Programme Specification: Bsc Econometrics and Mathematical Economics

Programme Specification: BSc Econometrics and Mathematical Economics

1. Awarding Body / LSE
2. Details of accreditation by a professional/statutory body, e.g. ESRC; BPS etc / N/A
3. Name of final award / BSc
4. Programme Title / Econometrics and Mathematical Economics
5. Duration of the course / 36 months full-time
6. Based in the Department/Institute: / Economics
7. Relevant QAA subject benchmark statements / Economics (2007)
8. UCAS Code / L140 BSc/Ecomt
9. First written/last amended / November 2003 / November 2012
10. The programme aims to:

Give students a sound grasp of the principles of economic analysis to the intermediate level;
Give students a knowledge of the quantitative techniques appropriate for the analysis of economic data;
Give students a knowledge of the workings of the economy;
Develop in students the ability to apply their knowledge to the solution of theoretical and applied problems in economics;
Prepare students for careers requiring the use of economic arguments and analysis;
Prepare students for graduate study in economics;
Provide students with an understanding of the application of mathematics and statistics to the study of economics and economic data.

11. Programme outcomes: knowledge and understanding; skills and other attributes
At the end of the programme, students will be able to demonstrate the following:

A knowledge and understanding of the fundamental aspects of economic analysis.
An ability to formulate and develop economic arguments in a logical manner.
An ability to think in a critical manner and evaluate an economic argument
An ability to apply economic principles and quantitative techniques to the analysis of economic data.
The ability to understand, formulate and use quantitative models.
The ability to undertake applied work.
Proficiency in (depending on courses chosen) some or all of the following:
oral presentation;
report writing;
skills in IT for general and academic purposes;
library and Internet research;
use of econometric software.

Information relating to careers.
12. Teaching, learning and assessment strategies to enable outcomes to be achieved and demonstrated

1. Teaching

1.1 Design
In the first year, all students take a course in basic economic principles, plus courses in mathematics and statistics, so that the second year starts from a common base. The fourth course is selected from outside the Department, allowing students to sample another discipline.
The second year builds on this foundation through the provision of two compulsory courses in intermediate-level microeconomics and econometrics. In microeconomics students can choose a more technical course. These courses emphasise the core analytical techniques of economic and statistical analysis, illustrating their use with integrated real-world examples. Course three offers a choice of mathematics or macroeconomics. Course four offers a choice of statistics or a course taught outside the Department.
In the third year, students may combine econometric theory, economic theory and applied econometrics with a list of economics and non-Departmental field courses for papers 1, 2 & 3. The fourth element is a compulsory project in quantitative economics.
1.2 Modes of Delivery
The Department believes that a command of economic analysis is best achieved through repeated application of the key principles in a range of contexts. Practical considerations such as student numbers (e.g. there are over 800 students on Ec102) or the level of treatment of the subject requires that the dominant mode of teaching be formal lectures for developing and illustrating the key concepts. However, in order to reinforce the understanding of those principles, to enable effective interaction with students, and to provide regular formative assessment, lectures are coupled with small-group classes.
A core first or second year module normally involves 40 hours of lectures and 20 hours of accompanying classes. However, to allow for the flexibility of approach built into the final year, there are generally fewer lecture hours in third year modules and students are expected to do more independent reading and study.
1.3 Staff Expertise
The Department’s considerable strength in research and experience in policy work are deployed to good advantage in undergraduate teaching, giving it a distinctive flavour. Lectures are taught exclusively by LSE or visiting faculty.
The Department has a large pool of potential teaching talent among its body of research students. Graduate Teaching Assistants (GTAs) are recruited from this pool to cover the classes that accompany undergraduate lectures. They are particularly effective as class teachers as they can often sense where undergraduates have difficulty. GTAs work under the direction of full-time faculty responsible for the particular module and, in the bigger modules, with the input of a course manager.
2. Learning
2.1 The role of classes
The primary purpose of classes is to deepen and broaden student understanding of core material taught in lectures, to enable application of principles as appropriate and to enable students to learn in an interactive environment. For class-teaching to be effective class sizes are restricted to a maximum of 15 students.
The nature of the subject matter and the level of the module for which it is provided largely dictate the format of classes. Classes in core modules are normally devoted to discussing exercises assigned by the lecturer, which students have attempted before class. In some field
modules classes place more emphasis on discussion, and class work may take the form of essays. The interactive nature of class teaching permits a number of distinct functions:

The development of oral communication skills. Class teachers are expected to promote the active engagement of all students, by discussion of exercises. Oral presentations are also a feature of the formative assessment on some final-year modules;
Helping students to learn how to learn. Where students come from educational experience in which the dominant mode of teaching is the mass lecture, there may be adaptation needed on their part to learn how to make full use of the class setting;
Formative assessment and feedback on exercises and class work marked by the teacher;
Independent learning, by the advance completion of assigned exercises and class work.

2.2 Support
Each student is allocated a member of staff as their academic advisor. All teaching staff, including GTAs hold regular office hours for student consultations.
Comprehensive information about programmes and courses, including reading lists, lecture notes, articles and other readings, data and worked examples for classes are provided via Moodle.
Diagnostic testing by means of multiple-choice questions in Moodle has been developed for a core 2nd year microeconomics course.
Information on study skills, IT training, library resources and language support is given to students during induction and is available on the LSE website.
3. Assessment
3.1 Formative Assessment and Feedback
Formative assessment and feedback take place primarily through the class setting. Feedback is given through discussion of exercises completed by the students in advance of the class. Formative assessment is tailored to the level and content of particular modules but normally two items of work per term are marked by class teachers and returned to students. Class teachers file termly reports on student progress that are forwarded to academic advisors for discussion. Academic advisors are automatically notified of repeated failure to attend classes or submit work; students are then asked to discuss the matter with the Undergraduate tutor.
Students are encouraged to consult their class teacher about specific queries either during regular office hours or by e-mail. Class teachers and faculty hold weekly (at least) office hours throughout term. On the core modules with very large enrolment, an experienced class teacher holds additional office hours in summer term, to provide extra cover during the exam revision period.
3.2 Summative assessment
This programme conforms to the LSE Classification Scheme for BSc/BA Degrees. Summative assessment of most of the Economics modules is by means of closed-book three-hour examinations in the Summer Term. In core modules examinations are usually a combination of short questions (or multiple choice in the case of EC102) to check the precision of a student's analytical capabilities, coupled with longer, more open-ended questions that allow the student more scope to display the breadth of his knowledge. The quantitative economics project is assessed by a 10,000-word report. In order to maintain good practice in assessment examinations are double-blind marked according to outline solutions/mark frames supplied by the module proprietor(s). Class teachers act as second markers but they are normally paired with faculty.
13. Programme structures and requirements, levels, modules and awards
See the BSc Econometrics and Mathematical Economics programme regulations

Additional information

14. Criteria for admission to the programme (from 2004)
Course requirement: A level Mathematics is required. A level Economics is not essential. Further Mathematics taken at A level is strongly preferred and is seen as an additional or fourth subject. No other specific subjects are required at A level, but we would prefer traditional academic subjects to subjects such as Communication Studies, Accounting, Business Studies or Media Studies. An attractive selection of courses might be Mathematics and at least one physical science
Usual standard offer: For students taking three A levels: grades A* A A, with A* in Mathematics. For students taking four or more A levels: grades A*A A plus a pass in a fourth A level, with an A* in Mathematics. Students taking Further Mathematics to AS level only will be required to achieve grade A
International Baccalaureate: Diploma with 38 points including 7 6 6 at Higher level (with 7 in Mathematics)
Other qualifications are considered
15. Indicators of quality

QAA Subject Review (December 2000): awarded 23 points out of 24;
RAE rating (2008): 60% world leading, 35% internationally excellent;
Demand for places (2011): applications 201, intake 4;
75% of finalists achieved a 1st class degree (2011/2);
The LSE Careers Centre website provides data on career destinations of LSE graduates.

16. Methods for evaluating and improving the quality and standard of teaching and learning
A. School-wide Mechanisms:

regular staff appraisal and review;
improvements in teaching technique are effected by the Teaching and Learning Centre (TLC) through observations, advice and further training;
induction programme and mentoring scheme for new members of staff;
Staff/student liaison committee;
centrally administered student satisfaction questionnaires by the Teaching Quality Assurance and Review Office;
an improved system for ensuring that External Examiner’s comments/recommendations are fed through to Departments and acted upon;
the School’s Teaching, Learning and Assessment Committee (TLAC) which regulates all aspects of teaching quality;
annual monitoring of courses and periodic reviews every 3-5 years. The outcomes of the annual reviews are presented to TLAC;
the School’s Undergraduate Studies Sub Committee and Graduate Studies Sub Committee which oversee all taught programmes and ensure that significant changes to programmes and courses pass through a sequence of formal stages to ensure that

curricular changes are appropriate and compatible with other developments.
B. Departmental Mechanisms:
The Head of Department, in consultation with subject area nominees is responsible for assigning lecturers to courses. He and the staff member responsible for the recruitment of GTAs both receive results of the School’s Teaching Quality surveys.
Primary responsibility for course content and delivery rests with course proprietor(s). They receive feedback on the course, their teaching and the teaching of other faculty and GTAs via the School’s termly Teaching Quality surveys.
In addition to the School’s standard training/induction package, GTAs in Economics receive 2 days of training tailored specifically for teaching quantitative subjects. GTAs with less than 2 years of experience have their teaching observed by the course proprietor.
General student feedback and consultation takes place via the termly BSc Staff/Student Liaison Committee, chaired by the Programme Director. The Departmental Tutor is the conduit for student complaints about teaching and tutoring.
The BSc Exam Board Chair is responsible for all aspects of the examination process.
The Exam Board Chair also chairs the Departmental Undergraduate Teachers Meeting, membership of which includes the Departmental Tutor, Undergraduate Tutor and proprietors of designated 1st, 2nd and 3rd year courses. This Committee’s terms of reference includes:

programme monitoring and review (degree structure, course content)
examination issues (external examiners, outcomes, progression)
undergraduate experience (admissions, teaching, advising)

Proposed changes to the structure of the degree or its core courses must be submitted to a Departmental Meeting for approval, before going to the School’s USSC.