Master's Program in Economics
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Test of admission

Those candidates whose grade is worse than 2.0 but at least 2.5 OR for whom the equivalence of their qualification cannot be unambiguously established, but whose qualification is assessed to have sufficient proximity to the Bachelor in Economics at LMU in terms of content and methods (and whose grade is at least 2.5) will be invited to take a written test of admission. These selected applicants will get an invitation by email at least two weeks before the date of the test.

The test of admission for winter term 2019/2020 will take place on June 1st, 2019 and is only offered in Munich. The exact time and place will be announced in the invitation to the test.

Please note: There is no other possibility - you have to take the test personally in Munich at LMU. Please be prepared to get your paperwork and travel arrangements quickly done in case you get an invitation. There is no funding / no reimbursement available for travel costs. We cannot provide accommodation. 

Applicants who can not attend the test at the regular date may be invited to a follow up appointment (second test). Only circumstances beyond individual control will make you eligible for the attendance of the second test. Explanations to justify circumstances beyond your control must be submitted via email: mgse-master@econ.lmu.de at the latest at the time of the test. Please add documents that provide evidence that the circumstances are beyond your control. In the case of sickness we require a doctor’s note, which has to be mailed to our postal adress. Candidates whose explanation has been accepted can take the test on that alternative date (which as a rule will be about two to three weeks after the original test date).

topCoverage of the test

The test lasts for 90 minutes and contains problems from the following subject areas:

  • Microeconomics
  • Macroeconomics
  • Empirical Economics
  • Mathematical Methods

The problems will be given in English. To solve them, it will be necessary to have advanced knowledge at the level of a Bachelor’s program in Economics.

To prepare for the test we recommend studying the following books/chapters:

Microeconomics

Varian H. (1999) „Intermediate Microeconomics“, W.W. Norton.

Please note that the chapters could be changed in following editions, the determining factor is the title!!!

  • Chapter 12 (Decision under Risk)
  • Chapter 29 & 30 (General Equilibrium)
  • Chapter 36 (Moral Hazard & Adverse Selection)

Andreu Mas Colell et al. (1995), Microeconomic Theory, Oxford University Press:

  • Chapter 6 A-C (Decision under Risk)
  • Chapter 13 A-B (Adverse Selection)
  • Chapter 14 B (Moral Hazard)
  • Chapter 15-17 & 21 (General Equilibrium) 

Macroeconomics

R. Hall and J. Taylor, Macroeconomics, Fourth Edition, W. W. Norton, 1993.

Olivier Blanchard, Alessia Amighini, and Francesco Giavazzi: Macroeconomics: A European Perspective (3rd edition), Pearson, 2017, Chapters 1-15, 22.

Empirical Economics

J. H. Stock & M. W. Watson: Introductions to Econometrics (3rd edition), Boston, MA: Addison-Wesley, 2011

  • Chapter 1-9
  • Chapter 11
  • Chapter 13

Mathematical Methods

Chiang, A.: Fundamental Methods of Mathematical Economics, New York: McGraw Hill, 1984

Hoy, M., Livernois, J., McKenna, C., Rees, R. und Thanasis, S.: Mathematics for Economics, Don Mills, Ontario: Addison-Wesley, 1986

Example Problem Set

The test of admission will last 90 minutes; you must achieve at least 60 % of all possible points and 20 % of the points in the relevant parts of the test in order to pass the test. The test will contain at least one question from each of the fields Microeconomics, Macroeconomics, Empirical Economics and Mathematical Methods.

For your convenience we provide an example problem set with exercises from each of the four relevant fields. These are example questions how they could appear in the test.

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Day of the test

You need to bring the following documents and materials with you to the test:

  • a copy of your invitation to the test
  • an official passport with photo and your signature
  • pens
  • a non-programmable calculator

Please pay attention to the time of entrance to the test room. Invited applicants who do not appear on time will not be allowed to take part in the test and their application will be rejected.

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Test evaluation

Your solutions to the test problems will be evaluated by two members of the selection committee. Suitability for the Master’s Program in Economics is established when both evaluators agree that your performance is acceptable ("pass"). 

You will receive a non binding statement about your test result by e-mail as soon as possible and by the end of June at the latest. Details in regard of the estimated time for the evaluation will be communicated by e-mail to all candidates invited to the test of admission.

The result of the test evaluation will be sent to you in written form by the end of June. No binding statement can be made before that time. If you have not yet completed your Bachelor’s studies at the time of your application, please note that we only will inform you about the result after you submitted your final results. There is no exemption from this rule.

In case you not yet handed in your proof of sufficient knowledge of English (TOEFL or IELTS) at the time of your application the same rule is relevant: We will only send you the result of the admission test in written form after you submitted your TOEFL or IELTS.