PMECDTAL - MSc Economics and Data Analytics

This applied, real world focused Masters course will allow students to acquire the economics and analytical skills in high demand from employers. One of the largest professional societies covering a wide range of employment areas dealing with complex management problems, The Operations Research Society notes: “With massive data generation on the increase, it can seem like an overwhelming task to turn the resulting big data into meaningful insights and answers”.

This MSc course will provide students with the required skills and knowledge to meet the growing demand for professionals with strong data analysis skills. This is a career entry specialist masters allowing students to transition from any area of business related undergraduate study to postgraduate study of economics and data analytics.

The increasing demand from employers for numerate graduates with strong data analysis skills means the study of modules such as Modelling of Data and Predictive Analytics and Data mining & Machine Learning, at the same time as economics modules will equip graduates with strong computational skills preparing them for a successful career in the global employment market. By combining economic analysis with fluency in data and methods, graduates of this masters will be able to approach problems empirically, contextualise them within the bigger picture and generate actionable insights.

This course is very applied to how organisations/businesses use economics and analytics. No previous knowledge of economics and analytics is assumed and as such you will be supported to learn most skills from scratch. This career entry(specialist) course will prepare you with the valued transferable skills to make you “work ready” for the employment market. In this, students will be supported through use of the newly developed Embedded Employability Skills (ESA) toolkit, to clearly show how the modules students study will build their employability passport.

This course will serve to meet the growing demand for students conversant with the core principles of economics whilst being able to demonstrate key skills in business intelligence and data analytics. It is specifically for students that will have had some exposure to the business subject area at undergraduate level and need to develop their ability specifically in economics and applied analytics. Data analytics is an increasing area of interest to all types of organisations, whether the focus is on profit or the provision of not-for-profit services.

Students will gain the knowledge and understanding required to identify, develop and implement, strategic decision making as required by modern global organisations. The study of business and data intelligence analytics will be applied to tangible corporate challenges and equip students with strong transferable skills. There will be an option to undertake either an extended dissertation or business consultancy project, which will be the capstone modules that completes the course.

The aim of the course is to provide a strong training in economics and analytics, which will successfully prepare students to understand and analyse the important policy questions that face, international organisations, consulting firms, international banks and public institutions, of today. The combination of the insights from economics and analytics modules will ensure students will acquire professional skills to use data-rigorous methods, understand complex economic decision making that will get you work ready for the growing future market of jobs that require manipulation of big data and economic evaluation.

Participants Knowledge & Understanding will be developed to allow students to critically evaluate the holistic approach to economics and data analytics and explore the inter-disciplinary nature of economics and analytics through the understanding developed by the modules on the course.

The subject specific skills will equip participants with core competencies within the disciplines of economics and data analytics. Participants will acquire a working knowledge of the fundamental principles and functions, together with an understanding of functional areas of economics and analytics in a holistic integrated manner. Specifically these will include: Understand and evaluate the concepts of analytics in exploring and modelling relationships in large amounts of data, to enable meaningful information to be extracted for decision making purposes.

The course aims to develop a conceptual understanding of a range of statistical/data techniques commonly employed in economic and data analysis and demonstrate a good working knowledge of statistical software packages and be able to make effective use of this to aid in the analysis and presentation of data. The capstone dissertation/consultancy modules will equip students with skills to evaluate a variety of research methods available and be able to select those appropriate to a particular research topic, and to propose a relevant research design to engage in a major piece of independent research in the field of economics and analytics.

UL0. Demonstrate confidence, resilience, ambition and creativity and will act as inclusive, collaborative and socially responsible practitioners/professionals in their discipline.

LO1.Critically evaluate methodologies and adapt a variety of advanced quantitative and economic techniques, to be able to effectively propose solutions to real economic problems.

LO2. Formulate, conceptualise and frame economics and data problems and questions so as to propose feasible solutions.

LO3. Critically acquire and analyse data within micro and macroeconomic contexts.

LO4. Be able to use a variety of data tools (e.g., Python, Jupyter Notebook, R) to manipulate data and perform appropriate data analysis.

LO5. Generate inferences and conclusions based on data analysis.

LO6. Use current research and advanced scholarship to systematically anlyse and research projects and with reflection and propose solutions.

Several assessment strategies will be used to assess the learning outcomes, as specified in the
module specification documents. These will include a variety of assessment types,
such as coursework, essays, presentations, multiple choice tests, group work research
assignments, dissertation, consultancy report and written examinations. The assessment methods will be specified in each module specification and will enable students to demonstrate their achievement of learning outcomes and allow them to be judged against relevant assessment criteria.

A selection of assessment types to be employed is listed below :
• Group presentations –
• Flipped classroom group presentation – students to deliver short teaching sessions to their group
• Group report
• Individual presentation –
• Individual reports – various
• Reflective writing – final 60 credit dissertation/ projects

There are extensive opportunities for formative assessment and feedback through weekly tasks. The assessments in the taught modules provide an important opportunity to increase learning and build key skills such as team working, presenting, report writing and problem solving.

The Education for Social Justice Framework (ESJF) will be central in shaping/producing the assessments from the curricula, to ensure they meet criteria which formulates the ESJ Framework and demonstrate, assessments that are inclusive and engage a diverse range of students whilst at the same time supporting their individual cultural capital. In doing this the assessments will support the students in developing an inclusive leadership style to act as responsible global citizens.

There are no course specific regulations.

The MSc award is categorized into following specific grades with due consideration to borderline cases as per university regulations:

To obtain the award of MSc Economics and Data Analytics students need to successfully complete all modules (180 credits).

The award of PG Dip Economics and Data Analytics students need to successfully complete 120 credits from the total 180 credits.

The award of PG Cert Economics and Data Analytics students need to successfully complete 60 credits from the total 180 credits.

MSc with Distinction: This award is achieved by a student gaining an overall average mark on the programme of study of 70% and above including the dissertation or equivalent.

MSc with Merit: This award is achieved by a student who has an overall average mark on the programme of study between 60% and 69.99%.

MSc: This award is achieved by a student gaining an overall mark in the programme of study between 50% and 59.99%.

The two alternative core modules of the Dissertation & Business Consulting project will allow students to undertake reflection both on the taught elements of the course, in this the capstone modules that completes the course and also the opportunity to reflection on the journey of scoping and writing up a significant independent piece of research.

The Dissertation & Business Consulting project is to include a short section at the end entitled ‘Personal Reflection’. In this section students are asked to reflect on the process of researching and writing up your dissertation. This will allow students the opportunity to reflect on their learning experiences during the period of their research/consultancy and set out how these have contributed to their personal, academic and professional development. Please note the key aspects of this section, as follows:

The course has relevance to a wide variety of professions and careers and, as such, offers entry into a growing area of employment. The link to the study of economics includes the impact of the macro-economic environment upon organisations and by the microeconomic context of common business problems such as pricing and risk management. The ability of postgraduate students to be able to analyse the array of data now available to them in organisations and make intelligent decisions based upon this analysis, underpinned with an understanding of economics, is the key strength of the course.

After studying for your Economics and Data Analytics MSc, students will have excellent career prospects. The course will equip students to work in all areas of policy-making, analysis and organisational decision-making.
Once completed graduates may go into international organisations, consulting firms and international banks or public institutions. The transferrable skills gained from this course will also make graduates employable in all sectors, including profit or not-for-profit services.

After studying for your Economics and Data Analytics MSc, you will have excellent career prospects. You'll be equipped to work in all areas of policy-making, analysis and organisational decision-making.

You may go into international organisations, consulting firms and international banks or public institutions. The transferrable skills gained from this course will also make you employable in all sectors, including profit or not-for-profit services.

You will be required to have:

• a degree, or equivalent, at a classification of 2:2 or above
• a grade C/4 in English Language and Maths