The MRes/PhD programme is offered in twin-track formats. Students on both tracks of the programme will have to complete MRes degree courses, a PhD-qualifying course and research training modules prior to submission of the PhD thesis. The different entrance qualifications of Track 1 and 2 students dictate the sequence and duration of the coursework.

Track 1 is aimed at students graduating with a postgraduate degree, or an undergraduate degree and exceptional grades in economics, mathematics, econometrics and other quantitative subjects. Track 2 is for students who have completed a graduate degree in economics from a reputable university institution and who have demonstrated exceptional performance in it. The decision on which track students are registered is a matter of academic judgement of the selectors for the programme. In practice almost all Track 2 entrants come from the LSE MSc programmes.

The School's regulations for Taught Master's Degrees apply to Track 1 course components 1-6 and Track 2 course components 1-5, except where the regulations below supersede the School's degree regulations.

Guidelines for interpreting programme regulations

Programme Structure

Track 1

Track 1: (5 MRes Papers + 1 PhD-qualifying paper)
Track 1 students are required to attend EC400, the September Introductory Course before commencing the MRes/PhD programme.

First year of Track 1
Students are required to take the following MRes core courses:

1. EC441 Microeconomics for MRes Students
2. EC442 Macroeconomics for MRes Students
3. EC443 Econometrics for MRes Students or EC484 Econometric Analysis*
* Permission must be obtained to sit EC484: it is intended for students with a strong econometric background and an interest in pursuing a PhD with econometrics as the primary field.

Second year of Track 1
Students are required to take:

4. EC599 Research Paper in Economics (5,000 - 10,000 words in length)
5. One from the Field Selection List below

Students who obtain at least two marks of 60% or more and one mark of 50% or more in the core courses 1. - 3. will be allowed to take their second (PhD qualifying) field during Year 2 (Paper 6).

In addition, students attend:

A. EC501 Work in Progress Seminars
B. The weekly departmental seminar series closest to their major field.

Third and further years of Track 1
Students who have not completed paper 6 (PhD qualifying field course) will be required to take:

6. One from the Field Selection List below but different from Paper 5.

In addition, students attend:

C. EC501 Work in Progress Seminars, where they present their research
D. The weekly departmental seminar series closest to their major field

Students are required to work on their research and to write a PhD thesis.

Progression to Year 2 of MRes in Economics
In order to progress unconditionally from the first to the second year of MRes registration, students are required to achieve pass marks of 50% or higher in Papers 1, 2 and 3. Students who do not attain this standard may proceed to the second year with up to two resit papers, only with the permission of the MRes Programme Director, with the restriction that they can sit a maximum of four exams (including resits and EC599) in Year 2.

Award of the MRes in Economics
The award and classification of the MRes degree is consistent with the School's Scheme for the Award of a five-unit Taught Masters Degree. Students are required to achieve a pass mark of 50% in Papers 1, 2, 3, 4 and 5. One failed paper (but not a bad fail of 29% or less) can be compensated by a mark of 60% or higher in another paper.

Progression to PhD registration
For PhD registration students are required to achieve three marks of 60% or higher and two marks of 50% or higher in MRes Papers 1, 2, 3, 4 and 5. Two marks of 60% or higher are required from the MRes core papers 1, 2, and 3. A mark between 55 - 59% in one of these core papers can be condoned by a mark of +70% in another core paper and/or a mark between 50 - 59% in one of these core papers can be condoned by a mark of +70% in the EC599 research paper.

Students missing the overall progression requirement by one paper are permitted to progress to PhD registration, but will subsequently need to re-sit and pass the paper to the necessary standard to continue their PhD registration. Students will also need to pass their PhD-qualifying field course (Paper 6), which is taken in the first year of PhD registration, with 50% or higher.

Students missing the progression requirement by more than one paper are required to pass those papers to the necessary standard before PhD registration can be permitted.
Throughout the coursework portion of the MRes or MRes/PhD programme, students failing a paper or missing a progression mark will have to retake that paper within one year of the original examination. In exceptional circumstances, the Graduate Studies Sub-Committee can grant permission to a candidate to resit a paper in a subsequent year. Students can resit each paper only once. Students registered for the PhD remain subject to the relevant MRes regulations for any courses or examinations they are completing. Students who have been permitted to progress onto the PhD without satisfying the complete progression standard will have their PhD registration discontinued if they fail to reach this standard at re-sit.

A student can appeal against the Department's decision on progression to PhD according to the appeal's procedures against decisions on upgrading to PhD in the School's Regulations for Research Degrees.

Award of the PhD in Economics
Award of the PhD is contingent on meeting the progression requirements for the PhD, passing the PhD qualifying field with a mark of 50% or higher, and on the completion and defence of an original research thesis, in accordance with LSE regulations.

Track 2

Track 2: (4 MRes Papers + 1 PhD-qualifying paper)
Track 2 students may be required to attend EC400, the September Introductory Course before commencing the MRes/PhD programme.

First year of Track 2:
Students are required to take:

1. EC441 Microeconomics for MRes Students
2. EC442 Macroeconomics for MRes Students
3. EC443 Econometrics for MRes Students or EC484 Econometric Analysis*
4. EC599 Research Paper in Economics (5,000 - 10,000 words in length)

* Permission must be obtained to sit EC484: it is intended for students with a strong econometrics background and an interest in pursuing a PhD with econometrics as the primary field. Students who have completed EC484 to the required standard as part of their MSc do not have to take the course again and will have their MSc mark carried forward. These students are permitted to take their PhD qualifying field course (Paper 5) in place of Paper 3.

In addition, students attend:

A. EC501 Work in Progress Seminars
B. The weekly departmental seminar series closest to their major field.

Subsequent years of Track 2 (if upgraded to PhD):
Students are required to take:

5. One from the Field Selection List below (PhD qualifying field course).
Students who are permitted to take a PhD qualifying field in Year 1 are waived this additional requirement.

In addition, students attend:

C. EC501 Work in Progress Seminars, where they present their research
D. The weekly departmental seminar series closest to their major field.

Students are required to work on their research and to write a PhD thesis.

Award of the MRes in Economics
The award and classification of the MRes degree is consistent with the School's Scheme for the Award of a four-unit Taught Masters Degree. Students are required to achieve a pass mark of 50% in Papers 1, 2, 3 and 4. A fail in one of these papers (but not a bad fail of 29% or less) can be compensated by a mark of 60% or higher in another paper, or an aggregate mark of 165 in the non-failed papers. If compensated, a fail shall result in a drop in the overall award classification where a Distinction or Merit would otherwise have been awarded. It shall have no further impact where a Pass is to be awarded.

Progression to PhD registration
For PhD registration students are required to achieve two marks of 60% or higher and two marks of 50% or higher in MRes papers 1, 2, 3 and 4. Two marks of 60% or higher are required from the MRes core Papers 1, 2, and 3. A mark between 55 - 59% in one of these core papers can be condoned by a mark of +70% in another core paper and/or a mark between 50 - 59% in one of these core papers can be condoned by a mark of +70% in the EC599 research paper.

Students missing the overall progression requirement by one paper are permitted to progress to PhD registration, but will subsequently need to re-sit and pass the paper to the necessary standard to continue their PhD registration. Students will also need to pass their PhD-qualifying field course (Paper 5), which is taken in the first year of PhD registration, with 50% or higher.

Students missing the progression requirement by more than one paper are required to pass those papers to the necessary standard before PhD registration can be permitted.

Throughout the coursework portion of the MRes or MRes/PhD programme, students failing a paper or missing a progression mark will have to retake that paper within one year of the original examination. In exceptional circumstances, the Graduate Studies Sub-Committee can grant permission to a candidate to resit a paper in a subsequent year. Students can resit each paper only once. Students registered for the PhD remain subject to the relevant MRes regulations for any courses or examinations they are completing. Students who have been permitted to progress onto the PhD without satisfying the complete progression standard will have their PhD registration discontinued if they fail to reach this standard at re-sit.

A student can appeal against the Department's decision on progression to PhD according to the appeal's procedures against decisions on upgrading to PhD in the School's Regulations for Research Degrees.

Award of the PhD in Economics
Award of the PhD is contingent on meeting the progression requirements for the PhD, passing the PhD qualifying field with a mark of 50% or higher, and on the completion and defence of an original research thesis, in accordance with LSE regulations.

Field Selection List

EC532 International Economics for Research Students
EC533 Labour Economics for Research Students
EC534 Public Economics for Research Students
EC535 Development Economics for Research Students
EC536 Economics of Industry for Research Students
EC537 Microeconomic Theory for Research Students
EC518 Topics in Advanced Econometrics for Research Students**
EC539 Macroeconomics for Research Students
EC540 Political Economy
Either FM502 Corporate Finance for Research Students or FM503 Asset Pricing for Research Students
PH413 Philosophy of Economics and PH555 Research Seminar in the Philosophy of Economics and Social Sciences ‡

**Track 2 students who have previously taken the EC485 component of this course at Masters level may instead, with the agreement of the MRes Programme Director, take Statistics and/or Mathematics courses to the value of one unit.

‡ PH555: students are required to attend one term of choice and complete the term essay.