Economics

Program structure and workload

The master’s curriculum starts with three mandatory core modules in the winter semester and then moves into a flexible elective phase in the following semesters. If you follow a prescribed set of electives within one specialisation, the programme issues a certificate documenting your focused expertise. A research seminar and the Master’s thesis are completed in the fourth semester, rounding off the degree.

Credits and electives

The programme uses the European Credit Transfer and Accumulation System (ECTS) and requires 120 ECTS in total. Mandatory lectures typically carry 10 ECTS each, while most other courses and seminars are worth 6 ECTS. The Master’s thesis accounts for 24 ECTS; together with the accompanying research seminar this research module adds up to 30 ECTS. Compulsory taught courses also total 30 ECTS, leaving 60 ECTS for elective study. Electives can be organised into one of three specialisations—Macroeconomics & Finance; Data Science & Microeconomics; Real Estate, Regional & Trade—or mixed from approved offerings. At least 36 ECTS of your electives (generally six courses) must come from the core economics programme; the remaining 24 ECTS may be chosen from other Faculty of Economics and Business courses, an internship, or university-wide language/IT courses, subject to limits on how many external-format credits can be counted.

Honours option and real estate specialisation

Highly motivated students can apply to the Honours Elite Study Programme, which includes a mandatory exchange semester, enhanced mentoring by faculty and professionals, interdisciplinary seminars, soft-skills and methods training, practitioner workshops and excursions, and a one-week honours academy held abroad. There is also a specialised track in real estate economics delivered in cooperation with faculty from the International Real Estate Business School (IREBS), a distinctive offering in Germany that prepares you for roles with institutions, central banks or real estate firms.

Key facts and requirements

• Total programme workload: 120 ECTS (ECTS = European Credit Transfer and Accumulation System)
• Core modules: three mandatory core modules in the winter semester; compulsory taught courses total 30 ECTS (mandatory lectures usually 10 ECTS each)
• Research module: research seminar + Master’s thesis = 30 ECTS (Master’s thesis = 24 ECTS), completed in the fourth semester
• Electives: 60 ECTS available for elective courses
  • Minimum 36 ECTS of electives (typically six courses) must be taken from the core economics study programme
  • Remaining 24 ECTS may come from Faculty courses, an internship, or university-wide language/IT courses (limits apply to imported credits)
• Specialisations available: Macroeconomics & Finance; Data Science & Microeconomics; Real Estate, Regional & Trade — completing a specified set yields a specialisation certificate
• Honours Elite Study Programme (optional): includes mandatory exchange semester, mentoring, interdisciplinary seminars, soft-skill/methods training, practitioner exchanges, and an abroad honours academy week

Curriculum overview

The first semester is structured around three compulsory courses—Advanced Microeconomics, Dynamic Macroeconomics and Methods in Econometrics—which are delivered in the winter semester and together constitute the full first-semester workload. For this reason the program recommends beginning in the winter term, although intake in the summer term is also possible. After the foundational winter courses, the program shifts to a more flexible mix of electives and research-focused teaching during semesters two through four.

Key modules and learning outcomes

• Advanced Microeconomics: deepens your understanding of individual and market behavior, equilibrium concepts and strategic interaction, equipping you to analyze complex economic models.
• Dynamic Macroeconomics: builds skills in modeling macroeconomic dynamics, policy analysis and intertemporal decision-making.
• Methods in Econometrics: trains you in empirical techniques for estimation, inference and causal analysis used in modern economic research. Collectively, these modules aim to give you rigorous theoretical foundations, robust quantitative and empirical tools, and the ability to design and carry out independent research—preparing you for PhD studies or analytical roles in the public and private sectors.

Practical structure and thesis

Elective courses and research seminars are available in both winter and summer semesters across the second to fourth semesters, allowing you to tailor your program toward empirical work, theory or applied policy topics. The Master’s thesis offers high scheduling flexibility: you may begin it at any time during the year, which can help with aligning thesis work to internships, employment opportunities or supervisor availability.

Requirements (concise)

• Mandatory coursework: Advanced Microeconomics, Dynamic Macroeconomics, Methods in Econometrics (offered in winter; these courses cover the entire first semester).
• Recommended start: Winter semester (summer start possible).
• Electives & research seminars: available in both winter and summer semesters for semesters 2–4.
• Master’s thesis: may be started at any time throughout the year.

Graduates are prepared for analytical and policy-oriented roles in the public and private sectors: economic analyst positions, central bank and regulatory roles, consultancy and advisory services, positions in finance and real estate firms, and data‑driven roles in industry. The Real Estate specialisation explicitly targets careers with real estate companies, central banks, and related institutions.

The programme’s combination of advanced theory, econometrics, and specialised electives also provides a solid foundation for academic research and doctoral studies. The honours track and research components further strengthen prospects for research positions and competitive PhD applications.