An Introduction to HEC Masters: MSc in Economics

As the University of Lausanne opens its doors to all students interested in its Master’s programmes, this article serves as a brief experience report for those considering the MSc in Economics at the HEC faculty.

The Master’s is split into three parts. The first semester acts as a levelling of the playing field, the second and third semesters are course choices à la carte, and the fourth semester is the Master’s thesis. It is taught entirely in English and takes a total of 120 ECTS to complete, totalling two years fulltime or 4 years part time, with the option of going on exchange during your third semester. Some of the most important and relevant information can be found in the links below.

What to expect?

Your previous background largely determines how you will perceive the first semester, as the courses review and expand on undergraduate material essential for the rest of the Master’s, making it a challenging but manageable semester. If possible, review your undergraduate courses in calculus and analysis, brush up on your econometrics, and ensure you fully understand the basics of DSGE models within the first few weeks—you’ll be fine.

Additionally, besides the basic Micro, Macro and Econometrics courses, the first semester will offer you a choice of either a course called Mathematics for Economics and Finance or an Economic Policy Seminar. The choice doesn’t impact future course selection; just which exam you’ll take at the end of the semester. There is also a third choice related to the BEE specialization described further below. The Math course will make you more comfortable with the mathematical foundations needed for the next two years minimum (but probably far longer), and the Seminar will teach you how to write a policy paper and features a wide variety of guest speakers from organisations that might become your future employers. In brief: the first semester may feel quite dry, but it is ultimately necessary, and the two semesters that follow more than make up for it.

In my opinion, the second part is what truly sets this Master’s apart from others. For semesters 2 and 3, you can choose freely from a vast list of courses. This is also where you can do Mentions, which are similar to minors and will appear on your diploma supplement. They can be validated if you complete 30 credits from a certain subgroup of courses, which can be seen on the official study plan linked below. These requirements overlap, and you can validate certain courses for two mentions simultaneously, meaning it is possible to validate two mentions with, for example, 42 credits. The following mentions are available: Data Science, Development Economics, Environmental Economics, Macroeconomic Policy, Microeconomic Policy, Public Economics, and Quantitative Economics. You can choose mentions freely but keep your preferences, interests and career aspirations in mind. You can find more information on career perspectives down below. Further, the QE Mention prepares you well for a PhD.

The third part is the Master’s Thesis, where you will have the most freedom. For example, you can choose between an academic or internship thesis, and it can be done anywhere in the world. It is advisable to carefully read the guidelines and, most importantly, start early in finding a supervisor and topic, and, if you choose an internship.

BEE Specialization

There is also a specialization in Behavioural Economy & Evolution, which is a collaboration with the School of Biology. This mention delves into the social aspects of economics, combining it with biology and providing a unique and different lens on economics. To complete the specialization, you must choose an alternative course instead of the Math course or the Seminar in the first semester, before earning a certain number of credits in selected courses during the second and third semesters.

The Accolades of the Master

The weight people put on university rankings can vary but it has to be mentioned here. According to Eduniversal, this is currently the best economics master’s in Switzerland and the 9th best in Western Europe. It is Switzerland’s longest-established graduate program in Economics and has a rich history dating back to Vilfredo Pareto and Léon Walras, names that every economics undergraduate student has at least heard of.

As a last word, let me say the following: It’s a challenging but rewarding Master’s. While there may be easier ways to pursue a Master’s degree, the flexibility, variety, and depth of its courses make this program a highly rewarding and enjoyable experience.

Jonas Bruno