UNIVERSITY OF COPENHAGEN. DEPARTMENT OF ECONOMICS.

UNIVERSITY OF COPENHAGEN
DEPARTMENT OF ECONOMICS

Programme-specific Curriculum for the

MSc Programme in Economics
2015 (Effective from September 2022)
Content
1 INTRODUCTION ............................................................................................................. 4

2 TITLE AND AFFILIATION .............................................................................................. 4

3 PURPOSE AND COMPETENCY PROFILE ..................................................................... 4

3.1 Purpose ........................................................................................................................................................................ 4

3.2 Competency Profile ..................................................................................................................................................... 5

3.3 Admission Requirements ............................................................................................................................................ 6

3.3.1 Selection Criteria and prioritisation of applicants ................................................................................................. 7
3.3.2 Supplementary subject elements ........................................................................................................................... 8

4 CONTENT AND ACADEMIC PROFILE .......................................................................... 8

4.1 Programme components............................................................................................................................................. 8

4.2 Specialization............................................................................................................................................................. 10

4.3 Registration for Courses and Exams....................................................................................................................... 11

4.3.1 Selection Criteria for Electives ........................................................................................................................... 11
4.3.2 Selection Criteria for Seminars ........................................................................................................................... 12

4.4 Credit ......................................................................................................................................................................... 12

5 EXAMS ........................................................................................................................... 13

5.1 Assessment and Grading .......................................................................................................................................... 13

5.2 Exam Language ........................................................................................................................................................ 14

6 COURSE CATALOGUE ................................................................................................. 14

6.1 Outline of Programme Elements ............................................................................................................................. 14

6.2 Course Descriptions .................................................................................................................................................. 24

6.2.1 Master´s Thesis ................................................................................................................................................... 25
6.2.2 Master´s Thesis in Finance ................................................................................................................................. 29
6.2.3 Seminars.............................................................................................................................................................. 31

2
6.2.4 Co-curricular Written Assignments .................................................................................................................... 34
6.2.5 Re-exam Paper in Elective Courses and Seminars .............................................................................................. 37

3
1 Introduction
In addition to this Programme-specific Curriculum for the Master´s Programme in Economics there
is a Curricula’s Common Part which applies to all bachelor- and master’s programmes at the
Faculty of Social Sciences. The Curricula’s Common Part contains common rules that apply to all
programmes at the faculty. The Programme-specific Curriculum describes the academic elements of
the Master’s Programme in Economics.
The course descriptions in the university's course catalogue are part of the programme-specific
curriculum.
The Programme-specific Curriculum applies to students who started on the program on 1
September 2015 or later. The curriculum is approved by the Dean of the Faculty of Social Sciences
at the University of Copenhagen. This latest revision is approved in August 2022 and becomes
effective on 1 September 2022 for all students in the programme.

2 Title and Affiliation

On successful completion of the Master’s Programme in Economics, graduates are entitled to use
the title Master of Science (MSc) in Economics. In Danish: Cand.polit. or optional title cand.oecon.
The programme is affiliated with the Board of Studies for Economics.
The Board of External Examiners for Economics provides all external examiners for the
programme.
The programme is based at the Faculty of Social Sciences at the University of Copenhagen.
The language of instruction for this MSc programme is English.

3 Purpose and Competency Profile

3.1 Purpose
The Master’s Programme in Economics is an independent and complete research-based programme
of study. The programme is aimed at further developing the knowledge, skills, and competences
that students have acquired throughout their bachelor programme.
The aim of the Master’s Programme is to:
1. Provide students with the possibility to qualify and specialize in economic and econometric
theory and methods and to learn from other disciplines within the social sciences.

4
2. Equip students with advanced academic knowledge, theoretical qualifications, and
methodological skills so that students are capable of independently identifying, formulating, and
solving advanced complex problems within the fields of economics and econometrics.
3. Equip students with the competencies necessary to find employment in economic professions as
well as qualify them for admission to PhD programmes in economics.

3.2 Competency Profile

The aim of the research-based Master’s Programme at the University of Copenhagen is to offer
students a solid and internationally recognized development of their competencies in economics,
econometrics, and the application of these in economics and business problems. The programme
offers students a high degree of freedom of choice, which allows them to specialize in advanced
economics and econometrics. Moreover, there are options to choose to combine these with studies
within other disciplines within the social sciences.
Students may furthermore obtain a degree in economics with a specialization in finance.
The programme has been constructed to further the ability to develop personal, continuous and
critical knowledge. Several advanced economics theoretical and methodological courses ensure that
students’ knowledge reaches a high level by international standards.

After completing the programme, will have acquired the following:

Knowledge
• Deep and comprehensive knowledge about advanced aspects of economic theory
• Knowledge of advanced statistical and econometric methods
• Deep and comprehensive knowledge about how economic theory and methods can be applied to
contemporary economic problems
• Critical and independent reflection on advanced economic theory and methods

Skills
• Skills in using advanced economic theory within a wide range of fields, e.g., public economics,
development economics, international economics, finance etc.
• Skills in acknowledging, structuring, and solving economic problems in a constructive manner.

5
• Be able to independently construct, conduct and interpret own analyses using statistical and
econometric methods.
• Be able to independently disseminate complex economic problems in writing and orally in a
clear language
• Be able to critique economic theory and method

Competencies
• Be able to independently discuss and interpret the assumptions and limitations of economic
models in relation to concrete societal issues.
• Be able to independently define and carry out advanced statistical and econometric analyses
• Be able to independently formulate an analytical solution to an economic problem by combining
advanced economic theory, data, and statistical and econometric methods
• Be able to independently explain and interpret results of empirical and theoretical analyses
• Be able to independently identify and acquire new research-based knowledge on advanced
economic theory and methods
• Be able to independently initiate and carry out professional teamwork and assume academic
responsibility.

3.3 Admission Requirements

The Master’s Programme in Economics at the University of Copenhagen is offered both in Danish
and in English. The Danish intake is for applicants with an A-level in Danish.

The programmes below directly qualify graduates for admission to the English Master’s Programme
in Economics at the University of Copenhagen:
• Bachelor of Science (BSc) in Economics from the University of Copenhagen
• Bachelor of Science (BSc) in Economics – the Socioeconomic Line from the University of
Southern Denmark
• Bachelor of Science (BSc) in Economics from Aarhus University
• Bachelor of Science (BSc) in Economics from Aalborg University
• Bachelor of Science (BSc) in Mathematics-Economics from Aarhus University
• Bachelor of Science (BSc) in Mathematics-Economics from the University of Copenhagen
• Bachelor of Science (BSc) in Computer Science-Economics from the University of Copenhagen

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Other applicants may be admitted based on a specific, individual, academic assessment of whether
they are able to document knowledge, expertise and skills corresponding to the Bachelor
Programme in Economics at the University of Copenhagen. This assessment will be based on the
following requirements:
• The programme must be on the same level as the Bachelor of Science (BSc) in Economics from
the University of Copenhagen
• Microeconomics (a minimum of 15 ECTS corresponding to Microeconomics I+II from the
Bachelor of Science (BSc) in Economics, UCPH)
• Macroeconomics (a minimum of 15 ECTS corresponding to Macroeconomics I+II from the
Bachelor of Science (BSc) in Economics, UCPH)
• Econometrics/Statistics (a minimum of 15 ECTS corresponding to Probability Theory and
Statistics + Econometrics I from the Bachelor of Science (BSc) in Economics, UCPH)
• Mathematics (a minimum of 10 ECTS on the same level as Mathematics A+B from the
Bachelor of Science (BSc) in Economics, UCPH)
• Proficiency in English corresponding to at least English B-level (on par with the Danish upper
secondary school English level B)

Applicants who have completed other educational activities that can be equated with a completed
bachelor's degree can be admitted after individual assessment.

3.3.1 Selection Criteria and prioritisation of applicants

If more applicants than the maximum intake fulfil the admission requirements, a selection will be
made based on a comprehensive evaluation, with emphasis on the following criteria:
• Grades from the qualifying bachelor’s degree
• Grades achieved for bachelor’s courses relevant to the MSc in Economics, i.e., microeconomics,
macroeconomics, and econometrics
• Relevant academic experience, including work experience. If the applicant possesses any
academically relevant experience, including work experience, the applicant must submit a
statement which describes the experience acquired and its relevance for the MSc in Economics

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There is a restricted intake of students. For each upcoming intake, the current number of vacant
places on the Master’s degree programme can be found at
https://studies.ku.dk/masters/economics/application-procedure/.

3.3.2 Supplementary subject elements

Only the applicant’s bachelor’s degree will be considered when the applicant’s academic
qualifications is assessed. This means that it is not possible to complete supplementary courses to
meet the specific admission requirements.

4 Content and Academic Profile

4.1 Programme components
Courses and exams are quantified in terms of ECTS credits (the European Credit Transfer System),
according to which 60 ECTS credits correspond to one year of full-time study. If a course is
prescribed to 7.5 ECTS credits, this corresponds to 1/8 of one year’s prescribed full-time study.

The Master's programme in Economics is set at 120 ECTS and consists of the following 90 ECTS
constituent subject elements:
• Compulsory subject elements, 22,5 ECTS
• Core electives, minimum 22,5 ECTS
• Seminars, minimum 15 ECTS
• Thesis, 30 ECTS

In addition, the programme consists of restricted electives (non-constituent) of a maximum of 30

ECTS.
All courses, seminars, and the Master´s thesis, must be completed in English.

The table below illustrates the recommended academic progression. Students may plan
an alternative progression within the applicable rules governing the maximum time of study, cf. the
section on study activity requirements and study time in the Curricula’s Common Part:

8
 Master´s Thesis
4. sem. 30 ECTS
Electives Seminar
3. sem. 22,5 ECTS 7,5 ECTS
Electives Seminar
2. sem. 22,5 ECTS 7,5 ECTS
Microeconomics Macroeconomics
Electives Econometrics II III III
1. sem. 7,5 ECTS 7,5 ECTS 7,5 ECTS 7,5 ECTS

The compulsory courses Econometrics II, Microeconomics III and Macroeconomics III are placed
in the first semester. Students who have already passed one or more of these courses as part of their
admission qualifications must take core electives instead. Students who are admitted before 1
September 2020, and who have not taken Econometrics II as part of their admission qualifications,
may take the course as an elective course.

Core electives in economics include courses offered by the Department of Economics at the
University of Copenhagen, as well as courses in economic theory and methodology, econometrics,
and mathematics offered at other programmes (see section 4.4. on credits). Most electives, but not
all, and all seminars offered by the Department of Economics at the University of Copenhagen, are
regarded as constituent subject elements.
Students can replace 30 ECTS core electives with restricted electives. Restricted electives are non-
constituent elements which lie within the social sciences in a broader sense. The grouping of
electives into constituent core electives and non-constituent restricted electives, respectively, was
introduced as of 1 September 2022.

As part of the restricted electives, students may choose to write up to two (2) co-curricular written
assignments, each equal to 0.5–7.5 ECTS.

9
Students must take at least two (2), and a maximum of three (3) seminars. These are typically
placed in the 2nd and 3rd semesters. If a third seminar is taken, it replaces a core elective. Students
are free to move seminars and electives around.
A 30 ECTS mobility window may be placed on the second or third semester.
The thesis (30 ECTS) can be placed either in the 3rd or 4th semester, provided that the student has
passed at least 60 ECTS before the thesis writing period begins.

When transferring credits from other institutions, the total of non-constituent courses may not
exceed 30 ECTS (see section 4.4).

Econometrics II, Microeconomics III, and Macroeconomics III are offered each semester.
Most electives are offered either in the spring semester or in the autumn semester. The range of
seminars varies from semester to semester.

See section 6.1. for a list of all subject elements. Course descriptions can also be found in the online
course catalogue at www.kurser.ku.dk .

4.2 Specialization
Students enrolled in the Master’s programme in Economics can choose one track of specialization,
e.g., the finance track.
To complete the specialization in Finance, students must have taken at least 45 ECTS F-marked
finance electives, completed at least one F-marked seminar, and written their thesis within the field
of finance. Alternatively, 37,5 ECTS F-marked electives and two F-marked seminars.
All F-marked electives must be taken as part of the Master’s programme.
Most, but not all, F-marked electives offered at the Department of Economics, are considered
constituent core electives. See the course overview in section 6.
Students must apply for the specialization when the required number of F-marked courses and
seminars has been passed. The specialization in finance will appear on the student’s final diploma.

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4.3 Registration for Courses and Exams
Students are personally responsible for registering for all courses and exams through KUnet Self
Service during the registration periods prior to each semester. However, the administration registers
all students for the courses and exams in Econometrics II, Microeconomics III, and
Macroeconomics III for the first semester, provided that the students have not previously passed
elements corresponding to these courses.

Students only have the right to register for a course/seminar once. A second registration requires a
new exam approval. Students who choose to register for courses with mandatory assignments for a
second time must hand in all assignments again to be approved for the exam. It is not possible to
reuse an exam approval from a previous semester. Students are not guaranteed a spot on a
course/seminar when they re-register.

When registering for a course/seminar, the student will automatically be registered for the exam
associated with the course/seminar in question.

Registration for a course is binding when the late-registration period ends. This means that the
course must be included in the student's study programme, and that it cannot be replaced by other
courses.
If an elective /a seminar is no longer offered on a regular basis and/or is either cancelled or
postponed, the student is entitled to a third examination attempt, possibly by writing a re-exam
paper. See chapter 6.2.5.

4.3.1 Selection Criteria for Electives

If the number of registrations for a specific course within the initial registration period exceeds the
course capacity, students will be apportioned by the following order of prioritization:
1. Students, including exchange students, enrolled in the programme which offers the course.
2. Students from other programmes at the Faculty of Social Sciences who have registered for the
course through KU Self Service.
3. Credit students.

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4. Part-time tuition fee students.

The respective courses are filled with students from Category 1 before students from Category 2 are
considered, and so forth.
Within each category (1-4), students are distributed through the drawing of lots.

4.3.2 Selection Criteria for Seminars

Full-time students enrolled in the economics programme take priority over credit and single-subject
students. Students must choose three priorities to make sure they are allocated a spot. Students who
want to take two seminars must choose two first priorities, one second priority and one third
priority.
If there are more students who have registered for a seminar as their first priority than there are
spots available, the allocation of places will be decided by the drawing of lots. Students who do not
get a spot on their first priority will be allocated a place on their 2nd or 3rd priority if these have
been stated. Students who only choose a first priority and are not allocated a spot will not be
contacted by the study administration.

4.4 Credit
The Study Board can approve that the student, as part of the programme, completes courses at
another university or other higher education institution in Denmark or abroad. The student must
apply for a pre-approval for these courses.
Students enrolled in the Master’s programme in Economics are entitled to transfer a maximum of
60 ECTS from courses from a different educational institution in Denmark or abroad. 30 ECTS of
these may be non-constituent restricted electives. No more than one seminar can be transferred.
Language courses cannot be transferred. Exempt from the max 60 ECTS rule are: students who
transfer credits for course elements when transferring from another institution or study programme.
For a course to be transferred as a substitute for a specific course within the Master’s programme,
the course applied for must cover at least 75% of the syllabus/content in the course at the
Department of Economics.
For a course to be transferred as an elective without replacing a specific course to the Master's
programme, the course applied for must be within the field of economic theory or method,
econometrics, statistics, mathematics, programming, computer science or social science in a broader
12
sense. The course should provide the student with economic skills. The Study Board may grant an
exemption if it is considered that the course applied for is relevant in relation to the student's
individual academic profile. Such a course will be credited as a related course (non-constituent
course).
All courses and seminars for which credit is transferred must be completed in English.

5 Exams
5.1 Assessment and Grading
The Danish Ministerial Order on University Examinations (Eksamensbekendtgørelsen) stipulates
external examiners must evaluate at least one third of the amount of ECTS credits available through
the Master’s programme (i.e., 40 ECTS). This requirement is fulfilled through a 100 % external
assessment of the thesis (30 ECTS), as well as of the two seminars (15 -22,5 ECTS).
In addition, every semester, around three courses are selected for an external co-examination of
20% of the total amount of exam papers. In the overview of course elements (6.1), the form of
censorship for courses that can be selected for external assessment is specified as random sample.
Courses with an oral exam always have an external co-examiner if the course is taught by only one
teacher. Courses with take-home exams never have external co-examiners, unless extraordinary
circumstances apply.
Co-curricular written assignments corresponding to 5.5 ECTS or more are subject to external
assessment. Details of the evaluation method of each course are described in section 6.1, and in the
Course Catalogue at www.kurser.ku.dk/.

The Danish Ministerial Order on University Examinations (Eksamensbekendtgørelsen) stipulates

that at least two thirds of the ECTS credits of the Master’s programme (i.e., 80 ECTS) must be
assessed with grades. This requirement is fulfilled, through the assessment with grades of the
Master’s thesis (30 ECTS), Econometrics II (7,5 ECTS), Microeconomics III (7,5 ECTS) and
Macroeconomics III (7,5 ECTS), two or three seminars (15 – 22,5 ECTS), as well as at least
another electives of 15 ECTS. Students who have passed Econometrics II, Microeconomics III and
Macroeconomics III during their bachelor’s programme must replace these with graded core
electives offered by the Department of Economics.

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Most courses offered by the Department of Economics are graded according to the 7-point grading
scale. However, a small number of courses are assessed with Pass/Fail. When this is the case, it is
noted in the course description.

5.2 Exam Language

All courses, seminars, and the Master´s thesis, must be completed in English.

The language of the exam is the same as the teaching language. This means that it is not possible to
write exams in languages other than the teaching language. This also applies if the exam is changed
from a written exam to an oral exam and if a re-exam is in an elective course or a seminar exam is
changed to a re-exam paper. Mandatory assignments must also be written in English.
The Study Board may dispense from this rule under exceptional circumstances.

6 Course Catalogue
6.1 Outline of Programme Elements
Below is an overview of the programme elements.
The overview links to courses offered in the autumn semester 2022 and spring semester 2023.
Course descriptions for courses that are no longer offered can be found in the course catalogue
archive at University of Copenhagen - Previous courses (ku.dk)
(F) after the course title indicates that the course is part of the finance track.

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Compulsory Courses:

Course Title ECTS Pre- Exam Asses Exter Re- Exam

Credits
requisite ** sment nal ****
* Assess
ment
***
Econometrics II 7,5 Yes Portfolio, 48 Grade No Oral with
hours preparation
Microeconomics III 7,5 Yes 2 hours closed- Grade Random Same
book written sample
exam
Macroeconomics III 7,5 Yes 3 hours closed Grade Random Same
book written sample
exam

Core elective Courses:

Course Title ECTS Pre- Exam Asse Extern Re-exam

Credits
requisites ** ssme al ****
* nt assess
ment
***
Advanced 7,5 No 12-hour take- Grade No Oral exam
Development home exam without
Economics (Micro preparation
Aspects)
Advanced 7,5 Yes Portfolio, 48 Grade No Oral exam with
Development hours preparation
Economics - Macro
Aspects
Advanced 7,5 Yes 3 hour closed Grade Random Same, possible
Economics of the book written sample an oral exam
Environment and exam ****
Climate Change

15
Course Title ECTS Pre- Exam Asse Extern Re-exam
Credits
requisites ** ssme al ****
* nt assess
ment
***
Advanced Empirical 7,5 Yes Portfolio, 48 Grade No Oral Exam
Finance: Topics and hours without
Data Science (F) preparation
Advanced Financial 7,5 Yes 12 hours take- Grade No Oral Exam with
and Macro home exam preparation
Econometrics (F)
Advanced Game 7,5 Yes 3 hour closed Grade Random Same, possible
Theory book written sample an oral exam
exam ****
Advanced Industrial 7,5 No 3 hour closed Grade Random Same, possible
Organization book written sample an oral exam
exam ****

Advanced 7,5 Yes 3 hour closed Grade Random Same, possible

International Trade book written sample an oral exam
exam ****
Advanced 7,5 No 72 hours take- Grade No Same, possible
Macroeconomics: home exam an oral exam
Business Cycles ****
Advanced 7,5 No Portfolio, 48 Grade No Same, possible
Macroeconomics: hours an oral exam
Heterogenous Agent ****
Models
Advanced 7,5 Yes 48-hour take- Grade No Same
Macroeconomics: home exam
Structural Vector
Autoregressive
(VAR) Analysis (F)

16
Course Title ECTS Pre- Exam Asse Extern Re-exam
Credits
requisites ** ssme al ****
* nt assess
ment
***
Advanced 7,5 Yes Portfolio, 48 Grade No Oral exam with
Microeconometrics hours preparation
Applied 7,5 No 12-hour take- Grade No Oral exam
Econometric Policy home exam without
Evaluation preparation
Behavioral and 7,5 Yes 2 hour closed Grade Random Same, possible
Experimental book written sample an oral exam
Economics exam ****
Behavioral Finance 7,5 No 2 hour closed Grade Random Same, possible
(F) book written sample an oral exam
exam
Contract Theory 7,5 No 3 hour closed Grade Random Same
book written sample
exam
Corporate Finance 7,5 Yes 15-hour take- Pass / No Same, possible
Theory (F) home exam, fail an oral exam
duration two
weeks
Demography 7,5 Yes Project Grade No Same
Development 7,5 No 3 hour closed Grade Random Same, possible
Economics book written sample an oral exam
exam ****
Distributive Justice 7,5 No 3 hour closed Grade Random Same, possible
book written sample an oral exam
exam ****
Dynamic 7,5 No Project + oral Grade No Same
Programming - exam
Theory,
Computation, and
Empirical
Applications

17
Course Title ECTS Pre- Exam Asse Extern Re-exam
Credits
requisites ** ssme al ****
* nt assess
ment
***
Economic Growth 7,5 No 3 hour closed Grade Random Same, possible
(F) book written sample an oral exam
exam ****
Economic Policy 7,5 Yes 12 hours take Grade No Same, possible
and the Welfare home exam an oral exam
State ****

Economic 7,5 No 24 hour take- Grade No Same, possible

Sociology home exam an oral exam
****
Economics of 7,5 No 3 hour closed Grade Random Same
Banking (F) book written sample
exam
Economics of 7,5 Yes 3 hour closed Grade Random Same, possible
Education book written sample an oral exam
exam ****
Economics of 7,5 Yes 3 hour closed Grade Random Same, possible
Exchange Rates (F) book written sample an oral exam
exam ****
Economics of 7,5 Yes 12 hours take Grade No Same, possible
Gender home exam an oral exam
****

Economics of the 7,5 No 3 hour closed Grade Random Same, possible

Environment and book written sample an oral exam
Climate Change exam ****
Energy Economics 7,5 No 12-hour take- Grade No Same, possible
of the Green home exam an oral exam
Transition ***

Field Experiments 7,5 Yes 12-hour take- Grade No Same

home exam

18
Course Title ECTS Pre- Exam Asse Extern Re-exam
Credits
requisites ** ssme al ****
* nt assess
ment
***
Financial Decision 7,5 Ja 3 hour closed Grade Random Same
Making book written sample
exam
Financial 7,5 Yes 3 hour closed Grade Random Same
Econometrics A (F) book written sample
exam
Financial Markets 7,5 No 12-hour take- Grade No Same, possible
Microstructure (F) home exam an oral exam
****
Financial Theory 7,5 No 3 hour open Grade Random Same, possible
and Models (F) book exam sample an oral exam
****
Fixed Income 7,5 No 48-hour take- Grade No Same, possible
Derivatives: Risk home exam an oral exam
Management and ****
Financial
Institutions (F)
Foundations of 7,5 No 3 hour closed Grade Random Same, possible
Behavioural book written sample an oral exam
Economics exam ****
Health Economic 7,5 No Project Grade No Same
Evaluations
Health Economics 7,5 No 3 hour closed Grade Random Same, possible
book written sample an oral exam
exam ****
History of Economic 7,5 No 72 take home Grade No Same
Thought exam

Incentives and 7,5 No Project Grade No Same, possible

Organization an oral exam
****

19
Course Title ECTS Pre- Exam Asse Extern Re-exam
Credits
requisites ** ssme al ****
* nt assess
ment
***
Industrial 7,5 No 3 hour closed Grade Random Same
Organization book written sample
exam
International 7,5 Yes 3 hour closed Grade Random Same, possible
Economics book written sample an oral exam
exam ****
Introduction to 7,5 Yes Portfolio, 48 Pass/ No Samme, evt.
Programming and hours fail mundtlig
Numerical Analysis ****
Introduction to 7,5 Ja Project, 10 days Grade No Same, possible
Social Data Science an oral exam
****
Labour Economics 7,5 No 12-hour take- Grade No Oral exam
home exam without
preparation
Macroprudential 7,5 No 12-hour take- Grade No Same, possible
policy and systemic home exam an oral exam
financial risks (F) ****
Managerial 7,5 No 3 hour closed Grade Random Oral exam
Accounting (F) book written sample
exam
Mechanism Design 7,5 Yes 24-hour take- Grade No Same
home exam
Political Economics 7,5 No 3 hour closed Grade Random Same, possible
book written sample an oral exam
exam ****
Pricing Financial 7,5 No 3 hour closed Grade Random Same
Assets (F) book written sample
exam
Public Finance 7,5 Ja 3 hour closed Grade Random Same, possible
book written sample an oral exam
exam ****

20
 Course Title ECTS Pre- Exam Asse Extern Re-exam
Credits
requisites ** ssme al ****
* nt assess
ment
***
Science of Behavior 7,5 Yes 2-hour closed Grade Random Same
Change book written sample
exam
Tax Policy 7,5 No 3 hour closed Grade Random Oral
book written sample
exam
The Economic 7,5 Yes 24 hour take- Grade No Same, possible
History of Europe home exam an oral exam
****

Restricted electives (non-constituent):

Titel ECTS- Forudsæt Eksamen Bedøm Cen Reeksamen
point ningskrav ** melse sur ****
* ***
Advanced Strategic 7,5 No Oral exam Grade Yes Same
Management without
preparation with
synopsis
Organization Theory 7,5 Yes 48-hour take- Grade No Oral Exam
home exam

Strategic 7,5 Yes Oral with Grade Yes Same

Management preparation and
written aids

21
Seminars:
Subject ECTS Prerequisites Exam Assessment External Re-
* assessment exam

Seminars 7.5 Yes Project Grade Yes Re-exam

Course selection paper*
changes every
semester It is not
possible to
write the
re-exam
paper in
the same
semester
as the
seminar
takes
place. The
re-exam
paper must
be written
the next
semester
or later.

Re-exam paper in elective courses and seminar:

Subject ECTS Prerequisites Exam Assessment External Re-

* Assessment exam
Re-exam paper 7,5 No Project Grade Yes Same
ECTS
• Re-exam in seminars
(2nd and 3rd exam
attempts)

• Re-exam in an
elective course if the
exam is not offered
on a regular basis

22
Co-Curricular Written Assignments:
Subject ECTS Prerequisites Exam Assessment External Re-
* assessment exam

Co-Curricular 0.5– No Project Pass/Fail (0.5– No (0.5– Same

Written Assignment 7.5 5 ECTS) 5 ECTS)

Students select the Grade (5.5– Yes (5.5–

title; the assignment 7.5 ECTS) 7.5 ECTS)
is written in
continuation of a
course

Master´s Thesis:
Subject ECT Prerequisites Exam Assessment External Re-
S * assessment exam

Master´s Thesis 30 Yes Project Grade Yes Same

with oral
Students select title defense

Students can choose to

write a finance thesis

*Students must meet the prerequisites before they are allowed to undertake the examination in the
course, e.g., compulsory assignments, attendance, active participation, presentation and/or
submission of a paper or a contract. The examination for some courses may be a project. In these
cases, it may be a requirement that students submit a project description or similar before being
eligible to write the project. This is not necessarily mentioned above.

** The specific exam registration requirements can be found in the course description in the
electronic course catalogue at http://kurser.ku.dk/.
In courses where the exam is a take-home assignment or project, and where the re-sit is changed to
an oral exam, students may be required to hand in the assignment/project or a synopsis before
attending the oral exam.

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*** Random sample means that the course can be selected for 20% external assessment.

**** The exam is conducted orally by 8 or fewer registered students

A take-home exam is defined as a given set of assignment questions that must be answered
individually. For take-home exams, aids are always allowed. During take-home exams, students are
not allowed to cooperate with others, including communicating with others about the examination.
If students for some take-home examinations are allowed to enter into collaboration with fellow
students, this will be stated in the course description.
A project exam is defined as an assignment where the student selects the topic of the assignment
within the subject area. The student must prepare a project description that must be approved by the
teacher.

Rules on cooperation as regards individual exams are described in the Curricula’s Common Part.

6.2 Course Descriptions

The following section contains course descriptions for the:
• Master´s Thesis
• Master´s Thesis in Finance
• Seminars
• Co-curricular Written Assignments
• Re-exam paper in Seminars and Elective Courses

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6.2.1 Master´s Thesis
The master´s thesis comprises 30 ECTS and must be placed in the second year of the master’s
programme. The student must have passed at least 60 ECTS in the programme before the thesis
writing period begins.

Content
The Master's thesis must demonstrate competencies in working work with academic theories and
methods within a specific topic based on key areas of economic theory and applied economics. The
Master's thesis must be written based on the core courses and other teaching activities (including
those that are transferred from other degree programmes), which are included in the Bachelor's and
Master's programmes in Economics.

Intended Learning Outcome:

In the master´s thesis, the student is expected to be able to:
Knowledge
• Explain and critically relate to relevant theoretical and / or empirical issues within the core areas
of the study programme.
• Explain and discuss new research-based knowledge of advanced theory and methodology within
the core areas of the study programme.

Skills
• The student should be able to: Identify and describe a relevant, defined research question, and
carry out an independent scientific analysis within one or more core areas of the programme.
• Apply relevant theories in a well-informed manner and reflect critically upon the applied
theories, methods and empirical data that form the basis for the analysis.
• Design strategies for solutions related to the specific research question
• Carry out a written and an oral reporting of research questions, method, analysis, and
conclusions at an academic level.

Competencies
• Structure and initiate theoretical and/or empirical analyses within one or more core areas of the
study programme.

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• Independently formulate an analytical solution to an economic problem, if needed by combining
advanced economic theory, data and statistic and econometric methods.
• Remain analytically towards the applied theories, methods, and own empirical
• Be able to independently achieve academic development and specialization through the
answering of the research question.

Students whose master´s thesis and oral defense exam meet the specified requirements to an
excellent degree (that is, with no or only a few minor weaknesses) are awarded the highest grade
possible (12).

Registration
Students must register for the thesis in accordance with the rules described in section 4.2.4 of the
Curricula’s Common Part. For a detailed description of the registration procedures see the study
pages at KUnet.

Students must find a supervisor among one of the full-time lecturers at the Department of
Economics, or among one of the part-time lecturers affiliated with the department. In exceptional
circumstances, students may apply to the Board of Studies for an external supervisor employed at
another Danish university. The exemption will be granted on condition that none of the supervisors
at the Department is capable of supervising the student(s) in question.

Students, who write their theses in collaboration with a company and make use of company data,
should draw up a third-party agreement clarifying how the students may use the data, and whether
the thesis must be confidential. A template third-party agreement is available in the study pages at
KUnet under ‘Master’s Thesis’.

To write a thesis in a group, students must be enrolled in a programme governed by the same
curriculum. It is not possible to write a thesis with a student enrolled in a different degree
programme. It is not possible to get a pre-approval to write the thesis at another programme.
It is not possible to cancel the registration once approved by the University.

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Submission
Theses must be submitted in Digital Exam. The exact procedure for submission is described in the
study pages in KUnet.

If the thesis is not submitted on time, it will not be assessed. In such cases, the students will have
used their first exam attempt and must enter into a new contract. The new contract must include a
revised problem statement within the same subject area.

About the second and third exam attempts

Students who fail to submit their theses by the stipulated deadline must register for a
second exam attempt (and, if needed, a third attempt) under the rules described in section 4.2.5 of
the Curricula’s Common Part.

The student cannot use their second and third attempts if their maximum study time is exceeded. In
that case, the student is withdrawn from the university regardless of whether all attempts have been
used.

Type of Examination and Other Regulations

The master´s thesis is a project with a subsequent oral defense.

Formal requirements
Theses may be written individually or by two students in collaboration. If written by one student,
the thesis must be no longer than 60 standard pages (144,000 keystrokes in total)); with two
students the limit is 90 pages (216,000 keystrokes in total).

A standard page is defined as 2400 keystrokes including spaces. See section 4.5 of the Curricula’s
Common Part for an overview of what is included in the keystroke count.

If two students co-write their thesis, it must be clearly stated which student wrote which part,
enabling that their contributions can be assessed individually. The foreword/introduction and table
of contents should clearly identify to which parts each author has contributed. Only the introduction

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and conclusion, as well as any potential sub-conclusions, may be written collectively. Please note
that no more than 20% of the thesis may be co-written.

Students co-writing their thesis, defend it individually, and the authors may not be present at the co-
author’s oral defense.

Assessment
The Master’s thesis is assessed according to the 7-point grading scale, with external grading.
The summary is included in the assessment of the thesis.

The summary should summarize the main points of the thesis and stipulate how the student arrived
at these conclusions. The summary must be written in English, German, or French. Swedish and
Norwegian do not count as foreign languages.

Writing and spelling skills are part of the overall assessment of the thesis. However, the academic
content is weighed more heavily. The Study Board may grant an exemption from this rule in case of
impairment.

Language
English

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6.2.2 Master´s Thesis in Finance
The Master´s thesis in Finance comprises 30 ECTS and must be placed in the second year of the
Master’s programme. The student must have passed 60 ECTS in the programme before the thesis
writing period begins.

Content
The Master's thesis must demonstrate competencies in working with academic theories and methods
within a specific topic based on key areas of financial economic theory and applied financial
economics. The Master's thesis must be written based on the core courses and other teaching
activities (including those that are merited from other degree programs), which are included in the
Bachelor's and Master's Programmes in Economics, with focus on finance courses/seminars within
the finance track.

Intended Learning Outcome

In the Master´s thesis, the student is expected to be able to:
Knowledge
• Explain and critically relate to relevant theoretical and/or empirical issues within the core areas
of the Finance track.
• Explain and discuss new research-based knowledge of advanced financial theory and
methodology within the core areas of the Finance track.

Skills
• Identify and describe a relevant, defined research question and carry out an independent
scientific analysis within one or more core areas of the Finance track.
• Apply relevant theories in a well-informed manner and reflect critically upon the applied
theories, methods and empirical data that form the basis for the analysis.
• Design strategies for solutions related to the specific research question.
• Carry out a written and an oral reporting of research questions, method, analysis, and
conclusions at an academic level.

29
Competencies
• Structure and initiate theoretical and/or empirical analyses within one or more core areas of the
Finance track.
• Independently formulate an analytical solution to a financial economics problem, if needed, by
combining advanced financial economic theory, data, and statistical and econometric methods.
• Remain analytically towards the applied theories, methods, and own empirical work.
• Be able to independently achieve academic development and specialization through the
answering of the research question.

Students whose Master´s thesis and oral defense exam meet the specified requirements to an
excellent degree (that is, with no or only a few minor weaknesses) are awarded the highest grade
possible (12).

The other sections regarding Registration, Submission, 2nd and 3rd examination attempts, type of
examination and other regulations and assessment are identical to the text in the preceding section
(6.2.1 Thesis).

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6.2.3 Seminars
Seminars are courses with class teaching and a focus on written presentation. Assignments must be
written in English.
It is recommended (but not a requirement) that students have participated in the corresponding
course if such a course exists. The students make an agreement with the lecturer of the seminar
concerning the topic of their individual seminar assignment.

Purpose
The purpose of seminars in the Master’s Programme in Economics is for students to identify and
clarify a problem employing theories and methods acquired during their Bachelor’s and Master’s
Programmes in Economics. Participation in an economic seminar involves preparation of a written
presentation, constructive discussions of other students’ presentations and active participation.
In the assessment, emphasis will be placed on a clear and distinct language in the seminar paper.
The students make an agreement with the lecturer of the seminar concerning the topic of their
individual seminar assignment.

Intended Learning Outcome

Knowledge
• Specialized knowledge of a specific research theme within one or more of the core areas of the
study programme.
• In-depth knowledge of academic discussions from relevant scientific literature.
• Knowledge of core methods, concepts and issues related to the research theme.

Skills
• Independently and critically select, define, and analyze a subtopic within one or more of the
core areas of the study programme.
• Independently and critically identify literature relevant to the selected sub-topic
• Independently assess the relevance and the reliability of the chosen theory, methodology and
empirical data.
• Communicate the research results in an academic style.

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• Evaluate and independently discuss the academic projects of fellow students as well as one’s
own.
• Offer professional feedback on the academic projects of fellow students.

Competencies
• Synthesize research-based contributions to knowledge.
• Planning and preparing advanced academic assignments within pre-determined time frames and
contributing to the formation of knowledge.
• Remain analytically towards the applied theories, methods, and own empirical work.

Students whose seminar paper meets the specified requirements to an excellent degree (that is, with
no or only a few minor weaknesses) are awarded the highest grade possible (12).

Type of instruction
During the economic seminars the participating students prepare a paper about a previously agreed
upon topic and present it to their fellow students and the lecturer. The participating students take
turns in the role of opponents of other students’ presentations.

Formal Requirements
As a requirement for the examination, students must:
a) Attend the agreement meeting at the beginning of the seminar
b) Attend seminar classes
c) Submit their commitment paper
d) Submit a pre-presentation (in case of such a requirement)
e) Present their own seminar paper
f) Oppose a fellow student’s seminar paper
g) Submit the final seminar paper

The seminar paper in the master’s programme must consist of a maximum of 15 standard pages
(36.000 keystrokes in total) and 8 pages of appendices (19.200 keystrokes in total). A standard page
is defined as 2.400 keystrokes including spaces. See section 4.5 of the Curricula’s Common Part for
an overview of what is included in the keystroke count.

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If two or more students co-write an assignment, the number of standard pages is increased
correspondingly. E.g., if two students co-write then the written presentation must consist of a
maximum of 30 standard pages (72.000 keystrokes) and 16 pages of appendices (38.400
keystrokes).

If two students co-write an assignment, it must be clearly stated which student wrote which part,
enabling their contributions to be assessed individually. The foreword/introduction and table of
contents should clearly identify to which parts each author contributed. The introduction and
conclusion, as well as any potential sub-conclusions, may be written collectively. Please note that
no more than 20 % of the assignment may be co-written.

Registration and submission

Students register for seminars online through KUSelf Service – please consult paragraph 4.2 and
4.2.2.
The assignment must be submitted online in Digital Exam.

Type of Examination
The grade for participation in a seminar is awarded based solely on the written presentation.
In the assessment of an economic seminar paper, the clarity and linguistic accuracy take
precedence.
Seminars are assessed externally, according to the 7-point grading scale. Writing and spelling skills
are part of the overall assessment of the thesis. However, the academic content is weighed more
heavily.The Study Board may grant an exemption from this rule in case of impairment

Re-exam
Re-exam in a seminar is not possible within the same semester as the seminar is offered. If a
seminar is offered again, the student can register again and must thereby meet the prerequisites
again. If a seminar is not offered again, the student can write a re-exam paper within the same
subject area as in the seminar. See section 6.2.4: "Re-exam paper in elective courses and seminars ".
Re-exam papers in seminars are assessed externally, according to the 7-point grading scale.

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6.2.4 Co-curricular Written Assignments
A co-curricular assignment substitutes ECTS credits in the group of elective courses in economics.

Purpose and Description of Objectives

Co-curricular written assignments are available for students who want to enhance their knowledge
and competencies in a particular course. Students are allowed to write a maximum of two
assignments of this kind during their master’s programme.

The rules for deadlines are posted on the study pages at KUnet.

Intended Learning Outcome

The students should demonstrate their mastery of the following:
Knowledge
• Reflect critically and independently upon, and discuss, the economic theory and method within
the chosen area of study.

Skills
• Apply relevant theories and methods to a selected area of study.
• Be able to independently summarize and analyze a topic in a well-structured written report.

Competencies
• Independently identify and select relevant theories to examine a chosen area of study.
• Independently select, analyze, and apply academic literature relevant to a specific problem
statement.

Registration, Submission and Supervision

Students register by submitting a registration form to the study administration (available in the
study pages at KUnet).

Students should enter into supervision agreements with one of the full-time lecturers at the
Department of Economics or an affiliated part-time lecturer, a PhD-student, or a post doc. In the
case of exceptional circumstances, students can have an external supervisor. No actual supervision

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is provided for co-curricular written assignments, but the supervisor is expected to assist with
literature suggestions and the structuring of content and time use.

Assignments prescribed to up to 5 ECTS credits must be submitted no later than two months after
the registration date, while assignments prescribed to 5.5 ECTS or more must be submitted no later
than four months after the registration date.
The assignment must be submitted in Digital Exam.

Formal requirements
The length of co-curricular written assignments depends on the prescribed number of ECTS credits.
The requirements for the number of pages for co-curricular written assignments are as follows:
• 0–5 ECTS = 1–1.5 standard pages
• 1 ECTS = 2–3 standard pages
• 2.5 ECTS = 5–7.5 standard pages
• 5 ECTS = 10–15 standard pages
• 7.5 ECTS = 20–25 standard pages

If the assignment is prescribed to another number of ECTS than those listed above, the amount of
pages is calculated based on the number of pages for a 1 ECTS credit assignment.

A standard page is defined as 2,400 keystrokes including spaces. See section 4.5 of the Curricula’s
Common Part for an overview of what is included in the keystroke count.

The assignment may be written by up to two students. If two students co-write the assignment, they
must do so in a way that allows for their individual contributions to be assessed individually. The
foreword/introduction and table of contents must all clearly identify with which paragraphs each
author contributed. The introduction and conclusion, as well as any sub-conclusions and/or
summaries, may be written collectively. However, no more than 20 % of the assignment may be co-
written.
For assignments written by two students, the number of pages is multiplied by 1.5.

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Type of Examination
The supervisor assesses assignments prescribed to up to 5 ECTS with a Pass/Fail grade.
Assignments prescribed to 5.5 ECTS or more are assessed externally and graded according to the 7-
point grading scale.

About the second and third exam attempts

Same as for ordinary examination.

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6.2.5 Re-exam Paper in Elective Courses and Seminars
A re-exam paper substitutes 7.5 ECTS in the group of s elective courses or seminars.

Purpose and Description of Objectives

A re-exam paper can only be written by students who have been enrolled in an elective course or a
seminar that they did not pass. The re-exam paper is an option if an elective course or seminar is not
offered on a regular basis and either canceled or postponed.
Students are not allowed to co-write a re-exam paper.

Intended Learning Outcome

The students should demonstrate their mastery of the following:
Knowledge
• Reflect critically and independently upon, and discuss, the economic theory and method within
the chosen area of study.
• Demonstrate knowledge of advanced aspects of a chosen subject within economic theory and its
applications, including knowledge of theories and / or methods related to the subject.

Skills
• Select and apply relevant theories and methods on a selected area of study.
• Be able to independently summarize and analyze a topic in a well-structured written report.

Competencies
• Independently select, analyze, and apply academic literature relevant to a specific problem
statement.

Registration, Submission and Supervision

Registration for a re-exam paper in a seminar takes place through KU Self-Service at KUnet during
the re-exam registration period.

If an elective course or seminar is canceled or postponed, the student will be contacted by the study
administration and offered to write a re-exam paper.

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In other exceptional circumstances, the student may apply for an exemption to write a re-exam
paper.
The re-exam paper can only be written individually.

The re-exam paper is initiated at the beginning of the semester (1 September (autumn) or 1
February (spring)).
The assignment must be submitted in Digital Exam and the student has 4 months to write it.

In principle, the examiner is the teacher of the seminar/elective course. The Head of Studies can
appoint a different examiner. No actual supervision is provided for a re-exam paper, but the
examiner is expected to assist with literature suggestions and the structuring of content and time
use.

Type of Examination
Re-exam papers are assessed in the same way as the elective or seminar in which it is written.

Formal requirements
The length of re-exam paper is 20–25 standard pages.
A standard page is defined as 2,400 keystrokes including spaces. See section 4.5 of the Curricula’s
Common Part for an overview of what is included in the keystroke count.

About the third exam attempt

Same as for second exam attempt.

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