Course Overview

Course overview

Our MSc in Economics and Data Science is for students in Economics who would like to pursue and specialise in data science and machine learning though a postgraduate-level degree. You will acquire knowledge and skills in the areas of macroeconomic and microeconomic theory, econometrics and big data. An 8,000-word dissertation provides an opportunity to explore your own interests across these fields of study.

You will be automatically enrolled on a pre-sessional Mathematics and Statistics programme to equip you with the relevant methodological skills you need to succeed.

By the end of the course, you will be experience in working with large amounts of data to generate new findings and insights relevant to problems in economics. You will also be proficient in standard coding languages, like R and Python, to work on these problems.

Skills from this degree

• Rigorous advanced training in economic analysis and techniques, which includes opportunities to contribute to current economic research and debates 
• Data science techniques and methods pertaining to applications in economics
• Training in the acquisition, management and processing of large volumes of data with applications in economics
• Analytical approach to thinking about national and international economic problems, policies and decision-making 
• Research skills; use of library and internet as information sources; locating, extracting, analysing, and presenting material
• Numeracy and quantitative skills; use of mathematics and diagrams, understanding data, statistical analysis
• IT skills; coding; word processing and spreadsheets; specialist econometric or statistical software; internet applications; written and oral communication skills

Frequently Asked Questions

View a full list of frequently asked questions from the Department of Economics

Entry Requirements

General Entry Requirements

Minimum requirements

2:1 undergraduate degree (or equivalent) specialising mainly in economics. This means you should have achieved a good standard in undergraduate courses in microeconomics and macroeconomics, with a 1st (or equivalent) in econometrics/ economics statistics, at an intermediate level.

We also expect a good standard achieved in mathematics taken at undergraduate level.

English Language Requirements

You can find out more about our English language requirements. This course requires the following:

• Band A
• IELTS overall score of 6.5, and none below 6.0 is required.

International qualifications

We welcome applications from students with other internationally recognised qualifications.

For more information, please visit the international entry requirements page.

Additional requirements

There are no additional entry requirements for this course.

Modules

Core Modules

The following basic structure applies to MSc Economics and Data Science:  

Economics Analysis A or Economics Analysis B 

Economic Analysis will develop your understanding of the theoretical foundations of macroeconomic analysis, and how models can be used in policymaking and to help explain empirical evidence. Then you will learn microeconomic concepts in the areas of game theory, information economics and choice under uncertainly. You can choose Economic Analysis A, which is a more applied version, or Economic Analysis B, which is more technical and theoretically orientated. As a guide, we expect students opting for the B version to have obtained the equivalent of a First Class mark (70%) in their undergraduate studies, though we will consider a request to take a B variant even if that prerequisite is not met.   

Quantitative Methods: Econometrics B 

The module provides students with a thorough understanding of material needed for empirical quantitative analysis, particularly applied econometrics. You will understand how to produce high quality empirical econometric analysis using cross-sectional, time-series, and panel data, and also learn to interpret critically empirical results.  

Foundations of Data Science  

Analyses in all fields of economics nowadays make frequent use of large and detailed datasets ("big data"). The explosion in data access and availability opens many opportunities for applied research, as well as new challenges on how to handle, process, and extract meaningful conclusions from the data. The aim of the module is to introduce students to the R and Python programming languages and basic concepts of data science, and to provide a "hands-on" experience with economic data. The module lays the foundation for more advanced materials.  

Machine Learning and Big Data in Economics 

This module provides an overview of recent developments in econometric methods tailored to handle such large datasets, such as machine learning techniques and articulates.   

Dissertation 

You will have the opportunity to pose an interesting research question in economics and data science, to find the correct methods for analysing the question, including development of theoretical models and/or analysis of data where appropriate, and to write up your results independently.  

Optional Modules

We are currently developing optional modules that will be specifically for the MSc Economics and Data Science. We are still awaiting approval for this, so more information will follow shortly. In some cases it may also be possible to take optional science modules in other departments like Psychology, Computer Science or Statistics.

Example optional modules may include: 

• Game Theory 

• Investment and the Financial System 

• Behavioural Economics  

You will choose two optional modules to complete.   

Read more about the modules on our Economics web pages.  

Teaching and Learning

Teaching

You will have a combination of lectures, and small group support and feedback classes. You will also learn through independent study, which will include practicing coding skills, reading journals and books, completing problem sets and assessments, revising for exams and undertaking research. 

In the summer term and summer vacation your independent study time will increase as you complete your research dissertation. Your dissertation work will normally be individually supervised on a one-to-one basis, and we have an effective personal tutor system providing individual support. 

We encourage one-to-one interaction with our world-leading academics and offer great flexibility in the optional modules that allow you to specialise or diversify your studies. 

Class Sizes

Your lecture size will naturally vary, especially for the optional modules, but also for core lectures.

Some of the larger modules may have 50-200 students in them. You will then typically have weekly support and feedback classes with around 15-20 students.

Typical contact sizes

An average of 8-10 hours of lectures and 3 hours of classes per week.

Your timetable

Your personalised timetable will be complete when you are registered for all modules, compulsory and optional, and you have been allocated to your lectures, seminars and other small group classes. Your compulsory modules will be registered for you, and you will be able to choose your optional modules when you join us.

Pre-sessional Mathematics and Statistics

The MSc Economics & Data Science is a quantitative degree, and students will need to be competent in several areas of mathematics. You are required to attend a pre-sessional course, Introductory Mathematics and Statistics, which will be taught in the two weeks before the University’s main term begins. 

The course is designed to ensure that your maths and statistical knowledge and skills are at the standard required for you to succeed on the rest of the MSc course and it consists of both lectures and small group learning. Further information can be found on our Economics web page. 

Assessment

For MSc students, assessment is through formal examinations, coursework and an individually supervised research dissertation.

Feedback is a vital part of the assessment process, as it helps you to reach your full potential by identifying the strengths and weaknesses of your work and the actions needed to develop your understanding and enhance your performance.

Feedback is provided in a variety of ways, including: grades and comments on marked work, solutions to problem sets, verbal feedback from tutors and peers in classes, Advice and Feedback hours with academic staff and personal tutor meetings.

Careers

Your career in Economics

Graduates from our Master’s courses have gone on to work for employers including:

• Bank of America
• Bank of China
• China Merchants Bank
• Citibank
• Deloitte
• EY
• European Central Bank
• Frontier Economics
• HM Treasury
• HSBC
• IMF
• KPMG
• World Trade Organisation

Employers who have hired our MSc Economics graduates in the past have indicated that they are particularly interested in students with knowledge and skills in data science in addition to economics.

They have pursued roles such as:

• Economists
• Analysts
• Consultants
• Researchers
• Business and financial project management professionals
• Chartered and certified accountants
• Actuaries
• Statisticians
• Quality assurance and regulatory professionals

Our department has a dedicated professionally qualified Senior Careers Consultant offering impartial advice and guidance together with workshops and events throughout the year. Previous examples of workshops and events include:

• Careers in Economics Webinar Series with speakers from our Economics Alumni community
• Careers in Economics Fair with key employers held annually in November
• Investment Banking Uncovered
• Warwick careers fairs throughout the year
• Mock Assessment Centre workshops
• Manage Your Digital Identity and Use LinkedIn Effectively

About the Department

Economics at Warwick

We are committed to rigorous training of the next generation of economists in the tools and techniques of the discipline, producing cutting-edge research that has wide and deep impact on society and the economy, and creating strong collaborations. Our work has established Warwick Economics as one of the leading centres of economic research internationally. Many of our academics now use data science techniques routinely for their research projects.

We hold regular live chats for prospective students and offer holders. Please see the live chat schedule for Economics.

Our Postgraduate courses

• Behavioural and Economic Science (Economics) (MSc)
• Economics (Diploma plus MSc)
• Economics (MSc)
• Economics and International Financial Economics (MSc)
• MRes/PhD in Economics

Academic Resource Portal

The Department of Economics have put together a portal of academic resources recommended by faculty members for anyone who may be considering studying economics at postgraduate level.

Tuition Fees

Tuition Fees

Tuition fees are payable for each year of your course at the start of the academic year, or at the start of your course, if later. Academic fees cover the cost of tuition, examinations and registration and some student amenities.

Fee Status Guidance

We carry out an initial fee status assessment based on the information you provide in your application. Students will be classified as Home or Overseas fee status. Your fee status determines tuition fees, and what financial support and scholarships may be available. If you receive an offer, your fee status will be clearly stated alongside the tuition fee information.

Do you need your fee classification to be reviewed?

If you believe that your fee status has been classified incorrectly, you can complete a fee status assessment questionnaire. Please follow the instructions in your offer information and provide the documents needed to reassess your status.

Find out more about how universities assess fee status.

Additional course costs

As well as tuition fees and living expenses, some courses may require you to cover the cost of field trips or costs associated with travel abroad.

For departmental specific costs, please see the Modules tab on the course web page for the list of core and optional core modules with hyperlinks to our Module Catalogue (please visit the Department’s website if the Module Catalogue hyperlinks are not provided).

Associated costs can be found on the Study tab for each module listed in the Module Catalogue (please note most of the module content applies to 2022/23 year of study). Information about module department specific costs should be considered in conjunction with the more general costs below:

• Core text books
• Printer credits
• Dissertation binding
• Robe hire for your degree ceremony

Scholarships and Funding

Economics Scholarships

There are a number of scholarships available for students looking to undertake study a Taught Masters in Economics at the University of Warwick. Below are the scholarships relevant for students looking to study within the Department of Economics.

Economics Excellence Scholarship

The Department of Economics will award one Master’s scholarship (of 100% of tuition fees) to an outstanding applicant who has firmly accepted their offer by the 20th May 2024 on one of our one-year taught MSc courses.

Economics Regional Scholarship

The Department of Economics will award two Master’s scholarships (of 50% of tuition fees) to students who are nationals of, and domiciled in any country located in Africa or South America, who have firmly accepted their offer by the 20th May 2024, on one of our one-year taught MSc courses.

Alumni Discount Scheme

If you are a Graduate of the University of Warwick and are of home or overseas fee status, you will be able to access a 10% tuition fee discount on this course.

Warwick Taught Master's Scholarship

The University of Warwick offers a number of Warwick Taught Masters Scholarships, which are available to eligible Home/EU students from under-represented groups who wish to start a postgraduate taught master's course.

Scholarships and financial support

Find out about the different funding routes available, including; postgraduate loans, scholarships, fee awards and academic department bursaries.

Living costs

Find out more about the cost of living as a postgraduate student at the University of Warwick.

How to Apply

How to apply

Applications to our Economics Master’s programmes typically open in October and close in June.

Find out more about our application deadlines including when we will make offers.