routinely presented using
diagrams, algebra, or more sophisticated mathematics.
Quantitative exercises provide students with practice in
using their own mathematical arguments to discover and
present the solutions to economic problems.
The dissertation requires a student to pull together
information from a number of sources and present it in a
way that supports the student’s conclusions. Often a
student will need to use mathematics in developing and
presenting the results reported in the dissertation. In
many cases, at least some data analysis will also be
required.
Assessment: Students are provided with feedback
related to these skills via class discussions, comments
on their coursework, and, for the dissertation, in
meetings with their dissertation supervisor. Summative
assessment is provided by essays in April, exams in
May and June, and by the dissertation
D: Skills and other attributes
Transferable skills (able to):
1. Structure and communicate ideas
effectively.
2. Work independently, use initiative.
3. Manage time efficiently, meet
deadlines.
4. Learn from constructive criticism.
5. Use computer applications appropriate
to typical professional applications.
6. Collaborate with colleagues.
Teaching/learning methods and strategies:
All courses require written work which is formally
timetabled. Feedback is provided to students on this
coursework and includes comments on the clarity and
effectiveness of the presentation. In the core course on
quantitative methods, students are required to use a
computer package to access and analyse data.
Although students are asked to submit coursework on
an individual basis, they are encouraged and sometimes
required to work together in solving problems. The
dissertation requires students to work independently and
manage their time efficiently in the context of a
substantial project.
Assessment: An important element of the assessment
of these skills is the feedback presented to students by
their class tutors. In addition, one criterion on which
students are assessed in their examinations is the
effectiveness with which they communicate their ideas.
The dissertation provides a further opportunity for
students to demonstrate their ability to work
independently, manage their time efficiently, and
communicate effectively.
The following reference points were used in designing the programme:
 the Framework for Higher Education Qualifications:
http://www.qaa.ac.uk/en/Publications/Documents/qualifications-frameworks.pdf);
 the relevant Subject Benchmark Statements:
(http://www.qaa.ac.uk/assuring-standards-and-quality/the-quality-code/subject-benchmark-statements);
 the programme specifications for UCL degree programmes in relevant subjects (where applicable);
 staff experience as external examiners in other universities in the UK and discussions with colleagues in other
universities in the UK and abroad;
 UCL teaching and learning policies;
 staff research.
Please note: This specification provides a concise summary of the main features of the programme and the
learning outcomes that a typical student might reasonably be expected to achieve and demonstrate if he/she takes
full advantage of the learning opportunities that are provided. More detailed information on the learning outcomes,
content and teaching, learning and assessment methods of each course unit/module can be found in the
departmental course handbook. The accuracy of the information contained in this document is reviewed annually
by UCL and may be checked by the Quality Assurance Agency.
Programme Organiser(s)
Dr Liam Graham
Name(s):
Date of Production*:
28 October 2015
Date of Review:
October 2015
Date approved by Chair of
Departmental Teaching
Committee:
Date approved by Faculty
Teaching Committee
October 2015
November 2015
* Note: this should be date the programme specification was first created. The dates of review and approval by
the DTC and FTC should be the most recent dates and may be approved by Chair’s action. New programmes
should state the first expected date of review one year on from its inception (e.g. “September 2016”).