Aalto University MSC in Economics and Business Administration

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Introduction to Aalto University MSC in Economics and Business Administration

Aalto University’s Master of Science (MSC) program in Economics and Business Administration is a comprehensive two-year program designed to equip students with in-depth economic expertise, strong analytical skills, and proficiency in computation and data processing. Taught entirely in English, this program is ideal for those passionate about addressing complex global challenges such as climate change, inequality, and innovation through systematic and empirical analysis. Students benefit from the unique collaboration with the Helsinki Graduate School of Economics, formed by Aalto University, Hanken School of Economics, and the University of Helsinki, ensuring access to world-class resources and faculty.

The curriculum covers a wide range of economic areas and offers elective courses, fostering specialization in areas like development economics, investment decisions, and labor economics. Graduates possess a deep understanding of economic theory, analytical tools, and quantitative skills for efficient data analysis. With career opportunities spanning academia, the private and public sectors, and research, this program is a gateway to a versatile and impactful career. Internationalization opportunities and a supportive Aalto community enhance the student experience, making this MSC program a pathway to a successful global career in economics.

Why Study Aalto University MSC in Economics and Business Administration ?


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Studying Aalto University’s MSC in Economics and Business Administration offers numerous compelling reasons. First, it provides a rigorous and well-rounded education, equipping you with both advanced economic theory and practical analytical skills, essential for addressing complex global challenges.

Second, Aalto’s program is enriched by its collaboration with the Helsinki Graduate School of Economics, ensuring access to a world-class network of experts and resources.

Furthermore, the program’s international focus allows you to gain a global perspective, and the opportunity to spend a semester abroad at partner universities enhances your cross-cultural competence.

Aalto University’s strong connections to industry and active entrepreneurship community provide a unique platform for career opportunities, whether in academia, private sector, or public policy. Additionally, the program’s eligibility for doctoral studies opens doors to advanced research and academia.

Finally, Aalto’s supportive community and proactive career services make transitioning into the workforce seamless. In sum, Aalto’s MSC in Economics and Business Administration offers a holistic, globally relevant, and career-enriching educational experience.

Program Costs + Living Expenses : Aalto University MSC in Economics and Business Administration


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The costs of studying the MSC in Economics and Business Administration at Aalto University can vary depending on several factors, including your nationality, scholarships, and personal lifestyle choices. Here’s an overview of the key cost components:

  1. Tuition Fees:

    • For non-EU/EEA citizens, the annual tuition fee is approximately €15,000.
    • EU/EEA citizens may have lower or no tuition fees, depending on the specific regulations in place.
  2. Scholarships:

    • Aalto University offers scholarships for non-EU/EEA citizens to cover a portion of the tuition fee. Scholarships may cover 100% or 50% of the tuition fee, depending on eligibility and competition.
  3. Living Expenses:

    • Living expenses in Finland can vary based on your location and lifestyle. On average, you should budget around €700 to €1,000 per month to cover accommodation, food, transportation, and other personal expenses.
    • Aalto University provides guidance on estimated living costs to help you plan your budget accurately.
  4. Accommodation:

    • The cost of accommodation can vary widely. Student housing options are available, and costs can range from €300 to €600 per month, depending on the type and location of the accommodation.
  5. Other Costs:

    • You should also budget for health insurance, books, study materials, and leisure activities.

Employement Prospects : Aalto University MSC in Economics and Business Administration

  1. Private Sector: Graduates often find positions in multinational corporations, financial institutions, consulting firms, and various industries. Common roles include business analysts, financial analysts, data analysts, and management consultants. The strong analytical and quantitative skills acquired in the program are highly valued by employers.

  2. Public Sector: Many graduates choose to work in government agencies, ministries, and public policy organizations. They can contribute to economic research, policy analysis, and development.

  3. Academia: Graduates with a strong research interest can pursue a Ph.D. in economics or related fields and embark on an academic career. Aalto University’s program provides a solid foundation for doctoral studies.

  4. Entrepreneurship: Aalto University fosters entrepreneurship, and graduates may choose to start their own businesses or join start-up ventures in various roles, leveraging their analytical and business skills.

  5. International Organizations: Opportunities exist with international organizations such as the United Nations, World Bank, and IMF, where graduates can engage in global economic research and development projects.

  6. Research and Think Tanks: Graduates can work in research institutions and think tanks, conducting economic research and providing insights into critical economic issues.

Eligibility Criteria for Aalto University MSC in Economics and Business Administration

The eligibility criteria for Aalto University’s MSC in Economics and Business Administration may vary depending on your educational background and the admission group you belong to. There are two admission groups:

Admission Group 1:

  • You must have a Bachelor’s degree from a university in Finland.
  • Relevant previous studies, including courses in macroeconomics, microeconomics, econometrics, and mathematical methods of economics, are required.
  • These courses should have covered specific topics, such as multivariate regression analysis, hypothesis testing, linear algebra, functions of several variables, unconstrained and constrained optimization, and differential equations.
  • Your GPA (Grade Point Average) from your previous degree should meet the program’s requirements.
  • You’ll need to submit a motivation letter and CV as part of the application process.

Admission Group 2:

  • You must have a Bachelor’s degree from a university of applied science in Finland or from a higher education institution abroad.
  • Similar to Admission Group 1, you need to demonstrate relevant previous studies in macroeconomics, microeconomics, econometrics, and mathematical methods of economics.
  • Your GPA in your previous studies, particularly in economics courses, should be strong.
  • You are required to provide GMAT or GRE test scores, with a minimum score of 550 in GMAT or an equivalent GRE score.
  • A motivation letter and CV are also part of the application requirements.

Documents required : Aalto University MSC in Economics and Business Administration

  1. Online Application Form: You will need to complete the university’s online application form through their admissions portal.

  2. Educational Documents:

    • Bachelor’s Degree Certificate: A copy of your Bachelor’s degree certificate or a statement of expected graduation if you have not completed your degree at the time of application.
    • Transcript of Records: An official transcript of records from your previous academic institution, detailing the courses you have completed and the grades received.
  3. Proof of English Proficiency: Since the program is taught in English, you will need to demonstrate your English language proficiency. This can typically be done through standardized tests like IELTS or TOEFL. Check the specific requirements on the university’s website.

  4. GMAT or GRE Scores: If you are applying under Admission Group 2, you will need to submit GMAT or GRE scores as specified by the university.

  5. Motivation Letter: A well-written motivation letter (also called a statement of purpose) explaining why you want to pursue the program, your career goals, and how your background aligns with the program’s requirements.

  6. Curriculum Vitae (CV): Your CV should detail your educational and professional background, extracurricular activities, and any relevant experience.

  7. Course Descriptions: If required, provide course descriptions for the relevant courses in economics, econometrics, and mathematical methods of economics, as specified in the admission criteria.

  8. Copy of Passport: A copy of your passport or other valid identification.

  9. Recommendation Letters: Some programs may require letters of recommendation from academic or professional references. Check the program’s specific requirements.

  10. Portfolio (if applicable): If you are applying for a program with a creative component, such as design or arts, you may need to submit a portfolio of your work.

  11. Other Documents: Depending on your specific circumstances and the program’s requirements, additional documents may be needed. Always check the program’s webpage or contact the university’s admissions office for the most up-to-date information.

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Scholarships Available : Aalto University MSC in Economics and Business Administration

Aalto University offers various scholarships to support students pursuing the MSC in Economics and Business Administration program. Scholarships are typically available for both EU/EEA and non-EU/EEA citizens, and they can cover a portion of the tuition fees. Here are some of the scholarships you can explore:

  1. Aalto University Scholarship for Non-EU/EEA Students: This scholarship is aimed at international students who are required to pay tuition fees. It can cover either 100% or 50% of the tuition fee. Eligibility and the specific amount awarded are determined based on academic merit.

  2. Aalto University Scholarship for European Business Law Students: This scholarship is specifically for students applying to the European Business Law program within the School of Business. It covers 100% of the tuition fee for non-EU/EEA students.

  3. Aalto University Scholarship for Creative Design Business Students: If you’re applying to the Creative Design Business program, you may be eligible for this scholarship, which can cover a portion of the tuition fees. The specific amount depends on the program.

  4. Scholarships from External Organizations: In addition to university-specific scholarships, you should also explore scholarships offered by external organizations, foundations, and government agencies in your home country. Some of these scholarships may be applicable to international students studying in Finland.

Specializations & Electives Offered

  • History of Economic Growth and Crises (6 ECTS)
  • Development Economics (6 ECTS)
  • Investment Decisions in Emerging Markets (6 ECTS)
  • Labor Economics (6 ECTS)
  • Microeconomics: Pricing (6 ECTS)

FAQs About Aalto University MSC in Economics and Business Administration

Application deadlines can vary from year to year. It’s essential to check the university’s official website for the most up-to-date application deadlines for the academic year you are interested in.

GMAT or GRE scores are typically required for applicants in Admission Group 2, which includes those with a Bachelor’s degree from a university of applied science in Finland or from a higher education institution abroad. The specific score requirements can vary, so check the program’s admission criteria.

Yes, Aalto University offers scholarships for both EU/EEA and non-EU/EEA citizens. Scholarships can cover a portion of the tuition fees and are awarded based on academic merit. Check the university’s scholarship page for details and eligibility criteria.

While a relevant Bachelor’s degree in economics, business administration, or a related field is typically preferred, some programs may consider applicants with degrees in other fields if they have completed the required prerequisite courses. Check the specific admission requirements for details.

The MSC in Economics and Business Administration program at Aalto University is a two-year program when pursued on a full-time basis.

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