Mastering skills for today and tomorrow: Economics, Data Science and AI

SBS has launched a new full-time MSc in Economics, Data Science and Artificial Intelligence – here, Programme Director Niko Hauzenberger explains why this course prepares students for the jobs of today – and tomorrow.  

Strathclyde’s Department of Economics is delighted to introduce a cutting-edge MSc in Economics, Data Science and Artificial Intelligence (EDSAI). Our frontier programme bridges the gap between understanding human and market behaviour, and the technical tools required to analyse, predict, and automate decision-making in the modern global economy. 

The programme is designed to equip students with the analytical, computational and conceptual skills required to operate at the frontier of modern economic analysis using big data. 

The MSc in EDSAI fully equips students with highly relevant analytical, conceptual and computational skills. These skills are required to operate at the frontier of modern economic analysis, using big data made readily available as a result of the digital revolution. 

We recognise the UK and global job market is changing due to AI and there is high demand for frontier skillsets in the business and finance world. Modern industry no longer requires one-dimensional data scientists - employers are looking for change makers who can combine deep economic insights with the latest data science and AI tools; graduates who understand why data matters in the world of work and understand its relevance and applicability to business decisions.  

Governments, businesses and finance face a rapidly changing landscape as AI and data science reshape economic systems. Our frontier programme upskills graduates to understand these changes and to apply advanced quantitative methods to real-world economic and business problems. 

Within our leading technological university, we have brought together expertise from Strathclyde’s Department of Economics in the triple-accredited business school and the Department of Computer & Information Sciences in the science faculty to create an MSc that is highly relevant to the modern job market. 

This programme bridges the gap between economic reasoning and modern applied data analysis. This allows us to better identify causal links and incentives, using the latest statistical software such as Python and R. Our graduates will have the knowledge to fill that gap in the market created by AI. Students are actively encouraged to incorporate generative AI-based approaches in economic research, analysis, and strategic decision-making, which makes this programme uniquely innovative. 

Data science is integral to our programme and essential to contemporary empirical economics. The MSc EDSAI is designed to enable students to process large and complex datasets, apply machine learning algorithms, and use natural language processing tools, equipping them to carry out evidence-based economic analysis. 

Strathclyde University is known as “the place of useful learning” and our programme exemplifies that ethos: practical AI skills and hands on training in applying these tools to problems is built into the programme, while applied projects provide industry-relevant experience. 

Our MSc comprises a unique combination of disciplines. In employment, our graduates will have the skills and knowledge to inform business or policy decisions in a data-driven manner. Graduates will leave with a strong skill set in economics, complemented by considerable strengths in applied data science and the use of AI tools. This combination will undoubtedly enhance employability in the business, finance and policy sectors. 

The UK Government is fully aware of the importance of data science and AI to the job market. This is exemplified by the recently published UK Industrial Strategy  and AI Opportunities Action Plan. McKinsey estimated that UK GDP could increase by up to 22% due to AI by the end of the decade. The rapid growth we see in data science and AI will continue for years to come and is a growing career sector. 

In terms of career destinations, graduates will be prepared for roles in areas such as data analysis and data science; economic and policy research; finance and fintech; technology and business strategy; public policy and government analytics – all growing sectors. 

Both the Department of Economics and the Department of Computer & Information Sciences are excited to welcome students onto the programme in September this year and we can’t wait to prepare them for the future workplace. 

To find out more about this programme, click here

About Niko Hauzenberger

Dr Niko Hauzenberger is a Senior Lecturer in the Department of Economics and director of the MSc in Economics, Data Science and Artificial Intelligence (EDSAI). His research focuses on developing novel econometric methods for the efficient use of big data in macroeconomics.