Mathematical and Statistical Methods in Economics

The Mathematical and Statistical Methods in Economics study programme offers students a superior knowledge of the advanced quantitative tools and techniques used in economics and a very good knowledge of current trends of macroeconomic and microeconomic modelling. Students are gradually introduced to the fields of classical econometrics, Bayesian econometrics, and macroeconomic modelling, including practical applications. Attention is also paid to the development of skills in data mining and other advanced applied statistics techniques.

The main objective of this study programme is thus to cultivate the analytical skills that can be used to solve complex analytical tasks based on a non-trivial statistical analysis of the underlying data, to solve the tasks of formulating and estimating economic models using alternative software tools, and to solve the tasks involving the search for optimal variants in complex decision situations, based on a detailed quantitative analysis of the problem.

The versatility of mathematical and statistical methods opens the door for graduates into the world of financial economics or business economics. Students may profile their specialization within the selection of thesis topic and supervisor. Graduates are well prepared for the labour market, or for the further study of contemporary economic theory based on advanced quantitative methods.

After successfully completing his/her studies the graduate is able to:

• formulate mathematical models describing the dynamics of economic systems,
• solve independently difficult analytical tasks based on non-trivial econometric analysis of underlying data,
• use with erudition advanced econometric tools and techniques for processing relevant data including the related interpretation of the empirical results,
• assess critically the adequacy of using econometric and statistical tools and techniques in economy and other scientific disciplines, understandig of the related papers,
• master the main concepts of economic theory and to understand the corresponding scientific articles.

Graduates have a wide choice of occupations. They should be eligible for analytical and scientific research positions in central and commercial banks and government agencies involved in the preparation and implementation of instruments of economic policy (e.g. the Ministry of Finance or the Czech National Bank). Excellent knowledge of empirical work with data and economic modelling are a good prerequisite for the graduates applying for positions in statistical offices and agencies, in financial companies, or in the analytical departments of public institutions and private companies. A very good knowledge of economics and mathematical methods allows graduates to continue in a doctoral study programme and to enhance their qualifications for subsequent employment in private national and multinational companies and national or international economic and political institutions.

Graduates have found jobs in the following workplaces:

* The Czech National Bank (supervision of financial markets and the banking sector);

* National Bank of Slovakia (macroeconomic analysis and forecasting);

* Home Credit International (risk management and statistical analysis of data);

* AVG Technologies CZ (programming, data processing and analysis);

* Goldman Sachs (analyst position);

* Acrea (exclusive distributor of IBM SPSS software, lecturing and training the applying of statistical methods);

* Fujitsu (analyst, data processing and programming);

* Financial Express Czech Republic (data analyst of investment funds, developer of automated processes of data processing);

* UniCredit Bank (investment analyst, risk management, product management and private banking);

* KPMG (department of Management Consulting, specializing in the area of Business Intelligence and Data Analytics).

*McKinsey (Lead Data Scientist, Prague Service Hub)

Practical training is not an obligatory part of the study plan.

The final theses are thematically focused on the application of quantitative tools and mathematical modelling in economics (microeconomics, macroeconomics, finance, etc.), and on econometric theory and mathematical statistics (classical and Bayesian). Quantitative estimation tools and techniques, simulation methods, and techniques used by formulating and solving economic models are used. Acceptable forms of the final thesis include surveys and summaries of tools and techniques from the particular fields of econometrics and statistics, usually accompanied by a demonstration of their applications to verify their robustness or properties of any theoretical or empirical extension.

Typical topics include the areas of:

* application of macroeconomic models (DSGE models or other types of dynamic models) used for solving a specific problem or for an economic application of some interesting techniques;

* application of advanced econometric or statistical tools and techniques for solving an economic problem (from any area of economics) or a purely theoretical (econometric) problem;

* survey of modern approaches in some areas of econometrics and statistics, enhanced by demonstrations of applications and simulations.

A typical contribution of the final thesis is therefore:

* processing, understanding, and explaining a non-trivial econometric or statistical problem including practical illustrations or simulation results;

* a non-trivial application of mathematical and statistical tools and techniques to real data and interpretation of results in order to solve an economic problem.

After completing the Master’s degree study programme, it is possible to continue further studies in any doctoral degree study programme (after satisfying the admission requirements), especially in the study field of Economics.