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 Thesis: 4ECTS Seminar to Master Thesis 1ECTS Master Thesis 23ECTS 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 Mathematics KS+IK 6ECTS Feminist Economics 4ECTS Game Theory KS+IK 6ECTS Free 2ECTS
Study Plan Economics, No Economics Background Second Semester Econometrics I 6ECTS Microeconomics II 4ECTS Macroeconomics II 4ECTS Welfare Theory 4ECTS Advanced Topics, elect from: 12ECTS Advanced Exchange Rate Theory Regulation and Antitrust The Multinational Firm in the Global Economy Microeconomics II IK and Welfare Economics IK
Study Plan Economics, No Economics Background Third Semester Econometrics II 6ECTS Free 6ECTS Advanced Topics, elect from: 20ECTS Monetary Economics: Theory and Policy Advanced Trade Policy Macroeconometrics Financial Economics and Risk Advanced Public Economics Seminar Advanced Topics I Financial Economics and Risk Seminar Advanced Topics II
Study Plan Economics, No Economics Background Fourth Semester Master Thesis 24ECTS Free: elect from for example: 4ECTS Microeconometrics Advanced Exchange Rate Theory Regulation and Antitrust The Multinational Firm in the Global Economy
First Semester Study Plan Economics, VWL Background Mathematics KS+IK 6ECTS Feminist Economics 4ECTS Elect courses from BA Modules 12ECTS Game Theory KS+IK 6ECTS
Study Plan Economics, Second Semester VWL Background Elect courses from BA Modules 6ECTS Macroeconomics II 4ECTS Microeconomics II 4ECTS Free: Microeconomics II IK 2ECTS Welfare Theory 4ECTS Advanced Topics, elect from: 12ECTS Advanced Exchange Rate Theory Regulation and Antitrust The Multinational Firm in the Global Economy Microeconomics II IK and Welfare Economics IK
Study Plan Economics, 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 Financial Economics and Risk Seminar Advanced Topics I Seminar Advanced Topics II
Study Plan Economics, VWL Background Fourth Semester Master Thesis 24ECTS Free, elect from: 4ECTS Microeconometrics Advanced Exchange Rate Theory Regulation and Antitrust The Multinational Firm in the Global Economy Financial Economics and Risk Microeconomics II IK and Welfare Economics IK
Study Plan: M&AE First Semester: Empirische Wirtschaftsforschung 6ECTS Microeconomics I 6ECTS 3 courses from Principles of General Management 18ECTS Strategic Management Marketing Organization Human Resource&Change Management Managerial Accounting Financial Accounting 6ECTS 6ECTS 6ECTS 6ECTS 6ECTS 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 Master Thesis 24ECTS
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