Financial Economics MA (Hons) 2019 entry

The MA (Hons) in Financial Economics provides a structured, cumulative and rigorous foundation of economic concepts, principles, analysis, techniques and knowledge. During your studies, you will develop your analytical and decision-making abilities through training in quantitative and model-based methods of analysis. Over the course of study, students engage with a number of specialist topics including portfolio management, asset pricing and corporate finance.

Financial Economics is studied up to Honours level in both the Faculty of Science (BSc) and the Faculty of Arts (MA). Students who have a background in the Arts or who wish to study Financial Economics alongside Arts subjects at St Andrews should apply for the MA. For those interested in studying Financial Economics alongside Science subjects, the BSc (Hons) in Financial Economics may be of interest instead. 

Applications for 2019 entry for this course have now closed, see which courses are available for the upcoming academic year.

UCAS code

L111

Course type

Master of Arts (single Honours degree)

Course duration

Four years full time

  • Start date: 9 September 2019
  • End date: 30 June 2023

If you started this programme in 2018, you can find information about 2018 entry on the 2018 Financial Economics MA (Hons) page. Information about all programmes from previous years of entry can be found in the archive.

Entry requirements

The following are likely grades considered for an offer. St Andrews considers all aspects of every application, including context, equivalent qualifications and the personal statement, and offers may be higher or lower than the grades stated here.

SQA Highers AAAB
GCE A-Levels AAA
IB points 38

We accept a wide range of qualifications for entry on to our programmes, please see our entry requirements for more information.

For degrees combining more than one subject, the subject with the higher entry requirements determines the grades you need. You will also need to meet any further subject specific entrance requirements as outlined on their pages.

International applicants

If English is not your first language, you will need an overall IELTS score of 7.0, with a minimum score of 6.5 in each component (Reading, Writing, Listening and Speaking), or an equivalent English Language qualification.

Do I need to have studied this subject before?

No previous experience of this subject is required, but advanced school mathematics is an advantage and an ability to learn mathematical skills is essential.

Faculty entry requirements

You must also meet the Faculty of Arts minimum qualifications. These vary depending on which qualifications you hold.

Other qualifications

Passes in other examinations at equivalent levels and subjects may be accepted by the Dean of the Faculty. More information on how to apply via other entry routes or accreditation of prior learning and experience can be found on the University’s entry requirements webpage.

Find out more about Faculty of Arts entry requirements.

Timetables

St Andrews students must meet with their Adviser of Studies at the beginning of Semester 1 in September to complete advising – a compulsory part of the matriculation process. After module choices have been decided, a timetable will be allocated indicating the dates and times of classes.

Reputation

The School of Economics and Finance at the University of St Andrews is known for bringing understanding and excitement from the latest cutting-edge research into the teaching of undergraduate and postgraduate degree programmes.

The quality of research publications produced by staff within the School was ranked in the top ten in the UK by the recent Research Excellence Framework 2014, with more than 80% of the research output rated as internationally excellent or world-leading.

The School of Economics and Finance is ranked first in Scotland by the Complete University Guide 2019 and third in the UK by the Guardian University Guide 2019.

The University of St Andrews as a whole was voted top in the UK for student academic experience in The National Student Survey 2018 as 94% of St Andrews final year students gave the University top marks for the quality of the learning and teaching experience.

The University has secured a TEF Gold Award for the quality of teaching and the undergraduate experience.

Find out more about Economics and Finance at St Andrews.

Course information

The MA (Hons) in Financial Economics is a four-year course run by the School of Economics and Finance. The School also offers a BSc in Financial Economics, which may be more suitable for students who wish to take Financial Economics alongside Science subjects. The Financial Economics element within both the BSc and MA degree programmes is exactly the same.

In the first two years, you will acquire a solid foundation in general knowledge of Economics. This includes an introduction to the principles of microeconomics and macroeconomics; an insight into quantitative techniques; and developing an understanding of economic relationships and the techniques necessary for their analysis.

Alongside Financial Economics, in the first year of your studies, you will be required to study an additional two subjects. In the second year you will usually carry on at least one of these subjects, sometimes two. Find out more about how academic years are organised.

At Honours level students may select modules from a range of options on specific topics. These provide an analytical understanding of key aspects of finance, economics and government policy formation.

The University of St Andrews operates on a flexible modular degree system by which degrees are obtained through the accumulation of credits. More information on the structure of the modules system can be found on the flexible degree structure webpage.

Find out more about studying Finance and Economics at St Andrews.

Modules

In the first two years of your degree (known as sub-honours) you will take the required modules in Financial Economics alongside modules in at least one other subject in the Faculty of Arts.

Typically, you will take a total of three modules per semester each year. Find out more about the modular Scottish degree system.

Students will take the following compulsory first-year modules:

  • Macroeconomics: introduces the study of economics at the national and global level.
  • Mathematics for Economists: covers calculus and algebra to provide indispensable mathematical tools for modern economists.
  • Microeconomics: explores the basics of the market system and consumer and producer behaviour.

Students with a school qualification in Economics may take a more advanced first-year module in Economics which assumes prior knowledge.

Students will take the following compulsory second-year modules:

  • Intermediate Macroeconomics: explores theories of the determinants of long-run economic growth and theories of the causes of short-run “business-cycle” fluctuations.
  • Intermediate Microeconomics: deepens the general understanding of microeconomics gained in first year.
  • Statistics for Economists: introduces statistical methods and regression analysis.

If you decide to take Financial Economics in your third and fourth years, you must take four compulsory modules:

  • Econometrics: introduces the application of statistics to study economic data.
  • Financial Economics: Asset Pricing: provides a critical understanding of essential components of modern finance theory and a rigorous grounding in analytical economic models about the determination of risks and returns in financial markets. 
  • Financial Economics: Corporate Finance: investigates the problem of how a collection of corporate liabilities is affected in value by corporate actions.
  • Portfolio Management: develops knowledge and understanding of key issues in asset allocation and portfolio composition and management at an intermediate level.

In addition, you may choose from a wide variety of advanced options. Here is a sample of Honours modules which have been offered in previous years:

  • Decision and Game Theory
  • Economic Fluctuations
  • Economics of Development
  • Economics of the Environment
  • European Macroeconomics
  • Incentives and Contracts
  • Inequality and Redistribution
  • Innovation Economics
  • International Trade
  • Mathematical Economics 
  • Political Economy 
  • Public Economics.

In fourth year, students may also undertake a dissertation or research project on a topic of their choice. This independent project enables you to develop key research skills which are desired by both prospective employers and by graduate schools offering postgraduate degrees.


The sub-honours modules listed here are the compulsory modules that students must take in order to graduate in this subject. However, most students at St Andrews take additional modules, either in their primary subject or from other subjects they are interested in. For Honours-level, students choose from a range of Honours modules, some of which are listed above. A full list of all modules available for the current academic year can be found in the module catalogue.

Teaching

Teaching format

First and second year modules generally involve a series of lectures (200 to 350 students), laboratories and small-group tutorials (15 to 20 students) designed to facilitate effective interaction.

At Honours level, modules are taught through lectures (10 to 140 students), laboratories and smaller group tutorials (10 to 20 students). Students typically attend six hours of lectures and one to two tutorials or labs a week.

When not attending lectures, tutorials and laboratories, you will be expected to continue learning independently through self-study. Typically, this will involve:

  • working on individual and group projects
  • undertaking research in the library
  • preparing coursework assignments and presentations
  • preparing for examinations.

You will be taught by a research-led teaching team with expertise and knowledge of Financial Economics. Postgraduate research students who have undertaken teacher training may also contribute to the teaching of tutorials under the supervision of the module leader.

In addition to your studies in the School, optional academic support is available through practical study skills courses and workshops hosted within the University.

The University’s student services team can help students with additional needs resulting from disabilities, long term medical conditions or learning disabilities. More information can be found on the students with disabilities webpage.

Assessment

Progress is monitored through tutorial assignments, and assessment is by a combination of graded work and examinations. Almost all of the modules are assessed by at least 50% written exams with the balance of assessment made up by coursework.

Examinations are held at the end of each semester during a dedicated exam diet with revision time provided beforehand.

Coursework takes the form of essays, along with other kinds of assessed work including oral presentations and class tests. 

The School of Economics and Finance provides feedback on every assessment, with a view to improving your performance in future, and aims to provide feedback on assessments and coursework within three weeks.

Undergraduates at the University of St Andrews must achieve at least 7.0 on the St Andrews 20-point grade scale to pass a module. To gain access to Honours-level modules, students must achieve the relevant requisites as specified in the policy on entry to Honours and in the relevant programme requirements. Please note that some Schools offer qualified entry to Honours, and this will be clearly specified in the programme requirements. To find out the classification equivalent of points, please visit the common reporting scale webpage.

Fees

Tuition fees for 2019 entry

Scotland and EU £1,820
Rest of the UK £9,250
Overseas £22,350

For overseas students, tuition fees will be fixed at this level for the duration of your programme.

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

Accommodation fees

Find out about accommodation fees for University accommodation. 

Funding and scholarships

The University of St Andrews offers a number of scholarships and support packages to undergraduate students each year.

Find out more about undergraduate scholarships.

Your future

Careers

The wide range of transferable skills you gain through studying Financial Economics is marketable in many career areas, and recent graduates in Financial Economics have pursued a wide variety of career paths.

Popular career destinations amongst recent graduates include:

  • accountancy
  • commercial and international banking
  • consultancy
  • The Government Economic Service
  • investment
  • the media
  • non-governmental organisations
  • OECD
  • university research and teaching.

You will find St Andrews Economics graduates at renowned financial institutions such as:

  • Accenture
  • Barclays Capital
  • Citibank
  • Ernst & Young
  • JP Morgan
  • PriceWaterhouseCoopers.

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

Study abroad

The University is delighted to offer undergraduates a number of exciting opportunities to apply to spend a semester or year abroad as part of a St Andrews degree programme. St Andrews is partnered with large and small institutions, ancient and young, across the globe. What unites all of our programmes is the quality of the academic provision, ensuring that participation in a St Andrews Study abroad programme opens the door to a new and valuable academic experience at another world-class institution. Study Abroad for credit is permitted on existing University-approved programmes only.

Student life

From the outset, the University of St Andrews offers an array of events and opportunities which result in a truly unique student experience. Students participate in a range of traditions, notably, the red academic gown and the academic family, where older students adopt first year students as ‘children’ and help guide them in a system of mentoring. These traditions and the choice of over 150 sports clubs and student societies to choose from ensures a community feel amongst students from first year onwards.

Students of Economics may be interested in joining the St Andrews Economic Society. This active society is run by students and holds regular career events, essay competitions and social occasions. The society also publishes The St Andrews Economist, a magazine covering current affairs, academic theory, economic policies, and trends.

The School of Economics and Finance is located in Castlecliffe on The Scores in a beautiful Edwardian mansion overlooking St Andrews Bay, next to the ruins of St Andrews Castle on the Fife coast.

The town of St Andrews itself has lots to offer. As the campus is located around town, walking around you encounter ancient and modern buildings and areas of greenery and seaside which provide a rich, beautiful backdrop to learning. If you want a change of scenery, St Andrews' position near surrounding towns and cities such as Anstruther, Dundee and Edinburgh make it ideal for getting to know more about Scotland.

Find out more about student life at the University of St Andrews.

“The School of Economics and Finance and its accessible staff have prepared me for my future career with hands-on economic modelling, policy debate, and theory derivation. My time as Captain of the Boat Club and Student Representative increased the sense of community that this small town engenders in its incredibly driven and vibrant students.”

Anthony (Guatemala City, Guatemala)

Contact information

School of Economics and Finance
University of St Andrews
Castlecliffe
The Scores
St Andrews
KY16 9AR

Phone: +44 (0)1334 46 2443
Email: econsec@st-andrews.ac.uk 

Economics and Finance website

Policies

Admission to the University of St Andrews is governed by our Admissions policy.

Curriculum development

As a research intensive institution, the University ensures that its teaching references the research interests of its staff, which may change from time to time. As a result, programmes are regularly reviewed with the aim of enhancing students' learning experience. Our approach to course revision is described online. (PDF, 72 KB).

Tuition fees

The University will clarify compulsory fees and charges it requires any student to pay at the time of offer. The offer will also clarify conditions for any variation of fees. The University’s approach to fee setting is described online. (PDF, 84 KB).