Studying Economics
The foundation of undergraduate degrees in economics consists of courses in microeconomic theory, macroeconomic theory, and econometrics. Microeconomic theory examines, through theoretical models, topics such as consumer choice and welfare, firms’ production decisions, and overall social welfare. In macroeconomic theory courses, students learn to understand and model economic developments at the level of the entire economy, including business cycles, economic growth, and employment dynamics. Econometrics studies, in turn, teach students how economic datasets can be used to identify and measure causal relationships in economic phenomena. Understanding of the theories and models covered in courses is further strengthened through problem sets and quantitative exercises.
Through elective economics courses and minor subject studies included in the degree, students may deepen and broaden their economic expertise according to their individual interests. Intermediate-level elective courses in economics cover topics such as public economics, finance, banking theory, housing markets, behavioural economics, health economics, and political economy. Minor subject choices allow students to support their academic interests: for example, students interested in careers in public finance may choose minors in political science or social sciences to gain additional perspectives, while those interested in data analytics may select computer science to develop coding and programming skills. Students aiming to pursue postgraduate studies in economics (doctoral degrees) are encouraged to complete more extensive minor studies in mathematics and statistics.
The objective of the economics degree programme is that graduates master the core areas of micro- and macroeconomic theory and are able to analyse economic phenomena analytically. They acquire proficiency in empirical methods in economics and are capable of using statistical data to analyse economic questions. Graduates understand the key assumptions and limitations of economic theories and empirical methods. They are familiar with the central challenges facing both the Finnish economy and the global economy. They are able to apply economic reasoning to issues related to firm and consumer decision-making as well as to the formulation and evaluation of economic policy alternatives. Furthermore, they are capable of communicating economics-based insights both to expert audiences and to the general public.
At the University of Turku, Economics can be studied through two different degree structures: as a Bachelor’s and Master’s degree in Social Sciences (in Finnish VTK + VTM) or as a Bachelor’s and Master’s degree in Economics and Business Administration (in Finnish KTK + KTM). In both tracks, the degree programmes are taught in Finnish and instruction takes place at the Turku School of Economics. Both study paths offer the opportunity to specialise in economics; however, the admission processes differ, and there are minor differences in degree structures during the bachelor’s phase.
In the Social Sciences (VT) track, students apply directly to economics as their major. During the first year, studies consist of introductory economics courses together with quantitative methods courses, including basic studies in mathematics and statistics. In the Business Administration (KT) track, students first apply to the general business studies programme, where the first year includes general business administration courses alongside economics courses. In the KT track, the major subject is chosen in the spring semester of the first year, after which students begin completing basic studies in mathematics.
In both the VT and KT tracks, students complete the same intermediate-level economics studies during the second year. At the master’s level, there are no significant differences between the two degree structures.
More detailed information on the structure of the undergraduate degrees can be found in the latest Study Guide.
Both degree programmes also provide a pathway to doctoral studies in economics (in Finnish VTT and KTT degrees), the structures of which are likewise described in the latest Study Guide.
Economics is the largest academic discipline at the Turku School of Economics in terms of faculty size. Information on all members of our teaching and research staff is available on the Contact Information page.
The most up-to-date course offerings can be found in the latest Study Guide.
Graduates holding a Master’s degree in economics (in Finnish VTM or KTM) benefit in working life from a strong understanding of economic phenomena and the ability to analyse economic issues analytically. It is also possible to enter the labour market after completing a Bachelor’s degree (in Finnish VTK or KTK), although in economics the bachelor’s degree is primarily intended as preparation for master’s-level studies.
Studying economics provides excellent employment opportunities in expert positions in both the private and public sectors. Banks, financial institutions, and other companies employ economists in a wide range of roles. Organisations and interest groups recruit economists for tasks related to economic analysis and the evaluation of economic policy. The public sector — including central government and municipalities — employs economists in economic analysis and policy preparation roles, for example at the Ministry of Finance, the Ministry of Economic Affairs and Employment, the Ministry for Foreign Affairs, the Bank of Finland, the Financial Supervisory Authority, Statistics Finland, the Finnish Institute for Health and Welfare, the Finnish Competition and Consumer Authority, Finnvera, and other government agencies. Some economists pursue international careers in organisations such as the European Central Bank (ECB), the International Monetary Fund (IMF), the OECD, and the World Bank. Employment outcomes for graduates of the Turku School of Economics have consistently remained excellent. Career opportunities can already be influenced during bachelor’s studies through internships, thesis topic choices, and elective studies.
Graduates majoring in economics have typically been employed in positions such as:
- economist, chief economist
- specialist, senior specialist, special adviser, leading specialist
- analyst, investment analyst, data analyst, credit risk analyst, equity analyst
- portfolio manager, banker, investment banker, asset manager
- actuary, senior actuary
- investment director, sales director, business director, chief operating officer
- consultant, senior consultant
- ministerial adviser, senior government adviser
A Master’s degree in economics also provides excellent preparation for doctoral studies in economics (in Finnish VTT or KTT). Doctoral graduates in economics from the Turku School of Economics have gone on to diverse and demanding research and expert positions in research institutes (such as VATT, Labore, and Etla), universities, and organisations in both the private and public sectors.