Master in
Quantitative Economic Analysis
About The Master
The Master in Quantitative Economic Analysis is an official UAM master’s degree that offers comprehensive, quality training geared towards professional and research practice in the field of quantitative economic analysis. The objective of the master’s program is to train professionals to be able to work at the Spanish or European public economic administration, international organizations and economic research departments. In addition, the master’s degree provides access to the PhD program in Economics and Business for those students who wish to pursue an academic and research career.
Introduction
The program covers a gap in the current panorama, by combining the most classic training of a standard program in economic analysis with a strategic attention in the knowledge and application of the new paradigms of data analysis, related to the field of big data and the processes of machine learning applied to economic and financial problems. The program gives a remarkable importance to the quantitative approaches currently applied by most institutions focused on macro and microeconomic analysis.
The Master in Quantitative Economic Analysis is aimed primarily, but not only, at students with a Degree in Economics, Business Administration, Economics and Finance and other related fields. The design of the Master’s Degree can also be attractive for graduates from other areas with strong analytical content, such as Engineering, Physics or Mathematics, who want to develop their academic or professional careers in the field of economic analysis.
Upon completion of the master, students are expected to be able to work as quantitative economic analysts in the Spanish and European public administrations, in international organizations or in research departments of private firms and institutions. As an alternative, students wishing to pursue an academic career may access the doctoral program in Economics and Business.
The program has a markedly quantitative character, seeking to train professionals who are in high demand and who know how to operate with ease in the field of quantitative economic activity. The origin of the students, in many cases international, and the international profile of many of the professional internships that can be obtained, make the Master’s program a springboard to the labor market, not only in Spain but also internationally. All the subjects are taught in English.
The students of the master may apply for a UAM scholarship that promotes research in master studies (400 €/month for 11 months and full exemption of tuition fees). The granting decision is based on applicants’ academic records. Successful students carry out research under the supervision of a university professor. All information about the call and requirements can be found here.
Contact
For more information about the Master you can contact us at:
Admissions
Requirements
The Master’s Academic Committee will be responsible, among other tasks, for the selection and admission process of applicants to the Master’s Degree, taking into account the following specific selection requirements:
To hold an official Spanish university degree in Economics, Business Administration, Economics and Finance or other related degrees with a solid grounding in Economic Theory, Econometrics and Mathematics, or a degree in Mathematics, Physics, Statistics or Engineering. Likewise, university graduates from foreign educational systems may be admitted without the need to have their degrees validated, as long as they accredit a level of training equivalent to the corresponding official Spanish university degrees and that they qualify, in the country issuing the degree, for access to postgraduate education.
To hold at least level B2 in English (recognized in the new Common European Framework for Languages) or equivalent. The table of equivalences used between the different types of certificates admitted can download here: Download
Admission criteria
From among those students that meet the above requirements, the Master’s Academic Commission will assess:
Academic record, especially the number of subjects passed with economic and/or quantitative content and the grade obtained.
Level of English.
Complementary training and/or professional experience in the required degrees.
The Academic Committee will also consider personal interviews when appropriate.
Documentation
Academic transcript of grades for undergraduate studies. This certificate must be translated if it is not in Spanish or English.
Average grade statement (compulsory for students who do not belong to UAM). In the case of applicants with foreign qualifications, this can only be accredited with the official certificate of equivalence of average grades issued by the Spanish Ministerio de Educación y Formación Profesional.
Official certificate of at least level B2 in English (recognized in the new Common European Framework for Languages) or equivalent. An affidavit will not be valid.
Curriculum Vitae, indicating additional training and/or professional experience in the required qualifications.
During the third term (Summer term), students will take the optional subjects of their selected itinerary. They can choose to do an internship in a first level company or public institution (professional track), or take two specialized optional subjects (research track).
- Classes: from 8 April to 23 May 2025.
- Exams: from 26 to 30 May 2025.
The second term (Lent term) includes four compulsory and one optional subjects, covering topics directly related to economic theory, international finance, econometrics, big data analysis and complex networks.
- Classes: from 8 January 2025 to 18 March 2025
- Exams: from 20 March to 31 March 2025
The Program
To obtain the Master’s degree in Quantitative Economic Analysis, students must complete 60 ECTS credits distributed over three terms. They may take the Master’s degree on a full-time basis (preferably) or part-time (between 24 and 36 ECTS credits per academic year).
First Term
The first term (Michaelmas term) consists of five mandatory courses that provide the fundamentals of advanced theoretical and quantitative economic analysis, as well as advanced computational techniques in Python.
Classes: from 30 Sept to 5 Dec 2024.
Exams: from 16 Dec to 20 Dec 2024.
| Courses | ECTS |
|---|---|
| Mathematical Methods in Economics | 4 |
| Advanced Macroeconomics: Numerical Methods | 4 |
| Microeconomics: Decision Theory | 4 |
| Economic Time Series | 4 |
| Introduction to Computational Economics | 2 |
| Introduction to Machine Learning in Economics and Finance | 4 |
Second Term
| Courses | ECTS |
|---|---|
| Macroeconomic Modeling | 4 |
| Competition Economics | 4 |
| Microeconometrics | 4 |
| An Introduction to Economic Big Data | 4 |
One optional course form:
| Courses (Select one) | ECTS |
|---|---|
| International Economics and Finance | 4 |
| Quantitative Methods in Macroeconomic Analysis and Forecasting Business Cycles | 4 |
| Social and Economic Networks | 4 |
Third Term
In both tracks
| ECTS | |
|---|---|
| Master’s Thesis | 12 |
In Research track:
| Bloc 1: Quantitative topics: | ECTS |
|---|---|
| Stochastic Calculus and Quantitative Finance |
3 |
| Bloc 2: Economic topics | ECTS |
|---|---|
| Topics in Economics |
3 |
In professional track:
| ECTS | |
|---|---|
| Internship in a first level company or public institution | 6 |
Seminars
As a complementary training, the QuEA Master offers specialized seminars in topics in economics, finance, econometrics, big data and machine learning, given by professionals and academics specialized in these subjects.
These seminars are organized in parallel with the regular courses at no additional cost to the students.
Study visits abroad
Through the Erasmus and Erasmus+Prácticas schemes available at the UAM for postgraduate students, interested students may use part of their master to visit leading European universities in the field of quantitative economic analysis (for example, the Catholic University of Louvain, the University of Geneva, the University of Zurich etc.).
It is also possible for students to visit universities with which the UAM has signed international agreements. More information can be found here.
For instance, a number of former students of the Master of International Economics have attended courses at the University of Kiel and the Advanced Studies Program of the Kiel Institute for the World Economy.
Internships
Schedule
In the third term, students can choose between taking two optional courses of the research itinerary or carry out internships (6 ECTS). The minimum duration of the internship is 120 hours, although the internship may be extended by up to 630 hours (yielding a maximum duration of 750 hours per academic course).
It will be possible to validate 6 credits of internships for those students who have already carried out a professional activity in the functional areas of economic analysis and quantitative analysis in companies and other public or private institutions that meets the academic and training requirements of the master’s degree. The Academic Committee of the master will assess each case and issue the corresponding report.
The tasks to be performed during the internships should include a training component in line with the Master’s objectives.
Institutions
Through the Internship Office of the Faculty of Economics, this Master program will have direct access to an extensive database of institutions, including the Human Resources Departments of the main IBEX35 companies.
Priority will be given to internships offered by institutions such as Banco de España, BBVA Research, Banco Santander, La Caixa Research, etc., as well as by departments of economic analysis, cabinets and other centres of economic policy (Ministerio de Economía, Ministerio de Hacienda, Comisión Nacional del Mercado de Valores (CNMV), ICEX, COFIDES, CESCE, etc.), and by planning and data analysis departments of international firms (e.g. Google, Amazon, Amadeus, McKinsey, Deloitte, Accenture, …). UAM also has on-going collaboration agreements with relevant companies such as Repsol, Toyota, etc.
Although all courses of the master are taught in English, since most of the internships are carried out at firms and institutions located in Spain, a minimum proficiency in Spanish will be required.
Through the Erasmus+prácticas program it is possible to carry out internships in countries of the European Union.
Search
The search process for internships is carried out jointly between the students and the coordination of the Master, in collaboration with the Internship Office of the Faculty of Economic and Business Administration. Internships will usually take place from April (third term) or during the summer.
The coordinators of the master will inform students of the internship offers of which they have knowledge. Given the competitive nature of the internships, the signing of the internship contracts will depend on the institutions, which will be responsible for selecting the candidates from the pool of applicants, and therefore the internships cannot be guaranteed a priori. In some cases, the internships are paid.
People
Management team
Faculty
Faculty members from the departments of Economic Analysis: Economic Theory and Economic History and Economic Analysis: Quantitative Economics are in charge of most of the courses in the master’s program.
They hold PhD degrees and have extensive teaching and research experience in different areas of economic analysis (macroeconomics, microeconomics, industrial organization, game theory, international trade, labour economics, environmental economics, health economics, experimental economics, etc.) and quantitative economics (dynamic analysis, network theory, machine learning, time series, microeconometrics, macroeconometrics, financial econometrics, Bayesian econometrics, etc.). They stand out for their strong commitment to quality teaching and research.
Many of the faculty members have obtained their PhD degrees or have been post-doctoral scholars in prestigious international universities such as the University of California at Berkeley, Columbia University, New York University, University of Miami, Arizona State University, London School of Economics and Political Science, Lancaster University, Duke University, The University of Chicago, Johannes Gutenberg Universität, Tilburg University, Kiel University, European University Institute, etc., as well as other universities and foreign institutions (European Central Bank, European Commission, etc.).
Syllabi are approved for each academic year by each department:
Department of Economic Analysis: Economic Theory and History
Ph.D. in Economics
Fields: theoretical analysis of information problems and incentives linked to the design and implementation of environmental policies
Ph.D. in Economics from the Universidad Autónoma de Madrid
Ph.D. in Civil Engineering from the University of Maryland
Fields: Machine Learning, Artificial Intelligence, Discrete Choice Models, Survey Methods, Population Synthesis.
Ph.D. in Complex System’ Physics
B.A. in Physics
Fields: programming, computer simulation, stochastic modeling, machine learning techniques, model analysis and theoretical approximations
Ph.D. in Computer Science
Fields: Artificial Intelligence, Big Data, Machine Learning
Ph.D. in Economics
Fields: Economics of education; public and labor economics; applied micro methods; causal policy evaluation
Ph.D. in Economics
B.A. in Mathematics
Fields: Finances. Cooperative Game Theory
Ph.D. in Economics
Industrial Engineering
Fields: forecasting, time series analysis, dynamic factor models, business cycle analysis, combination of forecasts.
Ph.D. in Economics
Fields: Microeconometrics, Impact evaluation methods
