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With the digital revolution unleashing torrents of information and powerful computational tools at our fingertips, economists face the challenge of not just dealing with data but extracting meaningful insights from it to drive policy, understand societal trends and shape the future. This is precisely why the University of Copenhagen does not just teach the art and science of data analysis; instead, it is ingrained throughout its Master of Science (MSc) in Economics programme.
It’s an apt choice for anyone looking to hone the tools, techniques, and tenacity needed to thrive in a world where data is the most valuable resource. The fact that it is delivered from a Department of Economics that places a strong emphasis on data-driven research further sets it apart.
For example, it is home to the Centre for Economic Behaviour and Inequality (CEBI) — a hub of inquiry and exploration into the intricate dynamics of societal disparities. Within its corridors, through meticulous analysis of real-world data and rigorous theoretical frameworks, researchers attempt to answer pressing questions, such as the magnitude of inequality in life expectancy and the nuanced responses of households to the experience of job loss.
Studies conducted within the Development Economics Research Group (DERG) are equally crucial. Whether exploring strategies to build resilience to climate change in Ethiopia, fostering inclusive growth in Mozambique, or enhancing vocational education in Vietnam, the group’s endeavours are united by a common goal: to create a future where prosperity knows no bounds.
What truly sets the MSc in Economics apart is its flexibility. Every student has the freedom to tailor their journey and specialise in their areas of interest. Source: University of Copenhagen
All insights directly inform the MSc in Economics’s curriculum. Currently, several courses are on offer to empower students with a deep understanding of advanced econometric methods. These include Applied Econometric Policy Evaluation, Advanced Development Economics, Advanced Empirical Finance, Advanced Microeconometrics, Energy Economics of the Green Transition, Field Experiments, Heath Economic Evaluations, and Behavioral and Experimental Economics Introduction to Social Data Science.
These courses are delivered by leading researchers and practitioners. Stefan Voigt, an assistant professor of finance, is one of them. Originally from Germany, his professional journey has been marked by a deep fascination with the intersection of finance, technology and data analysis. It’s a background fitting to lead the Advanced Empirical Finance course. “Empirical finance can be tedious,” he admits. “Many standard tasks require a lot of effort, but you cannot ignore them.”
Drawing from his own experiences as a postgraduate student in finance, Voigt designed the course to include the tools and techniques needed to navigate these challenges effectively. And in an era where data reigns supreme, he recognises the importance of getting students to roll up their sleeves and engage directly with raw data.
“In the course, I teach the main theoretical concepts,” he says. “The actual fun happens once we start debating how these theoretical concepts can be translated into an empirical analysis. Maybe a theoretical concept looks great on paper but ignores well-known issues in real-world financial applications.”
Success in the MSc in Economics demands dedication, prior knowledge in mathematics and economics and a willingness to push boundaries. Source: University of Copenhagen
Pablo Selaya’s course on Advanced Development Economics places equal emphasis on real-world data and case studies. From examining why different countries ended up with contrasting economic trajectories to exploring the reasons behind persistent inequalities, the course goes into the heart of contemporary development challenges.
“The curriculum is largely based on research on a variety of specific aspects of development, studied from historical and modern perspectives, in different regions of the world,” Selaya says.
“These are all empirical studies relying on real-world data, which are constructed based on statistics found in modern and historical archives, or extracted from maps and other types of geo-referenced data, or large-scale surveys. To read and discuss these studies in depth, during the course, we carefully examine all aspects related to the way in which the datasets that sustain these studies were assembled and analysed. This approach gives students a solid understanding of how real-world data can be constructed and analysed.”
The fact that the course explores economic development from macro, modern, and historical perspectives across all regions of the world ensures lessons remain relevant and relatable to students from diverse backgrounds. Such considerations are typical at a university that houses over 5,500 international students.
To cater to many backgrounds and aspirations, the MSc in Economics offers a pathway for every passion. The programme has a long lineup of advanced, elective courses and almost all are taught in English. This lets students specialise in the best-fit areas for their long-term goals.
They are given multiple opportunities to solidify their passions by putting knowledge into practice off campus too. For instance, each year, students can take part in the Econometric Game competition — a platform that challenges the brightest minds in econometrics from around the world. The University of Copenhagen’s students have excelled over the last decade, reaching the podium three times and becoming champions once.
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