Finance and Economics (MSc) 2023 entry

The MSc in Finance and Economics provides advanced training in the theoretical tools and empirical techniques for economics and finance, preparing students for a professional career in international banking, the finance industry and governmental agencies.

Start date
September 2023
End date
September 2024
One year full time
School of Economics and Finance

Application deadline

Thursday 10 August 2023

Applicants should apply as early as possible to be eligible for certain scholarships and for international visa purposes.

“I chose the MSc in Finance and Economics at St Andrews because the programme offered me the necessary courses in both economics and finance in order to become a well-qualified economist and potentially start a career in finance or consulting or enrol in a PhD programme.”
- Knokke-Heist, Belgium

Entry requirements

  • A 2.1 Honours degree from a recognised UK university in Economics or Finance with a significant Economics component; or a 2.1 joint Honours in Economics and another subject that includes substantial training in microeconomics, macroeconometrics and econometrics. If you studied your first degree outside the UK, see the international entry requirements.
  • English language proficiency. See English language tests and qualifications.

The qualifications listed are indicative minimum requirements for entry. Some academic Schools will ask applicants to achieve significantly higher marks than the minimum. Obtaining the listed entry requirements will not guarantee you a place, as the University considers all aspects of every application including, where applicable, the writing sample, personal statement, and supporting documents.

Application requirements

  • CV or résumé 
  • either a detailed personal statement including a list of current modules being undertaken (1,000 words) or a sample of your own, single-authored academic written work (2,000 words) 
  • two academic references 
  • academic transcripts and degree certificates  

For more guidance, see supporting documents and references for postgraduate taught programmes.

English language proficiency

If English is not your first language, you may need to provide an English language test score to evidence your English language ability. See approved English language tests and scores for this course.

Course details

The MSc in Finance and Economics is a one year taught postgraduate programme run by the School of Economics and Finance. 


  • Small group teaching allows a high level of student-teacher interaction, encouraging a warm and friendly learning environment. 
  • The programme focus is to provide a self-contained, rigorous but relevant learning experience that prepares you either to start employment at a senior level in a wide variety of economics or finance-related activities, or to pursue further research.  
  • Advanced training in essential elements of an Economics Masters degree (macroeconomics or microeconomics) is combined with essential training in finance (investment analysis, corporate finance), supplemented by a wide variety of applications. 
  • The programme aims to prepare students for jobs at a senior level in a wide range of areas: economics, finance, commerce, insurance, academia, diplomatic service and banking. 


Each compulsory module typically comprises: 

  • 20 lecture contact hours
  • 5 or 10 contact hours for seminars, workshops and tutorials 
  • intensive independent study 

For more details about each module, including weekly contact hours, teaching methods and assessment, please see the latest module catalogue, which is for the 2022-2023 academic year; some elements may be subject to change for 2023 entry. 

You must take three compulsory modules in Semester 1. These are: 

  • Econometric Methods and Applications: advanced level training in econometric methods.
  • Investment Analysis: investment value analysis, risk and return. 

and one of: 

  • Macroeconomics: advanced treatment of the core models and concepts used in modern macroeconomics. 
  • Microeconomics: advanced treatment of the core models and concepts used in modern microeconomics. 

In Semester 2, students take one compulsory module and can choose two optional modules from a selection of topics. The compulsory module is: 

  • Corporate Finance: investigates the relationship between corporate liabilities and corporate actions. 

In your second semester, you will have the opportunity to choose two modules from a selection of topics. The assessment patterns for individual optional modules may vary from the assessment patterns for compulsory modules.  

Examples of optional modules that may be offered include: 

  • Behavioural Finance: examines the effects of behavioural biases in financial markets. 
  • Causal Inference in Econometrics: teaches cutting-edge econometric methods used in many empirical economics fields to establish plausibly causal estimates of phenomena like the minimum wage or the impact of immigration.
  • Corporate Governance: covers three key components: corporate governance, risk management, and financial management. 
  • Econometric Time Series Analysis: provides an advanced treatment of the core theory and practice of time series econometrics. 
  • Experimental Economics and Finance: focuses on the methodology of experimental economics and the dialogue between theoretical and laboratory-based empirical work. 
  • Game Theory: provides a thorough advanced treatment of the core models and concepts used in modern game theory. 
  • Industrial Economics: focuses on the structure and mechanisms governing markets and on the way firms compete against each other in the pursuit of profit maximisation. 
  • Monetary Policy: studies key issues in monetary policy.
  • Portfolio Management: studies key issues in asset allocation, and portfolio composition and management at an advanced level. 
  • Risk Management: teaches standard techniques in risk and insurance problems. 
  • MSc Finance and Economics students may take up to one advanced undergraduate optional from the following in the second semester: 

    • Behavioural Economics: Individual Decisions and Welfare 
    • Development Economics
    • Econometrics of Impact Evaluation 

The topics, and therefore module titles, vary year on year as they reflect the research interests of staff. Optional modules require a minimum number of participants to be offered; some may only allow limited numbers of students (see the University’s position on curriculum development). 

The final element of the MSc is a 15,000-word dissertation. The dissertation should be on an area of either finance or economics that you are interested in, chosen in discussion with your supervisor who will support you through the process.  

You will receive training in Semester 1 in framing a hypothesis, conducting bibliographic research, writing a literature survey, and structuring a dissertation.  

The modules listed here are indicative, and there is no guarantee they will run for 2023 entry. Take a look at the most up-to-date modules in the module catalogue

The modules listed here are indicative, and there is no guarantee they will run for 2023 entry. Take a look at the most up-to-date modules in the module catalogue.


The programme consists of traditional lectures, as well as tutorials, seminars and computer lab work in small groups. 

You will also complete a 15,000-word dissertation on a topic of your choice which is relevant and appropriate to the MSc.   

Courses are assessed both continuously and with end-of-semester exams. 

Every MSc student is assigned an adviser at the beginning of the year. Your adviser will provide you with individual guidance on module choice and academic conduct.




More information on tuition fees can be found on the postgraduate fees and funding page.

Funding and scholarships

The University of St Andrews is committed to attracting the very best students, regardless of financial circumstances. Find out more about the scholarships and postgraduate loans available.

Sir Quo Wei Lee scholarship

Entrants to the Finance and Economics MSc programme are eligible to be considered for the £6,000 Sir Quo Wei Lee scholarship which is awarded to the best entrant student.

All taught postgraduate scholarships

After your degree


There is a long-standing tradition of Finance and Economics graduates working in a wide variety of challenging and rewarding posts including: 

  • academia 
  • banking 
  • commerce 
  • diplomatic service 
  • economics 
  • finance 
  • government 
  • industry 
  • insurance. 

They work in the UK, Europe, and North America, and more frequently in locations such as China, Taiwan, Hong Kong, Japan and Thailand. 

The Careers Centre offers one-to-one advice to all students as well as a programme of events to assist students in building their employability skills.

Postgraduate research

What to do next

Online information events

Join us for one of our information events where you can find out about different levels of study and specific courses we run. There are also sessions available for parents and college counsellors.

Postgraduate virtual days

We encourage all students who are thinking of applying to the University to attend one of our online visiting days.

Contact us

+44 (0)1334 46 2439
School of Economics and Finance
The Scores
St Andrews
KY16 9AR

School of Economics and Finance website