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Financial Economics MA (Honours) 2022 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 specialist topics including portfolio management, asset pricing and corporate finance. 

Financial Economics is available as both a Bachelor of Science (BSc) and a Master of Arts (MA) degree. The content of the subjects is the same irrespective of Faculty. Students who have a background in the arts or who wish to study Financial Economics alongside Art subjects at St Andrews should apply for the MA. Two particularly useful joint combinations for future careers are 'Financial Economics and Management' and 'Financial Economics and Mathematics'. For those interested in studying Financial Economics alongside Science subjects, the BSc in Financial Economics may be of interest instead. The entry requirements are the same for all single Honours Economics degrees, and the chance of receiving an offer is the same for each of these degrees.

How to apply Register your interest

Key information

UCAS code

L111

Course type

Master of Arts (single Honours degree)

Course duration

Four years full time

  • Start date: 5 September 2022
  • End date: 30 September 2026

Entry requirements

These grades are the overall standards required to consider you for entry. Find out more about Standard, Minimum and Gateway entry requirements using academic entry explained and see which entry requirements you need to look at using the entry requirements indicator.

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 to provide an English language test score to evidence your English language ability. Find out more about English language requirements.

How to apply

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.

General entry requirements

All applicants must have attained the following qualifications, or equivalent, in addition to the specific entry requirements for individual programmes.

Other qualifications

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 web page.

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 web page.

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.

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 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 at St Andrews in recent years: 

  • Behavioural Economics 
  • Development and Finance 
  • Economic Fluctuations 
  • Economics of the Environment 
  • European Macroeconomics 
  • Game Theory 
  • Health Economics 
  • Incentives, Contracts and Markets 
  • Innovation Economics 
  • International Trade 
  • Mathematical Economics 
  • Monetary and Financial History
  • Practical Financial Modelling.

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 compulsory modules listed here must be taken 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 appropriate to the programme for the current academic year can be found in the programme requirements.

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 web page. 

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 aims to provide feedback on every assessment within three weeks to help you improve on future assessments.

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 see the common reporting scale

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Fees

Tuition fees for entry

Home-funded £1820
RUK (England, Wales, Northern Ireland) and Republic of Ireland £9250
Islands (Channel Islands, Isle of Man) £9250
EU and overseas £26350

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.

Joint Honours degrees

You can take the Financial Economics MA as part of a joint Honours degree alongside the following subjects:

In taking a joint degree, you are required to take core modules in all of your subjects. Find out more about joint degrees.

Additional joint degree options are available for students who take the BSc in Financial Economics.

Your future

Careers

Graduates with a degree in financial economics have some highly sought-after skills and pursue careers in a wide variety of fields. A degree in financial economics will greatly enhance your analytic and decision-making abilities. You will significantly improve your quantitative abilities and greatly enhance other transferable skills highly valued by employers.

Popular career destinations among recent graduates include:

  • economic consulting
  • management consulting
  • accountancy
  • business intelligence analysis
  • broadcasting and journalism
  • risk management
  • research analysis
  • financial services analysis.

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

Financial economics students can apply to participate in the University-wide St Andrews Abroad programme. You may also have the opportunity to participate in the School Abroad exchange programme. For information about study abroad options, please see the study abroad site.

Student life

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, ensure a community feel amongst students from first year onwards.

Students of economics may be interested in joining the St Andrews Economics 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 University buildings are located throughout the town, walking around you encounter ancient and modern buildings, parks and beaches, providing a rich, beautiful backdrop to learning. Find out more about the town of St Andrews.

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

Contact

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-and.ac.uk

School of Economics and Finance website

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

Information about all programmes from previous years of entry can be found in the archive.

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.

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.

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