MSc Econometrics and Mathematical Economics - LSE

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Programme Specification: MSc Econometrics and Mathematical Economics ... undergraduate background, allows the teaching to be far more interactive in ...

Programme Specification: MSc Econometrics and Mathematical Economics

MSc Econometrics and Mathematical Economics (research)*

|1. Awarding Body |LSE | |2. Details of accreditation by a|This is an approved programme of| |professional/statutory body, |the ESRC 1+3 PhD scholarship | |e.g. ESRC; BPS etc |scheme (UK/EU only). | |3. Name of final award |MSc | |4. Programme Title |Econometrics and Mathematical | | |Economics | | |Econometrics and Mathematical | | |Economics (Research)* | |5. Duration of the course |Full-time 10 months, or 22 | | |months for those who first | | |register for the preliminary | | |year. | |6. Based in the |Economics | |Department/Institute: | | |7. Relevant QAA subject |N/A | |benchmark statements | | |8. Application Code |L1UB (10 months) | | |L1UT (22 months) | | |L1U7 (Research)* | |9. First written/last amended |February 2004 / November 2012 |

|10. The programme aims to: | | | |Give students proficiency in the mode of discourse and skills of | |advanced microeconomics, macroeconomics and econometrics; | |Give students the ability to apply that knowledge to new problems | |and contexts; | |Give students facility in the application of mathematical and | |statistical techniques to advanced economic theory and | |econometrics; | |Prepare students for careers as professional economists in | |government, business, or in academia (via a PhD). |

|11. Programme outcomes: knowledge and understanding; skills and | |other attributes | | | |At the end of the programme, students will be able to demonstrate | |the following: | | | |An advanced understanding of a specialist subject of the student’s| |choosing. | |Competence in quantitative techniques to an appropriate level | |An ability to analyse new economic facts and models. | |The ability to apply economic analysis and the technical skills | |appropriate to subsequent employment as a professional economist. | |Knowledge and understanding of advanced topics in economic | |analysis. | |Proficiency in techniques of advanced mathematical economics | |and/or econometrics. | |Proficiency in (depending on courses chosen) some or all of the | |following: | |skills in IT for general and academic purposes, | |library and Internet research, | |use of econometric software, | |research-report writing, | |oral presentation. | | | |Information relating to careers. |

|12. Teaching, learning and assessment strategies to enable | |outcomes to be achieved and demonstrated | | | |1.1 Teaching | | | |Design | | | |This programme is designed to meet the needs of those who wish to | |take a more mathematical approach to economics. Papers 1 and 2 | |are compulsory courses in econometric analysis and microeconomic | |theory, with theory offered at two levels. For papers 3 & 4, | |students choose from a selection of advanced econometrics, | |microeconomics, macroeconomics, economic theory, statistics, or | |specialised field options, taking students towards the research | |frontier in the area. | | | |Modes of Delivery | | | |The Department believes that a command of economic analysis is | |best achieved through repeated application of the key principles | |in a range of contexts. Practical considerations such as student | |numbers or the level of treatment of the subject requires that the| |dominant mode of teaching be formal lectures for developing and | |illustrating the key concepts. However, in order to reinforce the| |understanding of those principles, to enable effective interaction| |with students, and to provide regular formative assessment, | |lectures on the majority of Economics courses are coupled with | |small-group classes. Classes and/or computer workshops, as | |appropriate, also accompany the lectures on the Statistics | |courses. | | | |Some courses are exclusive to this programme and so are taught to | |fairly small groups of students (max. 20). The small numbers, as | |well as the relative homogeneity of the students’ undergraduate | |background, allows the teaching to be far more interactive in | |nature than for most of our graduate courses and the usual | |distinction between formal lectures and class work does not apply.| | | | | |Contact hours varies between 40 – 90 hours/course. | | | |Staff Expertise | | | |The Department’s considerable strength in research and experience | |in policy work are deployed to good advantage in the graduate | |programme, giving it a distinctive flavour. This particular | |programme draws heavily on the Department’s acknowledged research | |strength in econometrics. Lectures are taught exclusively by LSE| |or visiting faculty. Classes are taught by LSE Fellows drawn from| |the ranks of the Department’s senior research students. LSE | |Fellows will have had several years of teaching experience at the | |undergraduate level. | | | |2. Learning | | | |2.1 The role of classes | | | |The primary purpose of the class teaching delivered on the bigger | |modules is to deepen and broaden student understanding of core | |material taught in formal lectures, to enable application of | |principles as appropriate and to enable students to learn in an | |interactive environment. On the smaller economics modules | |specific to this programme, these principles can be integrated | |with the delivery of lecture material. Students are given problem| |sets to complete independently and time is spent reviewing these | |but, as these modules cover material at frontier of current | |research, more time is devoted to discussing the field, rather | |than to specific techniques. | | | |The interactive nature of teaching on this programme permits a | |number of functions: | | | |A high degree of responsiveness to students’ queries and | |difficulties | |Formative assessment and feedback on work marked by the teacher | | | | | |Independent learning, by the advance completion of assigned | |exercises. | |The development of oral communication skills. Teachers promote | |the active engagement of students in the discussion of subject | |material. | | | |Support | | | |The Programme Director, MSc Tutor and Programme Manager are | |available to advise students on course choice and other | |programme-related issues. | |Students are allocated a faculty member to act as their academic | |advisor. All teachers hold regular office hours for student | |consultations. | | | |Information on study skills, IT training, library resources and | |language support is given to students during induction and is | |available on the LSE website. | | | |During term, students are offered training sessions on STATA. | | | |Comprehensive course packs, including reading lists, articles and | |other readings are provided for each of the courses. Lecture | |notes, problem sets and solutions are provided via Moodle. | |. | |‘Remedial’ classes and drop-in surgeries are scheduled throughout | |the year for students who need extra support with mathematics and | |statistics. | | | |3. Assessment | | | |3.1 Formative Assessment and Feedback | | | |Initial formative assessment takes place at the end of September | |when students take tests as formative assessment in EC400 focusing| |on mathematics for micro and macroeconomics and probability and | |statistics. This identifies those in need of additional support. | | | |Formative assessment and feedback take place primarily during | |teaching. Feedback is given through the discussion of exercises | |completed by the students and through the general discussion of | |teaching material. Formative assessment is tailored to the level | |and content of particular modules but normally two items of work | |per term are marked and returned to students. For the two | |compulsory courses, students will sit a diagnostic test at the end| |of the first term and a mock exam at the start of the summer term.| | | | | |Students are encouraged to consult their teachers about specific | |queries either during regular office hours or by e-mail. Teachers| |hold weekly (at least) office hours throughout term. | | | |3.2 Summative assessment | | | |This programme conforms to the LSE Classification Scheme for | |Masters Degrees. | | | |Summative assessment is mainly by means of closed-book three-hour | |examinations in the Summer Term. Exam papers are usually a | |combination of short questions to check the precision of a | |student's analytical capabilities, coupled with longer, more | |open-ended questions that allow the student more scope to display | |the breadth of his knowledge. The Statistics half-unit courses | |offered under papers 3 & 4 are each assessed by two-hour exams. | |The MSc Economics field options are assessed by a three-hour exam | |(50%) and a 6,000-word dissertation (50%). | | | |In order to maintain good practice in assessment examinations are | |double-blind marked according to outline solutions/mark frames | |supplied by the module proprietor(s). |

|13. Programme structures and requirements, levels, modules and | |awards | |See the MSc Econometrics and Mathematical Economics programme | |regulations. | | | |All MSc students within the department are eligible for a | |conditional offer of progression to MRes/PhD. |

Additional information

|14. Criteria for admission to the programme | | | |Minimum entry requirement: One year - First class honours degree | |or equivalent with strong background in economic theory, | |econometrics, statistics and mathematics. | | | |English requirement: Standard | | | |GRE/GMAT requirement: All graduates of non-UK institutions must | |submit a GRE score no more than five years old. | | | |Applicants with high academic ability but lacking a sufficient | |background in economics, econometrics, statistics or mathematics | |can apply to take the programme over two years. The purpose of | |the first, or preliminary, year is to enable students to develop | |their skills to the point where they are eligible for postgraduate| |study. Entry requirement – a first class honours degree or | |equivalent with strong quantitative background including linear | |algebra and multivariate calculus. Some coursework in econometrics| |and economics is desirable. |

|15. Indicators of quality | | | |QAA Subject Review (December 2000): awarded 23 points out of 24; | |RAE rating (2008): 60% world leading, 35% internationally | |excellent; | |Demand for places (2009): applications 282, intake 18; | |30% of students (2005/6-2009/0) achieve Distinction grade , i.e., | |three marks of 70+, plus a pass, or two marks of 70+ and two marks| |of 60+ with an aggregate of 280; | |The LSE Careers Centre website provides data on career | |destinations of LSE graduates. |

|16. Methods for evaluating and improving the quality and standard | |of teaching and learning | | | |A. School-wide mechanisms: | |induction programme and mentoring scheme for new members of staff;| |regular staff appraisal and review; | |improvements in teaching technique by the Teaching and Learning | |Centre through observations, advice and further training; | |student evaluations of courses and teachers; | |the Teaching Learning & Assessment Committee; | |the Graduate Studies Subcommittee; | |TLAC Review once every 5 years. | | | |B. Departmental Mechanisms: | | | |The Head of Department, in consultation with subject area nominees| |is responsible for | | | | | |assigning lecturers to courses. He and the staff member | |responsible for the recruitment of GTAs both receive results of | |the School’s Teaching Quality surveys. | | | |Primary responsibility for course content and delivery rests with | |course proprietor(s). They receive feedback on the course, their | |teaching and the teaching of other faculty and LSE Fellows via the| |School’s termly Teaching Quality surveys. | | | |General student feedback and consultation takes place via the | |termly MSc Staff/Student Liaison Committee, chaired by the MSc | |Tutor. In between times, the Programme Manager acts as the | |conduit for student comments or complaints. | | | |The Exam Board Chair (MSc Economics & Mathematical Economics) is | |responsible for all aspects of the examination process. | | | |The Department’s Graduate Studies Committee, chaired by the Head | |of Department is responsible for: | |programme monitoring and review (degree structure, course content)| |examination issues (external examiners, outcomes, progression) | |graduate experience (admissions, teaching, advising) | | | |Proposed changes to the structure of the degree or its core | |courses must be submitted to a Departmental Meeting for approval | |before going to the School’s GSSC. |

* This programme was withdrawn from the end of 2012/13 session.