Course Overview

Attendance
UK/EU Fees £10,000 *
International Fees £12,500 *
Alumni Discount See details
Duration 1 year

* Price per academic year

Course summary

This innovative course has been designed to develop your ability to apply economic analysis to policy issues and business problems, which are often ambiguous and multi-faceted. Although there is a strong theoretical core, the course focus of the course is very much on the practical application of economic techniques to problems, and on developing the ability to communicate the insights that economic analysis can provide.

The Economic Policy and Analysis MSc was uniquely created (and has been maintained) in conjunction with the UK Government Economic Service (GES) since 2012.

The course aims to provide you with an in-depth knowledge and understanding of the latest developments in economics, with a focus on practical skills and development of the skills needed by a working economist. It is specifically aimed at those with a genuine interest in the application of economics to real-world situations.

As well as enhancing your ability to apply relevant economic principles in the support of policy and strategy development, the course aims to develop your ability to communicate complex issues to wide audiences, your awareness of significant sources of economic and financial data, the problems faced when carrying out policy evaluation and your capability for self-awareness and group working.

You will gain an understanding of the key concepts in economics that underpin public sector policy and business decision making. This includes the various scenarios where we explore opportunity cost, equilibrium and disequilibrium, strategic interaction, market failure and the related concept of externalities.

You'll develop your analytical skills by applying these concepts to current challenges that face the profession, at both macro and micro levels, and in both private and public sectors. This will provide you with the latest insights drawn from both the academic and practitioner arenas.

Students on this course benefit from free access to part of the material on the course reading list and an online subscription to Financial Times. In addition, you will get exposure to a global network of professional economists through a free student membership to the Society of Business Economists. 

Course structure

The following modules are indicative of what you will study on this course. You may choose one option module in addition to the core modules. 

Core modules

Through this module you will cover a range of data analysis methods and concepts.

This module will give you the opportunity to apply the core principles and theories of economics in environments and scenarios that you could expect when working as a professional economist. The aim is to draw on scenarios from both the public and private sectors, so that whichever sector of the economy you enter, you have an enhanced understanding of the other. The module will take you through various examples of appraisal and evaluation in public sector policy and private sector strategy, with a focus on applying and communicating economic analysis, in face-to-face (viva voce) discussions with specialists and non-specialists. The module will enable you to show how economic techniques of investigation can support the development of effective policy in government and successful competitive strategy in business.

This module provides you with the framework within which to develop your full project dissertation from the proposal submitted as part of the Research Methods module. The majority of projects undertaken would be expected to involve an empirical component and appropriate quantitative analysis. 

This module reviews the historical evolution of macroeconomic policy and, through a review of the theoretical and empirical literature, develops the analytical framework of macroeconomics underpinning contemporary macroeconomic policy.

You will review theoretical and empirical microeconomic approaches in order to shed light on business decision making and microeconomic policy in mixed economies.

This module aims to enhance your knowledge and competence of the research process, and the application of research methods in the area of applied economics.

The focus of this module is on energy economics and, in particular, on the role of markets in driving energy policy and strategy in both the short and long term. It covers a variety of theoretical and empirical topics related to energy demand, energy supply and energy prices, the influence of fiscal instruments on market operation and the importance of banks and financial institutions for the funding of energy projects. The first half of the module will explore a number of key themes and conceptual issues. These will include: an analysis of the structure and operation of oil, gas, coal, electricity and renewables markets and issues of price discovery, carbon trading, green taxes and subsidies; the role of banks and alternative sources of financing for oil and gas projects; an exploration of approaches to modelling and forecasting the supply, demand and price of energy and energy derivatives. The second half of the module will have a practical focus, with sessions led by guest speakers drawn from a range of energy companies, renewables firms or from policy ‘think-tanks’. These will take the form of short participative workshops exploring case studies on energy strategy and sustainability.

Option modules

This module is concerned with both practice and theories of international trade and finance. It is related to issues such as classical and neo-classical trade theories, intra-industry trade, factor input mobility, strategic trade policies, economic integration, multinational corporations and foreign investments, balance of payments, exchange rate regimes and their implications.

This module focuses on issues of human development, poverty, inequality, structural change, industrialization, balance of payments crises, structural adjustment programs, and gender and development. Case studies on successful and unsuccessful policy initiatives in developing countries will shed light on the economic policy debate.

This module is concerned with both practical and theoretical issues related to international financial markets. It is designed to provide an in-depth understanding of the structure and operation of foreign exchange markets, financial instruments used in global financial markets; and the operation of financial institutions such as banks and insurance companies whose operations expand across a number of financial markets and financial centres. The module comprehensively addresses the nature of economic exposure and foreign exchange risks that agents might face when operating across various countries.

Entry Requirements

Typical offer 

  • Undergraduate degree

You will normally have either a minimum Lower Second Class Honours first degree (or equivalent) which would be single Honours or a major in Economics, or a quantitative discipline with a minor in Economics, or a more general first degree (minimum Upper Second Class Honours or equivalent) with significant study of economics and quantitative methods. Exceptionally, non-graduates with extensive work experience in the economics or closely-related profession may also be considered.

If your first language is not English, you should have an IELTS score of 6.5 overall, with a score of 6.0 in each element.

View more information about our entry requirements and the application process

You will normally have either a minimum Lower Second Class Honours first degree (or equivalent) which would be single Honours or a major in Economics, or a quantitative discipline with a minor in Economics, or a more general first degree (minimum Upper Second Class Honours or equivalent) with significant study of economics and quantitative methods. Exceptionally, non-graduates with extensive work experience in the economics or closely-related profession may also be considered.

If your first language is not English, you should have an IELTS score of 6.5 overall, with a score of 6.0 in each element.

More information

Careers

As an economics postgraduate, you can look forward to excellent career prospects. Our students have gone on to successful careers in government and consultancy as economic analysts, regulatory economists and market analysts. The strong international focus of the course provides an excellent opportunity to develop the knowledge and skills to pursue a career in multinational companies or international organisations. Many graduates return to their countries of origin and are employed in developing international business opportunities or government institutions, while other graduates develop their careers with international charities or other non-governmental organisations.

While this vocationally oriented course develops skills for devising and evaluating policies and strategies, rather than simply training academic economists, several of our recent graduates have also found that it has opened up opportunities for PhD study.

Our Careers and Employability Service is here to support you to achieve your full potential.
 
With a growing network of over 3,000 employers around the world and a team of experienced careers consultants, we provide you with a variety of opportunities to work and develop new skills. As a University of Westminster student, you’ll have access to our services throughout your studies and after you graduate.
 
We can help you:
    •    find work placements, graduate jobs or voluntary experience related to your course
    •    discover international opportunities to enhance your employability
    •    write effective CVs and application forms
    •    develop your interview and enterprise skills
    •    plan your career with our career consultants
    •    gain insights into your chosen industry through mentoring
    •    meet employers and explore your career options at our employer fairs, careers presentations and networking events 
 
Find out more about the Careers and Employability Service.

 

Find out more about other employability initiatives at the University of Westminster. 

Fees and Funding

UK and EU tuition fee: £10,000 (Price per academic year)

Find out how we set our tuition fees.

Alumni discount

This course is eligible for an alumni discount. Find out if you are eligible and how to apply by visiting our Alumni discounts page.

Funding

As well as tuition fee loans, there is a range of funding available to help you fund your studies.

Find out about postgraduate student funding options.

Scholarships

The University is dedicated to supporting ambitious and outstanding students and we offer a variety of scholarships to eligible undergraduate students, which cover all or part of your tuition fees.

Find out if you qualify for one of our scholarships.

Additional costs

See what you may need to pay for separately and what your tuition fees cover.

International tuition fee: £12,500 (Price per academic year)

Find out how we set our tuition fees.

Alumni discount

This course is eligible for an alumni discount. Find out if you are eligible and how to apply by visiting our Alumni discounts page.

Funding

Find out about funding for international students.

Scholarships

The University is dedicated to supporting ambitious and outstanding students and we offer a variety of scholarships to eligible undergraduate students, which cover all or part of your tuition fees.

Find out if you qualify for one of our scholarships.

Additional costs

See what you may need to pay for separately and what your tuition fees cover.

Facilities

Course Location

Our Marylebone Campus has benefitted from a multi-million pound refurbishment resulting in new workshops, digital studios and development of the Marylebone Library. The campus is home to the Faculty of Architecture and the Built Environment and Westminster Business School. For more details, visit our Marylebone Campus page.

Contact us

Contact the Course Enquiries Team:

+44 (0)20 7915 5511

[email protected]

Opening hours (GMT): 9am–4.30pm Monday to Friday

More information

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