Programme Specification: MRes/PhD Economics

1. Awarding Body / LSE
2. Details of accreditation by a professional/statutory body, e.g. ESRC; BPS etc / The programme is recognised by the ESRC for 2+2 and +3 research training.
3. Name of final award(s) / MRes and PhD
4. Programme Title / MRes/PhD in Economics
5. Duration of the course / Track 1: 4 years
Track 2: 3 years
6. Based in the Department/Institute: / Economics
7. Relevant QAA subject benchmark statements / N/A
8. Application Code / L1U4 (Track 1)
L1U5 (Track 2 )
9. First written/last amended / November 2010 / November 2012
10. The programme aims to:
  • give students proficiency in the mode of discourse and skills of research-level microeconomics, macroeconomics and econometrics;
  • give students the ability to apply that knowledge to new problems and contexts;
  • provide knowledge and understanding of two chosen fields of economics, at an advanced level, thus developing in students a capacity for original research in that field;
  • expose students to recent developments and give an insight into the process by which research is conducted, thus suggesting fruitful areas for research;
  • prepare students for careers in research and academia.

11. Programme outcomes: knowledge and understanding; skills and other attributes
At the end of the programme, students will be able to demonstrate the following:
  • knowledge and understanding of advanced economic analysis and the ability to analyse new economic facts and models;
  • an advanced understanding of specialist subjects, including a command of literature in these fields;
  • proficiency in the application of techniques to research;
  • the ability to produce a PhD thesis, as defined by London School of Economics regulations;
  • proficiency in the following transferable skills:
  • skills in IT for general and academic purposes;
  • use of econometric and statistical software;
  • library and Internet research skills;
  • research-report writing, through writing of thesis and research publications;
  • oral presentation and commentary, through participation in seminars and workshops (the student’s own work of their own and/or that of other contributors in the field);
  • teaching experience gained within the Department.
Information relating to careers.
12. Teaching, learning and assessment strategies to enable outcomes to be achieved and demonstrated
The programme is offered in twin-track format and is divided into two parts: (A) Taught courses examined by unseen written examination, leading to an MRes in Economics and (B)
Research and writing of a doctoral thesis.
Track 1 is aimed at students graduating with a first class undergraduate degree in economics. Track 2 is for students who have completed a graduate degree in economics and demonstrated exceptional performance.
Track 1:
The Programme begins in September with an Introductory Course to ensure that students have the essential background for the first year of teaching. In year 1, students are required to take MRes-level core courses in microeconomics, macroeconomics and econometrics.
In year 2, students take a field course and write a research paper of 5-10,000 words related to their designated major field. A second field course may be taken if the student has obtained progression marks on all of the core courses but, otherwise, this is taken in year 3. From year 2 onwards, students are also required to attend the weekly Departmental seminar series closest to their major field and the relevant EC501 Work in Progress Seminar.
Track 2:
In year 1, students are required to take MRes-level core courses in microeconomics, macroeconomics and econometrics, and write a research paper of 5-10,000 words. Students are also required to attend the weekly Departmental seminar series closest to their major field and the relevant EC501 Work in Progress Seminar.
In year 2, students take a field course and continue to attend Work in Progress and Departmental seminars, where they present their research.
Post-MRes, students registered for the PhD are expected to work on their research and PhD thesis. They continue to attend Work in Progress and Departmental seminars.
Teaching and Learning Strategies
1.1Design
The programme comprises compulsory MRes/PhD-level core courses in microeconomics, macroeconomics and econometrics.
There is a choice of ten MRes/PhD-level field options.
The EC599 Research Paper in Economics (5-10,000 words) is a compulsory element
Track 1 students are required to attend the introductory September course EC400, to ensure they have the necessary background in maths for micro and macroeconomics, probability and statistics before the start of formal teaching. Track 2 students must also attend if they have not done so previously as part of their MSc.
1.2Modes of Delivery
The Department believes that a command of economic analysis is best achieved through repeated application of the key principles in a range of contexts. Formal lectures develop and illustrate the key concepts; these are coupled with small-group classes to reinforce understanding, enable effective interaction with students, and provide regular formative assessment.
The core courses involve 60 hours of lectures and 30 hours of accompanying classes. The field courses generally consist of 60 hours of lectures but, as these groups are very small, the teacher may vary the delivery to suit the material and the students.
1.3Staff Expertise
The Department’s considerable strength in research and experience in policy work are deployed to good advantage in the graduate programme, giving it a distinctive flavour.Lectures are taught exclusively by LSE or visiting faculty. Classes are taught either by faculty
or by LSE Fellows drawn from the ranks of the Department’s senior research students. LSE Fellows will have had several years of teaching experience at the undergraduate level.
1.4 The role of classes
The primary purpose of classes is to deepen and broaden student understanding of core material taught in lectures, to enable application of principles as appropriate and to enable students to learn in an interactive environment. For class teaching to be effective, class sizes are restricted to 15 students.
The nature of the subject matter and the level of the module for which it is provided largely dictate the format of classes. Classes in core modules are normally devoted to discussing exercises assigned by the lecturer, which students have attempted before class. The interactive nature of class teaching permits a number of distinct functions:
  1. Formative assessment and feedback on exercises and class work marked by the teacher;
  2. Independent learning, by the advance completion of assigned exercises and class work;
  3. The development of oral communication skills. Class teachers are expected to promote the active engagement of all students, by discussion of exercises.
1.5 Support
The Departmental MRes Tutor is available to advise students on course choice and other programme-related issues. He/she also acts as personal tutor to the first year Track1 students.
Information on study skills, IT training, library resources and language support is given to students during induction and is available on the LSE website. The Department is represented on the Library and Information Services Committee.
Comprehensive lecture notes, problem sets, solutions and readings are provided via Moodle. A comprehensive course pack of articles and other readings is provided for each of the core courses. Material for the field options is provided via the Department’s website.
Once students embark on their research paper they are allocated a supervisor from their chosen field. This supervisor may continue as the student’s thesis supervisor, or may change as the student’s interests develop. The PhD Programme Director is available to students who may wish to raise matters within his remit:
  • ensuring the induction of new research students;
  • allocation, change and training of supervisors ;
  • ensuring that progress monitoring procedures for all research students are properly carried out;
  • monitoring submission rates in the department;
  • developing appropriate research training;
  • acting as an advocate for research students in the department.
Students attend the Methodology Institute course ‘Authoring a PhD and Developing as a Researcher’, and are strongly encouraged to take advantage of other PhD-level training provided by the Institute.
Students gain exposure to current developments in their field by attending Departmental seminars. Students present their work to each other and to faculty members at the PhD Work in Progress seminar series.
Assessment Strategies
1.1 Formative Assessment and Feedback
Initial formative assessment takes place at the end of September when students on the
introductory course take tests in maths for micro and macroeconomics, probability and statistics. This identifies those in need of additional support.
During the coursework years, formative assessment and feedback take place primarily through the class setting. Feedback is given through discussion of exercises completed by the students in advance of the class and by take-home assignments. On the core courses, there are mock exams at the beginning of the lent and summer terms. Formative assessment on the field courses is tailored to the level and content of particular modules but normally one item of work per term is marked and returned to students.
Students are encouraged to consult class teachers about specific queries either during regular office hours or by e-mail. Class teachers and faculty hold weekly (at least) office hours throughout term.
During the thesis writing period, students receive feedback at regular meetings with their supervisor and by presenting their work at Work in Progress seminars and other Departmental workshops. Students nearing completion also have the opportunity to practice presenting their job market paper at a special job market seminar series.
1.2 Summative assessment
Summative assessment is mainly by means of closed-book three-hour examinations in the Summer Term. Core course examinations are usually a combination of short questions to check the precision of a student's analytical capabilities, coupled with longer, more open-ended questions that allow the student more scope to display the breadth of his knowledge. The Research Paper is 5-10,000 words, submitted in the Summer Term.
In order to maintain good practice in assessment, examinations are double-blind marked according to outline solutions/mark frames supplied by the module proprietor(s).
The PhD thesis is examined according to London School of Economics regulations.
13. Programme structures and requirements, levels, modules and awards
MRes/PhD Economics programme regulations:
For students entering before the 2010-11 session
For students entering in or after the 2010-11 session

Additional information

14. Criteria for admission to the programme
Track 1 applicants must have a postgraduate degree or a first class undergraduate degree, or the equivalent from outside the UK, with exceptional grades in economics, econometrics, mathematics and other quantitative subjects.
Track 2 applicants should be able to demonstrate exceptional performance on an appropriate postgraduate programme in economics.
All applicants must have taken the GRE General Test no more than five years before applying, and must include the test score with their application. Most successful MRes/PhD applicants have scores of 800 in the quantitative section.
All applicants are expected to demonstrate evidence of creativity and inclination towards research.
15. Indicators of quality:
  • The School participates in the Postgraduate Research Experience Survey (PRES) which provides indicators of student satisfaction with various aspects of their research degree programme. Results from this survey have been positive for the School;
  • All MRes/PhD examinations are scrutinised by external examiners. External examiners reports are considered by the MRes exam board and centrally by the School;
  • Examiners’ reports from viva examinations are considered centrally within the School and provide indicators onthe quality of the research student experience and supervision quality;
  • The LSE Careers Centre website provides data on career destinations of LSE research graduates;
  • The Department is able to place its PhD students in academic positions in the US, as well as in the best research universities in Europe. A 2005 study by the Universite Catholique de Louvainranked LSE 10th worldwide for placing students in prestigious economics departments. For details of recent placements see

16. Methods for evaluating and improving the quality and standard of teaching and learning:
  • The Teaching and Learning Centre (TLC) runs the Postgraduate Research Experience Survey (PRES) and distributes results to departments. Survey results are considered by School Committees (Research Degrees Sub-Committee & Teaching, Learning and Assessment Committee) as well as within academic departments. Any issues arising from the PRES would be addressed by the appropriate body/department;
  • Taught courses on MRes/PhD programmes are included in the School’s internal student satisfaction survey, conducted by the Teaching Quality Assurance and Review Office;
  • Departments review their programmes according to their own system of periodic review;
  • The Methodology Institute offers methodological training across all PhD programmes and transferrable study skills training courses are offered by the TLC for all MRes/PhD students: this central resource enhances the standard of teaching and learning for all research students across the School.