MSc Economics and Data Science

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The global demand for economics graduates with advanced data science skills continues to grow rapidly in the modern economy. Public and private sector organisations are increasingly relying on data science to offer new insights on issues in economics, econometrics, and finance. At the same time, governments and central banks use data science techniques to inform the formulation and evaluation of economic policy.

Our MSc Economics and Data Science offers comprehensive training in the use of data science methods to analyse economic issues. You will cover economic and data science theory, methods and techniques, and applications to real-world problems.

The course combines rigorous training in key principles with some flexibility to tailor your studies to specific areas of interest in economics. Your core training will cover:

• Economic theory;
• Econometric methods;
• Data science and machine learning;
• Programming and other data science skills.

Areas of specialisation through optional course units include:

• Financial econometrics;
• Healthcare economics;
• Economics of environmental policy.

See a full list of mandatory and optional course units below.

With hands-on training and a focus on practical application, this course is designed to prepare you for a successful career in a variety of roles, for example as an economist, data analyst, researcher, or consultant, in leading organisations across government, banking / finance, or the private sector.

This course is eligible for the 1+3 studentship offered by the Economic and Social Sciences Research Council (ESRC) North West Social Sciences Doctoral Training Partnership (NWSSDTP), offering a unique, fully-funded route into postgraduate research. If your application is successful, you’ll be able to seamlessly transition from master's-level study to a PhD. Find out more on our 1+3 ESRC NWSSDTP webpage .

This course will:

• Examine key theories regarding the economic behaviour at aggregate, sectoral and individual level.
• Examine the mathematical theories behind the statistical models used in econometric and data science analysis.
• Explore the key issues in the processing of information for the creation of data sets for statistical analysis.
• Support you in the development of the computer-programming skills needed to implement data scientific analysis.
• Support you to develop the skills needed to implement data scientific methods in order to contribute to the formulation and evaluation of economic policy.
• Prepare you for post-graduation employment or PhD research, through the development of digital, group-work, data-handling, presentational and writing skills.
• Upon completion of the course, you will be able to:
• Analyse economic and/or policy problems using in-depth knowledge of economic theory.
• Critically assess and engage with empirical economic research.
• Identify whether particular economic problems can be investigated empirically and if so, what strategy is to be used.
• Explain features, assumptions and estimation methods used by econometric and data science methods.
• Design, develop and conduct research on empirical economic issues using statistical and data science techniques and software.
• Analyse real life data to understand and describe empirical issues across a range of disciplines and real-world settings.
• You will also gain valuable skills in communicating economics and data science knowledge and research to specialist and non-specialist audiences in a variety of ways, identifying legal, ethical and security challenges in working with data, and working constructively and resiliently both in a team and individually to solve challenging problems.

A prestigious department

The University of Manchester is a leading centre for economics and research-led teaching. Many famous names from the world of economics have worked and studied here at Manchester, including four Nobel Prize winners. Graduate students from across the globe come here to study economics, attracted by our first-class postgraduate training and supervision in the core and specialist areas of the subject.

Real-world impact

We put theory into practice. Our academics and students are dedicated to shaping economic research, policymaking and practice nationally and internationally. We work closely with government, organisations, and businesses to advise and effect meaningful change.

Cross-disciplinary approach

Your curriculum integrates data science techniques from across several disciplines to promote state-of-the-art empirical analysis in economics.

The MSc Economics and Data Science is taught by an interdisciplinary team using a variety of delivery methods:

• lectures;
• workshops;
• student-led presentations and discussion;
• group work;
• individual research.

Course units are assessed in a variety of ways, including:

• exams;
• presentations;
• individual projects;
• essays;
• group work.

The University of Manchester is one of the most targeted universities by the UK’s top graduate employers (High Fliers, The Graduate Market Report 2024).

The growing awareness of the gains from analysing big data has led to increasing demand from employers for recruits with data science skills. This course is designed to prepare you for employment as an economic data analyst in government, central banks or the private sector, among other exciting and lucrative careers.

Our training also provides the foundation for a research degree in quantitative analysis in economics or interdisciplinary topics involving economics.

Aside from the hard skills in economics and data science gained from your degree, you will also gain highly-valued employability skills such as digital literacy, group work, data handling, communication, presentation and writing skills.

Recent economics graduates have gone on to exciting and rewarding careers in leading organisations across a wide range of different areas, such as:

• finance and banking;
• local and central government and policy-making;
• business, management, and consultancy;

Employers of our graduates include:

• the UK Civil Service: the Government Economic Service, the Bank of England, the Department for International Development, the Home Office, the Foreign Office, etc.
• Big city firms like KMPG, Deloitte, PricewaterhouseCoopers, Merrill Lynch, Goldman Sachs, Citibank, United Assurance, HSBC, Prudential plc, Nationwide Building Society, Deutsche Bank and the Co-Op.
• Large industrial companies such as Ford, Rolls Royce, British Telecom and BP.

Another popular option is to continue specialising for a career in research and universities through a PhD in Economics or a similar subject.

The University has its own dedicated, award-winning Careers Service where you can benefit from tailored careers support, practice interviews, CV and application support, job listings for Manchester students, and much more. Better yet, you will have access to our Careers Service both during your course and for two years after you graduate, so we know you’re on the right path.