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Frequently asked questions
Disclaimer: While every care has been taken to insure the accuracy of the information on this page, some mistakes may remain. Please check with the Admissions Office. The Department of Economics accepts no responsibility or liability for any incorrect material.
- What's the difference between an MA in Economics and a B.Sc. in Economics?
- I am interested in studying economics, but should I apply for a degree in Economics, Financial Economics or Applied Economics?
- Can I apply to do a joint honours degree in Financial Economics?
What's the difference between an MA in Economics and a B.Sc. in Economics?
Single honours degrees in Economics (as well as Financial Economics and Applied Economics) are offered from within both the Arts Faculty (as an M.A.) and the Science Faculty (as a B.Sc.). The content of the MA and the B.Sc. are exactly the same during the honours years. A B.Sc. in economics and an MA in economics are equivalent degrees.
However, each Faculty has different entry requirements and different regulations. Probably the most significant difference is that students in the Science Faculty usually take different subjects from students in the Faculty of Arts during their first two years of study in St. Andrews. Students in the Faculty of Science are required to take 40 credits from the so-called 'hard sciences' (such as maths, physics, chemistry, geo-sciences, biology, statistics, psychology, computer science, astronomy, etc.) during their first two years of study (in fact they are strongly recommended to do this during their first year of study), whereas students in the Faculty of Arts do not need to take 'hard science' subjects. Below are some typical examples of the subjects economics students in the Science and Arts Faculties may choose to take in their first year:
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Undergraduate regulations can be found here.
Student's contemplating joint honours (or an economics 'with' degree) should be aware that, although many degree choices are available within both the Arts and the Science Faculty, some degrees (e.g. Economics and English, Economics and any History) are only available within the Arts Faculty and others (e.g. Management Science and Economics and Economics with French are only available as a B.Sc.)
Don't forget to have a look at the Undergraduate Prospectus
In general, if you are interested in economics and science subjects it is probably best to apply to the Faculty of Science. If you are interested in economics and arts subjects it is probably best to apply to the Faculty of Arts.
Top ^^I am interested in studying economics, but should I apply for a degree in Economics, Financial Economics or Applied Economics?
At this stage in your career it does not matter. You will study the same first and second year subjects irrespective of which of the economics degrees you apply for. At the beginning of your third year you will have to decide which honours degree (if accepted) you wish to take and will receive all the information you need to make your choice then.
Broadly speaking the differences are as follows; Financial Economics is a more specialised degree than Economics, focussing (fairly obviously) on topics in financial economics such as investment analysis and corporate finance. Many students who have taken this degree go on to jobs in the 'City'. The degree in Applied Economics is designed to give students a broader perspective of economics than the degree in Economics. It includes less of the 'core' theoretical modules and a larger number of the more applied options modules.
Top ^^Can I apply to do a joint honours degree in Financial Economics?
Unfortunately, Financial Economics (as well as Applied Economics) is only available as a single honours degree. If you wish to do take a joint degree (or a 'with' degree), you must take Economics. Note however, that within a joint degree in Economics you can still elect to take a number of option modules in financial economics subjects.