Master Economics JKU Linz · Economics Management & Applied ... • As advisor in a consultancy firm you advice a ... * If you write your Master Thesis in the Business field you should

Master Programs

Economics

Management & Applied Economics

JKU Linz

Presentation December 2013

Why Economics: Themes

• During your studies you learn about a wide range of topics: – macroeconomic relationships between inflation,

unemployment and economic growth

– the organization of markets and the possibility to fight cartels with regulation

– economic links between countries and the spillover effects of financial crises

– the organization of the labor market and the impact of for example minimum wages

– financial markets and the role of banks in the economic system.

Management & Applied

Economics: Themes • Besides the topics in Economics you also learn:

– The development of a marketing strategy and the segmentation of a market

– Reading financial statements to make good investment decisions

– Learning about cost management techniques to control costs in businesses

– Tools to do international business

Why Economics: What Do You Learn

• Develop the necessary skills to analyze and

solve complex economic problems, learn the

economic way of thinking and acquire profound

knowledge of the modern tools of empirical

analysis.

• Graduates of our program have a solid

understanding of the fundamental quantitative

tools from economic theory, probability,

statistics, optimization and computer science.

• In Management and Applied Economics also:

general management topics like marketing,

accounting and international business

The Economic Way of Thinking

• Recognize incentives of people

• Consider all opportunity costs in project decision

• Understand strategic position of different players

Why Economics: Career Perspectives

• Students with a Master’s degree in Economics

can pursue a wide variety of careers, both in the

public and private sector.

• Economists can be found as economic

researchers, human resource managers, policy

advisors, financial analysts and economic

consultants.

• They work for research institutes, governments,

international organizations, private banks,

multinational companies and consultancy firms.

Why Economics: Career Examples

• As policy advisor with the ministry of finance you advice the Austrian government about tax reform. As economist you have studied optimal taxation and the way the Austrian tax system is organized.

• As researcher at the European Central Bank you make projections about economic growth, inflation and unemployment next years. You use computer simulations to make these projections. The interest rate decisions of the ECB are based on your research.

• As interest rate and exchange rate expert of a big Austrian bank you make projections about interest rate and exchange rate developments in the world and advise big customers in private banking

Why M&AE: Career Examples • As advisor in a consultancy firm you advice a large

hospital about a new system of payments of medical specialists that leads to more efficiency and cost savings. As economist you have learned about efficient incentive schemes.

• As asset liabilities manager you decide about the investment strategies of a large Austrian bank in Eastern European countries. You trade off the risks of investing in emerging markets against the possibilities of attractive returns.

• As advisor of the executive board of a multinational enterprise you advice the company about the extension of its production abroad. As economist you compare the local labor market conditions, the legal institutions, the infrastructure and the size of the market in different locations. Also you can quickly understand balance sheets of takeover options in target countries

Formal Programs

• Formal requirements of the program can

be found in the Curriculum (see website

www.econ.jku.at)

• The programs consists of a set of Modules

• Modules consist of a set of courses

• Two years, 120ECTS

Economics: Program

• Principles in Economics and Management 18ECTS

• Methods 18ECTS

• Economic Theory 12ECTS

• Advanced Topics 32ECTS

• Gender 4ECTS

• Free 12ECTS

• Master Thesis 24ECTS

Principles in Economics and

Management (18 ECTS)

• Elect courses from up to three ‘Schwerpunktfächer‘ (Modules) from the Bachelor Business and Economics (WiWi)

• These can be either from Business or Economics modules

• The courses should not have been taken yet in the Bachelor or should not have been taken in the framework of fulfilling admission requirements

Principles in Economics and

Management in Practice

• For all students: If you did not do the following

courses yet, we recommend you to do so:

– Macroeconomics I KS+IK

– Microeconomics I KS+IK

– Econometrics I KS+IK

• Students with Bachelor WiWi from JKU or other

Bachelor:

– Elect courses according to your interest not taken yet,

but we recommend to do or have done at least the

three courses mentioned above

Economic Theory and Methods

• Economic Theory 12ECTS

– Macroeconomics II 4ECTS

– Microeconomics II 4ECTS

– Welfare Theory 4ECTS

• Methods: 18 ECTS

– Mathematics KS+IK 6ECTS

– Game Theory KS+IK 6ECTS

– Econometrics II KS+IK 6ECTS

Advanced Topics • Elect 8 from the following list (all 4ECTS), with at

least 1 Seminar Advanced Topics – Monetary Economics: Theory and Policy

– Advanced Public Economics

– Advanced Exchange Rate Theory

– Advanced Trade Policy

– Microeconometrics

– Macroeconometrics

– Regulation and Antitrust

– The Multinational Firm in the Global Economy

– Financial Economics and Risk

– Seminar Advanced Topics I and II

– Microeconomics II IK and Welfare Economics IK

Gender, Thesis and Free

• Gender: Feminist Economics

• Thesis: – Seminar to Master Thesis 1ECTS

– Master Thesis 23ECTS

• Free: You can elect any course from JKU or even another university

• We recommend the following courses: – Courses (not taken) from Economics

– Courses from General Management

– Courses from Financial Mathematics

Entrance Requirements

Economics • Access without further conditions: Students with a

Bachelor (or Diplomstudium) in Business and Economics (WiWi)

• Students with a Bachelor's degree in other field from the JKU or other universities:

– Their completed Bachelor's program has to contain at least 40ECTS of Business and Economics courses (at least 24 ECTS Economics) and 6 ECTS of Math and Statistics courses.

– Students can start with the program if their Bachelor's program contains at least 23ECTS of Business and Economics and Math and Statistics courses. Students fulfill the requirement of 46ECTS in total by taking courses from the Economics Bachelor at JKU in the first year of their Master.

Entrance Requirements

Economics

• Students with a Bachelor's degree in Science, Mathematics, Statistics or equivalent can enter the Master's program if their completed Bachelor's program contains at least 40ECTS of Mathematics and Statistics courses.

• Upon entering the Master program they have to complete up to 40ECTS of Business and Economics (WiWi) courses (24 ECTS Economics) from the Business and Economics (WiWi) Bachelor at JKU in the first year of their Master.

Management and Applied Economics:

Program Economics

• Principles in Applied Economics 12ECTS

• Aspects in Applied Economics 8ECTS

• Business and Economics 12ECTS

Business

• Principles in General Management 18ECTS

• Management Dimensions 8ECTS

• Corporate Finance 6ECTS

Business or Economics

• Research Methods 6ECTS

• Electives 10ECTS

• Free 12ECTS

• Gender 4ECTS

• Master Thesis 24ECTS

M&AE: Economics Economics

• Principles in Applied Economics 12ECTS

The following courses (KS+IK):

– Empirische Wirtschaftsforschung

– Microeconomics I

If already taken in Bachelor, then elect from:

– Macroeconomics I

– Gesundheitsökonomie

– Personalökonomie

– New Economy

– Arbeitsmärkte

– Internationale Finanzmarktpolitik

– Struktur und Wachstum der Wirtschaft

M&AE: Economics Economics

• Aspects in Applied Economics 8ECTS

– Elect 2 of the following (not taken in Bachelor yet):

• Industrial Organization

• Competition Economics (English)

• Finanzmarkttheorie

• Umweltökonomie

• International Economic Integration (English)

• KS Arbeitsmärkte

• KS Internationale Finanzmarktpolitik

• KS Struktur und Wachstum der Wirtschaft

• KS New Economy

M&AE: Economics

• Business and Economics 12ECTS

– Elect 3 of the following 4:

• Financial Economics and Risk

• The Multinational Firm in The Global Economy

• Regulation and Antitrust

• Seminar Advanced Topics I or II

M&AE: Business • Principles in General Management 18ECTS

– Elect 3 of the following 6 courses:

• Strategic Management 6ECTS

• Marketing 6ECTS

• Organization 6ECTS

• Human Resource&Change Management 6ECTS

• Managerial Accounting 6ECTS

• Financial Accounting 6ECTS

• Corporate Finance 6ECTS

M&AE: Business • Management Dimensions 8ECTS

– elect two courses from the three leadership challenges:*

• Innovation – Course Dimensions of Innovation 4ECTS

– Seminar Innovation: Entrepreneurial Perspectives 4ECTS

• Sustainability – Seminar Sustainability: Strategic Management Perspectives 4ECTS

– Umweltcontrolling und Qualitätsmanagement 4ECTS

– Umweltorientierte Kooperationen und Netzwerke 4ECTS

• Globalization – Course Dimensions of Globalization 4ECTS

– Seminar Globalization: Politico Economic Perspectives 4ECTS

* If you write your Master Thesis in the Business field you should do at least

8ECTS of courses from the same leadership challenge to get access to the

Business Master Thesis seminar

M&AE: Business or Economics • Research Methods 6ECTS

– Elect 1 of the following 2:

• Econometrics I*

• Methods in Management Research

• Electives 10ECTS – Elect courses from the following modules (not necessarily all

from the same module)

• Economic Theory

• Methods in Economics

• Leadership Challenge: Innovation

• Leadership Challenge: Sustainability

• Advanced Topics in Applied Economics

• Advanced Topics in Globalization

*If already taken in Bachelor, elect courses from: Game Theory, Mathematics, Econometrics II

M&AE: Business or Economics

• Gender: Feminist Economics 4ECTS

• Thesis:

– Seminar to Master Thesis 1ECTS


• Free: 12ECTS

You can elect any course from JKU or

even another university

Entrance Requirements • Access without further conditions: Students with a

Bachelor (or Diplomstudium) in Business and Economics (WiWi)

• Students with a Bachelor's degree in other field from the JKU or other universities:

– Bachelor's program should contain at least 40ECTS of Business and Economics courses with at least 20ECTS Business and 20ECTS Economics.

– Students can start with the program if their Bachelor's program contains at least 20ECTS of Business and Economics, 10ECTS Business and 10ECTS Economics. Students fulfill the requirement of 40ECTS in total by taking courses from the Economics Bachelor at JKU in the first year of their Master.

Study Plan Economics,

No Economics Background • First Semester

– Macroeconomics I KS+IK 6ECTS

– Microeconomics I KS+IK 6ECTS


– Feminist Economics 4ECTS


– Free 2ECTS


No Economics Background

• Second Semester

– Econometrics I 6ECTS




– Advanced Topics, elect from: 12ECTS

• Advanced Exchange Rate Theory


• The Multinational Firm in the Global Economy

• Microeconomics II IK and Welfare Economics IK


No Economics Background • Third Semester

– Econometrics II 6ECTS

– Free 6ECTS


• Monetary Economics: Theory and Policy

• Advanced Trade Policy

• Macroeconometrics


• Advanced Public Economics

• Seminar Advanced Topics I


• Seminar Advanced Topics II


No Economics Background

• Fourth Semester


– Free: elect from for example: 4ECTS • Microeconometrics





VWL Background

• First Semester


– Feminist Economics 4ECTS

– Elect courses from BA Modules 12ECTS



VWL Background • Second Semester

– Elect courses from BA Modules 6ECTS



– Free: Microeconomics II IK 2ECTS








VWL Background

• Third Semester

– Econometrics II 6ECTS

– Free 6ECTS

– Advanced Topics, elect from: 20ECTS • Monetary Economics: Theory and Policy

• Advanced Trade Policy

• Macroeconometrics

• Advanced Public Economics


• Seminar Advanced Topics I

• Seminar Advanced Topics II


VWL Background

• Fourth Semester


– Free, elect from: 4ECTS • Microeconometrics






Study Plan: M&AE

• First Semester:

– Empirische Wirtschaftsforschung 6ECTS

– Microeconomics I 6ECTS

– 3 courses from Principles of General

Management 18ECTS • Strategic Management 6ECTS

• Marketing 6ECTS

• Organization 6ECTS

• Human Resource&Change Management 6ECTS

• Managerial Accounting 6ECTS

• Financial Accounting 6ECTS

Study Plan: M&AE • Second Semester:

– Elect 1 of the following 2: 6ECTS

• Econometrics I (Thesis on Economics topic)

• Corporate Finance

– Applied Economics: elect 2 from 8ECTS

• Industrial Organization

• International Economic Integration

• Umweltökonomie

• Finanzmarkttheorie

• Competition Economics

– Business and Economics 12ECTS

• Elect 3 of the following 4:

– The Multinational Firm in The Global Economy 4ECTS

– Regulation and Antitrust 4ECTS

– Seminar Advanced Topics I or II 4ECTS

– Management Dimensions 4ECTS

• Course Dimensions of Globalization 4ECTS

• Course Dimensions of Innovation 4ECTS

• Seminar Sustainability: Strategic Management Perspectives 4ECTS

Study Plan: M&AE • Third Semester:

– Management Dimensions, elect 1 from: 4ECTS

• Seminar Globalization: Politico Economic Perspectives 4ECTS

• Seminar Innovation: Entrepreneurial Perspectives 4ECTS

• Umweltcontrolling und Qualitätsmanagement 4ECTS

• Umweltorientierte Kooperationen und Netzwerke 4ECTS

– Gender Economics 4ECTS

– Elect 1 of the following 2: 6ECTS • Methods in Management Research (Thesis on

General Management topic)

• Corporate Finance

– Free 6ECTS

– Electives 10ECTS • Elect Courses from the following modules

– Economic Theory

– Methods in Economics

– Leadership Challenge: Innovation

– Leadership Challenge: Sustainability

– Advanced Topics in Applied Economics

– Advanced Topics in Globalization

Study Plan: M&AE

• Fourth Semester:

– Free 6ECTS


Study Plan: M&AE, Advice

• Try to do 3 courses from Principles in General Management in the first semester. These courses are entrance requirements for several courses in the follow up (especially Management Dimensions, but also Leadership Challenges)

• The program in English: – Take Competition Economics and International

Economic Integration in ‘Aspects of Applied Economics‘

– Talk to the teachers of Microeconomics I and Empirische Wirtschaftsforschung. They will give you literature, homework, assignments and exams in English

Semester Abroad/Internships

• Students have all the possibilities to go one semester abroad, credits can be acknowledged

• No tailormade programs like in General Management, but we encourage students to make their own plan and provide flexible acknowledgement of credits

• The Master Thesis consists of 24ECTS, almost a full semester. So, also ample opportunities to write thesis during an internship.

• Talk to faculty members to help you finding internships

Documents

Master Economics JKU Linz · Economics Management & Applied ... • As advisor in a consultancy firm you advice a ... * If you write your Master Thesis in the Business field you should