Economics, Politics and International Relations with a Year in Business BSc

The course

Studying Economics, Politics and International Relations at Royal Holloway means that you will learn from internationally renowned experts at two of the UK’s top ten teaching and research centres. This joint degree combines the core programme of the Economics degree with foundation and option courses offered by Politics and International Relations. These disciplines have many natural affinities between them, and their synergies lend themselves well to students who are interested in pursuing careers in various policy fields as well as in the areas of politics/international relations and economics generally, in both the public and private sectors. This combined with the broad spectrum of transferable skills gained will lead to excellent career prospects.

This course coves a complete education in the theories and methods of economics, with a strong focus on analytical methods. You will develop skills in mathematics and statistics and learn to tackle economic problems; cover political ideas and processes in countries throughout the world and the global system which will allow you to examine issues fundamental to our times. The curriculum is advanced and reflects the most recent research in both disciplines. By electing to spend a year in business you will also be able to integrate theory and practice.

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.

Course structure

Core Modules

Year 1

In this module you will develop an understanding of the theories of macroeconomics, that of the economy as a whole, and of microeconomics, the behaviour of individuals, firms and governments. You will look at how the goods and assets markets underpin growth, inflation and unemployment, and the role that fiscal and monetary policy play in macroeconomic management. You will examine the theoretical basis to supply and demand and the role of government intervention in individual markets. You will consider how to solve economic problems by manipulating a variety of simple diagrammatic and algebraic models in macro- and microeconomics, critically evaluating the models and their limitations.
In this module you will develop an understanding of the basic mathematical, quantitative, computing and statistical tools for the study of economics. You will look at techniques such as algebraic manipulation, functions, simultaneous equations, optimisation, descriptive statistics, probability theory and regressions, and learn how to apply these to economic problems.
This module will introduce you to the academic study of politics and to the ‘real world’ of contemporary politics. As a foundational course, it will give you all the essential tools to understand the nature of politics and analyse the way different political systems work. You will be introduced to key concepts such as politics, power, rights, ideologies, democracy and representation, and will learn about the different actors, institutions and processes that make up politics today.
This module offers a broad introduction to theory and history in international relations since 1870. You will look at a variety of different theoretical lenses, ranging from orthodox to critical perspectives, in order to understand events from the collapse of the Bismarckian European order and the origins of World War 1 to the contemporary War on Terror. Along the way you will also explore the origins and the end of the Cold War, decolonisation and the End of Empire, the rise of international institutions, humanitarian intervention and new security issues.

Year 2

In this module you will develop an understanding of the models of individual optimisation and their applications. You will look at the key determinants of an individual’s behaviour in a variety of circumstances and the behaviour of firms in different market environments, such as perfect competition, monopoly and oligopoly. You will consider how changing circumstances and new information influences the actions of the economic agents concerned, and examine the properties of competitive markets and the need for government intervention to correct market failures.
In this module you will develop an understanding of macroeconomics and macroeconomic policy-making. You will look at a variety of contemporary and historical macroeconomic events, and the differences between the short, medium and long run. You will consider why some countries are rich and some are poor, why different economies grow at different rates, and what determines economic growth and prosperity. You will examine the role of monetary and fiscal policy, its impact on the economy and its limitations. You will also analyse how taxation, budget deficits, and public debt affect the economy.

Year 3

This year will be spent on a work placement. You will be supported by the Placements Office and the Royal Holloway Careers and Employability Service to find a suitable placement. However, Royal Holloway cannot guarantee that all students who are accepted onto this degree programme will secure a placement, and the ultimate responsibility lies with yourself. This year forms an integral part of the degree programme and you will be asked to complete assessed work. The mark for this work will count towards your final degree classification.

Year 4

All modules are optional

Optional Modules

Year 1

All modules are core

Year 2

In this module you will analyse the contemporary politics of the European Union and its institutions, amid the challenges of the triple crisis of economics, migration and Brexit. You will learn about the political history of European integration after 1949 and the contemporary theory of European integration. The first term will begin with an introduction to the European Union as a political system followed by an overview of the European Union's historical development. The second term will focus on contestation of the European Union and the theories that underpin this, in order to explain how the EU developed and the challenges that it faces. Topics will include Euroscepticism, party politics, public opinion, Brexit and EU-UK relations, and European Parliament elections. The theory sessions comprise of federalism, neo-functionalism, liberal intergovernmentalism and the new institutionalisms.
Building on Introduction to International Relations, this module explores the key thinkers and debates in International Relations Theory. You will become familiar with a variety of ways of thinking about International Relations, engaging with questions about the nature of power, identity, and ethics in politics and how these interact in the international realm. The module is divided into two parts. In the first, you will examine the three foundational theoretical paradigms within International Relations – realism, liberalism, and Marxism. The second part explores newer critical approaches to International Relations theory, including constructivism, post-structuralism, feminism, and uneven ecological exchange.
Democracy in Britain
Contemporary Political Theory
International Political Economy
War and Security in World Politics
Modern Political Thought
International Organisations
Introduction to Political Communication
PR2XX1 Politics Outside the West

Year 4

In this module you will develop an understanding of the methods and models applied by economists in the analysis of firms and industries. You will learn how to manipulate these models and analytically solve problems relating to industrial economics. You will consider the applications of the models to important policy areas, exploring topics such as collusion, mergers, product differentiation and asymmetric information. You will also also examine the limitations of the theory.
In this module you will develop an understanding of advanced topics in industrial organisation, with a special focus on the role that information plays in markets. You will explore topics such as collusion, mergers, product differentiation, and asymmetric information, and become familiar with a broad range of methods and models applied by economists in the analysis of firms and industries.
In this module you will develop an understanding of the financial market, institutions, participants and traded assets that constitute a modern financial system. You will look at the theories of risk-factor pricing, such as the Capital Asset Pricing Model (CAPM) and the Arbitrage Pricing Theory (APT). You will consider the theory of, and empirical evidence on, efficient, markets and examine the process of price formation. You will also analyse the derivation and construction of efficient portfolios.
In this module you will develop an understanding of the wide range of fixed income securities and derivatives available to investors in the financial markets. You will look at the basic institutional features of derivatives markets, as well as the pricing of bonds and of derivative instruments and using them for hedging purposes. You will consider investment and trading strategies that use bonds and derivatives, and evaluate the use of bonds in immunising portfolios based on the bond's duration. You will also explore the features and uses of the most popular types of derivatives available today, including options, futures, forwards, and swaps.
In this module you will develop an understanding of the theoretical properties of different econometric estimation and testing procedures under various modelling assumptions. You will learn to formulate, estimate, test and interpret suitable models for the empirical study of economic phenomena. You will consider how to apply regression techniques and evaluate the appropriateness of each econometric estimation method under different data limitations.
In this module you will develop an understanding of the theoretical properties of different econometric estimation and testing procedures under various modelling assumptions. You will look at regression techniquies and learn how to apply relevant econometric and statistical methods to your own research. You will also evaluate the appropriateness of each of the economic estimation methods and the impact of consider data limirations.
In this module you will develop an understanding of the fragility of the financial system and its relevance to the current financial crisis. You will learn the economic meaning of the terms liquidity and solvency in the context of financial intermediaries. You will look at the models of equilibrium bank runs and consider the implications of imposing capital structure controls and liquidity control on financial intermediaries. You will also critically evaluate the links between financial crises and the macroeconomy.
In this module you will develop an understanding of how economic methods can be applied to environmental issues facing society. You will consider the difficulties arising in using economic analysis in environmental policy design and learn how to solve and manipulate a variety of diagrammatic and algebraic models in environmental economics. You will evaluate a number of real-world environmental policy problems and see how economic analysis has been applied in their solution.
In this module you will develop an understanding of the use of experiments to test economic theories. You will look at how individuals make decisions in markets, how individuals decide to spend money today or save it for future spending, the assumption of self-regarding preferences commonly made in standard economic models, and the ability to act rationally in a strategic environment. You will consider the issues raised by experimental design and critically evaluate the advantages and disadvantages of experimental methods.
In this module you will develop an understanding of the role of money in the economy. You will look at models where inflation shows persistence, the theory of monetary policy, monetary policy operating procedures and the central banking mechanisms. You will consider why inflation is persistent in the data and how the political forces affecting monetary policy-making may affect inflation.
In this module you will develop an understanding of the mathematical models used to study and analyse strategic interactions between agents. You will look at the fundamental concepts in game theory as applied to economics in general and microeconomics in particular. You will become familiar with basic equilibrium concepts such as Nash equilibrium and subgame perfect equilibrium, and be able to find equilibrium outcomes of simple games including the use of backward induction.
Advanced Economic Theory
Financial Econometrics
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.
Philosophy of 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.
In this module you will develop your understanding of important topics from economic history, covering periods of economic growth and wellbeing, agricultural and urban development, globalisation and migration, banking and monetary systems, and the Great Depression and recovery.
In this module you will develop an understanding of both theoretical and empirical issues in Development Economics, such as the behaviour of credit and insurance markets in developing economies, the existence of poverty traps and the role of income, ethnicity, gender and caste in the development process.
In this module you will develop an understanding of the mathematical models used to study and analyse strategic interactions between agents. You will look at the fundamental concepts in game theory as applied to economics in general and microeconomics in particular. You will become familiar with basic equilibrium concepts such as Nash equilibrium and subgame perfect equilibrium, and be able to find equilibrium outcomes of simple games including the use of backward induction.
Economics of Inequality
The dissertation offers you the opportunity to pursue independent research in a topic of your own choosing with the support of an academic supervisor working one-to-one with you. You will develop your own research question and research strategy, explore the scholarly debates surrounding your topic, and advance your own thesis that interprets or challenges the way your topic has been understood. You are encouraged to use a variety of quantitative or qualitative methods and theoretical approaches as appropriate to the field you are exploring.
Politics in Action: The Politics and International Relations Experience Placement
In this module you will develop an understanding of regulation in the European Union, including delivery of policy and administration. You will look at how the world's largest market operates, with a focus on EU public policy, including de-regulation, re-regulation, budgets and spending. You will examine the concept of the single market, the Euro and its crisis, justice, home affairs and counter-terrorism, the EU budget, agriculture, regional development, and social and environmental policies.
Power and Money in the European Union
Radical Political Theory
The British in India: a Social and Political History
Contemporary Middle East Politics
US Foreign Policy
Comparative Foreign Policy
Young People's Politics
Leadership, Power and the British Prime Minister
Visual Politics
Understanding China's Rise: Domestic Politics and Foreign Policy
Global Energy Policy
Refugees and Migration in World Politics
American Political Development
The Politics of Russia and Eastern Europe
The Politics of International Development
Issues in Democratic Theory
Political Theories of Freedom
Defence and Security Governance
Military Change in the 21st Century
Leaders and Political Communication
Global Healthy Policy
Political Protest

Teaching & assessment

Teaching is mostly by means of lectures and seminars, the latter providing a forum for students to work through problem sets and applications in a smaller and more interactive setting. Outside of scheduled teaching sessions, students work independently, or collaboratively, researching, reading and preparing for seminars.

Assessment is usually carried out by end of year examinations as well as class tests and assignments. Final year students can choose to complete an extended essay, which offers students the chance to conduct an original piece of research.

The results of the first year examinations qualify students for entry to the second year but do not contribute to the final degree award. The second and final year results do contribute to the final degree result, with the final year work counting for a larger proportion of the result.

Entry requirements

A Levels: AAA-AAB

Required subjects:

GCSE Maths at grade A or 7.
At least five GCSEs at grade A*-C or 9-4 including English and Mathematics.

Where an applicant is taking the EPQ alongside A - levels, the EPQ will be taken into consideration and result in lower A-level grades being required. Socio - economic factors which may have impacted an applicant's education will be taken into consideration and alternative offers may be made to these applicants.

Other UK Qualifications

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. Writing 7.0. No other subscore lower than 5.5.
Pearson Test of English: 61 overall. Writing 69. No other subscore lower than 51.
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 visit here. For international students who do not meet the direct entry requirements, we offer an International Foundation Year, run by Study Group at the Royal Holloway International Study Centre. Upon successful completion, students can progress on to selected undergraduate degree programmes at Royal Holloway, University of London.

Your future career

An Economics, Politics and International Relations degree at Royal Holloway will equip you with an enviable range of transferable skills which combined with the knowledge gained, will make you highly employable. It can lead to a broad range of careers in both the private and public sectors and also for professional training in areas such as law, accountancy and management.

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.

Our graduates are highly employable; 9)% of graduates achieved either full time employment or further study within six months
Politics and International Relations are ranked in the top ten UK university Politics departments for career prospects.
In recent years, graduates entered many different roles in the Civil Service, accountancy, investment banking, management, journalism, broadcasting, computing, higher education, teaching, and politics and diplomacy themselves.

Our outstanding record of success for work and further study puts Royal Holloway in the top 10 for graduate career prospects (Complete University Guide, 2015). It goes to show that our degree programmes not only promote academic achievement but also the means to hone the life-skills necessary to excel, post-graduation.

Choosing to include a politics based degree into your studies at Royal Holloway provides you with a wide range of important transferable skills, enabling you to approach problems in a rigorous, analytical and critical way and to communicate clearly and concisely in both speech and writing. Our graduates leave us with skills and knowledge that not only makes them attractive to employers in a broad spectrum of careers, but prepares them for further advanced study and research.

Fees & funding

Home and EU students tuition fee per year*: £9250

The fee for your Year in Business will be 20% of the tuition fee for that academic year.

International students tuition fee per year**: £16900

Other essential costs***: There are no single associated costs greater than £50 per item on this course.

How do I pay for it? Find out more about funding options, including loans, scholarships and bursaries.

**The tuition fee for UK and EU undergraduates is controlled by UK Government regulations, and for students starting a degree in the academic year 2018/19 is £9,250 for that year, and is shown for reference purposes only. The tuition fee for UK and EU undergraduates has not yet been confirmed for students starting a degree in the academic year 2019/20.

^**Fees for international students may increase year-on-year in line with the rate of inflation. The policy at Royal Holloway is that any increases in fees will not exceed 5% for continuing students. For further information see fees and funding and our terms and conditions.

^***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 etc., have not been included.