Economics

The Master's programme provides students with analytical and logical problem-solving skills as well as a deepening of their knowledge in economics, bringing them to the frontiers of current research. Master's students are trained for a demanding, international professional career, and/or for an academic career in high-level economic research. From a widely structured course catalogue, students can choose between an application-oriented (applied economics) and a research-oriented (economic research) course of study. Students who choose the research-oriented specialisation will be optimally prepared to continue with the PhD programme, since the Master's programme replaces the content of the first year of our PhD programme to a large extent.
An outstanding feature of the LMU Master's programme in economics is the academic excellence of the teaching faculty. Our department boasts internationally renowned researchers who teach the full breadth of theoretical and applied economics. Master's students also benefit from the excellent academic networking opportunities our department offers. The department's high international reputation has made it possible to establish partnerships with the visiting student programmes of top universities such as UC Berkeley, Maastricht University, University of Copenhagen, and University of Stockholm. Our connection with the prominent Ifo Institute for Economic Research offers students opportunities in applied research and economic policy advising. The Centre for Economic Studies (CES) promotes international academic exchange and welcomes more than thirty well-known researchers each year from all over the world. Furthermore, committed and talented students have the chance to establish contacts with selected partners in the private and public sectors by participating in our department's support programme ECONnect.

Educational organisation

The curriculum of the study programme is divided into modules. In the Master's programme, a distinction is made between compulsory modules (CM) and optional modules (OM). As a general rule, students should obtain 30 ECTS credits per semester.
The credit points are based on the European credit transfer system (ECTS) and correspond to the workload for lectures and tutorials. ECTS points are assigned according to time spent in formal learning environments (e.g. lectures and tutorials), time spent in preparation and revision of the material (self-tutoring), as well as the requirements for exam preparation. A failed course naturally results in 0 ECTS points awarded.
In the first semester, students attend basic lectures and tutorials in:
Mathematics for Economists, Econometrics, Microeconomics, Macroeconomics, and Public Economics. These compulsory modules (CM) provide students with the indispensable theoretical background and necessary tools to further pursue a specialisation in their desired field of economics.
In the second semester, students can start specialising in their desired field. They can choose from a wide array of courses with usually very few restrictions. 30 ECTS credits should be obtained per semester in OM courses.
In at least one 12 ECTS course, students should work on an independently formulated research problem and present the results in a term paper. It is recommended that students take two courses worth 12 ECTS, one in the second and one in the third semester.
Students have the possibility to specialise and/or opt for research-oriented courses in one of the following fields: microeconomics and strategic interaction, applied econometrics, public sector economics, macro and international economics.
The thesis will be written in the fourth semester. This should be an independently written, scientific work in a specific field of economics. The thesis has to be completed over a period of 22 weeks. The Master's thesis is a compulsory module of its own. In the Master's thesis, students prove their ability to apply scientific methods of economics independently and to write an original piece of research.

Study abroad unit(s)

None

Forms of assessment

Written exams, seminar paper, presentation

Course objectives

The research track of the programme prepares students to continue with the PhD programme, since the Master's programme overlaps with the content of the first year of our PhD programme to a large extent.
Both the research and the other specialisations provide excellent preparation for an internationally oriented professional and/or research career in the field of economics. Typical professions for economists include work in international organisations, governmental organisations, research institutes and universities, in consulting firms and business management, at banks and insurance companies, as well as in the media.

Language requirements

Evidence of sufficient knowledge of English, proven either by a university degree at an English-language institution of higher education or by a TOEFL score of at least 80 points (iBT) or an academic IELTS score of 6.5 points. (There are no exceptions, other proof of sufficient command of English cannot be accepted.)

Academic requirements

The entry requirement for the Master's programme in economics is the completion of the Bachelor's programme in Economics at LMU Munich or an equivalent qualification and at least the overall average grade "good" (2.50). Applicants who have graduated in economics at another university can be admitted into the Master's programme as long as it can be established that this qualification, in terms of content and method, is equivalent to the Bachelor's degree in economics at LMU. A selection committee will decide whether the qualification can be established as being equivalent to a Bachelor's degree in economics at LMU Munich on the basis of the provided application documents.
If the equivalence of the qualification is unclear and the GPA better than 2.50, the applicant will get an invitation for the admission test which takes place only in Munich. This written test examines whether the applicant's knowledge of microeconomics, macroeconomics, empirical economics, mathematics and public economics is sufficient for the admission to the Master's programme.

Enrolment fees

Approx. 120 EUR per semester. The fee includes a semester ticket covering public transport in the Munich metropolitan area.

Costs of living

Living costs (including accommodation and health insurance) in Munich range from 800 to 1,000 EUR per month.

Services and support for international students

The International Office offers a support and integration programme to assist international students, doctoral students, and postdocs at LMU:
http://www.en.uni-muenchen.de/about_lmu/contact/int_office/index.html