MSc Data Science for Economics is an excellent opportunity for students who wish to pursue a career requiring a sophisticated understanding of the way data is used in businesses and utilising state-of-the-art analytical skills to solve problems.
Introduction
Data is everywhere in the modern economy and businesses are seeking talented new recruits to leverage it. The ability to extract, handle, and analyse large amounts of data is a key skill at the modern company to unlock the potential of firms.
MSc Data Science for Economics offers you rigorous training in the big data methods and cutting-edge econometric tools needed to answer the most important questions facing businesses. You will be fully prepared to work as a data scientist, statistician, or economist, driving the analytical direction of their firms.
MSc Data Science for Economics will teach you how to model economic problems, collect and analyse data, conduct rigorous empirical analyses, and discuss their work with diverse audiences. The modules in this programme cover a wide range of fields within economics and data science.
You will be taught to use data for forecasting and evaluating different policy options through models built on an understanding of causal relationships. Technical skills and competencies are at the heart of each module in the programme, and at the end of their studies, you will have a familiarity with two or more software packages (such as Python, R, and STATA).
The Management School has ringfenced a number of Management School Excellence Scholarships for our economics master’s programmes. Eligibility and more information can be found on the School’s scholarship pages. In addition, international students could be eligible to receive a discount of up to £5,000 off your tuition fees with the University of Liverpool Postgraduate Global Advancement Scholarship, find out more on the Postgraduate Global Advancement Scholarship webpages.
Accreditation
The University of Liverpool Management School is one of an elite group of institutions worldwide to hold the gold standard ‘triple-crown’ accreditation from AACSB, AMBA and EQUIS.
Discover what you'll learn, what you'll study, and how you'll be taught and assessed.
Semester one
The 12 month programme consists of seven compulsory modules and one optional module, followed by a dissertation carried out over the summer period upon completion of Semester two.
In addition to the modules outlined below, a new required module: Data Management and Visualisation for Economics will be taught in Semester one.
Compulsory modules
ECONOMETRIC AND STATISTICAL METHODS (ECON814)
Credits: 15 /
Semester: semester 1
Econometric and statistical methods are of vital importance for estimating relationships between economic and financial variables, and for making predictions about the future. Central banks maintain large scale forecasting models for macroeconomic variables, for instance, and policy institutes use a wide range of econometric tools for modeling macroeconomic or microeconomic data. Within the private sector, financial analysts routinely estimate volatility models, credit risk departments estimate probability of default models, and, as a final example, marketing departments in large e-businesses make use of website hit counts and treatment test methods to test for the effect of their promotions on demand. These are just a few examples of how relatively advanced econometric methods are used in practice. ECON814 Econometric and Statistical Methods lays the foundation for learning the more specialised methods taught in ECON920 Advanced Econometrics, and equips the participant with a good general understanding of the methods used for estimating and testing linear and nonlinear relationships between variables.
Macroeconomic Analysis (ECON905)
Credits: 15 /
Semester: semester 1
In this module students will get a well-rounded overview of modern macroeconomics. Topics covered are facts about growth, the Solow growth model (theory and empirics), the Neoclassical growth model (growth with dynamic optimisation), and endogenous technical change. The second half of the module will focus on real business cycle models and the new Keynesian framework. We will evaluate the successes and failures of the basic models in matching data.
Microeconomic Analysis (ECON915)
Credits: 15 /
Semester: semester 1
This module aims to provide an understanding of the essentials of microeconomic theory. This includes understanding what is meant by rational choice and how it can be used to predict what choices agents will make in different contexts. Students will also understand how markets work and what causes markets to fail.
Any optional modules listed above are illustrative only and may vary from year to year. Modules may be subject to minimum student numbers being achieved and staff availability. This means that the availability of specific optional modules cannot be guaranteed.
Semester two
The 12 month programme consists of seven compulsory modules and one optional module, followed by a dissertation carried out over the summer period upon completion of Semester two.
Compulsory modules
Applied Macroeconometrics (ECON920)
Credits: 15 /
Semester: semester 2
This module will provide students with an understanding of modern econometric time series methodology suitable for applications to financial and macroeconomic data. Topics include model selection, estimation and forecasting for univariate models; nonstationary models and testing for nonstationarity; models with conditional heteroscedasticity; and model selection, estimation and forecasting for multivariate models and testing for cointegration.
Applied Microeconometrics (ECON826)
Credits: 15 /
Semester: semester 2
The module covers empirical strategies for applied microeconometric research. The focus is on methodological issues related to the estimation of causal or treatment effects. In each case, the empirical methods will be illustrated by papers drawn from the recent literature. There will be a particular focus on examples drawn from public economics, health economics, development economics, and labour economics.
Machine Learning and Big Data Econometrics (ECON701)
Credits: 15 /
Semester: semester 2
Machine Learning and Big Data Econometrics teaches students the fundamentals of data analysis for big data. Students will be taught the latest machine learning methods, as well as how to implement machine learning using the Python coding language. Students will be taught valuable technical skills which apply to a wide range of careers in research and data science. Example topics include LASSO, Random Forests, and Deep Learning. The module will discuss the application of machine learning methods to economics and business.
Optional modules
Topics in Money and Banking (ECON916)
Credits: 15 /
Semester: semester 2
The main objective of this module is to develop a microeconomic and a macroeconomic perspective of banking. Students will acquire a comprehensive insight into the specific nature of a bank as a firm, the role of banks in an economy, and of the regulatory environment in which banks operate. The module establishes an economic foundation for the banking sector and examines its significance for the macro-economy, employing a quantitative approach to introduce students to various banking topics.
Current Topics in Economics (ECON827)
Credits: 15 /
Semester: semester 2
This module covers a variety of cutting-edge topics in economics. Based on articles published in peer reviewed academic journals, publications by international and government agencies, and working papers, this module is delivered by several research active staff specialising in each area. The module is a mix of lectures delivered by staff and roundtable discussions led by student presentations.
Labour Economics (ECON702)
Credits: 15 /
Semester: semester 2
This module covers the core concepts of labour economics. There is a strong emphasis on empirical analysis and the usage of practical models of labour markets to analyse public policy. In this module, topics to be covered include labour supply and demand, wages and compensation, labour market policies, and inequality and discrimination in the labour market. Empirical examples will feature a range of countries, industries, and demographic groups to allow students to compare and contrast how labour markets function under different competitive environments and policy regimes.
Public Economics (ECON703)
Credits: 15 /
Semester: semester 2
This module covers the core concepts in public economics. There is a strong emphasis on empirical analysis and the usage of practical models that explain the government’s intervention in the economy, and the interaction between the government and various economic agents. In this module, topics to be covered include provision of public goods, externalities and environmental protection, taxation, tax policy and redistribution, social insurance programs, and voting and enfranchisement. Empirical examples will feature a range of countries, different levels of government within a country, and the role of government programs and policies in the economy.
Any optional modules listed above are illustrative only and may vary from year to year. Modules may be subject to minimum student numbers being achieved and staff availability. This means that the availability of specific optional modules cannot be guaranteed.
Final project
The 12 month programme consists of seven compulsory modules and one optional module, followed by a dissertation carried out over the summer period upon completion of Semester two.
Compulsory modules
DISSERTATION (ECON912)
Credits: 60 /
Semester: summer
Comprising two elements: research methods introduces students to the principles and practices of researching and writing dissertations and results in an agreed outline plan of work for the dissertation and a completed literature review. The dissertation itself will be undertaken over the summer period and will involve the implementation of the research work plan and the completion of a 15,000-20,000 word dissertation.
Any optional modules listed above are illustrative only and may vary from year to year. Modules may be subject to minimum student numbers being achieved and staff availability. This means that the availability of specific optional modules cannot be guaranteed.
How you'll learn
Modules are taught using the latest active learning techniques including real-world case studies, social media, lecture capture and real-time financial and business data using our Bloomberg trading floor.
The principal forms of teaching are face-to-face lectures and seminars with lectures normally being supported by material such as hand-outs and presentations. Seminars give the opportunity for detailed discussion of a topic under the direction of a tutor. You are normally expected to prepare work in advance for seminars and may be expected to present work or give presentations.
In addition, this course offers an enhanced programme of events and activities such as coding bootcamps and guest speakers.
Following semester two you will complete a dissertation the support of an academic supervisor.
Teaching time will account for an average of 10 hours per week and you should anticipate an additional 30 hours of self-directed study and group work.
How you're assessed
In semester one and two, you will take modules totalling 120 credits. The dissertation completed during the summer period is worth 60 credits and students will be supported by their academic supervisor.
Students are required to complete 180 credits to achieve a full MSc.
Subject to meeting specific criteria outlined by the University, students will graduate with a Pass, Merit or Distinction.
Assessment tasks are varied and some may be designed specifically to meet the learning outcomes of a particular programme of study, but students can expect to be assessed via coursework, essay, group work, presentations, case studies, negotiation exercises, reports and examinations. The weighting of individual components will vary from one module to another. All assessment information is included within the module specification.
Liverpool Hallmarks
We have a distinctive approach to education, the Liverpool Curriculum Framework, which focuses on research-connected teaching, active learning, and authentic assessment to ensure our students graduate as digitally fluent and confident global citizens.
The School has a thriving international master’s community with a comprehensive, interdisciplinary programme of social and extra-curricular events and dedicated careers and employability support.
Support for students with differing needs from the Disability advice and guidance team. They can identify and recommend appropriate support provisions for you.
What students say...
The rigorous training offered as part of the MSc Economics course has been essential for building my skills as a practising economist. The programme has a wonderful blend of modules and can really be tailored depending on different students’ career or research aspirations.
The Management School’s master’s programmes have been designed from the ground up to prepare you for success in your chosen career. We have close ties with local, national and international organisations and constantly review the content of our programmes to meet the demands of top graduate employers.
Career support from day one to graduation and beyond
You will have access to a specialist, in-house postgraduate careers team and have access to one-to-one careers guidance, workshops, seminars, and employability initiatives.
This new programme has been designed with employability at its heart and will appeal to students looking to work in data science and tech roles.
During the year, you can take part in dedicated skills and employability days including coding bootcamps in R and python to allow you to reach software fluency and allow you to excel at any task in the workplace.
The School will also host an event for data scientists from industry and the civil service to talk to you and give an insight into the career possibilities open to you.
Fees and funding
Your tuition fees, funding your studies, and other costs to consider.
Tuition fees
UK fees (applies to Channel Islands, Isle of Man and Republic of Ireland)
Full-time place, per year
£13,500
International fees
Full-time place, per year
£28,500
Fees stated are for the 2025-26 academic year.
Tuition fees cover the cost of your teaching and assessment, operating facilities such as libraries, IT equipment, and access to academic and personal support.
If you're a UK national, or have settled status in the UK, you may be eligible to apply for a Postgraduate Loan worth up to £12,167 to help with course fees and living costs. Learn more about fees and funding.
Additional costs
We understand that budgeting for your time at university is important, and we want to make sure you understand any course-related costs that are not covered by your tuition fee. This could include buying a laptop, books, or stationery.
We accept a 2:2 honours degree from a UK university, or an equivalent academic qualification from a similar non-UK institution. This degree should be in Economics or a closely related discipline with a quantitative focus.
Students with a 2:2 degree from a quantitative science discipline (e.g. Mathematics, Physics, Statistics, Operations Research) are also encouraged to apply.
Applicants should have competency in A level Mathematics/Statistics or equivalent.
International qualifications
If you hold a bachelor’s degree or equivalent, but don’t meet our entry requirements, a Pre-Master’s can help you gain a place. This specialist preparation course for postgraduate study is offered on campus at the University of Liverpool International College, in partnership with Kaplan International Pathways. Although there’s no direct Pre-Master’s route to this MSc, completing a Pre-Master’s pathway can guarantee you a place on many other postgraduate courses at The University of Liverpool.
International applicants who do not meet the minimum required standard of English language can complete one of our Pre-Sessional English courses to achieve the required level.
English language qualification
Requirements
IELTS
6.5 overall, with no component below 6.0
TOEFL iBT
88 overall, with minimum scores of listening 19, writing 19, reading 19 and speaking 20. TOEFL Home Edition not accepted.
Duolingo English Test
120 overall, with no component below 105
Pearson PTE Academic
61 overall, with no component below 59
LanguageCert Academic
70 overall, with no skill below 65
PSI Skills for English
B2 Pass with Merit in all bands
INDIA Standard XII
National Curriculum (CBSE/ISC) - 75% and above in English. Accepted State Boards - 80% and above in English.
WAEC
C6 or above
PRE-SESSIONAL ENGLISH
Do you need to complete a Pre-Sessional English course to meet the English language requirements for this course?
The length of Pre-Sessional English course you’ll need to take depends on your current level of English language ability.
Liverpool bursts with diversity and creativity which makes it ideal for you to undertake your postgraduate studies and access various opportunities for you and your family.
To fully immerse yourself in the university experience living in halls will keep you close to campus where you can always meet new people. Find your home away from home.
Discover what expenses are covered by the cost of your tuition fees and other finance-related information you may need regarding your studies at Liverpool.
Contact us
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