MSc Economics with Data Science

Program Overview

The MSc Economics with Data Analytics from the University of Essex combines economic theory with advanced data analytics techniques. Students learn to analyze pressing economic problems, developing skills in programming, econometrics, and data science. The program prepares graduates for careers in economics, finance, research, and other data-driven fields.

Program Outline

Degree Overview:

The MSc Economics with Data Analytics is a joint program offered by the Department of Economics and the School of Computer Science and Electronic Engineering at the University of Essex. It is designed for students who want to learn how to analyze pressing economic problems using advanced data analytic techniques. The program aims to equip students with the economic and computational tools necessary to not only identify economic problems but also develop sophisticated evidence-based solutions.

Objectives:

The program aims to:

• Develop a theoretical understanding of how to approach economic problems.
• Provide students with computational skills, including programming in R and Python.
• Offer opportunities to apply research skills in real-world applications.

Description:

The program combines economics and data science, allowing students to build a strong foundation in economics and then enhance their knowledge with programming skills. The curriculum includes modules that cover topics such as:

• Computational Models for Microeconomics and Finance
• Computational Macroeconomics and Policy Design
• Microeconometrics
• Applications of Data Analysis
Students also have the opportunity to study abroad at one of the University of Essex's partner institutions and earn a dual degree.

Outline:

Year 1

• Component 01: COMPULSORY
• Dissertation (40 CREDITS)
• Undertake a research project of your choosing, studying a specific economic issue or set of problems in depth, with supervision from world-leading academic staff.
Gain experience of original and independent work, making use of and building on skills that you have acquired during your Masters.
• Component 02: COMPULSORY
• Microeconomics (20 CREDITS)
• Understand the main principles and theories of modern microeconomics, looking at topics like contract theory, equilibrium concepts in game theory, and market signalling.
• Component 03: COMPULSORY
• Computational Economics (20 CREDITS)
• This module will train you in R and Python programming alongside applications to agent-based computational economics models and machine learning.
You don't need prior programming experience. You'll gain hands-on experience in laboratory sessions and equip yourself with computational techniques that can be applied to solving real-world economic and financial problems based on large-scale data. Examine methods of linear regression and hypothesis testing. Study time series concepts of unit roots and co-integration.
• Component 05: COMPULSORY
• Data Science for Economics (20 CREDITS)
• This postgraduate module equips you with the key tools in modern data science, with a focus on machine learning (ML) and its application to Economics and Finance.
• The main goal of this module is to enable you to understand how machine learning tools can complement the tools of traditional econometrics and how to apply these techniques to real-world economics and finance problems.
• By the end of this module you will have:
• Developed a comprehensive understanding of key concepts in modern machine learning (ML): classification, prediction, supervised and unsupervised learning
• Demonstrated a critical understanding of the advantages and disadvantages of ML as compared to traditional econometric approaches
• Applied ML to real-world economics and finance problems, with examples based on:
• Prediction
• Causal Inference and Policy Evaluation
• Component 06: COMPULSORY WITH OPTIONS
• EC964-7-SP or EC965-7-SP or EC968-7-SP (20 CREDITS)
• Component 07: COMPULSORY WITH OPTIONS
• EC969-7-SP or CF963-7-PT or CF969-7-PT (20 CREDITS)
• Component 08: COMPULSORY WITH OPTIONS

Careers:

• The program prepares students for employment in a variety of fields, including:
• Economics
• Finance
• Data science
• Research
• Recent graduates have gone on to work for organizations such as:
• The Bank of England
• The International Monetary Fund

Other:

• The University of Essex is ranked 4th in the UK for research power in economics and econometrics (Times Higher Education research power measure, Research Excellence Framework 2021).
• The University of Essex was named University of the Year 2018 (THE 2018).
• The University of Essex has received a Gold rating for teaching excellence (TEF 2017).
• The program is taught by expert staff, including some of the most prominent social scientists in the world.
• The University of Essex has extensive software for quantitative analysis available in all computer labs.
• Students have access to a variety of economics databases and multiple copies of textbooks and e-books in the Albert Sloman Library.
• Students can extend their knowledge with a research degree after completing their Masters.

• Home/UK fee £14,300
• International fee £22,400