Business

Master of Arts in Economics

The Master of Arts in Economics is a postgraduate programme offered at sixteen Kenyan universities, providing advanced training in economic theory, quantitative methods, and policy analysis. The programme prepares graduates to analyse economic problems, design policy solutions, and contribute to economic research, planning, and decision-making in Kenya and internationally.

The curriculum covers microeconomic theory, macroeconomic theory, econometrics, development economics, monetary economics, public finance, international trade, research methods, and economic policy analysis. Students develop analytical and quantitative skills for modelling economic phenomena, evaluating policy interventions, and conducting independent economic research.

Admission requires a bachelor's degree in economics or a related discipline with at least an Upper Second Class Honours from a recognised university. Applicants with a Lower Second Class Honours and relevant experience may be considered, subject to institutional requirements. The programme is offered through full-time and part-time modes over two years.

The programme is accredited by the Commission for University Education (CUE) and delivered through various schools and faculties across the sixteen institutions. These include major public universities such as the University of Nairobi, Kenyatta University, and Egerton University, as well as private institutions such as Mount Kenya University and Daystar University.

Career prospects include roles in economic policy analysis, financial analysis, research, banking, consultancy, government planning, and academia. Graduates work in central banks, government ministries, research institutions, commercial banks, international organisations, and academic institutions.

The programme addresses Kenya's need for skilled economists who can analyse complex economic challenges, design evidence-based policies, and contribute to national economic planning. With Kenya's position as East Africa's largest economy, demand for economics expertise spans public policy, financial services, trade, development, and academia.

Skills Required

Microeconomic theory and analysis
Macroeconomic theory and policy
Econometric modelling and analysis
Economic policy analysis
Development economics
Monetary and financial economics
Public finance and fiscal policy
International trade and finance
Quantitative research methods
Economic forecasting and data analysis

Key Subjects

Microeconomic Theory
Macroeconomic Theory
Econometrics
Development Economics
Monetary Economics
Public Finance
International Trade and Finance
Research Methods in Economics
Economic Policy Analysis
Mathematical Economics

Certifications

Chartered Financial Analyst (CFA)
AERC Collaborative PhD Programme Certification
Certified Economist (International Economic Association)
Royal Economic Society Membership

Specializations

Economic Policy and Management

Focuses on economic policy formulation, implementation, and evaluation, including fiscal, monetary, and trade policy analysis.

Development Economics

Examines economic development challenges, including poverty, inequality, growth, and structural transformation in developing economies.

Monetary and Financial Economics

Covers monetary theory, financial markets, banking, and central banking, including financial sector policy and regulation.

International Trade and Finance

Analyses international trade theory, trade policy, balance of payments, exchange rates, and global financial systems.

Public Finance and Fiscal Policy

Examines government revenue and expenditure, taxation, public debt, fiscal policy, and budgetary processes.

Econometrics and Quantitative Economics

Focuses on statistical and mathematical methods for economic analysis, including econometric modelling, forecasting, and data analysis.

Duration: 2 years
Public, up to: Ksh 304,500
Private, up to: Ksh 130,000
Job market: High

The programme

What you study, how long it takes, and how it is delivered.

Practicalities

Study mode: Full-time, Part-time
Attachment: 0 months
Average class: 25 students
Award: Masters

What you study

10 subjects

Microeconomic Theory
Macroeconomic Theory
Econometrics
Development Economics
Monetary Economics
Public Finance
International Trade and Finance
Research Methods in Economics
Economic Policy Analysis
Mathematical Economics

Modules

11 in the programme

Microeconomic Theory
Year 1Semester 13 creditsCore
Advanced microeconomic theory covering consumer behaviour, producer theory, market structures, welfare economics, and general equilibrium analysis.
Macroeconomic Theory
Year 1Semester 13 creditsCore
Advanced macroeconomic theory covering economic growth, business cycles, inflation, unemployment, and macroeconomic policy models.
Econometrics
Year 1Semester 13 creditsCore
Econometric methods including linear regression, hypothesis testing, specification analysis, and diagnostic testing for economic data analysis.
Mathematical Economics
Year 1Semester 13 creditsCore
Mathematical methods for economic analysis, including optimisation, differential equations, and dynamic analysis in economic models.
Development Economics
Year 1Semester 23 creditsCore
Economic theories of development, including growth models, poverty, inequality, structural transformation, and development policy in developing economies.
Monetary Economics
Year 1Semester 23 creditsCore
Monetary theory and policy, including money supply, interest rates, central banking, inflation targeting, and financial sector regulation.
Public Finance
Year 1Semester 23 creditsCore
Government revenue and expenditure, taxation theory, public debt, fiscal policy, and budgetary processes in economic management.
International Trade and Finance
Year 1Semester 23 creditsElective
International trade theory, trade policy, balance of payments, exchange rate systems, and international financial markets.
Economic Policy Analysis
Year 2Semester 33 creditsCore
Analysis of economic policy issues, policy design, impact evaluation, and the translation of economic research into policy recommendations.
Research Methods in Economics
Year 2Semester 33 creditsElective
Research methodology for economic research, including research design, data collection, econometric analysis, and academic writing.
Project Paper / Thesis
Year 2Semester 412 creditsCore
Independent research project paper or thesis on an economics topic, conducted under faculty supervision and assessed through written submission and oral defence.

Specialisations

Economic Policy and Management
Focuses on economic policy formulation, implementation, and evaluation, including fiscal, monetary, and trade policy analysis.
Development Economics
Examines economic development challenges, including poverty, inequality, growth, and structural transformation in developing economies.
Monetary and Financial Economics
Covers monetary theory, financial markets, banking, and central banking, including financial sector policy and regulation.
International Trade and Finance
Analyses international trade theory, trade policy, balance of payments, exchange rates, and global financial systems.
Public Finance and Fiscal Policy
Examines government revenue and expenditure, taxation, public debt, fiscal policy, and budgetary processes.
Econometrics and Quantitative Economics
Focuses on statistical and mathematical methods for economic analysis, including econometric modelling, forecasting, and data analysis.

A day as a student

A typical day begins with morning lectures on microeconomic theory, macroeconomic theory, or econometrics, followed by quantitative methods workshops using statistical software. Afternoons involve economic data analysis sessions, policy case study discussions, or research methodology seminars. Students regularly engage with guest speakers from the Central Bank, Treasury, research institutions, and international organisations. Computer lab sessions focus on econometric modelling and data analysis using real economic datasets. Independent reading, problem sets, and research project development occupy significant time, with regular consultations with faculty supervisors for the project paper or thesis component.

The trade offs

In its favour

Offered at 16 institutions across Kenya, providing the widest choice of any master's programme in terms of location, cost, and institutional focus.
High demand for economics professionals across government, financial services, research, and international organisations in Kenya.
Strong analytical and quantitative skills developed through econometrics and mathematical economics are transferable across sectors.
Wide tuition range from KES 100,000/year at public universities, making it accessible across income levels.

Against it

Quality and focus vary significantly across 16 institutions, requiring careful institutional selection.
Strong quantitative requirements may be challenging for students without mathematics or statistics backgrounds.
UoN programme cost of KES 609,000 is among the higher master's fees, though other public universities are more affordable.
Some institutions may have limited faculty specialisation in advanced economics topics.

What it costs

Tuition at both ends of the market, and how to pay for it.

What it costs, and where

Against 331 business courses

Public150k to 305k

150k at Kisii University305k at University of Nairobi

Private130k to 130k

130k at Mount Kenya University130k at Kabarak University

Annual tuition in Kenyan shillings, rounded. The upright tick is the median for this field, so a bar sitting entirely to its right is an expensive programme by the standards of its own subject.

The fine print

UoN 609K/2yr=304.5K/yr(official). Kisii 150K/yr(tuko). MKU 130K/yr. Kabarak 65K/sem*2=130K/yr(official)

HELB offers postgraduate loans for Kenyan students. AERC provides research grants and collaborative training support for African economists. IMF and World Bank offer scholarship programmes for economics capacity building in developing countries. Individual universities may offer institutional financial aid.

Funding options

HELB Postgraduate Loan
AERC Research Grants
IMF Scholarship Programmes

Scholarships

3 recorded

HELB Postgraduate Loan
LoanKsh 200,000Kenyan
Kenyan citizens pursuing postgraduate studies at recognised universities. Applicants must meet HELB eligibility criteria.
AERC Research Grant
ScholarshipKsh 400,000
African economists and postgraduate students supported by AERC's collaborative research and training programmes.
IMF Scholarship Programme
ScholarshipKsh 500,000
Economists from developing countries may access IMF-supported scholarship programmes for economics training and capacity building.

Getting in

The grades, the alternatives, and who accredits the award.

What you need

KCSE mean grade: N/A (Postgraduate)
Alternative entry: The programme is open to graduates from economics, statistics, mathematics, commerce, and related quantitative disciplines. Some institutions require a bridging course for non-economics graduates. A postgraduate diploma plus relevant work experience may be considered. The programme is offered through full-time and part-time modes over two years.

How you are assessed

4 components

Continuous Assessment
Coursework40% of the mark
Ongoing assessment through problem sets, assignments, econometric exercises, and seminar presentations throughout each semester.
End-of-Semester Examination
Examination60% of the mark
Written examination conducted at the end of each semester for each course unit.
Project Paper / Thesis
Project100% of the mark
Independent research project paper or thesis on an economics topic, assessed through written submission and oral defence.
Econometric Project
Practical30% of the mark
Applied econometric project using real economic data, demonstrating proficiency in econometric modelling and interpretation.

Accreditation

The programme is accredited by the Commission for University Education (CUE), Kenya's statutory body for university quality assurance. All sixteen offering institutions are CUE-accredited universities.

Accredited by

Commission for University Education (CUE)
Academic accreditationRequired
Statutory accreditation required for all university programmes in Kenya. All sixteen offering institutions are CUE-accredited universities.
African Economic Research Consortium (AERC)
Professional alignment
Pan-African research consortium building economics capacity. Graduates may participate in AERC collaborative programmes and research networks.

Where it leads

The roles it opens, and what you leave with.

Where graduates go

5 roles

Economic Policy Analyst
High demandKsh 120,000 to Ksh 300,000
Analyses economic policy issues, conducts research, and provides recommendations to government, research institutions, and international organisations.
Financial Analyst
High demandKsh 110,000 to Ksh 280,000
Analyses financial markets, investment opportunities, and economic trends for commercial banks, investment firms, and financial institutions.
Research Economist
Moderate demandKsh 100,000 to Ksh 250,000
Conducts economic research for research institutions, think tanks, AERC, and international organisations on development and policy issues.
Banking Sector Economist
High demandKsh 130,000 to Ksh 350,000
Works in commercial banks or the Central Bank of Kenya analysing monetary trends, financial stability, and economic conditions.
University Lecturer in Economics
Moderate demandKsh 100,000 to Ksh 250,000
Teaches economics courses at undergraduate and postgraduate levels, conducts research, and supervises student projects.

Graduate outcomes

Graduates pursue careers in economic policy analysis, financial analysis, research, banking, consultancy, government planning, and academia across central banks, government, research institutions, and financial services.

Where these fields lead

8 careers

Tools you will learn

STATA
Econometrics softwarePrimary
Statistical software widely used in economics for econometric analysis, data management, and graphical visualisation.
EViews
Econometrics softwarePrimary
Econometric analysis software for time series analysis, forecasting, and macroeconomic modelling.
R Studio
Statistical software
Open-source statistical computing environment for data analysis, econometric modelling, and data visualisation.
SPSS
Statistical software
Statistical analysis software for survey data analysis, descriptive statistics, and basic econometric analysis.
Microsoft Excel
Data analysis
Spreadsheet software for economic data organisation, basic statistical analysis, and financial modelling.

Industry links

Common misconceptions

Economics is just about money and finance.
Economics encompasses the study of resource allocation, decision-making, markets, development, trade, and public policy, extending far beyond finance.
An MA in Economics is the same as an MBA.
The MA in Economics focuses on economic theory, quantitative analysis, and policy, while an MBA focuses on business management and administration.
Economics graduates can only work in banks.
Graduates work in government, research institutions, international organisations, academia, consultancy, NGOs, and policy think tanks, not only banks.
Economics is too mathematical and not practical.
While the programme includes quantitative methods, it applies economic analysis to real-world problems including poverty, trade, inflation, and development.
All universities offer the same economics curriculum.
While sharing common foundations, institutions differ in specialisations, faculty expertise, and research focus, with some emphasising policy, others development, and others quantitative methods.
Economics has limited career prospects in Kenya.
Kenya's growing economy, financial sector, devolved governance, and international trade create strong demand for economics professionals across sectors.