Students who choose the Data Science in Economics track acquire theoretical knowledge of modern statistical and econometric methods and gain practical skills and experience in the processing, analysis and visualisation of structured or unstructured data. Special emphasis is placed on methods of causal analysis, forecasting economic and financial data, big data and statistical learning as well as the acquisition and application of programming skills in R, Stata or Python. Students also learn to understand the economic value of data and to interpret and effectively communicate the results of their analyses.

Data scientists are highly sought after by companies in all industries as well as public institutions, especially when they combine technical skills with a sound knowledge of statistical principles and economic thinking. In addition to excellent earning and career opportunities in the private sector, graduates with a specialisation in Data Science in Economics have all the skills and knowledge necessary for a successful career in an empirically oriented field of science, such as an empirical doctoral dissertation in economics.

Master's thesis

For the Data Science in Economics track, the following counts as a Master's thesis:

• Any Master's thesis supervised by Professors Yuanhua Feng, Oliver Müller or Hendrik Schmitz. Regardless of the specific topic.
• A Master's thesis supervised by any other professor in Faculty 1 (Management) or Faculty 4 (Economics) in which you conduct an empirical analysis.

List of possible modules

• This list is complete. If a module is offered at the faculty that could fit with Data Science but is not listed here, this module unfortunately cannot be credited. Unfortunately, this module does not count for the Data Science Track
• This list also contains modules that are no longer offered. Nevertheless, these modules are included in the list as some students have taken them in the past and can use them for the Data Science Track.
• The compulsory module M.184.4479 Econometrics is not included in this list. 30 ECTS are required in addition to M.184.4479 Econometrics.

Study track coordinator: Prof. Dr. Hendrik Schmitz

Cooperation and competition are two sides of the same coin and are at the centre of social interaction. This applies at various levels. Individuals compete for scarce opportunities such as well-paid jobs, excellent grades or mating opportunities. Recurring opportunities open up the scope for co-operation and the formation of social networks. Companies compete for customers. Repeated competition creates incentives for cooperation, such as collusive behaviour. Nations compete for resources, land or a clean environment. Repeated interaction and the threat of permanent collapse open up opportunities for co-operative agreements that can ultimately save our planet.

The Cooperation and Competition track brings together all modules related to these core problems of social interaction. From the perspective of consumers, businesses and society, this track provides students with the necessary knowledge and skills for an in-depth and thorough analysis of cooperation and competition. Our graduates have found jobs in strategy consultancies, competition authorities, economic research institutes, healthcare and academic institutions.

List of possible modules

• This list is complete. If a module is offered at the faculty that could fit Cooperation and Competition but is not listed here, this module unfortunately cannot be credited. Unfortunately, this module does not count for the Cooperation and Competition Track.
• This list also contains modules that are no longer offered. Nevertheless, these modules are included in the list because some students have taken them in the past and can use them for the Cooperation and Competition track.

Study track coordinator: Prof. Dr. Burkhard Hehenkamp

The primary aim of the Globalisation and Global Markets track is to provide students with a deeper insight into modern globalisation and the different conceptions of it among academics and the public. The focus is on the future of globalisation and how to achieve balanced global development as we face today's global challenges in the fields of world trade, finance and labour markets.

For decades, economists, politicians and business leaders have written about globalisation with very different views and perspectives. While many have pushed globalisation in finance and trade, others have questioned the merits of globalisation, the role of international trade organisations and the benefits of a global economy that sponsors free trade and global markets.

However, globalisation is unstoppable. The result is a new commercial reality - the emergence of global markets for standardised consumer goods and services on an unprecedented scale. Companies that have adapted to this new reality benefit from enormous economies of scale, scope and control in production, sales, marketing and management. By translating these advantages into lower world market prices, they can decimate competitors who are still stuck in the old assumptions about how the world works. Managing globalisation requires a balance between markets and regulation and between the global economy and the nation state.

Given the ever-changing world situation, future business leaders and political representatives in a globalised world with global markets will be required to have new skills and core methodological competencies, such as knowledge of industrial ecology, to achieve sustainable levels of production in a circular economy business model. The career opportunities available to those who have acquired the extensive catalogue of required skills that underpin this track will not only challenge us all, but will also open their minds to an unrelenting passion to make the world a better place for us all. A "win-win" situation for all of us now and for future generations.

List of possible modules

• This list is complete. If a module is offered at the faculty that could fit Globalisation and Global Markets but is not listed here, unfortunately this module cannot be credited. Unfortunately, this module does not count for the Globalisation and Global Markets Track.
• This list also contains modules that are no longer offered. Nevertheless, these modules are included in the list because some students have taken them in the past and can use them for the Globalisation and Global Markets track.

Study track coordinator: Prof. Dr. Thomas Gries

Students who choose the Data Science in Economics track acquire theoretical knowledge of modern statistical and econometric methods and gain practical skills and experience in the processing, analysis and visualisation of structured or unstructured data. Special emphasis is placed on methods of causal analysis, forecasting economic and financial data, big data and statistical learning as well as the acquisition and application of programming skills in R, Stata or Python. Students also learn to understand the economic value of data and to interpret and effectively communicate the results of their analyses.

Data scientists are highly sought after by companies in all industries as well as public institutions, especially when they combine technical skills with a sound knowledge of statistical principles and economic thinking. In addition to excellent earning and career opportunities in the private sector, graduates with a specialisation in Data Science in Economics have all the skills and knowledge necessary for a successful career in an empirically oriented field of science, such as an empirical doctoral dissertation in economics.

List of possible modules

• This list is complete. If a module is offered at the faculty that could fit with Data Science but is not listed here, this module unfortunately cannot be credited. Unfortunately, this module does not count for the Data Science Track
• This list also contains modules that are no longer offered. Nevertheless, these modules are included in the list as some students have taken them in the past and can use them for the Data Science Track.
• The compulsory module M.184.4479 Econometrics is not included in this list. 30 ECTS are required in addition to M.184.4479 Econometrics.

Study track coordinator: Prof. Dr. Hendrik Schmitz

In an ever-evolving global economy, shaped by challenges such as advancing digital connectivity, increasing scarcity of natural resources, the impacts of climate change, the transition to renewable energies, and demographic shifts, economies face profound transformation processes. Given these dynamics, it is crucial to develop economic policy frameworks and strategies that, through a high degree of adaptability and resilience, ensure the long-term functionality of sustainable markets and institutions. 

Students in the "Sustainable Economics" track learn to integrate sustainability challenges into a consistent economic analysis framework and evaluate alternative solutions. In particular, students explore how methods from behavioral economics can help refine the understanding of cause-and-effect relationships and develop evidence-based solutions.

The "Sustainable Economics" track opens up diverse career opportunities for students. Graduates apply their acquired skills both in research at universities and research institutions, as well as in economic policy consulting within companies, international organizations, or public institutions 

List of possible modules

• This list is complete. If a module is offered at the faculty that could fit Sustainable Economics but is not listed here, this module unfortunately cannot be credited. Unfortunately, this module does not count for the Sustainable Economics Track.
• This list may contain modules that are no longer offered. Nevertheless, these modules are included in the list because some students have taken them in the past and can use them for the Sustainable Economics track.

Study track coordinator: Prof. Dr. Martin Kesternich

The Market Mechanisms specialization provides in-depth knowledge of the design, analysis, and functioning of markets in an increasingly interconnected and dynamic global economy. Students explore how markets operate under various institutional frameworks and how information asymmetries, strategic behavior, and regulations shape market outcomes.

Particular emphasis is placed on modern microeconomic theory, game-theoretic approaches, and economic modeling, all of which contribute to the development of efficient and fair market mechanisms. Typical areas of application include health care markets, auction design, matching markets (such as labor or housing markets), platform economics, and digital marketplaces.

Graduates of this specialization acquire strong analytical tools to assess existing market structures and outcomes, and to develop new market mechanisms. These skills are highly valued in consulting firms, international organizations, regulatory agencies, and private-sector companies—especially in roles involving the strategic design or regulation of markets. 

List of possible modules

• This list is complete. If a module is offered at the faculty that could fit Market Mechanisms but is not listed here, unfortunately this module cannot be credited. Unfortunately, this module does not count for the Market Mechanisms Track.
• This list may contain modules that are no longer offered. Nevertheless, these modules are included in the list because some students have taken them in the past and can use them for the Market Mechanisms track.

Study track coordinator: Prof. Dr. Burkhard Hehenkamp

The Economics and Management study track offers Master's students the opportunity to design their studies in a flexible and interdisciplinary way. It combines in-depth academic content from the fields of Economics and Business Management. Students can choose from a broad range of modules and define their own focus areas – such as strategic management, corporate leadership, market analysis, or economic theory and policy.

This track is particularly well-suited for generalists as well as for students who wish to specialize in a field that differs from the three other study tracks. It is ideal for those aiming for an academic career or a professional role in business-related fields, combining analytical thinking with management skills.

List of possible modules

• As students can choose all modules offered from Departments 1 “Management” (M.184.41xx & M.184.51xx) and Department 4 “Economics” (M.184.44xx & M.184.54xx), no list of possible modules is shown here. The possible modules can be found in the module catalog.
• In the Economics and Management study track, the corresponding modules must be completed in the amount of 10 ECTS from the compulsory elective area “Management” and 20 ECTS from the compulsory elective area “Economics”.

For students who were first enrolled in the Master program International Economics and Management before winter semester 25/26, it is not compulsory to choose a specialization.

For students enrolled in the Master program International Economics and Management program for the first time from winter semester 2025/26 onwards, it is compulsory to choose a specialization, as this is included in the curriculum.

The M.Sc. International Economics and Management programme covers a broad spectrum of subjects and opens up the possibility of a wide range of internationally oriented career paths. A specialisation offers you the opportunity to focus on a specific subject area and to make the corresponding profile within the degree programme even more visible to the outside world.

Students, who got enrolled before winter semester 2025/26, have the opportunity to choose a study track as part of their studies. If you are already enrolled, please make sure that you have enough ECTS credits free to complete the study track. The 30 ECTS must be completed as part of the elective modules (economic/general electives; not in the additional area).

Students, who got enrolled from winter semester 2025/26 onwards, have to choose a study track as part of their studies. If you are not yet sure which study track you would like to choose, you may want to wait until the second or third semester before registering study track modules and, thus, choosing one specific study track. 

Students who enrolled in the Master's programme International Economics and Management for the first time before winter semester 2025/26 can decide to choose a study track at any time during your Master's degree programme up to the time you register for your Master's thesis, as long as you meet the necessary requirements for the study track (you must have at least 30 open ECTS credits to be able to complete modules in the study track). You do not need to register or apply for the study track.

To apply for confirmation from the degree programme coordinator, you must request a grade overview from PAUL and send it to the degree programme coordinator (msc-iem@campus.uni-paderborn.de) together with the confirmation of your thesis (see below). The confirmation will then be automatically forwarded to the Examinations Office so that the study track is noted on the degree certificate.

Confirmation of Master Thesis (firstly enrolled before WiSe 25/26) 

Important: As soon as the modules assigned to the study track have been completed and the Master's thesis has been registered, confirmation of the choice of study track must be requested from the programme coordinator. This request for designation must be made before completion of the Master's thesis/module (as the last course achievement), as designation can no longer be carried out after completion of the degree programme.

Students who enrolled in the Master's programme International Economics and Management for the first time from winter semester 2025/26 onwards must choose a specialization during the course of their studies and take modules in this specific area. Each Study Track has specific modules assigned to it (specialization area). As soon as you register for one of the assigned modules in PAUL, you choose one of the Study Tracks. From this point on, the other Study Tracks will no longer be available for you. It is possible to change the Study Track once, provided that you did not fail one of the modules from the previous Study Track. All modules completed prior to the change will be transferred to the new Study Track, unless it could not have been completed in the new Study Track.

Important: Successful completion of a Study Track requires that you select 30 ECTS of modules which correspond to the chosen specialization. Doing this, you have to register the modules in the respective field in PAUL.

The module lists for the study tracks can be found above in the field "Choice of study tracks". You must select modules totalling 30 ECTS from the module list assigned to the study tracks.

The modules in the study track are subject to the same regulations as all other modules. It is therefore important that you register for modules in the study track with a limited number of participants during the first registration phase.

The allocation to chairs for theses is carried out via the central allocation procedure for theses (except Department 3). It is therefore important that you select the most suitable supervisors for your chosen study track as part of the central allocation procedure for theses. If you are assigned a different supervisor, ask them for a topic that matches your specialisation. Have the Confirmation of Master Thesis form (see below) filled out so that you can submit it with your application.

Confirmation of Master Thesis (firstly enrolled before WiSe 25/26) 

In principle, it is possible to complete a study track together with other study programmes, such as the ASBE programme, the double Master's programme with Tohoku University or other programmes abroad, provided that all requirements are met. Courses that you complete at other universities can be recognised for modules of the study track, but you must pay particular attention to the choice of your modules.

For information on the general procedure, you can contact the programme coordinator of the M.Sc. International Economics and Management programme.

For information on specific questions about the study tracks, you can contact the coordinator responsible for the individual specialisations. You can find the contact information in the respective field above.

Students of Master's degree programmes at the Faculty of Business Administration and Economics can apply for the Asian Studies in Business and Economics (ASBE) programme with a study visit to a partner university in Asia in the respective winter semester. The ASBE programme offers the best opportunity to shape your own CV in an international and targeted way.

The ASBE programme is based on 3 phases and comprises 4 modules (40 ECTS):

• Phase 1: Foundations and preparatory measures
• Phase 2: Events and studies in Asia
• Phase 3: Presentation, evaluation and reflection

Further information on the ASBE programme can be found here.

Students participating in the Asian Studies in Business and Economics programme can have the ASBE I-IV modules credited in full.

The following regulation applies to the M.Sc. International Economics and Management programme:

1. Each of the modules ASBE (I), ASBE (III) and ASBE (IV) is an elective module in terms of examinations, which can generally be assigned to the field of "Economics: International Economics" (Econ-Elective). This assignment is predefined for the ASBE module (I).
2. The ASBE module (II) is essentially a project work, which is partly completed in Paderborn and partly in Asia. The project work can be supervised by any professorship in Department 4: Economics. In this case, the module must be assigned to the field of "Economics: International Economics" (Econ-Elective) as an elective module. If the project work is supervised by a professor from one of the other departments, it must be assigned either as an elective module in the field of "Business Administration: Management" (Management-Elective) or as a free elective module "General-Elective".
3. At least one of the modules ASBE (II), (III) and (IV) must be assigned to the field of "Business Administration: Management" (Management Elective) or the free elective module "General Elective". In addition to 2., crediting requires a corresponding specialisation of the module.
4. For crediting as a free elective module "General Elective", the fields "Business Administration: Management", "Business Administration: Taxation, Accounting & Finance", "Business Administration: Production, Logistics and Controlling", "Economics: International Economics", "Business Law", "Methods", "Business Education" or "Business Informatics" are available for selection. The assignment must be specified.

Characteristics:

• Focus on internationalisation and competition in the field of Economics
• Use of the elective module to expand the management content
• Fewer methodological modules

Exemplary modules:

• M.184.4173 Strategic Management

Example study plan "Manager in Multinational Enterprise"

Characteristics:

• Specialisation through a mixture of internationalisation and research-oriented modules
• Depending on the planned specialisation, methodological supplementation

Exemplary modules:

• M.184.4411 International Finance - Currencies and Exchange Rates
• M.184.4451 Financial and Time Series Econometrics

Example study plan "International Organisation"

Characteristics:

• Specialisation in the field of Economics in modules focusing on growth, development, environment, globalisation
• Strategic and globalisation-oriented modules in the management and elective area

Exemplary modules:

• M.184.4412 Global Growth and Development - Perspectives of Global Regions
• M.184.4423 Economic Foundations of Development Theory and Policy

Example study plan "Work in NGOs"

Characteristics:

• Higher proportion of methods
• Specialisation in the field of Economics
• Research-orientated modules in the fields of Economics and Management

Exemplary modules:

• M.184.4413 Research and Independent Studies in Economics
• M.184.4452 Advanced Methods of Empirical Economic Research

Example study plan "Research-oriented career"