Economics

The MPhil in Economics is designed to provide rigorous training in economic theory, its techniques and applications, and in quantitative research methods. It is comparable to the first two years of a PhD programme at the best US universities. 

Each year between 20 and 25 MPhil students proceed to the DPhil in Economics at Oxford. Others go on to doctoral programmes elsewhere or embark on careers as professional economists in the private or public sector.

Examples from the 2015 graduating cohort include doctoral programmes at EUI, MIT, Northwestern, NYU and the University of California, Berkeley; employment with the Bank of England, European Central Bank, Bain and Company, Deutsche Bank, Goldman Sachs and McKinsey Consulting.

The MPhil provides a solid foundation for progressing to the DPhil (PhD) programme at Oxford or elsewhere. If you do not wish to progress to a doctorate, the MPhil provides the advanced knowledge and skills required for a career as a professional economist in public service or the private sector. Numerous MPhil graduates have gone on to distinguished careers in economics or related fields. This is the course recommended if you have not undertaken any previous graduate work in economics.

In the first year of the programme, there is a non-examinable preparatory course in mathematical methods, followed by three compulsory courses in the core areas of microeconomics, macroeconomics and econometrics taught in parallel throughout the academic year. The three papers are examined at the end of the first year and progression to the second year is conditional on achieving the required grade in all three courses.

In the second year, you will take five option courses, each course taught in a single term. The option courses build on core training and prepare you to undertake research. The department offers a range of advanced options courses in macroeconomics, microeconomics and econometrics covering recent developments in theory and analytical techniques. Other option courses are designed to develop knowledge and understanding of theory, techniques and debates within specialist fields of economics. These include behavioural economics, development economics, economic history, financial economics, international trade, labour economics and public economics. You will take at least one advanced course and at least one field course.

You are also required to write a thesis in the second year, supervised by a member of the department. The thesis is up to 30,000 words in length and is usually expected to contain some original research. It can be incorporated into a DPhil thesis, if you continue with your studies.

You will receive numerical grades for your thesis and for each option course. Based on these grades and those for the first year core courses, the examiners may award an overall pass grade or a pass with distinction for the course. There is a prize for the best thesis and a prize for best overall performance in written papers.

Applicants are normally expected to be predicted or have achieved a first-class or strong upper second-class undergraduate degree with honours (or equivalent international qualifications), as a minimum, in economics and demonstrate a strong quantitative preparation. Candidates with a first degree in another related discipline should demonstrate how their academic background prepares them for graduate study in economics.

If you do not hold, or will not shortly hold, a UK undergraduate degree, you must submit the results of a GRE Test obtained within the last 5 years. Entrance is very competitive, and most successful applicants have a GRE score of at least 160 for verbal, 164 for quantitative and 4.5 for analytical.

For applicants with a degree from the USA, the minimum GPA sought is 3.7 out of 4.0.

If you hold non-UK qualifications and wish to check how your qualifications match these requirements, you can contact the National Recognition Information Centre for the United Kingdom (UK NARIC).

• Official transcript(s)
• CV/résumé
• Statement of purpose/personal statement:One to two pages, up to 800 words
• GRE
• Written work:One essay of 2,000 words 
• References/letters of recommendation:Three overall, generally academic

ENGLISH LANGUAGE REQUIREMENTS

Higher level

• Global Education
• Hill Foundation Scholarships
• A number of Research Council awards are available each year from the Economic and Social Research Council (ESRC), the Natural Environment Research Council (NERC), and Arts and Humanities Research Council (AHRC).