International and Monetary Economics

The Universities of Bern and Basel offer a challenging Master’s program in International and Monetary Economics with the possibility of additional specialization in financial markets-banking-prudential regulation and quantitative macroeconomics. The program is in English and is run jointly by the two Universities.

In the light of the increasingly globalized world economy, international issues relating to monetary policy, and indeed macroeconomics in general, are becoming ever more important. This is particularly true of an open economy such as that in Switzerland, which earns a great deal of its income from exporting goods and services and from investments. However, it also applies to the EU area, which is becoming increasingly economically integrated (and is expanding), to developing economies and even to major established economies such as that of the USA, which are more affected by international developments now than in the past. Since this means that purely domestic economic aspects are becoming less important, relatively speaking, it is essential for the well-being of many economies to train skilled experts who are familiar with the issues in the international economy. The recurring crises in financial markets, and their implications for economies in general, show how important the functioning of the monetary sector is for today’s global economy. A sound understanding of monetary policy as well as of the financial markets and how they are regulated is therefore indispensable, and that is exactly what this Master’s program aims to develop.

The MIME is intended for ambitious students who have a strong background in economics and quantitative methods and who are willing to be challenged. Students acquire rigorous, state of the art tools in economics, econometrics and computational economics. These tools can be used in research, policy analysis as well as in pursuing a doctoral degree in economics or a related field. In addition, students acquire broad and deep expertise in monetary economics and financial markets.

The program is unique in Europe as it combines monetary and international economics with financial markets using the most modern macroeconomic analysis tools. Switzerland is ideally suited to the MIME program and offers excellent job opportunities to MIME graduates as it is home to many international institutions, has a large banking sector, runs independent monetary policy, is a very open economy and has a well known financial regulation agency.

The specialized Master in International Monetary Economics program is worth 90 credit points under the European Credit Transfer System (ECTS) with a standard period of study of three semesters. With part-time study, the Master’s program will, accordingly, take longer.

The curriculum encompasses introduction, core and areas of specialization  courses, and a Master’s thesis.

Introduction module: Advanced Topics in Economics

The complete introduction module is worth 18 ECTS. The aim is to bring all the students up to the same standard. It therefore has a broad base and includes the basic elements of studying Economics at Master’s level (microeconomics, macroeconomics and econometrics). The courses in this module are offered in parallel at both universities within the framework of their normal Master’s program.

Core module: Core Areas in Monetary Economics

Students have to obtain 24 ECTS in the core module. This comprises those courses which make this program a specialized Master’s program. They cover the key themes of the program in terms of content. The module also includes a seminar as part of which the students write and present a seminar paper (6 ECTS). The seminar is conducted by members of the faculties involved, but may also include experts with professional experience and potential employers for the graduates. The courses in this module are typically only offered at one of the two universities, so the students have to commute between them. The module includes a minimal amount of freedom of choice. The exact content of the module is determined by the Governing Board.

Specialization module: Areas of Specialization in International and/or Monetary Economics

Students can obtain 18 ECTS in the specialization module. In this module, they can choose from a wide selection of Master’s courses at the two faculties involved that are suitable for further specialization in the intended Master’s program. This module can also include courses from other faculties. In the specialization module, it is upon special request also possible to take courses that are not held in English. The aim of the specialization module is to give students the opportunity to build up a personal profile according to their interests or the career they hope to pursue. However, the Governing Board ensures that the content is to some extent related to the specialized focus of the MIME.

Courses in the core module can also be recognized for the specialization module if the student has already obtained the necessary number of points in the core module.

Master’s thesis

The Master’s thesis is worth 30 credit points. It therefore requires 900 hours of work, which equates to 20 weeks of full-time work. It can only be started after the introduction module has been successfully completed and at the end of the second semester. Because of the scope of the Master’s thesis, very high standards are set for its originality and for the intensity of the research required. It is supervised by at least one full-time member of one of the two faculties. The supervisor sets a subject in consultation with the student.

If the Master’s thesis is not accepted, it can be repeated once, with a new subject being set. If the thesis is rejected once again, the student is disqualified from the program.

The application process consists of two stages:

1. Stage 1 (pre-application): The applicants submit a short CV and a list of the courses taken together with the grades achieved in individual courses as well as the grade point average (GPA). If available, GRE or GMAT scores could also be submitted. Please send your pre-application to guido.baldi@vwi.unibe.ch.
2. Stage 2 (application): Those who are found to satisfy the minimum MIME requirements are invited to initiate the official application process.

If accepted, the students are expected to have obtained their BA by the time courses start.

• Curriculum vitae in table form with uninterrupted chronology of your education and academic studies up to the present incl. up-to-date passport photo (45 mm high by 35 mm wide)
• Motivation letter (incl. family name, given name, full address, e-mail address, date and signature and – if you have one – mobile phone number)
• Two recommendation letters
• If you are holding a bachelor degree's: Originally certified photocopies of your degree (e.g. diploma and diploma supplement). The correspondence of the photocopy to the original must be officially certified.
• Originals (stamped and signed) or originally certified photocopies of all official proofs of your achievements (transcripts) with grades/scores
• Grading system of the degree issuing university, if the grading system is different from ours. Our scale goes from 1 to 6, with 6 being excellent and grades below 4 being unsatisfactory.
• Brief description of the content/learning objectives of the different courses/lectures (annotated course catalog or module handbook)
• Originally certified translations of the original documents (e.g. diploma, diploma supplement, bachelor's or master's degree, transcripts of diploma records), if these are not written in German, English, French or Italian. These translations have to be inseparably connected with the originally certified photocopies of the original documents.
• According to the curriculum for the specialized master's program in International and Monetary Economics MIME persons wishing to register in this program who do not have English as their mother tongue must provide evidence of adequate knowledge of English to B2 Level of the European language portfolio (Self-assessment grid) before they can matriculate.
• Original or certified photocopy of a GMAT or GRE score, if you are not exempt from the test
• Photocopy of your valid passport or identity card
• Application fee: CHF 105