CURRICULUM FOR THE MASTER PROGRAM IN ECONOMICS AT WU VIENNA UNIVERSITY OF ECONOMICS AND BUSINESS (as amended by the resolutions of the Committee for Academic Programs dated January 15, 2009, September 17, 2009, June 24, 2010, June 5, 2012, and January 14, 2014, approved by the Senate of WU Vienna University of Economics and Business on January 28, 2009, September 24, 2009, June 30, 2010, June 20, 2012, and January 29, 2014) On January 28, 2009, the Senate of WU Vienna University of Economics and Business approved the following resolution by the Committee for Academic Programs of January 15, 2009 on the curriculum for the Master Program in Economics, in accordance with the Federal Act on the Organization of Universities and their Studies (Universitätsgesetz, Universities Act 2002), Federal Law Gazette BGBl.I No. 120/2002 as amended. 1 Objectives Building on a bachelor program focusing on economic sciences, the Master Program in Economics qualifies graduates for demanding positions in business, politics and research, in which specialized knowledge based on scientific principles is required in addition to practical skills. Based on theoretical and empirical models, students should learn the skills necessary for the independent analysis of economic situations. Graduates should have the necessary competence to deal with economic problem situations using sound scientific methods, and act as competent partners wherever their respective expertise is required in business and politics (e.g. in the economics departments of banks, insurance companies, and industrial businesses, in economic research institutions, chambers and professional unions, international organizations, government offices, or in public administration). The Master Program in Economics provides professional training particularly for: Students interested in economic issues and economic interdependencies, and who want to supplement the practically-oriented education obtained during a bachelor program in economic sciences with comprehensive qualifications in specialized areas of economics Students interested in applying their qualifications to different economic and political fields to analyze and solve economic problems Students who wish to obtain the necessary prerequisites for further academic work or attain higher academic qualifications, e.g. a doctoral or PhD degree The Master Program in Economics provides students with advanced knowledge in the main fields of economics and the skills to apply important economic methods. Particular emphasis is placed on imparting a concept of the breadth of the subject, both with regard to content and methodology, and on ensuring that students obtain the necessary 1
qualifications for continuing studies, e.g. in an doctoral or PhD degree program. After completion of the program, graduates should be able to: Comprehend, compare, critically assess and evaluate different economic theories; Provide decision makers in politics and business with decision-making aids and recommendations for action Evaluate economic and social policy strategies and contribute to their development in a consulting capacity Develop research designs i.e. Choose and or if necessary adapt adequate theoretical and empirical analysis methods and apply appropriate methods when conducting independent research Interpret the results of empirical analyses and be able to critically analyze and communicate findings understandably and appropriately to both experts and laypeople Follow the development of new approaches and theories in economics, and continually develop these skills in the sense of life-long learning 2 Admission Requirements (1) The prerequisite for admission to the Master Program in Economics is the successful completion of a bachelor degree program or a Fachhochschule (university of applied sciences) bachelor program or an equivalent first-degree program in a relevant discipline at a recognized post-secondary educational institution in Austria or abroad. Bachelor programs, university of applied sciences bachelor programs, or equivalent first-degree programs in a relevant discipline are degree programs from a university or a university of applied sciences which: a) Consist of a minimum of 180 ECTS credits b) Require examinations in the following fields for completion: - Economics worth a minimum of 15 ECTS credits - Mathematics/statistics/econometrics worth a minimum of 7 ECTS credits - Business English or courses relevant to the subject and taught in English worth a minimum of 4 ECTS credits (2) Dual application of examinations to the Master Degree Program in Economics through credit transfer of examinations completed in the first-degree program in a relevant discipline pursuant to (1) is not permissible. 3 Classification, Structure, and ECTS (1) The Master Degree Program in Economics is a degree program in social and economic sciences within the meaning of 54 (1) of the 2002 University Act. (2) The 4-semester Master Program in Economics is made up of 120 ECTS credits. The master thesis is worth 20 ECTS credits, and the subjects of the Master Degree Program in Economics account for the remaining 100 ECTS credits. (3) It will be possible to complete the entire Master Degree Program in Economics in English. 4 Types of Examinations 2
The examination types indicated in this curriculum are defined in the examination regulations of Vienna University of Economics and Business Administration. This Curriculum, together with the Exam Regulations, forms a curriculum pursuant to 25(1) item 10 of the Universities Act 2002. 5 Courses and Examinations The classes and examinations in the core subject Basic Economics are as follows: Course title ECTS Credit hours In Basic Economics (16 ECTS): Microeconomics and Macroeconomics, including Mathematical Methods * PI = prüfungsimmanent, class with continuous assessment of student performance 6 Majors Type of examination 16 8 PI* In the Master Program in Economics, students must complete a major worth 79 ECTS credits. Students can choose to major in either applied Economics or Mathematics. The following regulations apply: 7 Applied Economics Major (1) The classes and examinations in the core subjects of the Applied Economics Major are as follows: Course title ECTS Credit hours In Economic Core Subjects (21 ECTS): Type of examination Topics in Microeconomics 5 2 PI* Public Sector Economics 8 4 PI Economic Policy 4 2 PI Heterodox Economics 4 2 PI In Economic Methods (13 ECTS): Econometrics & Empirical Economic Research 8 4 PI Game Theory 5 2 PI * PI = prüfungsimmanent, class with continuous assessment of student performance (2) During the Applied Economics Major, students must complete four of the following economics-based in-depth electives, each worth 9 ECTS credits and 4 credit hours. Each in-depth elective is held as a course with continuous assessment of student performance (PI). 3
1. Labor and Organizational Economics 2. Industrial Organization 3. International Economics 4. Money, Credit and Finance 5. Public Sector and Infrastructure Economics 6. Economic Development 7. Regulatory Economics 8. Economic and Social Policy 9. Economics of Distribution 10. Spatial Economics (3) Degree program students are also required to select complementary electives worth 9 ECTS credits. Any master-level course offered at a recognized university in Austria or abroad that is subject to an examination and which is relevant to the Master Program in Economics may be selected as an elective. Electives listed under (2) may also be selected as complementary electives. 8 Mathematics major (1) The Mathematics Major consists of the following courses and examinations in the required/compulsory subjects: Course title In Economic Core Subjects (12 ECTS): ECTS Credit hours Type of examination Advanced Microeconomics 6 3 PI* Advanced Macroeconomics 6 3 PI In Economic Methods (31 ECTS): Mathematics I 4 2 PI Mathematics II 8 4 PI Probability and Statistics 5 2 PI Econometrics 8 4 PI Game Theory 6 3 PI * PI = prüfungsimmanent, class with continuous assessment of student performance (2) As part of the Mathematics Major, students must complete three economics-based in-depth electives pursuant to 7 (2), worth a total of 27 ECTS credits. 9 Academic Research Seminar Before completing the Master Program in Economics, students are required to take an Academic Research Seminar (PI, i.e. a class with continuous assessment of student performance) to support them in preparing their master thesis. The Advanced Research Seminar is worth 5 ECTS credits and 2 credit hours. The Academic Research Seminar is graded on a pass/fail basis. 4
10 Specific Requirements for Admission to Courses and Examinations Successful completion of all courses from the compulsory subject Basic Economics is the prerequisite for admission to all further courses of the Master Program in Economics. 11 Studies Abroad In the course of the preliminary decision procedure, when reviewing a student s study program for his/her planned studies abroad, it should be ensured that the courses to be attended at the university abroad are relevant in the overall context of the Master Program in Economics. 12 Master Thesis (1) Each student is obliged to submit a master thesis worth 20 ECTS credits. (2) In their master theses, the students have to demonstrate their ability to independently handle a topic with the help of academic research methods. (3) The topic of the master thesis is to be chosen from one of the subjects of the Master Program in Economics. The students are entitled to propose a topic themselves or to select one from a number of suggestions made by the available supervisors. Apart from that, 33 of the Bylaws of the Vienna University of Economics and Business Administration applies. 13 Completion of the Master Program After a student has successfully completed all required examinations and the master thesis, a certificate will be issued evidencing the successful completion of the Master Program in Economics. 14 Academic Degree Graduates of the Master Program in Economics will be awarded the academic degree Master of Sciences (WU), abbreviated as MSc (WU). 15 Effective Date (1) This Curriculum and the amendments to this Curriculum pursuant to the resolutions of the Committee for Academic Programs dated January 15, 2009 and September 17, 2009, approved by the Senate on January 28, 2009 and September 24, 2009, shall enter into force on October 1, 2009. (2) This curriculum replaces the curriculum for the Master Program in Economics pursuant to the resolutions of the Committee for Academic Programs dated November 9, 5
2006 and July 10, 2008 and approved by the Senate of the Vienna University of Economics and Business on November 15, 2006 and July 11, 2008. (3) The amendments to this Curriculum pursuant to the resolution of the Committee for Academic Programs dated June 24, 2010, approved by the Senate on June 30, 2010, will enter into force on October 1, 2010. (4) The amendments to this Curriculum pursuant to the resolution of the Committee for Academic Programs dated June 5, 2012, approved by the Senate on June 20, 2012, will enter into force on October 1, 2012. (5) The amendments to this Curriculum pursuant to the resolution of the Committee for Academic Programs dated January 14, 2014, approved by the Senate on January 29, 2014, will enter into force on October 1, 2014. 16 Transitional provisions (1) Students who already completed courses from the Master Program in Economics before October 1, 2010, are entitled to complete the degree program under the version of the curriculum valid until September 30, 2010. In addition, students are entitled to change over to the currently valid curriculum at any time they choose. (2) Students who already completed courses from the Master Program in Economics before September 30, 2014, are entitled to complete the degree program under the version of the curriculum valid until September 30, 2014. In addition, students are entitled to change over to the currently valid curriculum during any enrollment period. 6