The main areas covered in ECO — economics, business economics, and finance — offer opportunities for specialization. At the same time, there are close links between the subjects. The ECO profile allows you to specialize within one area, but also to choose valuable combinations across areas.

All students in the ECO major must take a course in the economic theory of decisions, game theory, and information, as well as a course in econometrics. These analytical tools form the methodological foundation for the other courses.

Financial economics covers key methods in corporate governance, advanced investments/asset pricing, corporate finance, and derivatives pricing and risk management. A common feature of the courses is that they focus on the main insights and assumptions behind important finance models and emphasize their strengths and weaknesses. The overall aim is to increase students' sophistication and help them avoid naive or misleading model applications.

Economics deals with decision making at the individual level and the results of the interaction between economic agents in various institutional settings. It asks whether outcomes are efficient or equitable, and, if not, what kind of interventions are required to foster efficiency or equity.

Taxes and public policy, industrial organization, optimization and microeconomic theory, causal analysis, behavioral economics, and macroeconomics are some of the areas of economics covered in the profile.

In Business Economics, the same principles and mechanisms are often the focus of attention, but now with value creation within a business as the goal. Corporate governance, industrial organization, optimization and microeconomic theory, corporate finance, organizational economics, decision modelling, and pricing analytics are some relevant areas.

The requirement for the profile is to take six courses as follows:

• one mandatory course in game theory and information economics (ECO400)  
• one course in econometrics
• three main electives (chosen freely among all courses with ECO course code)
• one free elective (chosen freely among all courses with ECO course code plus a list of other electives)

MANDATORY

• ECO400 Decisions, Strategy and Information (7,5 ECTS)

ECONOMETRICS - CHOOSE ONE

• BUS444E Econometrics for Business Research (7,5 ECTS)
• BUS444N Econometrics for Business Research (7,5 ECTS)
• ECN402 Econometrics (7,5 ECTS)
• FIE401 Financial Econometrics (7,5 ECTS)

MAIN ELECTIVES - CHOOSE AT LEAST THREE

• ECO401 Optimisation and Microeconomic Theory (7,5 ECTS)
• ECO420 Corporate Governance (7,5 ECTS)
• ECO421 Asset Pricing (7,5 ECTS)
• ECO422 Advanced Corporate Finance (7,5 ECTS)
• ECO423 Advanced Derivatives (7,5 ECTS)
• ECO427 Industrial Organization (N) (7,5 ECTS)
• ECO433 Empirical Strategies for Causal Analysis (7,5 ECTS)
• ECO439 Resource Economics (7,5 ECTS)
• ECO441 Taxes and Public Policy (7,5 ECTS)

OTHER ELECTIVES

• BAN402 Decision Modelling in Business (7,5 ECTS)
• BUS428 Organizational Economics (7,5 ECTS)
• BUS429 Pricing Analytics and Revenue Management (7,5 ECTS)
• ECN421 Behavioral Economics (7,5 ECTS)
• ECN430 Empirical Methods and Applications in Macroeconomics and Finance (7,5 ECTS)
• FIE421 Macroeconomic Analysis and Sustainability (7,5 ECTS)

MASTER'S THESIS

• ECOTHE Independent work/thesis (30 ECTS)

Comments about planning and choosing courses:

• There are no strict rules about when to take courses, as long as you fulfill the requirements. But to get a satisfactory progression, you are expected to take the mandatory courses in game theory / information economics (ECO400) and in econometrics, as well as some of the electives, during your first year. It is also recommended that you write your master thesis in the fourth semester of the master's degree.
• Some courses have statements under Required Prerequisites of the type "You should have skills similar to those obtained in course X.'' If you have not taken course X, but are willing to do some extra reading on your own to fill in any gaps in your background knowledge, this will usually be sufficient. Contact the course responsible if you are unsure about whether you fulfill the requirements.
• Because the optimization paradigm is useful for understanding individual economic behaviour in all markets, the course ECO401 (Optimization and Microeconomic Theory) is recommended (in case you are unsure about which electives to choose).

The common language of all the courses in the profile is economic theory and econometrics. You are therefore free to combine courses in different areas. Below are some examples of course combinations, but keep in mind that you are free to combine courses in a way that is tailored to your specific interests.

SPECIALIZATION IN FINANCE

• ECO400 Decisions, Strategy, and Information
• FIE401 Financial Econometrics
• ECO420 Corporate Governance
• ECO421 Asset Pricing
• ECO422 Advanced Corporate Finance
• ECO423 Advanced Derivatives

SPECIALIZATION IN BUSINESS ECONOMICS

• ECO400 Decisions, Strategy, and Information
• BUS444E Econometrics for Business Research
• ECO420 Corporate Governance
• ECO427 Industrial Organization
• ECO422 Advanced Corporate Finance
• BUS429 Pricing Analytics and Revenue Management

SPECIALIZATION IN MICROECONOMICS OF THE FIRM

• ECO400 Decisions, Strategy, and Information
• BUS444E Econometrics for Business Research
• ECO401 Optimization and Microeconomic Theory
• ECO420 Corporate Governance
• ECO427 Industrial Organization
• BUS428 Organizational Economics

SPECIALIZATION IN ECONOMIC POLICY WITH METHODOLOGY FOCUS

• ECO400 Decisions, Strategy, and Information
• ECN402 Econometrics
• ECO401 Optimization and Microeconomic Theory
• ECO433 Empirical Strategies for Causal Analysis
• ECO441 Taxes and Economic Policy
• ECO439 Resource Economics

SPECIALIZATION IN ECONOMICS WITH MACRO AND ASSET PRICING

• ECO400 Decisions, Strategy, and Information
• ECN402 Econometrics
• ECO401 Optimization and Microeconomic Theory
• ECO421 Asset Pricing
• ECO423 Advanced Derivatives
• ECN430 Empirical Methods and Applications in Macroeconomics and Finance

Upon successful completion of the ECO major, a student ...

KNOWLEDGE

• has broad and thorough knowledge of economic analysis (economic theory and econometrics) as applied in business management, financial markets, public policy, and other areas
• has specialized knowledge of economic analysis in one or more subfields within economics, finance, or business economics

SKILLS

• can use, and critically evaluate the use of, econometric methods for the estimation of causal effects and for prediction
• can use, and critically evaluate the use of, economic theory to understand the behaviour of firms and individuals in markets
• can analyze and deal critically with various sources of information and use them to structure and formulate rigorous and robust arguments within business management, finance, or economics
• can communicate clearly and confidently about economic analysis as applied in business management, finance or public policy, both with specialists and with the general public

GENERAL COMPETENCE

• can apply his/her knowledge and skills in new areas in order to carry out advanced assignments and projects
  
• can communicate extensive independent work and masters the language and terminology of economic analysis
  
• can contribute to new thinking and innovation processes in business management, finance, or public policy
  
• can absorb new knowledge and continuously update his/her skills

You are required to take at least 7.5 ECTS in Ethics, Responsibility and Sustainability (ERS). You can choose any course in NHH’s list of ERS courses. You can choose whether to fulfill the ERS requirement within your major, or as part of your minor, or as one of your elective courses.

The following courses are approved as ERS courses within this major:

ECN421 Behavioral Economics

Read more about NHH's ERS courses

For sustainable decision making in business and public policy, it is crucial to understand how market participants respond to changing incentives. The ECO-profile therefore provides an excellent background for ensuring that sustainability is adequately integrated and taken into account in any line of work.

In particular, sustainability is a major theme within the following electives in the ECO profile:  

• ECO439 Resource Economics
• FIE421 Macroeconomic Analysis and Sustainability
• ECN421 Behavioral Economics.

As an NHH student you have excellent opportunities to gain valuable international experience during your studies through semester exchange, the Double Degree program, CEMS, Engage.EU, Intern Abroad, and summer courses.

With the Strategy and Management profile, many of our students work abroad and are internationally recruited.

Read more about international opportunities

ECO students typically choose careers in portfolio management, private equity, corporate finance, economic consulting, financial consulting, or government. Some examples of employers of former ECO students are Norges Bank Investment Management, EY, Arctic Securities, UBS, Oslo Economics, Menon Economics, Finansdepartementet and Næringsdepartementet.

The ECO major is also an excellent steppingstone for a PhD in business economics/management science, finance, or economics.  

COURSES IN ECONOMIC ANALYSIS (ECO) MINOR

To take Economic Analysis as a minor, you need 22.5 ECTS from the profile’s portfolio of courses.

MINIMUM ONE

ECO400 Decisions, Strategy and Information (7,5 ECTS)

ECO401 Optimisation and Microeconomic Theory (7,5 ECTS)

ELECTIVES

ECO420 Corporate Governance (7,5 ECTS)

ECO421 Asset Pricing (7,5 ECTS)

ECO422 Advanced Corporate Finance (7,5 ECTS)

ECO423 Advanced Derivatives (7,5 ECTS)

ECO427 Industrial Organization (N) (7,5 ECTS)

ECO433 Empirical Strategies for Causal Analysis (7,5 ECTS)

ECO439 Resource Economics (7,5 ECTS)

ECO441 Taxes and Public Policy (7,5 ECTS)