Economic Analysis

The Economic Analysis (ECO) major will give you a solid background to work as a specialist, advisor or manager within various lines of business and organizations, and especially for jobs that require insights and analytical competence at a high professional level.

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The major sheds light on a wide range of economic issues, covering business analysis, finance and economics. Compared to other majors that offer courses in similar subjects, ECO courses have a stronger emphasis on understanding the validity and limitations of methods and models. The increased emphasis on understanding the methods and models, rather than just being able to apply them, helps students' competence stay relevant in a future work place with increasing degrees of automation.

  • Subject areas

    Subject areas

    The three main areas in ECO — financial economics, business analysis and economics — offer opportunities for specialisation. At the same time, emphasis is placed on the close links that exist between the subjects. This gives you the possibility to specialise within one area, but also to choose valuable combinations across areas.

    Financial economics covers key methods in advanced investments/asset pricing, corporate finance and corporate governance, derivatives pricing and risk management, and insurance economics and macroeconomic analysis. 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. 

    Business analysis focuses on how value creation in an organisation can be measured, analysed and managed in the best possible way. The subject is covered through courses in management accounting, accounting and capital markets, economic organisation theory, decision models in business and  principles for dynamic pricing.

    The subject of economics offers courses in key areas such as microeconomics, international macroeconomics, industrial organisation, taxation and resource economics. At the same time, ECO provides good opportunities for combining this with closely related courses in financial economics and business analysis.

    The major ensures a solid methodological base through courses in decision- and game theory, optimisation techniques, econometrics, and time series analysis.

  • Learning outcome

    Learning outcome

    Upon successful completion of the ECO major, students shall have:


    • Solid competence in empirical methods and economic analysis within one or several of the fields of financial economics, economics and business analysis.
    • Competence to apply methods and insights from modern economic research within relevant fields in a future job situation.


    • Ability to formulate precise questions about real world problems
    • Ability to work independently to answer these questions
    • Good analytical skills and professional insight at a good international level within relevant fields
    • Ability to professional updating in his/her future work career
    • Be well prepared for doctoral studies in Norway or abroad

    General competence

    • The skill to communicate with specialists and others about professional issues
    • Understand the need to reflect on and take into account sustainability and ethical issues in decision making within organisations
  • Recommended course combinations

    Recommended course combinations

    The mandatory common course (ECO400 Decisions, strategy and information), introduces you to key concepts, approaches and methods in economic analysis.

    In addition, you will take one of the courses in empirical methods (ECN 402 Econometrics, BUS444 Econometrics for accounting and business, BAN404 Predictive analytics or BAN430 Forecasting).

    Because the optimization paradigm is useful to understand individual economic behaviour in markets, the course in microeconomics (ECO401 Optimization and microeconomic theory) is recommended, especially as a basis for courses with a focus on analysis of markets.

  • Ethics courses

    Ethics courses

    ECN421 Behavioral economics is available as an ethics course in the ECO major.

  • Research distinction courses

    Research distinction courses

    Are you curious about taking a PhD or interested in more research-oriented work both at NHH and later in your career, find out more about the Research Distinction track within the master's programme.

    Read more about Research distinction

  • Minor


    If you wish to take ECO as a minor, you can choose courses freely among those offered in the major.  

  • International opportunities

    International opportunities

    As an NHH student you have excellent opportunities to gain valuable international experience during your studies through exchange programmes, the CEMS Master's in International Management (MIM) joint degree, the Double degree programme and summer courses.

    Read more about international opportunities

  • Career opportunities

    Career opportunities

    The major is well suited for jobs that require high analytical competence. Such jobs are found in, among others, the banking, finance, and insurance industries, major companies, innovation- and knowledge-oriented businesses, public administration, and international organizations.

    The major also provides an ideal basis for pursuing a PhD in one of its subject areas.