Course Overview
Course summary
Economics is more relevant than ever to understand contemporary events in the global economy and provide the tools and techniques for business and governments to address the issues they face. Reflecting the needs of both private and public sector employers, our highly practical MSc prepares you to assess business problems, interpret public policy and effectively communicate the insights that economic analysis can provide.
Aimed at those with a genuine interest in the application of economics to real-world situations, this course aims to provide you with an in-depth knowledge of the latest theories, practices and key concepts in economics that underpin public sector policy and business decision-making. This includes the various scenarios where we explore strategic interaction, market failure and macroeconomic objectives.
The focus is very much on developing the practical skills needed by a working economist – the ability to apply economic techniques to complex problems and provide specialist advice. You will gain hands-on experience with the industry-standard computing and econometrics software used to analyse and manipulate data.
You will be taught by staff who share their experience working and consulting for government departments such as the Department for Transport, local authorities and supranational organisations such as the OECD.
There is an increasing demand worldwide for economic analysis in local and central government, non-governmental organisations, and charities in areas such as international development, urban and regional development policy, education or research. Past graduates have become Fast Stream economists in the UK Government Economic Service and HM Treasury, and others have gained employment as economists in charities and the private sector.
Top reasons to study with us
- Taught by experienced, specialised staff who are published researchers and have worked with the UK Government departments, local authorities and NGOs.
- In the Research Excellence Framework 2021, 75% of Westminster Business School impact case studies in the Business and Management Unit of Assessment scored 4* whilst 25% scored 3*. Read how our research is shaping the world.
- Free access and experience using Office for National Statistics datasets and EViews.
- Free online subscription to Financial Times and part of the material on the course reading list includes free textbooks for the majority of core and option modules.
Course structure
As well as enhancing your ability to apply relevant economic principles in 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.
Through optional module selection, should you wish, you can choose to learn more about global financial markets, international economics and/or development economics and policy.
The modules below are indicative of what you will study in this course. You may choose two option modules in addition to the core modules.
Semester 1
Semester 1 is designed to build a strong foundation of knowledge of the fundamental concepts and ideas in economics (and their microeconomic and macroeconomic foundations). We’ll look at how a working economist develops policy advice in relation to production and supply decisions. Drawing on real-life economic scenarios from a variety of sector contexts, we’ll also examine sources of market failure, the economic choices available and competition policy in different countries. You’ll be introduced to the software used to analyse quantitative data, including Excel and EViews.
Semester 2
Semester 2 builds on your understanding and use of fundamental economic, statistical and econometric techniques and provides opportunities to study international and development economics and policy. Your studies culminate with the final project, an intensive piece of research of between 8,000 and 10,000 words, where you will provide an evaluation of real-life economic policy. As a guide, previous students have considered topics as diverse as the impact of free childcare for working parents and the effectiveness of government subsidies on productivity in UK SMEs.
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.
For more details on course structure, modules, teaching and assessment Download the programme specification (PDF).
To request an accessible version please email [email protected]
Get your copy of the University of Westminster prospectus and browse the range of courses on offer.
Contact us for general course enquiries:
+44 (0)20 7911 5000 EXT 65511
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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. Several of our recent graduates have also found that the course opened up opportunities for PhD study.
With a growing global network of 3,000 employers, our Careers and Employability Service is here to support you to achieve your full potential.
Develop your CQ
Develop your cultural intelligence – or ‘CQ’ – studying alongside students and staff representing more than 100 nationalities.
Kickstart your career
Learn how to use social media in your job hunt or LinkedIn to kickstart your career.
Careers support
Postgraduate students have access to the University’s Careers and Employability Service for up to three years after graduation.
Job roles
This course will prepare you for roles such as:
Economist (in the private and public sectors)
Economic advisor/analyst
Management consultant
Graduate employers
Graduates from this course have found employment at organisations including:
International Monetary Fund
Rio de Janeiro Mayor’s Office
Shelter (UK housing charity)
The UK Government Economic Service including Ofcom and Ofgem
Westminster Employability Award
Employers value graduates who have invested in their personal and professional development – and our Westminster Employability Award gives you the chance to formally document and demonstrate these activities and achievements.
The award is flexible and can be completed in your own time, allowing you to choose from a set of extracurricular activities.
Activities might include gaining experience through a part-time job or placement, signing up to a University-run scheme – such as mentoring or teaching in a school – or completing online exercises.
Read more about our Westminster Employability Award.
Course Leader
Dr Sabine D'Costa
Senior Lecturer
Sabine D’Costa obtained her PhD in Economics from the University of Michigan at Ann Arbor after completing an MPhil (DEA Analyse et Politique Economiques) from EHESS in Paris and graduating from HEC Paris. She previously worked at the London School of Economics and Queen Mary University of London. She has published research in outlets such as Regional Science and Urban Economics, Economics Letters, and Papers in Regional Science. Her research areas cover agglomeration economies, the urban wage premium, regional economic disparities and firm productivity and labour market impacts of transport investments. Sabine has also worked in the Corporate Strategy division of EDF in Paris and consulted for the Northern Way, Transport for Greater Manchester and the OECD.
There is at least one solution to every problem.
Course Team
Teaching and assessment
Your learning experience is designed to provide both a practical and theoretical understanding of economics. Core and option modules provide a well-rounded perspective on aspects of economic policymaking including an appreciation of application, appraisal, evaluation and communication skills.
To assist the learning experience, we provide reading lists, lecture and seminar materials in advance via Blackboard, our virtual learning environment. Where possible, lectures are recorded using specialist software and similar tools so you can refer back to them.
How you’ll be taught
Through a variety of teaching methods – from lectures and seminars to online participation and project work – we aim to bring study to life by incorporating real-world economic analysis and evaluation. When studying Data Analysis, for example, in weekly computer labs, you will apply the econometric and time series theory you learn using real data such as housing prices.
We use case studies and real data in many of our modules. For example, you will present findings on the economic prospects for country groupings such as NAFTA (North American Free Trade Agreement) and OPEC (Organization of the Petroleum Exporting Countries) in Macroeconomic Analysis and Policy.
You’ll have plenty of opportunities to gain valuable insight from current practitioners, which in the past has included guest lectures about the work of economists at the Office for Budget Responsibility and Ofgem.
In the following graph, you'll find examples of how study time has been distributed in the past (data from the academic year 2022/23). Changes to the division of study time may be made in response to feedback and in accordance with our terms and conditions. Learning typically falls into three broad categories:
- Scheduled hours: examples include lectures, seminars, practical classes, workshops, supervised time in a studio
- Placement: placement hours normally include placement opportunities but may also include live projects or virtual activities involving employers
- Independent study: non-scheduled time in which students are expected to study independently. This may include preparation for scheduled sessions, follow-up work, wider reading or practice, completion of assessment tasks, or revision
How you’ll be assessed
We use a wide range of techniques, including individual and team-based coursework and presentations.
We try to make assessments as practical and relevant as possible, incorporating the type of work required by future employers, for example, writing technical reports or collecting, analysing and presenting economic data.
In the following graph, you'll find an indication of what you can expect (data from the academic year 2022/23). Changes to assessment weights may be made in response to feedback and in accordance with our terms and conditions. Assessments typically fall into these broad categories:
- Practical: examples include presentations, podcasts, blogs
- Coursework: examples include essays, in-class tests, portfolios, dissertation
Research Groups
Our research achieves real-world impact, and we are proud to claim a rich and diverse profile of high-quality research and knowledge exchange in a wide range of disciplines.
Find out more about our research groups related to this course:
Why study this course?
Develop key skills
Develop the valuable skills required to work as an economist in the public and private sectors.
Combine theory and practice
Link economic theory with practice through application to real-world economic issues.
Professional software
Free access to professional software including EViews, core textbooks, subscription to the online Financial Times and student membership of the Society of Professional Economists.
Entry Requirements
A minimum of a lower second class honours degree (2:2).
A relevant degree, which would be a single Honours or a major in Economics, or a quantitative discipline with a minor in Economics, or a more general first degree with significant study of economics and quantitative methods. Non-graduates with extensive work experience in the economics or closely-related profession will also be considered.
If your first language is not English you should have an IELTS 6.5 overall with 6.0 in each component.
Applicants are required to submit one reference.
View more information about our entry requirements and the application process
A minimum of a lower second class honours degree (2:2).
A relevant degree, which would be a single Honours or a major in Economics, or a quantitative discipline with a minor in Economics, or a more general first degree with significant study of economics and quantitative methods. Non-graduates with extensive work experience in the economics or closely-related profession will also be considered.
If your first language is not English you should have an IELTS 6.5 overall with 6.0 in each component.
Applicants are required to submit one reference.
More information
University preparation courses
Our partner college, Kaplan International College London, offers Pre-Master’s courses that may help you gain a place on a postgraduate degree at Westminster.
To find out more, visit University preparation courses.
What our students say
Fernanda Goncalves da Silva
Economic Policy and Analysis MSc - 2022
Studying at the University of Westminster has been a life-changing experience, both personally and professionally. The course has provided me with a far more sophisticated understanding of macroeconomic policy and valuable technical econometrics skills.
Student work
The practical nature of this course means you will apply the core principles and theories of economics in environments and scenarios you could expect when working as a professional economist. You’ll show how economic techniques of investigation can support the development of effective policy in government and successful competitive strategy in business.
Student-determined topics have included, as an example, appraising and evaluating policies to tackle obesity, financial exclusion, single-use plastic packaging and carbon emissions.
Learn new skills
Develop analytical and communication skills
Develop the analytical and communication skills needed as a working economist in various settings.
Enhance your digital literacy
Enhance your digital literacy, learning how to retrieve and analyse economic data.
Improve your problem-solving skills
Improve your problem-solving skills to better understand and tackle economic issues.
Westminster Business School blog
Read our blog and get an insight into life and studies at Westminster Business School.
Fees and Funding
UK tuition fee: £11,700 (Price per academic year)
When you have enrolled with us, your annual tuition fees will remain the same throughout your studies with us. We do not increase your tuition fees each year.
Find out how we set our tuition fees.
Paying your fees
If you don't wish to pay the whole amount of your fees at once, you may be able to pay by instalments. This opportunity is available if you have a personal tuition fee liability of £2,000 or more and if you are self-funded or funded by the Student Loans Company.
Find out more about paying your 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
There is a range of funding available that may help you fund your studies, including Student Finance England (SFE).
Find out more 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 postgraduate students.
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: £13,500 (Price per academic year)
When you have enrolled with us, your annual tuition fees will remain the same throughout your studies with us. We do not increase your tuition fees each year.
Find out how we set our tuition fees.
Paying your fees
If you don't wish to pay the whole amount of your fees at once, you may be able to pay by instalments. This opportunity is available if you have a personal tuition fee liability of £2,000 or more and if you are self-funded or funded by the Student Loans Company.
Find out more about paying your 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
There are a number of funding schemes available to help you fund your studies with us.
Find out more 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 postgraduate students.
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
The Learning Platform
Lecture theatres
Library
Bloomberg Financial Market Suite
Digital Marketing Lab
Meeting spaces
Cafe
Supporting you
Our Student Hub is where you’ll find out about the services and support we offer, helping you get the best out of your time with us.
- Study support — workshops, 1-2-1 support and online resources to help improve your academic and research skills
- Personal tutors — support you in fulfilling your academic and personal potential
- Student advice team — provide specialist advice on a range of issues including funding, benefits and visas
- Extra-curricular activities — volunteering opportunities, sports and fitness activities, student events and more
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 Westminster Business School and our award-winning Architecture, Planning and Tourism courses. For more details, visit our Marylebone Campus page.
Westminster Business School
Based in the heart of London's political, media and financial services, Westminster Business School has excellent industry links and a strong commitment to social enterprise.
Our courses are accredited by professional bodies including the Association of Chartered Certified Accountants (ACCA), Chartered Institute of Building (CIOB), Chartered Institute of Marketing (CIM), Chartered Institute of Personnel and Development (CIPD) and Royal Institution of Chartered Surveyors (RICS).
Our practical teaching relates learning to the real world, and we develop graduates who are ready to respond to contemporary business challenges.
Contact us
Call our dedicated team on:
+44 (0)20 7911 5000 ext 65511
Opening hours (GMT): 10am–4pm Monday to Friday
Opening hours (GMT): 10am–4pm Monday to Friday
More information
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