Office of Admissions
LUMS DHA, Lahore Cantt. 54792, Lahore, Pakistan
Tel: +92 42 3560 8000 Ext.: 2177
MS Economics
MS Economics
The LUMS Master of Science (MS) Economics degree has emerged as one of the leading Economics programmes in the country. Taking advantage of high-quality teaching and research at LUMS, the programme is designed for fresh graduates as well as professionals seeking training in Economics for career progression or change.
Offered by the Mushtaq Ahmad Gurmani School of Humanities and Social Sciences (MGSHSS), the programme encourages students to apply their training to address and resolve major challenges in business and policy. It also provides a strong grounding in theory and application, and is based upon a rigorous curriculum consisting of core and elective courses with the option of a Master's thesis.
The degree offers two tracks: MS Economics (1.5 year) and the MS Economics (2.5 year) programmes.
The degree offers two tracks: MS Economics (1.5 year) and the MS Economics (2.5 year) programmes.
1.5 year degree programme is designed for individuals who have sufficient background knowledge in economics at the undergraduate level. Students have a thesis and non-thesis option.
MS students with thesis are required to register in the third and fourth semesters by taking 6 thesis credits. MS students without thesis are required to take 6 credits elective courses in the third semester to complete the degree requirements. The maximum duration to complete the MS Economics requirements is 3 years.
1.5 Year Programme Degree Progression:
|
Course |
Credits |
|
| Year 1 | ||
| First Semester, Fall (12 credits) | ||
| ECON 511 Microeconomic Analysis | 4 credits | |
| ECON 531 Econometrics and Research Methodology–1 | 4 credits | |
| ECON 536 Topics in Mathematical Methods for Economists | 4 credits | |
| Second Semester, Spring (12 credits) | ||
| ECON 521 Macroeconomic Analysis | 4 credits | |
| ECON 532 Econometrics and Research Methodology–2 | 4 credits | |
| Elective 1 | 4 credits | |
| With MS Thesis: | ||
| Third Semester, Summer (6 credits) | ||
| MS Thesis | 6 credits | |
| Year 2 | ||
| Fourth Semester, Fall | ||
| MS Thesis | Enrol for incomplete thesis | |
| Without MS thesis: | ||
| Third Semester, Fall (6 credits) | ||
| Elective 2 | 3 credits | |
| Elective 3 | 3 credits | |
| Total | 30 credits | |
Electives: Applied Microeconomics; Corporate Finance; Options, Swaps and Futures; Advanced Microeconomics; Advanced Macroeconomics; Growth Theories; Behavioural Economics; Poverty and Income Distribution; Trade and Development; Philosophy and Economics
2.5 Year Programme Degree Progression:
|
Course |
Credits |
|
| Year 1 | ||
| First Semester, Fall (16 credits) | ||
| ECON 111 Principles of Microeconomics (waiver may be granted) | 4 credits | |
| ECON 121 Principles of Macroeconomics (waiver may be granted) | 4 credits | |
| ECON 230 Statistics and Data Analysis | 4 credits | |
| ECON 262 Mathematical Applications in Economics | 4 credits | |
| Second Semester, Spring (12 credits) | ||
| ECON 211 Intermediate Microeconomics | 4 credits | |
| ECON 221 Intermediate Macroeconomics | 4 credits | |
| ECON 330 Econometrics | 4 credits | |
| Total | 28 credits | |
| Year 2 | ||
| Third Semester, Fall (12 credits) | ||
| ECON 511 Microeconomic Analysis | 4 credits | |
| ECON 531 Econometrics and Research Methodology–1 | 4 credits | |
| ECON 536 Topics in Mathematical Methods for Economists | 4 credits | |
| Fourth Semester, Spring (12 credits) | ||
| ECON 521 Macroeconomic Analysis | 4 credits | |
| ECON 532 Econometrics and Research Methodology–2 | 4 credits | |
| Elective 1 | 4 credits | |
| With MS thesis: | ||
| Fifth Semester, Summer (6 credits) | ||
| MS Thesis | 6 credits | |
| Year 3 | ||
| Sixth Semester, Fall | ||
| MS Thesis | Enrol for thesis | |
| Without MS thesis: | ||
| Elective 2 | 3 credits | |
| Elective 3 | 3 credits | |
| Total | 30 credits | |
Elective courses include: Applied Microeconomics; Poverty and Income Distribution; Growth Models; Advanced Microeconomics; Advanced Macroeconomics; Advanced Urban Economics; Advanced Water Economics; Topics in Energy Economics, among others.
Admission Criteria
Fall Admission 2024
Applicants must meet the minimum eligibility criteria in order to be considered for admission to the MS Economics Programme.
Admission is purely merit-based and rests solely on the following criteria:
Academic Record;
Performance in Admission Tests;
Application review; and
Submission of Complete Online Application, Application Processing Fee and Supporting Documents by the stipulated deadline
NOTE:
This is the minimum criteria that applicants need to fulfill in order to be eligible to apply. Fulfillment of this criteria does not guarantee admission to LUMS.
Academic Record
A minimum of 16 years of education leading to a degree programme is required for applying to the MS Economics Programme.
Applicants are expected to have obtained their Bachelor’s (or Master’s) degree from national or foreign institutions that are accredited or recognised by the Higher Education Commission (HEC), Pakistan.
Applicants who have obtained their degrees from institutions that are not listed with the HEC, Pakistan, will be required to obtain an Equivalence Certificate from the HEC. For further information, please visit www.hec.gov.pk.
Applicants with insufficient training in Economics, Mathematics, Statistics or Econometrics are strongly advised to apply for the MS Economics (2.5 year programme). The final decision regarding eligibility for the MS Economics (1.5 year) or MS Economics (2.5 year) programme will be taken by the Admissions Committee.
NOTE:
Applicants completing their last degree by July 30, 2024, are eligible to apply for the MS Economics Programme if they are meeting minimum admission requirements at the time of submission of application.
Admission Eligibility Criteria for LUMS Undergraduate Continuing Students
a. Continuing Economics students
LUMS continuing students majoring in Economics (class of 2024) are eligible for direct admission to MS Economics (1.5 year) subject to obtaining SCGPA of 3.00 (at the time of application submission) or above in both Economics and Mathematics at the end of Fall Semester 2023. Other Economics majors with a SCGPA of 3.0 or above (at the time of application submission) in both Economics and Mathematics may also apply, but their admission decisions will be made by the Admission Committee.
Other majors with sufficient course work in Economics, Statistics, Mathematics, and Econometrics are also encouraged to apply to the MS Economics (1.5 year) Programme, and are exempt from the GRE (General)/ LGAT test.
b. Other LUMS majors
LUMS majors who do not have a prior background in Economics, or have major deficiencies in Economics, Mathematics, Statistics, or Econometrics are encouraged to apply to MS Economics (2.5 year Programme). This stream will be particularly suited to LUMS majors in Social Science disciplines, Management Sciences, Pure Sciences and Engineering. This group will also be exempted from the GRE (General)/ LGAT test.
Admission Eligibility Criteria for LUMS Graduate Students
LUMS BSc Economics (Economics and Mathematics) majors from the class of 2023 or earlier classes are required to take the GRE (General)/LGAT test and need to apply through the regular admission process.
Similarly, other LUMS majors from previous classes with insufficient background in Economics, Mathematics, Statistics and Econometrics are also encouraged to apply to MS Economics (2.5 year) Programme and are required to appear in GRE (General)/ LGAT test.
NOTE:
MS Economics 1.5 and 2.5 Year Programme students with a SCGPA of < 3.0 must take the GRE (General)/ LGAT test. They are expected to apply through the regular admission process. The application submission deadline for this category of students is April 16, 2024.
Test Requirement
Applicants are required to take the following tests in order to be considered for Fall 2024 admissions:
Graduate Record Examination (GRE); OR
LUMS Graduate Admission Test (LGAT)
The deadline to take the GRE (General) is April 28, 2024.
The GRE (General) is offered as a computer adaptive test worldwide. GRE taken five years before the admission deadline will not be considered valid. Applicants need to take the GRE through the Educational Testing Service (ETS), USA, in order to be considered for admission. GRE scores must be reported to LUMS officially from the testing agency. The LUMS code for receiving GRE (General) scores from ETS is 0679.
LUMS Graduate Admission Test (LGAT) is comprised of Quantitative, Verbal, and Analytical sections. The LGAT Test Scores will be valid only for the admission of Fall 2024.
Submission
The admission application will be considered for evaluation after the successful completion of following four (4) STEPS by the applicants on or before the stipulated deadlines:
- Online Admission Application submission;
- Online submission of scanned copies of required supporting documents;
- Submission of an appropriate Application Processing Fee; and
- Online Submission of Recommendation letters by the Referees.
Application Processing Fee
- The application processing fee of PKR 3,540
- The application processing fee of USD 150 for International applicants
- LGAT Test fee of PKR 2,200
Note:
- Applicants must complete and submit their online Admission application on or before April 16, 2024; 5:00 pm (PKT).
- Applicants are required to online submit scanned copies of all supporting documents on or before April 17, 2024.
- After the successful submission of the online application, applicants must make the Processing Fee payment by the deadline.
- Referees must submit completely filled Letters of Recommendation by the given deadline.
Completion of all steps are mandatory. Applications, Documents, or Fee received after the stipulated deadline will not be processed.
Application Review/Interview
Shortlisted applications will be reviewed by the relevant committee to finalise the admission decision. Applicants are encouraged to provide complete information regarding their academic achievement, research reports, attended workshops, extracurricular activities and must tell LUMS about their success stories in order to substantiate their applications. Applicants must provide complete and correct information regarding their academics, work experience and test attempts. The application will be evaluated on the basis of information provided at the time of application submission.
Performance in Interview
Shortlisted applicants may be requested to appear for an interview.
The modes of payment are as follows:
1. Voucher can be paid through cash, Pay Order and Bank Drafts made in favour of "Lahore University of Management Sciences" at any branch within Pakistan of following banks:
- Allied Bank Limited
- Meezan Bank Limited (Customer Code: LUMS)
- Bank Al-Habib Limited
2. For online Credit/Debit card payment, please click here.
3. Vouchers can also be paid through ATM machines and internet banking portals of the following banks:
- Allied Bank Limited
- Askari Bank Limited
- Bank Alfalah Limited
- Bank Al-Habib Limited
- Faysal Bank Limited
- Meezan Bank Limited
- Standard Chartered (Only for Online Payments)
Note:
- For making payments through internet banking portals/ATM, students need to have bank account in the respective bank.
- Fee payment through "Pay Orders" is accepted at banks up to two working days prior to the payment deadline. Fee may be paid through Cash Receipts, Online Services and Credit/Debit Cards till payment deadline.
Advance Tax:
Through an amendment in the Income Tax Ordinance 2001 by Finance Act 2013, advance tax (under section 236 I) shall be collected @ 5% on the entire amount of fee except refundable portion.
Bank Helpline Numbers
Allied Bank Limited
1. UAN: 111-225-225, Branch contact No: 042-35748308
2. Regional Office: 042-35747603
Meezan Bank Limited
1. Region Office: 92-42-35786207
2. Head Office: 92-21-36406139
Bank Al-Habib Limited
1. Karachi: 92-21-32277231-239, Lahore: 0333-1218430
2. DHA Ph. 5 Branch: 042-37189231 042-37189234
Fee Structure for FY 2024-25
1.5 Year Programme
| Particulars | Fall 2024 | Spring 2025 | Total |
|---|---|---|---|
| Credit Hours | 12 | 12 | 24 |
| PKR | PKR | PKR | |
| Admission Fee | 138,130 | - | 138,130 |
| Tuition Fee | 549,960 | 549,960 | 1,099,920 |
| Semester Registration Fee | 44,020 | 44,020 | 88,040 |
| General Security | 57,580 | - | 57,580 |
| Total | 789,690 | 593,980 | 1,383,670 |
2.5 Year Programme
| Particulars | Fall 2024 | Spring 2025 | Total |
|---|---|---|---|
| Credit Hours | 16 | 12 | 28 |
| PKR | PKR | PKR | |
| Admission Fee | 138,130 | - | 138,130 |
| Tuition Fee | 733,280 | 549,960 | 1,283,240 |
| Semester Registration Fee | 44,020 | 44,020 | 88,040 |
| General Security | 57,580 | - | 57,580 |
| Total | 973,010 | 593,980 | 1,566,990 |
Hostel Fee
| Particulars | Fall 2024 | Spring 2025 | Summer 2025 |
|---|---|---|---|
| PKR | PKR | PKR | |
| Hostel Fee Double Occupancy | 84,830 | 84,830 | 34,930 |
| Hostel Fee Triple Occupancy (Bigger room) | 61,760 | 61,760 | 25,430 |
Important Points
- The above breakdown of fee structure is for Year 1 of the MS Economics programme.
- The per credit hour rate for FY 2024–25 is PKR 45,830/-
- Fees are payable by semester according to the schedule given in the Annual Fee bill.
- University fees are usually announced once each year. However, the University reserves the right to change its policies and fee structure at any time.
Refund Policy
To learn more about the University's Refund Policy, please click here.
| Activity | Date |
|---|---|
| Online Application Deadline | April 16, 2024, 5:00 pm (PKT) |
| Deadline to submit online supporting documents | April 17, 2024 |
| LUMS Graduate Admission Test (LGAT) | April 28, 2024 |
| Deadline to take GRE | April 28, 2024 |
| Deadline to submit Online admission application - LUMS UG Continuing Students | April 16, 2024, 5:00 pm (PKT) |
| Deadline to submit Online supporting documents - LUMS UG Continuing Students | April 17, 2024 |
| Completion of Admission Process | July 31, 2024 |
| Commencement of Classes | September 2024 |
Note:
- The University reserves the right to change dates and deadlines for admissions. Please keep informed of any changes by visiting this site periodically, as well as the LUMS online application site.
What are the admission requirements for MS programmes?
Please refer to the Admission Criteria tab.
Do you require any test for admission to the MS programme?
Yes, you require a GRE (General)/ LGAT test to apply for the MS Economics Programme.
I have received my transcripts for Bachelor's/Master's but I do not have the degree. What should I do?
You should submit all your transcripts latest by the document submission deadline. Copy of your degree can be submitted later.
Is financial aid available for MS students?
Yes, financial aid is available on need basis.
How and when do I apply for financial aid?
You should apply for financial aid in biographical section of your online admission application. The Financial aid form will be available to fill in after you receive your admission decision.
Whom should I ask to write a letter of recommendation on my behalf?
The recommendation letters can be from a faculty member who has had a reasonable opportunity to evaluate you academically.
I have not yet received any confirmation email after the submission of my online application. What should I do?
You should recheck the completion and proper submission of your online application.
Is it possible to apply after the deadline?
Applications submitted after the deadlines are not accepted.
How do I inform about a change in my online application?
It is highly recommended to fill out the application form carefully. No changes can be made after the submission of online application. In sheer need an applicant can send the updated information to admissions@lums.edu.pk with the specific header "Change in Application Form".
How will you notify me regarding a decision on my application?
The final admission decision will be communicated through an official letter; however, you can check your application status through your online account. Regretfully, we are unable to provide information regarding your application status by telephone or e-mail.
May I appeal my admission decision or ask to have the decision explained?
The admission process is a well deliberated and thorough process. Each year we receive a large number of outstanding applications. Unfortunately, all of them do not qualify because of the limited number of available seats. The decision regarding admission is final.
If your application is unsuccessful you will also receive a letter informing you of this. Due to the volume of applications the University receive, it is not possible to provide feedback on unsuccessful applications.
Who is an international applicant?
A foreign national who is not of Pakistani origin and does not have a Pakistani passport/NICOP/CNIC is eligible to apply to LUMS under its International Student Programme. Applicants holding dual nationality out of which one is Pakistani are not eligible to apply through LUMS International Student Programme.
What is the Higher Education Commission (HEC), Pakistan?
Higher Education Commission (HEC) Pakistan is an independent, autonomous, and constitutionally established institution of primary funding, overseeing, regulating, and accrediting the higher education efforts in Pakistan.
HEC is responsible for formulating higher education policy and quality assurance to meet the international standards as well as providing accrediting academic degrees, development of new institutions, and uplift of existing institutions in Pakistan.
How do I get equivalence from Higher Education Commission (HEC), Pakistan?
International students can get equivalence through the following process: http://hec.gov.pk
Does LUMS offer campus accommodation to international students?
LUMS provides a well-maintained residential environment for international students.
What are the visa requirements for LUMS as an international applicant?
Please visit the link for visa requirements: https://international.lums.edu.pk
Are there any specific quotas in admission?
Admission to LUMS MS programme is purely merit based and there are no quotas.
LUMS Financial Aid
Admission to all programmes is purely on merit and independent of students’ ability to pay the related tuition fees. Once a student has been admitted to a programme, there are several mechanisms in place to provide financial support based on need and merit. All awards are reassessed each academic year based on performance, need, available resources and prevailing University policies. LUMS is committed to providing as much financial assistance as possible within the limits of its available resources. Nevertheless, the University may not be able to meet all requests for financial assistance, and it is strongly recommended that applicants secure as much of their own funding as possible.
Your financial need and your aid application does not affect your chances of admission.
Several Merit and Need-Based Scholarships are available for students who meet specific criteria.
- LUMS Interest-Free Loan
- Merit Scholarship
- Women Scholarship
Maintaining Eligibility
- Financial aid award is valid for One (1) year only. Continuation of aid in the subsequent year is subject to reassessment.
- Maintaining satisfactory performance at LUMS.
- Students receiving financial aid should maintain a full-time status in a regular semester. Failure to do so will lead to the cancellation of financial aid award.
- Financial aid award can be increased, reduced or kept the same at any stage of review during your stay at LUMS.
- LUMS reserves the right to physically verify the beneficiary's home/business premises at any given point in time.
- University reserves the right to amend, cancel or terminate the awarded financial aid in case of any misrepresentation or incorrect information provisioning. Misrepresentation may also lead to termination from the programme.
LUMS Interest-Free Loan
A degree from a tier-one university is one of the few investments with all-but-guaranteed return. Studying in LUMS not only opens doors in the professional world but also unleashes intellectual and financial potential.
At LUMS, we believe that financial circumstances should never stand in the way. To help, LUMS offers Interest-Free loans to the students from less privileged backgrounds who, without such assistance, would not be able to attend a university.
At MS level, LUMS Interest-Free loan covers partial to full tuition fee expense. These awards are reassessed in each academic year based upon performance and demonstrated financial need. The repayment of these Interest-Free loans starts six (6) months after graduation with a time period of 3 to 5 years.
Remember a loan is an obligation and is required to be paid back in instalments after graduation. Loan repayment not only contributes towards the recirculation of Financial Aid to deserving students but also inculcates social responsibility and ethical values within the students.
Merit Scholarship
Merit Scholarship is a form of gift and does not need to be repaid. LUMS provides Merit Scholarship Award to students who have proven their ability to succeed academically. There is no separate application for the scholarship. Students are automatically considered for the award when they apply for admission to LUMS.
First Year
Merit scholarship award covers partial to full tuition fee for one year only and is awarded to the admitted batch based on LUMS Admission evaluation ranking for the first year.
Coverage of Scholarship Award
Top two students of each batch in each discipline will be awarded merit scholarships as follows:
- 1st Position: 100% Tuition Fee Waiver
- 2nd Position: 60% Tuition Fee Waiver
Subsequent Years
Merit scholarship award covers partial to full tuition fee for one year only and is awarded to the returning batches who are placed on Dean's Honor List based on their academic performance.
Coverage of Scholarship Award
Top two students of each batch in each discipline will be awarded merit scholarships as follows:
- 1st Position: 100% Tuition Fee Waiver
- 2nd Position: 60% Tuition Fee Waiver
Note: In case a student qualifies for financial aid award and merit scholarship, their scholarship will be adjusted accordingly. These awards are for one year only and cannot be carried forward to subsequent years.
Women Scholarship
LUMS consistently strives to make all its educational programmes accessible across the globe, regardless of their ability to pay. Ground-breaking research, internationally competitive faculty, relevant curriculum, strong international linkages, and a vibrant, extracurricular life have established LUMS as a centre of excellence in the region.
The aim of Women Scholarship is to foster, celebrate and advance women’s leadership in business. By tapping highly talented young women, we hope to contribute towards building the future of not only their families but also their communities. This scholarship will support female candidates to pursue higher education on merit and will increase the number of women joining the MS Economics Programme. 50% tuition fee waiver will be awarded to women admitted on high merit to MS Economics.
This Scholarship will groom female managers and leaders of business; dramatically changing the managerial landscape of Pakistan. As these women assume leadership roles in organisations across the country, there will be a change in the culture of these organisations.
Note: In case a student qualifies for both women scholarship and any other award, she will receive the higher aid benefit.
Mode of Payment
Voucher can be paid through cash, Pay Order and Bank Drafts made in favour of "Lahore University of Management Sciences" at any branch within Pakistan of following banks.