cambridge msc finance and economics

Last Updated on July 31, 2023 by Oluwajuwon Alvina

MPhil in Finance and Economics

MPhil in Economics - Home

The MPhil in Finance and Economics is a one-year master’s degree that runs from mid-September to late July. It is an intensive course combining advanced study and research, tailored for people with one year or less of work experience who intend to go on to work for industry. It places particular emphasis on economic coverage of financial themes, beginning from the institutional background, moving on to careful consideration of how observed institutions should be modelled, and ending by relating existing models to data and discussing how these models should be improved when they do not fit the data. Each student will take eight modules and write a dissertation. Each module consists of twenty hours of lectures, together with supporting classes.

Study


To obtain the degree of MPhil in Finance and Economics, students need to:

  • Attend the preparatory course in mathematics and statistics. The prep course runs from mid-September to early October. Its aim is to review and develop the required technical methods for the compulsory core modules. The topics covered are: linear algebra; statistics; static optimisation; dynamic optimisation; differential and difference equations. Students are expected to pass a two hour examination at the end of this preparatory course.
Course Requirements
  • Attend and be assessed in six compulsory modules in each core area of microeconomics, econometrics and finance, and two optional specialist modules (only one of which may be taken from the list of optional modules of the MPhil in Economics). Compulsory modules consist of both lectures and classes.

Core Modules

Optional Modules

  • Write a dissertation of up to 10,000 words. During the second term, each student is allocated a supervisor for the dissertation. The topic of the dissertation is associated with either a core subject or a specialist subject, and must be formally approved by the Faculty. During the second and third terms the student will meet the supervisor to discuss an outline of the topic, a bibliography, the use of appropriate data and methods of analysis, and a draft of the dissertation. After the written examinations in the third term, students can concentrate entirely on their dissertations, with supervisors permitted to give comments until the end of June. Dissertations are submitted by the end of July.

Assessment


Examination of the Modules will be in January, May and June.

Continuation to PhD


Continuation to PhD

The MPhil in Finance and Economics is designed for students who wish to obtain a one-year master’s qualification before leaving academic economics.

The MPhil in Finance and Economics is a one-year master’s degree that runs from mid-September to late July. It is an intensive course combining advanced study and research, tailored for people with one year or less of work experience who intend to go on to work for the industry. It places particular emphasis on economic coverage of financial themes, beginning from the institutional background, moving on to careful consideration of how observed institutions should be modelled, and ending by relating existing models to data and discussing how these models should be improved when they do not fit the data.

Learning Outcomes

On completion of the MPhil degree students should have:

  1. acquired advanced technical training in microeconomics,  and econometrics;
  2. acquired, a solid grounding in the principles and practice of financial markets and developed the understanding of the tools necessary to make good financial decisions.
  3. begun to acquire independent research skills and experience of putting them into practice;
  4. acquired experience and guidance in formulating a realistic research topic and prepared written work to a strict timetable; and
  5. acquired sufficient knowledge and understanding of advanced economics to proceed to a career as a professional economist in industry or to a research degree.

Continuing

The MPhil in Finance & Economics is designed for students who wish to obtain a one-year master’s qualification before leaving academic economics, and is not primarily designed for students who wish to continue to the PhD programme (please refer to the Faculty website for details).


Open Days

The Postgraduate Virtual Open Day usually takes place at the beginning of November. It’s a great opportunity to ask questions to admissions staff and academics, explore the Colleges virtually, and to find out more about courses, the application process and funding opportunities. Visit the Postgraduate Open Day page for more details.

Teaching

Each module, except Econometric Methods, consists of 18 hours of lectures, together with supporting classes. Econometric Methods consists of 27 hours of lectures.

Requirements:

  1. Attend the Preparatory course in Mathematics and Statistics
  2. Take six compulsory modules
  3. Take two optional modules, only one of which may be taken from the options from  the MPhil in Economics
  4. Write a dissertation of up to 10,000 words
One to one supervisionEach student receives individual supervision for the dissertation component of the MPhil in Finance and Economics. The University of Cambridge publishes an annual Code of Practice which sets out the University’s expectations regarding supervision.
Seminars & classesFive or seven classes per year for each compulsory module; a total of approximately 44 hours, but may be higher depending on the optional modules chosen.
LecturesThe total number of lecture hours for the course is 153 hours per year. Each student takes eight coursework modules; each module has 18 hours of lecture time, except for Econometric Methods, which has 27 hours of lectures. The preparatory course consists of 51 hours of lecture time.

Feedback

There is an internal examination on the material covered in the preparatory course which is assessed on a pass/fail basis.

There are some practice exams in January and students receive feedback on their performance.

Classes in problem sets take place for compulsory modules and some optional modules.

Each student receives individual supervision for the dissertation component of the MPhil in Finance and Economics.

Assessment

Thesis / Dissertation

Students submit a 10,000-word dissertation at the end of July.

Essays

A number of the Optional Modules are examined by project work.

Written examination

Written examinations are held in January, May/June.

Other

Mid-Course examinations will be held for the Microeconomics, Macroeconomic, and Econometrics Modules and are  held in the week prior to the beginning of the Lent Term.  The examinations will be of 1.5, 2, or 3 hours’ duration.  These mock exams will give students the opportunity to practice under examination conditions for the formal May examinations, and will also give a good indication of progress.

Key Information

11 months full-time

Master of Philosophy

Faculty of Economics

Course – related enquiries

Application – related enquiries

Course on Department Website

Dates and deadlines:

Michaelmas 2022

Applications open Sept. 1, 2021 Application deadline Dec. 2, 2021 Course Starts Sept. 12, 2022

Some courses can close early. See the Deadlines page for guidance on when to apply.

Expected Academic Standard

Applicants for this course should have achieved a UK High II.i Honours Degree.

If your degree is not from the UK, please check International Qualifications to find the equivalent in your country.

Please read the Faculty’s Entry Requirements and How to Apply pages before applying for this course.

The Faculty of Economics has high academic requirements and a large number of applicants that meet them. Applicants should have attained or expect to attain a very good undergraduate (or country equivalent) qualification in Economics. The degree should include standard courses in intermediate level Microeconomics, Macroeconomics and Econometrics (a Business Studies, Accountancy or Management degree or qualification does not provide an adequate background). If you do not meet the criteria listed below, it is unlikely you will be offered a place.

  • Applicants from UK universities: an undergraduate degree with a minimum of a good 2.1 (average grade over 68%).
  • Applicants from North American institutions: an undergraduate degree with a GPA of at least 3.6 out of 4 or the equivalent.
  • Applicants from other educational systems: an undergraduate degree (or country equivalent) where the applicant is within the top ten per cent of their reference group.

In addition, applicants are strongly encouraged to include supporting information of their ranking within each academic year.

University Minimum Academic Requirements


Language Requirement

IELTS (Academic)

ElementScore
Listening7.0
Writing7.0
Reading7.0
Speaking7.0
Total7.5

TOEFL Internet Score

ElementScore
Listening25
Writing25
Reading25
Speaking25
Total110

CAE

Score: Grade A or B (with at least 193 in each individual element) plus a language centre assessment.

CPE

Score: Grade A, B, or C (with at least 200 in each individual element).


Visa Information

No ATAS required

What Is An ATAS?

Expected Academic Standard

Applicants for this course should have achieved a UK High II.i Honours Degree.

If your degree is not from the UK, please check International Qualifications to find the equivalent in your country.

Please read the Faculty’s Entry Requirements and How to Apply pages before applying for this course.

The Faculty of Economics has high academic requirements and a large number of applicants that meet them. Applicants should have attained or expect to attain a very good undergraduate (or country equivalent) qualification in Economics. The degree should include standard courses in intermediate level Microeconomics, Macroeconomics and Econometrics (a Business Studies, Accountancy or Management degree or qualification does not provide an adequate background). If you do not meet the criteria listed below, it is unlikely you will be offered a place.

  • Applicants from UK universities: an undergraduate degree with a minimum of a good 2.1 (average grade over 68%).
  • Applicants from North American institutions: an undergraduate degree with a GPA of at least 3.6 out of 4 or the equivalent.
  • Applicants from other educational systems: an undergraduate degree (or country equivalent) where the applicant is within the top ten per cent of their reference group.

In addition, applicants are strongly encouraged to include supporting information of their ranking within each academic year.

University Minimum Academic Requirements


Language Requirement

IELTS (Academic)

ElementScore
Listening7.0
Writing7.0
Reading7.0
Speaking7.0
Total7.5

TOEFL Internet Score

ElementScore
Listening25
Writing25
Reading25
Speaking25
Total110

CAE

Score: Grade A or B (with at least 193 in each individual element) plus a language centre assessment.

CPE

Score: Grade A, B, or C (with at least 200 in each individual element).


Visa Information

No ATAS required

What Is An ATAS?


Funding Opportunities

There are a number of scholarships available to EU candidates applying for the MPhil in Finance and Economics. Check the course’s Finance Overview and Funding page on the Faculty website for more information.

General Funding Opportunities


Fees and Maintenance

My fee status is:

I shall have the following financial dependants:

Spouse/partner Children:

Your Estimated Annual Commitment:

ComponentCost
University Composition Fee£22,923
Maintenance£13,980
Total Annual Commitment£36,903

Apply using the Applicant Portal

The Apply Now button on the right will take you to the Applicant Portal. There, you can create and submit your application and supporting documents, and you can also request your references.

An application is only complete when:

  1. you have submitted your application and supporting documents via the Applicant Portal
  2. you have paid the £75 application fee. Further information on application fees see here.
  3. your referees have provided their references.

If you miss the deadlines specified in this section, you will not be able to submit your application.

Please read the Faculty’s Entry Requirements and How to Apply pages before applying for this course.

Please DO NOT submit an application for more than one of the MPhils offered by the Faculty of Economics. 

Selection Process

Applications are considered as a gathered field after the closing date in December and decisions are expected to be sent out in February/March.

Borderline applications are held until all other applications have been assessed. Students in this category will be re-considered and informed of a final decision between May and early July.

Kindly note that the Faculty will not provide feedback to individuals on the quality and content of their application to graduate programmes within the Faculty of Economics.

Further information on How To Apply


Things You’ll Need

In order to apply for this course you’ll need to think about getting a few things ready before you apply.

  • Two academic references

Transcript CV/resumeEvidence of competence in English


  • If required – you can check using our tool
  • Details of previous study
    Please upload details of the Microeconomics, Macroeconomics, Econometrics and Mathematical courses you have taken/will be taking in your current and previous degrees to show that you meet the entry requirements outlined on the Faculty’s website here. The template that MUST be used can be downloaded here.
  • GRE
    Applicants whose previous university training has been in countries outside the UK or part of the University of London International Programme MUST submit the results of a recent GRE test. Please note that failure to upload a GRE Test (if required) will result in the automatic withdrawal of the application. For more information, please see the Faculty’s website here or contact us via email.

Gates Cambridge Scholarships

If you wish to be considered for a Gates Cambridge Scholarship you will also need to provide the following:

  • Gates Cambridge Reference
  • Research Proposal (PhD applicants only)

See Gates Cambridge for more information.

testimonies

Excellent module and teaching. Prof. X is extremely good at explaining, visualising, exemplifying, and demonstrating advanced econometric methods and ideas. I greatly enjoyed this module, and I am sure my peers did too.

Feedback from Lent Term 2018 teaching survey – Econometric Methods (May 2018)

Great course – one of the best course I ever took in my 4 years life in

Cambridge. It combines theory and practical use of empirical methodologies to
understand various issues in asset management. It is a good course to take
for people who are interested in finance.

However, the amount of the material covered in the lecture can sometimes be a
little bit overwhelming. This course requires 100% focus in lectures and more
hard work in spare time.

Feedback from Michaelmas teaching survey – Applied Asset Management: (May 2017)

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