"Master of Science in Economics is a well structured and diverse program which primarily develops students’ analytical and quantitative skills. Through five different areas of specialization, students are given an opportunity to fully explore their potentials and match their preferences. The Program gives a sound knowledge base which is especially beneficial to students seeking a PhD degree. Apart from studying in an international environment and finding new friends, 2 years of life in Konstanz and by the breathtaking Bodensee are definitely an experince I will never forget."

The curriculum

All about study tracks and subject areas

The Master’s programme comprises modules (classes, seminars and the Master's thesis) amounting to 120 ECTS. In the first semester, all students take the same compulsory courses. For the contents of each class, please refer to the module handbook. You will find the times and rooms of each class in the course catalogue.

Subject areas

Our five subject areas give you the flexibility to customise your studies. If you opt for Track B, you choose one major out of these subject areas.

Econometrics and Applied Economics

The subject area Econometrics and Applied Economics helps you gain expertise in analysing and understanding complex economic issues using real world data.

You will gain knowledge in advanced econometric methods as well as statistical estimation and inference methods for micro-econometrics, macro-econometrics and financial econometrics. Moreover, the subject area will equip you with a vast understanding of applying these methods to real world data, as well as empirical research tools in the fields of labour economics, public economics and financial economics.

Compulsory Modules for Majoring:

  • Applied Time Series Analysis (summer semester)
  • Microeconometrics (summer semester)

International Financial Economics

The subject area International Financial Economics helps you examine key issues in the area, with a focus on theoretical, institutional, policy and empirical aspects.

You will gain knowledge in analysing and managing risks as well as theoretically analyse static and dynamic models of risk management. Furthermore, different approaches for managing interest rate risks will be applied. Another topic will be portfolio management. Finally, you will gain insight into the concepts:

  • Minimal versus maximal market rationality
  • Inferring market consensus probabilities from observed prices
  • Equilibrium sharing rules
  • Behavioural bias in decision making

Compulsory Modules for Majoring:

  • International Finance (winter semester)
  • Portfolio Management (winter semester)

Macroeconomics and International Economics

The subject area Macroeconomics and International Economics provides you with a comprehensive overview of macroeconomic modelling and quantitative applications.

Therefore, you will model exchange rates and their policy implications. Moreover, you will discover dynamic stochastic general equilibrium models. Consequently, you will apply these models on traditional macroeconomic issues, such as economic growth, employment, money, and consumption. From the benchmark neoclassical macroeconomic model, successive limiting assumptions are cancelled and extensions to several issues, such as heterogeneity, market incompleteness, and market frictions, are incorporated.

Compulsory Modules for Majoring:

  • Advanced Macroeconomics II (summer semester)
  • International Monetary Economics (summer semester)

Microeconomics and Decision Making

The subject area familiarizes you with the empirical and theoretical study of economic behaviour derived from individual behaviour. This will help you understand real world phenomena, such as bubbles in financial markets or involuntary unemployment. Therefore, you will apply and test models of human decision making including rational choice as well as non-standard models.

Compulsory Modules for Majoring:

  • Advanced Microeconomics II (summer semester)
  • Behavioural Economics (winter semester)

Public Economics

In the subject area Public Economics you will engage in advanced economic analyses of public sector activities. Here, you will address questions of optimal income and commodity taxation within a general equilibrium framework. Moreover, you will examine the consequence of the rational utility maximising assumption for government activities in an economic context.

Compulsory Modules for Majoring:

  • Economics of Taxation (summer semester)
  • Political Economy (summer semester)

Curriculum for Track A students

Track A is our fast track to a PhD. It allows you to take PhD courses already during your Master's. Excellent grades are a requirement to join the fast track.

Semester 1

– Advanced Econometrics (10 ECTS)

– Advanced Microeconomics I (10 ECTS)

– Advanced Macroeconomics I (10 ECTS)

Semester 2

You choose classes to the value of 30 ECTS, including 24 ECTS worth of taught classes and one seminar (6 ECTS) from one of five subject areas.

If you wish to major in a subject area, you take the two compulsory modules, two optional modules and one seminar from the selected subject area.

Semester 3

You choose three classes from the Doctoral Programme in Quantitative Economics and Finance (10 ECTS each), including two of the following modules:

– Topics in Advanced Econometrics

– Topics in Advanced Macroeconomics

– Topics in Advanced Microeconomics

Semester 4

You choose one class from the Doctoral Programme and complete your Master’s thesis (three months). If you major in one of the subject areas, the dissertation has to be from the area.

Curriculum for Track B students

Track B is our specialisation track. Choose one of our five specialisations (see above) to specialise.

Semester 1

– Advanced Econometrics (10 ECTS)

– Advanced Microeconomics I (10 ECTS)

– Advanced Macroeconomics I (10 ECTS)

Semester 2

You choose classes to the value of 30 ECTS from one of the five subject areas. Within your major, you take the two compulsory modules, two optional modules and one seminar (6 ECTS) from the selected subject area.

Semester 3

You take 24 ECTS worth of classes and one 6 ECTS seminar from any of the five optional subject areas.

Semester 4

You write your Master’s thesis (4 months) in your selected subject area.

Curriculum for Track C students

Track C allows you to choose courses according to your interests without following one of the specialisations. You can (more or less) create your own curriculum.

Semester 1

– Advanced Econometrics (10 ECTS)

– Advanced Microeconomics I (10 ECTS)

– Advanced Macroeconomics I (10 ECTS)

Semester 2

You take 24 ECTS worth of classes and one 6 ECTS seminar from any of the five optional subject areas.

Semester 3

You take 24 ECTS worth of classes and one 6 ECTS seminar from any of the five optional subject areas.

Semester 4

You write your Master’s thesis (4 months).