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Prof. Carbajal discusses economics research

Master of Economics

Find the insights that change lives with advanced theoretical and data analysis skills from the UNSW Master of Economics.

  • Overview
  • Structure
  • Entry requirements
  • How to apply
  • Career opportunities
  • FAQs

The Master of Economics, UNSW Sydney challenges students to achieve full academic and professional potential with advanced skills in microeconomics, macroeconomics, and econometric analysis.

Tailor the program to professional or academic goals from a broad selection of electives. Our future policy influencers use contemporary business research and analysis of complex statistical data to become agents of change.

Master of Economics graduates become global-minded professional economists with advanced technical skills or pursue PhD studies in economics or related fields in Australia and overseas.

Why choose this master’s degree?

The Master of Economics will develop advanced skills in core competencies and can be tailored to suit a variety of career aspirations. Within one year (or less, with recognition of prior learning) become skilled in econometric analysis, microeconomic theory, macroeconomic theory and mathematical economics.

Choose electives to suit your academic or professional goals, including policy evaluation methods, international economics, experimental and behavioural economics, and advanced econometric theory and methods. See the program structure for detailed information.

UNSW Business School students have exclusive access to Career Accelerator, a portfolio of professional development opportunities that include:

We provide students with the tools they need to do policy analysis, consultancy and data analysis... even though we don’t have all the answers, we give our students theoretical and empirical tools to problem-solve for themselves.

Juan Carlos Carbajal
Associate Professor, School of Economics
Find out how our economic research is challenging people’s views on refugees
 

UNSW Business School degrees are shaped by industry leaders and world-class academics who recognise the future will present career opportunities that don’t exist today. The skills and insights gained from your Master of Economics can have an immediate positive effect on your career.

Who is this degree for?

  • Economics graduates looking for an advanced program
  • Economists who want to extend their skills and knowledge with the latest research and thinking
  • People who are on-track for a PhD program in economics

Job and career prospects

This program will open up many career opportunities within:

  • Government departments, including the Reserve Bank of Australia, Australian Bureau of Statistics and Treasury
  • International organisations, including the major banks
  • Consulting firms
  • Research centres
  • Educational institutions

Find out how we prepare our graduates for career success.

Why the Business School?

UNSW Business School is a leading business school in the Asia-Pacific, consistently ranking within the top 50 worldwide for Economics and Econometrics. In Australia, we are rated “Well above world standard” for Economics by the Excellence in Research Australia (ERA) government assessment. Read more about our rankings and reputation.

Our students build professional networks among more than 90,000 Business School alumni worldwide and begin their new career before graduation. This postgraduate degree incorporates a suite of professional development opportunities offered by Career Accelerator, that are exclusive to UNSW’s Business School students. Career Accelerator helps you build industry connections through networking and mentoring, and you can undertake internships and global business practicums for credit towards your degree.


The Master of Economics is a 1 year program consisting of 8 courses (48 UOC): 4 core courses, plus 4 elective courses.

Core courses

ECON6001 Microeconomic Theory I

The first part of the course deals with individual decision-making. Fundamental topics covered include utility maximisation, expenditure minimisation, duality, welfare changes, and decision making under uncertainty. Producer theory and competitive equilibrium shall also be discussed.

The second part of the course deals with game theory and strategic behaviour. Fundamental topics covered include static games of complete information, static games with incomplete information, and an introduction to dynamic games.

ECON6002 Macroeconomic Theory I

This course covers advanced analysis of macroeconomic issues. Topics include: the structure of macroeconomic models, growth theory and capital accumulation, the structure of short run classical and Keynesian models, equilibrium and disequilibrium models of the business cycle, open economy models, fiscal policy and deficits, monetary policy and stabilisation theory.

ECON6003 Econometric Analysis

This course is designed to provide a rigorous foundation of modern econometrics for applied research in economics. The first part of the course covers classic econometric concepts and techniques, such as moment estimation, maximum likelihood, least squares regression, and hypothesis testing and inference. Where necessary some statistical theory as well as basic matrix algebra will be taught. The second part of the course builds on these sound fundamentals of econometric theory. Topics covered could include instrumental variables, generalized method of moments (GMM), the bootstrap, quantile regression, or panel methods. Students will be required to use statistical packages to conduct econometric data analysis.

ECON6004 Mathematical Economics

This course is an introduction to mathematical techniques that are widely used in economics. We study the properties of sets, vector spaces, functions and equations and use them to describe economic environments. We employ mathematical techniques such as equation solving, static and dynamic optimisation and duality to analyse economic problems.

Elective courses

ECON6101 Microeconomic Theory II

This course introduces some advanced tools and topics in microeconomic theory, in particular, market design. The course is intended both for graduate students who wish to develop a solid background in microeconomics to pursue research in applied fields and for students that seek to specialise in economic theory.

The course covers a broad array of topics analysed through the lens of auction theory and mechanisms design. Most time will be spent on economic applications, but there will be some sections where we need also to develop some new tools.

ECON6102 Macroeconomic Theory II

This course covers consumption and investment theories including models of optimisation, overlapping generation models with money, real business cycle models, equilibrium asset pricing, multiplicity of equilibrium and bubbles. Recent topics in contracting and market imperfections and the role of policy will be examined.

ECON6201 Advanced Econometric Theory and Methods

This course covers a selection of advanced econometric methods such as maximum likelihood, generalised methods of moments, simulated maximum likelihood, simulated methods of moments, Bayesian inference, and bootstrap methods. Irrespective of the particular topics taught in any year, the course will emphasise the theoretical foundations of methods and their application to substantive economic problems in areas such as financial econometrics, micro-econometrics and macro-econometrics. This course is designed for students who want to acquire a higher level of knowledge in the area of econometrics beyond that expected of a good applied economist.

ECON6202 Policy Evaluation Methods

This course provides a set of statistical tools and research designs that are useful in conducting empirical research in applied microeconomics and related fields. Because of the importance of economic research with direct policy implications, the focus will be on methods for estimating causal effects. We will critically discuss various techniques and indicate strengths and weaknesses. We will review several different approaches to program evaluation and apply these methods to real data, in the context of policies and programs in a broad range of areas including development, labour markets, health care, political economy, social welfare and poverty, education, and crime. The course will equip students with the necessary knowledge to be able to conduct program evaluations and to be informed consumers of such research.

ECON6203 Macroeconometrics

This course provides an introduction to econometrics as it is applied in macroeconomics. Emphasis is on hands-on implementation of the methods covered in the course. Topics include macroeconomic data, linear and nonlinear time series models, practical issues with likelihood-based inference for these models, computational approaches to hypothesis testing and model comparison, forecast evaluation, and structural identification. The course will equip students with the necessary knowledge to be able to undertake econometric analysis of the type commonly associated with modern macroeconomic research.

ECON6205 Microeconometrics

This course covers the specification, estimation, and use of econometric methods that are necessary to model discrete choices made by individuals, households, firms, etc. Situations where data are available either as a cross section or as a panel will be covered. Special emphasis will be placed on illustrating the appropriate use of such data and application of associated models using case studies drawn from health, labour, and environmental economics as well as business disciplines such as finance and marketing. The course will equip students with the necessary knowledge to be able to conduct research in the specialized area of micro-econometrics and to be informed consumers of such research.

ECON6301 Industrial Organisation

Topics covered will be from amongst the following. Theory of the firm, production costs, monopoly, dominant and fringe firms, cartels, oligopoly and monopolistic competition, differentiated products, regulation, advertising, horizontal and vertical integration, strategic behaviour by firms, and R &D. Both theoretical and empirical results will be covered in the course.

ECON6302 International Economics

The theory and practice of international trade. The course will emphasise both traditional neo-classical trade theory as well as the more modern strategic trade theory. The principles and predictions of these theories will be used to consider the recent developments in Australian trading relations and international trading relations in general.

ECON6303 Labour Economics

Traditional models of labour supply; participation and hours of work, immigration. Provision of training and skills, human capital theory. The theory of screening, specific and general skills models. Demand for labour, marginal productivity theory, labour hoarding, quit rates and turnover. Internal labour markets. The theory of wage differentials and the structure of earnings. Labour market segmentation. Trade unions and theories of bargaining.

ECON6307 Health Economics

The course provides an economic approach to the analysis of health and medical care markets. Topics covered include the production of health, the production and consumption of medical care, the relationship between health and wealth, the health workforce and the training of health professionals, social insurance and the organisation of health insurance markets. Throughout the course reference is made to current government health policy.

ECON6309 Economic Measurement

This course covers the theory and practice of economic measurement, including the measurement of key economic indicators such as the Consumer Price Index, Gross Domestic Product and productivity growth. Approaches employed by international statistical agencies will be highlighted, along with the possibility that policy implications are often reliant on the choice of measurement techniques. The course will be technically rigorous, particularly in the use of microeconomic theory and econometric analysis, and will draw on the latest international research developments.

ECON6310 Experimental and Behavioural Economics

This course is designed to deepen students' understanding of the experimental method of investigation in economics research. Some prior study of experimental and behavioural economics in undergraduate studies is desirable. In the first half of the course we will review questions of experimental design and implementation such as appropriate procedures of subject recruitment, programming tools, statistical and econometric analysis of experimental data, and other methodological issues in experimental economics. Further, we will survey the topics covered by current research into experimental and behavioural economics, as well as the main results and conclusions. In the second half of the course, students will form groups and develop their own experimental project, from design over programming and the actual implementation to the analysis and write-up of a research paper. Grading will rely on class participation, exam and the research paper.

ECON6311 Development and Political Economics

This course covers theory, evidence and current issues at the intersection between development economics and political science. We will focus on selected topics, aimed to provide an integrated understanding of some critical aspects of the political and institutional circumstances around economic development and the tools used by economists to analyse the roots of economic and political development. At the end of this course, students will have an in-depth understanding of the distinction between some of the functional causes of economic (under)development and be able to assess the potential effectiveness of proposed policies. Furthermore, students will have the tools necessary to carry out independent critical analyses of institutions and their effects on economic development.

ECON6350 Special Topics in Economics

This course provides a comprehensive and in-depth treatment of a topic at the forefront of contemporary research in economics or econometrics.

Potential topics: political economics, auction theory, economic measurement, real business cycle theory.

There are 3 categories of entry.

Category A

To be eligible for the program, you must have:

  • A recognised Honours degree (with a research thesis) in economics with a Second Upper Class (2.1) or better
OR

Category B

To be eligible for the program, you must have:
  • A recognised bachelor degree (or equivalent qualification) with a minimum overall average of 70%, as determined by the UNSW Postgraduate Coursework Entry Calculator; and
  • A major (at least seven courses) in Economics; and
  • Completed second- or third-year courses in microeconomics, macroeconomics, econometrics and mathematical economics at a minimum average grade of 70% for these courses
OR

Category C

To be eligible for the program, you must have:
  • A recognised bachelor degree (or equivalent qualification) with a credit average (65% or higher) as determined by the UNSW Postgraduate Coursework Entry Calculator; and
  • Substantial studies in intermediate level microeconomics, macroeconomics and econometrics as well as mathematical and statistical methods within the bachelor degree; and
  • A graduate certificate in economics (equivalent to that offered at UNSW Business School) with a minimum overall average of 70%, as determined by the UNSW Postgraduate Coursework Entry Calculator

Note: There is no mid-year intake for the Master of Economics program. Applicants can only apply to commence the Master of Economics studies for Semester 1

Preparatory program

If you don't meet the entry requirements, you might want to consider the Graduate Certificate in Economics as an alternative entry into the Master of Economics.

Students who are not graduates of Australian or NZ universities

For students who have studied at overseas universities, the normal minimum academic requirement is the equivalent of a credit average grade (65%) from an Australian university, as determined by the UNSW Postgraduate Coursework Entry Calculator. Details on assessment will be determined by your grading system so it is important that this is attached with your transcript when you apply.

Note: Applicants from non-211 universities in China wishing to study Postgraduate Coursework in the UNSW Business School, must achieve a minimum overall average of 88 in their current university’s grading system. This is equivalent to an 85% Australian scaled average using the calculator.

We will use the National Office of Overseas Skills Recognition (AEI-NOOSR). They are the government body that provides official information on the comparability of overseas qualifications with Australian qualifications using the Australian Qualifications Framework (AQF) as our benchmark.

In those countries where an equivalent grade has not been established, the following will be taken into consideration:

  • The standard and content of the undergraduate program completed, and
  • The standard of the institution from which the qualifications were obtained
  • Indian universities award different types of bachelor and master degrees, with different requirements in terms of length of study. At a minimum, applicants would be required to have a 3-year bachelor degree or professional bachelor degree and provide all individual marksheets.
  • Iranian universities award different types of bachelor degrees, with different requirements in terms of length of study. At a minimum, applicants would be required to have a 4-year bachelor degree.

Application checklist

Before you apply, ensure that you:

  1. Choose the right program that matches your interests and career aspirations
  2. Meet the entry requirements of the program
  3. Have the various supporting documentation for your application. E.g.
    1. Official academic transcripts
    2. Proof of completion of qualification
    3. Proof of identity and citizenship
    4. Proof of relevant work experience (if required)

You can upload the above documentation during the online application process

How to apply

You can apply for this program online:

There is one intake per year:

  • Semester 1 (March) intake, apply by November 30

Need help?

Still need help finding the right postgraduate business program for you? Contact us now.

UNSW Business School students are Australia’s best and brightest, with a reputation for drive and innovation. Our graduates have exceptional employability rates, performing well above the national average. In the 2018 QILT survey, 93% of our postgraduate students were employed full-time within four months of graduating and were earning a median wage of $120k.

Our degrees include up to two for-credit industry experiences, such as internships or global business practicums. The experiences are part of a suite of opportunities that is exclusive to UNSW’s Business School students and organised through Career Accelerator. The professional development opportunities complement your studies, build connections to industry and give you a clear advantage after graduation.

The opportunities are grouped within the Networking, Mentoring, Internships, and Global sections of Career Accelerator.

Networking

The people you meet during your time at university can play a profound role in positively shaping your career. Connect with like-minded and influential people through:

  • Industry Insights – workshop sessions delivered by industry partners
  • Industry Events – invitation-only events hosted by industry partners
  • Business Case Competitions – impress future employers with your problem-solving skills

Mentoring

Participating in a mentoring program will boost your confidence, help grow your professional network, develop your communication, teamwork and leadership skills as well as building upon your business acumen.

  • Career Mentoring Program – a 10-week program of career mentoring and coaching
  • Australian Business Essentials – mentoring for international students with no previous Australian work experience

Internships

UNSW Business School’s for-credit and not-for-credit opportunities such as traditional internships, consultancy projects, social entrepreneurship practicums, virtual internships and extra-curricular experiences.

  • Internships & Consulting Projects – for-credit projects available in person and online
  • Social Entrepreneurship Practicum – for-credit practicum to develop professional team skills in a real project
  • Business Experience – online and in-person projects for professional development

Global

The personal and professional benefits of living, studying or working in a different culture are immense and recognised by employers.

  • Global Business Practicum - work in small cross-disciplinary student consulting team on a genuine business issue, usually in Asia
  • Social Entrepreneurship Practicum - build entrepreneurial, workplace and leadership capabilities in Bali
  • Student Exchange – live and study overseas at one of our 200 partner universities

View the full suite of Career Accelerator opportunities.



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Quick facts for students

Program code
8412
Award
Masters Degree (Coursework)
Assumed Knowledge
Economics
Total Units of Credit (UOC)
48
Study Mode
Face to face
Duration
1 year full-time, 2 years part-time
Commencing terms
Term 1 – February
Course fee*
$4,260
Program fee (total)*
$35,280
* Fees are indicative only

​​​​​​​Area of Study

Browse the list of study areas available for postgraduate study

 



​​​​​​​​​​​​​​​​​Search Degrees​​

Find a degree, course or interest

Prof. Carbajal discusses economics research