Studying Economics masters degree at Royal Holloway means that you will learn from internationally renowned experts at one of the UK’s top ten teaching and research centres. Students will receive rigorous training in the analysis of economics and graduate with the tools of the professional economist so that you are ready for your chosen career path, whether in government, the private and financial services sectors or further research in economics. We have an impressive employment record, 90% of our students have jobs in six months.
This is a challenging degree and to ensure all students are ready we hold a two week pre-sessional course. Throughout your studies you will gain a strong grounding in core areas of economics and have the flexibility to specialise, in areas such as: political economy, financial econometrics and decision theory and behaviour. On graduation you will have the ability to solve theoretical and/or applied problems in economic policy, critically evaluate current research, develop simplifying frameworks for studying the real world and to be able to appreciate what would be an appropriate level of abstraction for a range of economic issues.
Our balanced approach to research and teaching guarantees high quality teaching from subject leaders, cutting edge materials and intellectually challenging debates. Our courses follow a coherent and developmental structure which we combined with an effective and flexible approach to study.
- Excellent career prospects with economics graduates having an impressive employment record and starting salaries amongst the highest in the country.
- Being part of a small group of around 30 students means you’ll have close contact with the academic staff and you'll receive individual support from the course director.
- Use our in-house economics experiments laboratory to carry out research.
In this module you will develop an understanding of basic mathematical methods that are used in the study of Economics and Finance, including basic matrix analysis, topology, statistics, and probability theory. You will look at differentiation and integration of standard functions, and basic manipulations of vectors and matrices. You will also examine various optimisation problems and theorems leading to certain basic results in calculus.
This module will provide you with an introduction to the basic mathematical and statistical methods used in Economics and Finance, with a particular emphasis on optimisation and basic matrix analysis. You will develop your ability to carry out differentiation and integration of standard functions, manipulate vectors and matrices, and understand and solve various optimisation problems, both constrained and unconstrained with equality or inequality constraints. You will look at probability and distribution theory, becoming familiar with estimation and inference, and be able to use the main theorems of the large sample distribution theory.
This module will develop your understanding of the basics of modern microeconomic analysis. You will become familiar with the tools that economists use to analyse problems of resource allocation in market settings, beginning with a formal analysis of the optimising behaviour of consumers and producers. You will be introduced to markets and the notion of competitive equilibrium, in both partial and general equilibrium settings. You will then look at how individual market participants can affect prices, analysing the problem of a monopolist. Finally, you will consider static game theory to analyse markets where a small number of firms compete with each other (oligopolies).
This module will provide you with an introduction to modern intertemporal macroeconomics. You will learn about the tools used for dynamic economic analysis and apply them to topics such as economic fluctuations, unemployment, long-run growth, consumption decisions by households and investment decisions by firms. You will develop an understanding of dynamic macroeconomic models of economic behaviour, the main theories of economic fluctuations, the modern theory of unemployment, the principal determinants of consumption and investment decisions, and look at the process of economic growth.
This module will provide you with an overview of the principal methods of econometric analysis. Emphasis is placed on applied econometrics and will ensure that you are comfortable when reading and evaluating the econometric work of others in order to produce good quality applied econometric work of your own. You will be introduced to the principles and assumptions underlying ordinary least squares, the consequences of any departure from these assumptions, and methods used for testing.
You will attend a set of preparatory classes to equip you with the necessary skills required for research, including a hands-on approach to using statistical packages and reading peer-reviewed articles. You will be expected to use either econometric or statistical techniques, and apply your knowledge and skills from the other quantitative methods and theory modules taken during your studies, to produce your own piece of research around 10,000 words in length.
There are a number of optional course modules available during your degree studies. The following is a selection of optional course modules that are likely to be available. Please note that although the College will keep changes to a minimum, new modules may be offered or existing modules may be withdrawn, for example, in response to a change in staff. Applicants will be informed if any significant changes need to be made.Year 1
In this module you will develop your understanding of the methods and models applied by economists in the analysis of firms and industrial organisations, including competition policy. You will look at how these models can be manipulated to solve problems relating to industrial economics, and how the models can be applied to important policy areas, while also being aware of the limitations of the theory.
In this module you will develop an understanding of the rational decision-making paradigm in economics, as well as its shortcomings over the past few decades. You will explore behavioural models, their formalisation and scope, including applications to finance, becoming familiar with both theoretical and experimental methods for research in decision theory and behavioural economics.
In this module you develop an understanding of the effects of government policy upon the economy and the design of policy. You will look at empirical methods for policy evaluation and discuss research carried out in public economics, on topics such as income taxation, welfare support, behavioural responses, and social security.
This module will provide you with an introduction to the economics of policy evaluation. You will look at how quantitative techniques and qualitative methods can be used to evaluate policy interventions, and look at the effects of specific policies in particular countries. You will develop your understanding of the key debates and problems in the economics of policy evaluation, and become familar in using the Stata software package for statistical analysis.
In this module you will develop an understanding of some of the key topics in macroeconomics, notably the roles of technological change, monetary policy, and fiscal policy in macroeconomic fluctuations. You will look at models of economic growth, resource allocation, and technological change, evaluating empirical evidence of these, and you become familiar with techniques such as dynamic optimisation, log-linearisation and difference equations for general economic analysis.
In this module you will develop your understanding of the main theoretical and empirical issues in modern labour economics. You will look at theory, evidence and policy, covering labour demand, labour supply and time allocation decisions, schooling and job training, human capital investment, wage determination, unemployment, minimum wage, returns to schooling, discrimination, and immigration. You will critically analyse important labour market phenomena, as well as various public policy issues, such as government training programs, minimum wage policies, unemployment insurance and welfare benefits.
In his module you will develop an understanding of the methods used in the analysis of macro and financial time series data. You will analyse and critically evaluate empirical research in finance and macroeconomics, looking at linear and non-linear time series. You will consider the methodologies for large sample modelling of financial and economic data, and undertake a quantitative research project applying testing procedures on time-series data.
In this module you will develop an understanding of the economic meaning of the terms liquidity and solvency in the context of financial intermediaries. You will look at simplified frameworks for analysing the fragility of the financial system and consider its relevance to financial crisis including models of bank runs and the theory of optimal financial regulation. You will examine the implications of asset price bubbles for financial stability and the implications of imposing capital structure controls and liquidity controls on financial intermediaries.
Teaching & assessment
Assessment is carried out by a variety of methods including coursework, examinations and a dissertation.
Economics, Mathematics, Physics, Engineering or a similarly mathematical subject.
Normally we require a UK 2:1 (Honours) or equivalent in relevant subjects but we will consider high 2:2 or relevant work experience. Candidates with professional qualifications in an associated area may be considered. Where a ‘good 2:2’ is considered, we would normally define this as reflecting a profile of 57% or above.
International & EU requirements
English language requirements
All teaching at Royal Holloway (apart from some language courses) is in English. You will therefore need to have good enough written and spoken English to cope with your studies right from the start.
The scores we require
- IELTS: 6.5 overall. 6.5 in Writing. No subscore lower than 6.0.
- Pearson Test of English: 61 overall. Writing 61. No other subscore lower than 54.
- Trinity College London Integrated Skills in English (ISE): ISE III.
- Cambridge English: Advanced (CAE) grade C.
For more information about country-specific entry requirements for your country please see here.
Your future career
An Economics masters degree at Royal Holloway, University of London will equip you with an enviable range of transferable skills and can lead into a variety of career paths as well as the knowledge and a solid foundation for continued PhD studies. Employers recognise and reward the real knowledge and skills developed in an Economics degree.
We will help students to recognise their own strengths, skills and abilities so that they can make strong applications for their chosen job or further study. We also provide careers support including application and interview coaching, career strategy discussions and the opportunity to network with major employees.
- Our graduates are highly employable and, in recent years, have entered many different economics-related areas, including working in the Public Sector (Government Economics Service), journalism, business analysis. careers as Economists, Journalists and Business Analysts.
- Our graduates are currently working for firms such as Accenture, TNS, Bloomberg, Citigroup, Royal Bank of Scotland, Credit Suisse, Pricewaterhouse Cooper and Baker and Mackenzie.
Fees & funding
Home and EU students tuition fee per year*: £11300
International students tuition fee per year**: £18500
Other essential costs***: There are no single associated costs greater than £50 per item on this course.
* and ** These tuition fees apply to students enrolled on a full-time basis. Students studying on the standard part-time course structure over two years are charged 50% of the full-time applicable fee for each study year. All postgraduate fees are subject to inflationary increases. This means that the overall cost of studying the programme via part-time mode is slightly higher than studying it full-time in one year. Royal Holloway's policy is that any increases in fees will not exceed 5% for continuing students. For further information see tuition fees see our terms and conditions.
Please note that for research programmes, we adopt the minimum fee level recommended by the UK Research Councils for the Home/EU tuition fee. Each year, the fee level is adjusted in line with inflation (currently, the measure used is the Treasury GDP deflator). Fees displayed here are therefore subject to change and are usually confirmed in the spring of the year of entry. For more information on the Research Council Indicative Fee please see the RCUK website.
*** These estimated costs relate to studying this particular degree programme at Royal Holloway. Costs, such as accommodation, food, books and other learning materials and printing, have not been included.