Economics with data science

Data-driven decision making, going from data to decisions, making informed, data-based (strategic) decisions, not based on anecdotal evidence but rather on a number of different data, is the future that will make a difference between those, who lead and those who lag. Companies, institutions and countries. The programme Economics with data science merges the best of the world of economics and data analysis to equip individuals with a unique set of skills allowing them to be able to navigate the demanding and uncertain economic environment and make informed decisions.

The programme merges economics with data science. In all countries, economists have traditionally assumed the top positions in society, as managers of the largest enterprises and banks, ministers and prime ministers, governors of central banks as well as managers of prestigious consultation companies and analytics departments. Economics has been thus one of the elite programmes at the most prestigious universities, where only a few percent of the best students are accepted. In recent years, technological advancements as well as the rise in data availability and methodological advancements, including AI, has led to the development of data science, which is extremely important in the decision-making processes.

The programme Economics with data science equips the students with advanced knowledge of economics, providing a strong domain knowledge, an in-depth understanding economic processes at the aggregate and firm level. At the same time, students gain knowledge and skills in econometrics and data science, including artificial intelligence (e.g. machine learning and other). Consequently, the combination of in-depth domain knowledge and analytical skills, provide a unique combination of knowledge and skills that will be needed to compete for most demanding, decision-making positions in business and different policy-making institutions.

Economics with data science is a demanding programme, intended for ambitious and motivated individuals with good analytical abilities. The programme will allow such individuals to grow professionally and excel in their careers providing them with knowledge and skills to do so. Individuals who will be able, as shown by many examples, to make decisions in key positions in the business sector and in policymaking institutions. Why? Because the graduates of the Economics with data science programme will be capable of resolving complex economic and business problems that other people are might not be able to comprehensively address or potentially even identify.

If you are ambitious, ready to work hard and eager to make a difference, then enrolling in the Economics with data science programme will help you achieve your goals.

Knowledge and skills acquired by taking this programme

You will acquire knowledge and skills needed for successful expert work in key positions in the business sector or in shaping the economic policy of the state. You will learn how to use complex analytical/data science tools that will enable you to comprehensively analyse problems in the economic environment, since by using economic models (theory), extensive knowledge of empirical findings and a plethora of analytical and programming/data science tools you will be able to correctly analyse data and, based on it, make projections, different scenarios and strategies, assess risks and adopt appropriate decisions. These are the knowledge and skills individuals require to be able to take up top positions in the business sector and in policymaking.

After graduating from Economics with data science you will be capable of not only answering the complex questions but also identifying the optimal solutions using numerous data sources to provide a data-based foundation to your decision-making or suggestions. For example, how should a firm behave to strengthen its competitive advantages? What in fact are ‘competitive advantages’? How to set the right price for your products and services in the competitive race? How to optimise operations and increase value added with the available resources? When to take over a competitor and which synergic effects can be expected from this? Which are the consequences of foreign-exchange risk and how serious are they? How to envisage business cycles and how to respond to them most effectively? Why is an improvement in the business climate in Germany and an increase in the German trade surplus a good sign for Slovenian enterprises? Should you be worried about the state of the balance of payments? What consequences can additional borrowing of the state bring to your firm? Why is the ageing of the population a big problem and at the same time an even bigger opportunity? Why is a certain degree of income inequality good and why can it become economically inefficient and socially problematic after exceeding a certain threshold? Why is high youth unemployment such a big problem?

Along with analytical skills, the study of Economics with data science will also provide you with many soft skills, from teamwork and effective presentation to the ability of critical judgement, strategic thinking etc.

Another advantage of the Economics with data science programme is that only a limited number of students can enrol. This facilitates more individual work with students and makes it more demanding. At the same time, a graduate from this programme has fewer competitors in the labour market and holds a degree in a programme known for its exactingness. All of the above sends an important signal to a potential employer: this graduate is ambitious and is not afraid of challenges.

Organisations/institutions/companies with employment prospects

As a graduate, you will acquire the highest level of professional competencies in the field of economic sciences.

You will be trained for the expert and professional management of enterprises and their departments, consultation work in the most responsible positions as well as for taking over and resolving complex problems at all levels. You will also be trained to work in the public sector where you will be capable of assuming responsible tasks as the head of a department or directorate, the head of an analytics department, a representative of Slovenia in the European Commission and other international organisations, or taking on high-level tasks as a minister, prime minister or central bank governor.

Professions

• Manager/member of management board in charge of sales, finance or strategic development
• Consultant/head of strategic development
• Analyst/head of analytics department
• Researcher in academic and international institutions
• Senior civil servant
• Expert officer in the public administration
• Expert officer in sales and business administration

Curriculum – first-year enrolment untill academic year 2023/24