Master in Economics of Global Risks

In the 1st year, students attend a rigorous academic program in the different economic disciplines and quantitative techniques for social sciences. The common core courses allow them to deepen their knowledge and the elective courses allow students to build up their career plans, taking into account the specializations in the second year of the master’s programs.

In the 2nd year, the Master in Economics of Global Risks aims at offering courses that equip students with the fundamental approaches in economics, the methodological tool box, and insights about the nature of global risks that they need to know as future risk professionals that prepare companies, organizations and communities for new sources of threats. These global risks include climate change, human impact on biodiversity and other threats to the natural environment, pandemics, financial and macroeconomic crises, cyber risks, terrorism, among others.


The course program is built on the three pillars:

  • Fundamental approaches in economics courses: these include covering macroeconomics, finance, asset pricing, risk management, insurance, economics of decisions, and enterprise risk management.
  • Methodology courses: Students will acquire tools in econometrics and empirical analysis combined with strong skills in using large data sets needed to perform quantitative analyses and projections of risk scenarios. They will also learn economic techniques in cost-benefit analysis, actuarial science and risk management that they need as risk professionals and economists forecasting, analyzing, evaluating risks and uncertain scenarios. These courses cover a minimum of one third of the total course hours.
  • Understanding Global Risks: a core element of the Master will be a multi-disciplinary sequence of topical introductions to major risks, including climate change, biodiversity and other threats to the natural environment, pandemics, financial and macroeconomic crises, cyber risks, terrorism, and political stability risks. Some of the topics (climate change and biodiversity) will be organized as a joint course with the Master Economics and Ecology. These topical introductions cover a minimum of one quarter and up to one third of the course hours, depending on the choice of electives.
  • A practical implementation of these lessons during an internship in a company or an administration facing or managing a type of global risk.

Global risks can jeopardize the functioning, stability, and prosperity of communities, companies, and organizations, and pose existential threats. The aim of this Master is to provide students with the methods and tools that put them in a position to work on a broad scope of risks, to be operational when confronting new threats outside known and conventional risks, and to be of value for a large array of companies and organizations (see skills and career opportunities).

Courses are taught in English by TSE faculty members with outstanding international reputation in finance, risk management, macroeconomics, econometrics, data science, microeconomics of decisions, environmental economics, and other fields. Due to the broad nature of knowledge and the multiple skills required of successful risk professionals and economists, the Master reaches across different fields in economics, and also exposes students to other disciplines including climate science, ecology and epidemiology. The course training is completed with an empirical project related to global risks.

Program 2022-2023

M1 Economics - International track

(Syllabi are updated regularly)




2 electives:


4 electives:

Optional courses

Compulsory International internship or Master Thesis 1 *                                                 

*UE1/UE2.UE5. A minimum score of 10 out of 20 is required

 **Masters 2 Directors highly recommend to attend these options :
-    Industrial Organization: M2 EMO
-    Environmental & Resource Economics: M2 ERNA
-    Economic of Human Development: M2 PPD
-    Corporate finance et Market Finance: M2 Finance
-    Panel Data or Time series: M2 EEE
*** Math refresher courses opened to M1 and M2 students


Bonus point

To practice a sport or a musical activity within the University orchestra, or the participation in the module "professional life"  during the year can give you bonus points. Only points above 10/20 are recorded (please refer to the Welcome booklet).

Program 2022-2023

M2 "Economics" - Economics of Global Risks - International track

Course syllabi are continuously completed and updated



Compulsory courses:


Compulsory courses:

Electives: choose 1 out of 3

Choose 1 elective among3:

  • Datanomics: Regulation of Data Spreading and Data Protection
  • Project Management
  • Ethics of Social Studies

Internship or dissertation (a minimum of 16 weeks)

*Only students who followed the Time Series course in M1 in 2021-2022 can take the Multivariate Time Series course in 2022-2023 - Otherwise, students must take the Time Series course in M1 in 2022-2023

** Choice of optional course subject to the agreement of the M2 ERNA director

*** Math refresher courses opened to M1 and M2 students

Bonus point

Practicing a sport or a musical activity within the University orchestra during the year can give you bonus points. Only points above 10/20 are taken into account.

The Master in Economics of Global Risks aims to train economists and risk professionals who can work in risk analysis, evaluation and in strategic functions, for example in the office of the Chief Risk Officer in companies and financial institutions. Their role is to anticipate risks, evaluate risk exposures, mitigate and prevent threats, enhance resilience, and guide the management response when shocks occur.

Economists and risk professionals with the transversal skills acquired in the Master in Economics of Global Risks will work for companies, consultancies, intermediaries, organizations, and government institutions that strive to prepare for anticipated and unexpected shocks and frictions, large and small. The anticipation and management of risks are the prerogative of forward-looking firms and institutions that understand the threat potential of seemingly faraway or low-probability contingencies, but also the powerful competitive and strategic advantage of enhanced resilience and risk preparation. Employers interested in the profile of graduates of the Master in Economics of Global Risks include insurers, insurance brokers and re-insurance companies, banks and asset managers, companies in energy, infrastructure and logistics, manufacturers and suppliers of essential goods such as food, mobility services, and networks, consulting firms in strategy and in economic analysis, public bodies like central banks, regulators, public health authorities, multinational organizations in finance and economic development, companies in security, information technology and public health, and non-profit organizations.

Admission First year

  • Aimed at English speakers
  • Students should hold a BSc in Economics within a recognized curriculum considered as consistent with the program and approved by the TSE selection committee.

Admission Second year

  • Admission is based on academic excellence criteria.
  • Applicants from the French system must have passed the TSE International track Master 1 (1st year Master’s) in Economics or another French University master in Applied Mathematics or an equivalent degree (e.g., engineering school,…).
  • For foreign degree holders, the required degrees are either a BSc, M.A., or MSc, within a recognized curriculum regarded as consistent with the program and approved by the TSE Selection Committee. Some brushing-up in Economics or Maths might be advisable in some cases. Working knowledge of English is obviously required.


To apply to this master, select on eCandidatures platform:

First year: M1 Economics International track

Second year: M2 Economics - Economics of Global Risks International track

For more details about requirement documents and application process, please see the Admission section.

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