PROGRAMME SPECIFICATION FOR MA HONOURS IN ECONOMICS with MANAGEMENT SCIENCE

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1 1 PROGRAMME SPECIFICATION FOR MA HONOURS IN ECONOMICS with MANAGEMENT SCIENCE 1. Awarding Institution/Body University of Edinburgh 2. Teaching Institution University of Edinburgh 3. Programme Accredited by: N/A 4. Final Award MA (Hons) 5. Programme Economics with Management Science 6. UCAS code L1N2 7. Relevant QAA Subject Benchmarking Group Economics 8. Date of production/revision February Educational Aims of the Programme The broad programme aims: to provide students with an understanding of the major elements of the theory and practice of economics and management science in a framework that is progressively informed by research and relevant current issues in the disciplines. to complement the student s subject mastery with a personal intellectual development in independent learning, problem solving teamwork, group interaction, the communication and appraisal of economic information, and familiarisation with appropriate information technology. to provide students with a sound basis for their future career paths not only in economics or management science, but also in a wide range of fields including: finance, business management, public service, teaching and postgraduate study. to foster intellectual skills which equip graduates to make a valuable contribution both within their chosen career path and in the wider community and encourage a positive attitude to continuing development and lifelong learning. 10. Programme Outcomes - the programme provides opportunities for students to develop and demonstrate knowledge and understanding, qualities, skills and other attributes in the following areas: Knowledge and understanding A. Knowledge and understanding of: A1. Core principles and models of microeconomics (concerning e.g. decision and choice, production and exchange, interdependency and markets, risk and information, economic welfare) and macroeconomics (concerning e.g. output, employment, growth, business cycles, money, inflation, and exchange rates). A2. Fundamental management science modelling techniques (e.g. linear programming, simulation and stochastic modelling) and applications (e.g. supply chain management, maintenance and queueing systems). A3. Applications of core economic theory and reasoning to applied topics and policy issues. A4. The practical use of management science techniques for management decision making. A5. Key mathematical and statistical/econometric techniques. The ability to understand applications of these techniques and to use them as problem solving tools or for data analysis A6. Major modern developments in economic analysis and management science, with a deeper understanding and appreciation of ongoing research activity in some more specialised areas. A7. Knowledge and understanding of different disciplines up to the 2 nd year level. Teaching/learning methods and strategies A1 and A2 are developed progressively in the core theory courses in years 1 to 3 of the programme through lectures, small-group exercise classes and tutorials. Additional support is provided by e- learning materials, and in years 1 and 2 by a Help Desk staffed by final year students. A3, A4 and A6 are also developed in the core required courses, with more detailed and in depth treatment in a wide range of option courses taken in year 4 of the programme. Option courses employ a variety of teaching methods including: informal lectures, seminars, teamwork projects, role play and debates. Regular class contact is supplemented by more informal, student-driven, office hours.

2 2 A5 is emphasised in the core courses throughout, including a required course in either Analysis of Economic Data or Introductory Econometrics in year 3. Back up support is provided by the Help Desk and e-learning materials. The techniques are used and further developed in many of the option courses taken in year 4. Independent study, both to broaden knowledge and understanding and to learn-bydoing, is important throughout the programme and is progressively emphasised in later years, culminating in a substantive Honours dissertation. Co-operative learning, with fellow students, is also encouraged. A7 is developed through outside courses taken in years 1 and 2. Outside courses may be chosen from the very broad range of 1 st and 2 nd level courses offered by the University of Edinburgh. This enables students to pursue genuine outside interests in such diverse subjects as Russian Literature, Astronomy, or Forensic Science, as well as more cognate disciplines such as Mathematics, Economic History and Politics. Assessment: Knowledge and understanding is tested by a mix of multiple choice and written examinations, short and extended essays, take-home problem sets, project reports, and a dissertation. Written examinations vary in format depending on the knowledge base being tested. Some are traditional essays (often with a model-based analytical core), others place more emphasis on problem-solving. Skills and other attributes B Intellectual skills: B1. Critical analysis and assessment B2. Reasoning adaptably and systematically B3. Problem-framing and problem-solving skills B4. Numeracy and quantitative skills B5. Exercising informed independent thought and critical judgement. B6. Information-processing skills Teaching/learning methods and strategies: Intellectual skills are central to the mastery of economics and management science and are strongly emphasised and developed throughout the programme with an increasing emphasis on B3 and B5 in later stages of the programme. While all teaching/learning modes play an important role in developing these skills, they are particularly emphasised in: small-group classes and tutorials; feedback on exercises and essays; seminars and project work; discussions in informal lectures; guidance for independent study, e.g. dissertation supervision; and office-hour consultations. Exercises and class assignments, throughout the programme, develop B2 by challenging students to apply, adapt, and extend knowledge and understanding to novel contexts. Assessment All forms of assessment (outlined above) place great emphasis on intellectual skills. Examinations (including multiple choice exams) are designed to test the intellectual skills listed above, by challenging students to adapt and apply their knowledge and understanding, rather than rewarding memorisation and regurgitation. Essays, project work and the disssertation also emphasise intellectual skills. The wide variety of assessment modes in use throughout the programme encourage adaptability.

3 3 C. Practical skills: C1. Obtaining and processing information from a variety of sources C2. Presentation and communication skills C3. Computer and IT literacy C4. Problem-framing and problem-solving skills C5. Decision-taking skills Teaching/learning methods and strategies: Course handbooks provide guidance on identifying, locating and using a wide variety of information sources (including books, journals, working papers, printed data sources, CD-ROM and on-line information resources). Basic guidance is supplemented by: specific skills sessions on IT and data resources at key stages of the programme; on-line guidance provided by the department, library and data-library staff; and personal guidance in office hour consultations. Handbooks, supplementary materials, and class discussions provide guidance on presentation and communication skills, reinforced by practice and feedback. Basic computer literacy training and testing takes place in year 1 of the programme. Extensive use, linked to learning-by-doing, is made of computing and IT resources throughout the programme, including: e- learning; essay, report and dissertation presentation; data analysis and statistical econometric work; as an information resource; for communication by . C4 and C5 are important practical skills, which relate to subject-specific and intellectual skills outlined above. Assessment: Assessment is primarily through course-work essays, project reports, class presentations, - and the dissertation. In addition, there is a compulsory computer literacy test in year 1 of the programme. Written examinations test presentation and communication skills, along with C4 and C5, in a relatively stressful and time-constrained context. D. Transferable skills: D1. Independent action and initiative D2. Managing tasks and time D3. Coping with stress D4. Interpersonal and group skills D5. Core economics principles and concepts (e.g. opportunity cost, incentives, strategic thinking, marginal considerations, expectations and surprises) are transferable to most decision contexts. Teaching/learning methods and strategies: D1 is encouraged and reinforced by feedback on course-work essays, guided exercises and project reports throughout the programme. The emphasis on D1 increases throughout the programme, culminating in the Honours dissertation. Learning opportunities, such as the Help Desk and office hours, require the use of independent action and initiative. Student involvement in critically assessing and designing improvements in the programme is encouraged. Course handbooks, and other department and university resources, provide guidance on D2. The time-pressures of student life involve balancing the demands of non-academic and academic pursuits:keeping up-to-date with studies, course-work deadlines (which involve some deadline bunching), exam preparation, and longer-term projects, such as the dissertation, reinforce these skills through learning-by-doing. In conjunction with the increased emphasis on independent action, time-management skills are more important in later stages of the programme. Course-work deadlines, examinations and class presentations are potentially stressful, encouraging students to learn to cope with stress, with guidance and advice on stress-management provided by an extensive network of university and department resources. Teamwork projects and presentations, interaction in seminars and small-group classes, cooperative learning, and regular day-to-day contacts (such as obtaining information and advice from busy lecturing, service or administrative staff) develop D4. D5 links back to skills A1 through A4 (as well as relating to skills D2 and D4). The wide range of extra-curricular activities available at the University of Edinburgh, together with vacation employment and internship opportunities, also play an important role in developing and enhancing transferable skills. Assessment:

4 4 This group of skills plays an important part in all forms of assessment. D1 is emphasised, in particular, in essays, project reports and the dissertation. D3 is emphasised by examination and deadline pressures, and D4 by assessed teamwork projects and presentations. The dissertation, the work for which is staged over a period of 13 months, places particular emphasis on D Programme structures and features, curriculum units (modules), credit and award requirements The MA Honours programme is a full-time 4 year programme. In years 1 and 2 of the programme students take ordinary level courses. A satisfactory performance in these courses is required for progression into Honours, in years 3 and 4. The wide variety of outside courses that can be taken in years 1 and 2 of the programme provides an opportunity for a broad-based learning experience. An appropriate choice of ordinary courses also makes it straightforward to transfer to and from other programmes within Humanities and Social Science, providing flexibility to accommodate evolving interests. Guidance and advice on choice of ordinary courses is provided by Directors of Studies. In the Honours years (years 3 and 4) students take a mix of required theory and quantitative courses, and a selection from a wide range of option courses. At the Honours level in particular, courses are closely linked to the research interests of teaching staff. In addition all Honours students research and write a dissertation. Work on the dissertation spans the two Honours years. Knowledge and understanding, and the skills and other attributes listed in section 10 above are developed progressively throughout the programme. Courses are either 40 credits (22 teaching weeks in length) or 20 credits (11 teaching weeks). A normal year comprises a minimum of 120 credits. Students should expect to undertake approximately 200 hours of efficient learning effort for 20 credits. This includes formal class time, which for ordinary courses and required honours courses, is approximately 3 to 4 hours per week per course. Honours option courses have less formal class time (normally 2 hours per week) and place more emphasis on guided independent study. The normal programme structure, with entry, progression and exit points, is outlined below. Year 3 of the programme may comprise Study Abroad, either on a University of Edinburgh exchange programme, an ERASMUS programme, or on an approved independent programme. Students, who study abroad, are required to follow an approved curriculum to ensure that they achieve the intended learning outcomes of the programme. Year 1: Courses: Economics 1A (40 credits) Further courses (80 credits) Computing in Management and Economics (0 credits) Progression requirements: Minimum: a pass in Economics 1A and at least 40 further credits. Exit options: Transfer into another Honours programme or Ordinary programme, linked to outside courses taken in Year 1. Undergraduate Certificate of Higher Education (requires 120 credits)

5 5 Year 2: Courses: Economics 2 (40) Management Science & Information Systems (20) Either Principles of Finance or Business Economics (20) Further course(s) (40) Progression requirements: Satisfactory performance in Economics 2, Management Science & Information Systems and either Principles of Finance or Business Economics (i.e. at least 50%, see section 15 for a brief explanation of marking scale). Passes in at least a further 160 credits are required. Exit options: Transfer into another Honours programme, where the relevant progression requirements are met by performance in outside courses taken in years 1 and 2. Transfer into an Ordinary programme. Undergraduate Diploma in Higher Education (requires 240 credits) Year 3 Courses: Topics in Microeconomics (20) Topics in Macroeconomics (20) Either Analysis of economic Data or Introductory Econometrics (20) Management Science and Operations Planning (20) Further course in Business Studies (20) Further course in Economics, Business Studies or Maths (20) (Preliminary work on dissertation) Progression requirements: 120 credits (of which not more than 40 may be by compensation) Exit options: In exceptional cases students may be permitted to transfer to the Ordinary programme. Year 4 Courses: Completion of the dissertation (40 credits) plus further courses in Economics (40) and Business Studies (40). The latter must include either Mathematical Programming or Decision Making Under Uncertainty. The option courses available vary, for an up-to-date list see the Management School and Economics website. Minimum requirements for MA Honours are a mean mark of at least 40 and a pass in at least 160 credits over the two Honours years. 12 Support for students and their learning Freshers week induction programme for general orientation and introduction to study skills and learning resources. Library, IT, computing, and study-skills information packs, backed up by extensive advice and guidance on-line, from Help Desks, and in general and subject-linked classes (including introductory computer literacy classes and testing in year 1 of the programme). Extensive library and related IT and data resources in the nearby University Library. A networked and supervised Management School & Economics computer lab, with approximately 50 PCs. Additional computing resources are available in extensive open access labs run by the University Computer Service, located in the Central Area as well as at the Pollock Halls of Residence. All students have , which facilitates easy communication with academic and administrative staff. Generous office-hour provision allows easy personal contact with teaching staff outside formal classes. An Economics Help Desk staffed by selected Senior Honours students.

6 6 All students on the programme are allocated to a Director of Studies, whose role is to provide advice and guidance on academic and personal matters University support services include the Advice Place (run by the Students Association), the Student Counselling Service, Chaplaincy Centre, the Disability Office, Accommodation Services, International Office. Active student societies including, the Economic Society, AIESEC (an international business society), and the Trading and Investment Club, provide valuable social fora and opportunities for further developing important career-related skills and links. Careers advice is provided by the well-regarded University Careers Service. In addition to general services and courses, the Careers Service also runs programme-related guidance sessions coorganised with Management School & Economics. 13 Criteria for Admission The normal minimum admission standards are: SCE/SQA candidates: Higher grade passes at BBBB (in approved subjects) or more if two sittings; Standard grade Maths at grade 1 or 2 and Maths Higher desirable. GCE candidates: A level passes at BBB (in approved subjects; more than one sitting is not normally acceptable); GCSE Maths at B required and Maths AS or A level desirable. Other qualifications: Please consult the College of Humanities and Social Science Office for more detailed information and guidance. 14. Methods for evaluating and improving the quality and standards of teaching and learning Mechanisms for review and evaluation of teaching, learning, assessment, the curriculum and outcome standards informal feedback from discussions with students, teaching staff and other stake-holders e.g. the Careers Service, and employers. student feedback questionnaires and staff reports for all courses (or distinct course components). ad hoc questionnaires and peer teaching observation, to identify issues/problems or evaluate innovations and good practice. Informal peer review of teaching programme questionnaires administered to Senior Honours students. periodic questionnaires of programme graduates External Examiners reports and discussion annual quality report to College Quality Assurance Committee. periodic Teaching Programme Reviews involving external panel members. Committees with responsibility for monitoring and evaluating quality and standards EconomicsAcademic Audit Committee (comprising staff and student members) Staff-Student Liaison Committee (comprising staff and student members) Examination Board meetings Subject group Meetings Ad hoc sub-committees relating to issues/problems or innovations. Board of Studies Undergraduate Studies Committee Various College and University committees concerned with aspects of undergraduate teaching, learning and assessment. Staff development Periodic staff appraisal and mentoring of new staff. An active and supportive research environment with encouragement to develop research and links between teaching and research. An induction course for all new lecturing staff, run by the University s Teaching, Learning and Assessment (TLA) Centre. An induction course for all new part-time teaching assistants, run by the TLA Centre. Opportunities for continuing professional development through courses, seminars etc on aspects of teaching, learning and assessment (run by the TLA), computing and IT (run by the relevant University Service Staff). 15. Regulation of Assessment

7 7 General rules: Overviews of relevant assessment details are provided in the main course outlines for Non- Honours courses and in the Honours Handbook for Honours courses. All courses are assessed in the year in which they are taken. Assessment, in all cases, includes a degree examination held in April/May together with some other form of assessment (e.g. an essay, project, exercises, or some other form of examination). Years 1 and 2 of the programme provide preparation for Honours. Honours entry requires, inter alia, a satisfactory performance ( 55%) in Economics 2 and Management Science & Information Systems. Honours degree classification is based primarily on the weighted mean mark obtained in Years 3 and 4 of the programme (with weights determined in proportion to credit-weight). The marking scale: All marks reported utilise the University Common Marking scale: Grade Marks Hons class Brief Description A First Excellent: Work which demonstrates authoritative understanding. It may be exceptionally rich in independent insight, sophistication, relevant information, or understanding of the issues involved. B II.i Very Good: Work showing evidence of good and broad-based engagement with and understanding of the relevant material, organised in a clear and logical form. C II.ii Good: Work which, though competent, is lacking in focus, organisation or breadth of understanding. Such work may appear routine merely restating lecture material or limited reading, with little evidence of independent thought. D III Satisfactory: Work which shows some evidence of learning, but with some serious misunderstanding and/or limited ability to select material. It may be too short, or make omissions and/or include irrelevant material. E Fail Marginal Fail: Work which shows some limited awareness of the problem at hand, but is deficient in knowledge of relevant material, understanding of the question set, or the presentation of clear and rational arguments. F Fail Clear Fail: Work showing little or no evidence of learning or understanding of the question and an inability to formulate and communicate ideas. Answers characterised by irrelevance, brevity and/or superficiality. G 0-24 Fail Bad Fail: No material of value to the question asked. Answers almost completely irrelevant and virtually no evidence that any course material has been properly understood. Role of External Examiners External examiners are appointed by the University. Their role includes: General oversight of programme and programme components Approval of examination papers Monitoring of assessment to ensure the standards applied are fair and appropriate Reviewing borderline cases (e.g. pass/fail and class borderlines). Attending the Board of Examiners Reporting on the programme in general and assessment in particular. 16. Indicators of Quality and Standards There is a strong commitment to excellence in teaching within the department and this is reflected in the achievements of the students. External Examiner s Report. The Review Team s assessment of the Economics Department s teaching is strongly positive. Teaching Programme Review (TPR) Report All aspects of the programme judged as commendable by the QAA subject review in 2001.

8 8 The following reference points were used in designing the programme: University teaching, learning and assessment policies and regulations Staff research on programmes at similar institutions in the UK and abroad. The Subject Benchmark statement for Economics Quality Assurance Agency Guidelines for Preparing Programme Specifications Quality Assurance Agency Codes of Practice. Please note: This specification provides a concise summary of the main features of the programme and the learning outcomes that a typical student might reasonably be expected to achieve and demonstrate if he/she takes advantage of the learning opportunities that are provided. More detailed information on learning outcomes, and other aspects of the programme, can be found in the Economics Honours Handbook and other course materials; and the University of Edinburgh Degree Regulations and Programmes of Study. The University of Edinburgh Website ( provides extensive information about all aspects of the University. The accuracy of information contained in this document is reviewed by the University and may be checked by the Quality Assurance Agency.