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 2026-2027

M1 in Economics - International track

(Syllabi are updated regularly, non-contractual) Courses may change from one semester to another

 *UE1/UE2/UE5. A minimum score of 10 out of 20 is required
UE4 bis Optional (1 of 16) choose an option different chosen in UE4

**Masters 2 Directors highly recommend to attend these options :
-    Industrial Organization: M2 EMO
-    Environmental & Resource Economics: M2 EEP
-    Development Economics: M2 PPD
-    Corporate finance et Market Finance: M2 Finance
-    Panel Data or Time series: M2 EEE
*** Mathematics refresher course, open to M1 and M2 students (see the announcement on the website for exact dates; courses are generally held in late August)

**** To attend the Martingales theory and applications course you need to have attended the Markov Chains course first

Bonus Points

Participation in sports or cultural activities, civic engagement or work-related activities may be eligible for bonus points. For further details, please refer to the French assessment guidelines (MCC) for the course shown opposite.

Program 2026-2027

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

(Syllabi are updated regularly, non-contractual) Courses may change from one semester to another

*Only students who followed the Time Series course in M1 in 2025-2026 can take the Multivariate Time Series course in 2026-2027 - Otherwise, students must take the Time Series course in M1 in 2026-2027

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

*** Mathematics refresher course, open to M1 and M2 students (see the announcement on the website for exact dates; courses are generally held in late August)

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

Bonus Points

Participation in sports or cultural activities, civic engagement or work-related activities may be eligible for bonus points. For further details, please refer to the French assessment guidelines (MCC) for the course shown opposite.

At TSE, learning is enhanced by guest speakers, most of whom are professionals from various industries. These experts bring practical experience and real-world insights, complementing the teachings of our academic professors. This synergy provides students with a well-rounded education rooted in both theory and professional practice.

Semester 1, master 1

• Claire Vaufrey (teacher at ENAC), Project Management

Semester 2, master 1

• Daniel Herrera (Professor at Min Paris PSL), Environmental & Resource Economics
• Olivier Massol (Professor in Economics and Technology Policy at Centrale Supélec), Environmental & Resource Economics

Semester 1, master 2

• Louis Olive (Senior Quantitative Analyst, Banque de France), Scoring/Introduction to Python

Semester 2, master 2

• Christophe Cassou (Senior Researcher CNRS, Cerfacs) Global Risk for a Living Planet
• Laurent Clerc (Deputy Director General Statistics, Economics and International Relations at Banque de France), Global Risk for a Living Planet
• Raphaël Danjou (CGI associate | Expert Conseil Data Gouvernance), Datanomics
• Guillaume Lasserre (Chief Investment Officer, La Banque Postal Asset Management), Global Risk for a Living Planet
• Mathieu Maurin (CEO Iceberg Data Lab), Understanding Global Risk
• Louis Olive (Senior Quantitative Analyst, Banque de France), Scoring/Introduction to Python
• Gilles Stupfler (Professor, University of Angers), Extreme Risk Analysis
• Claire Vaufrey (teacher at ENAC), Project Management

Admission is based on academic excellence. 

Courses are entirely taught in English: a C1 English language certificate may be required depending on the applicant’s profile (IELTS Academic, TOEFL iBT or CAE).

Applicants who do not hold a degree obtained in the French higher education system are required to submit GRE test results.

First year admission:

Admission to the first year will be discontinued starting with the 2026 admissions cycle for the 2026–2027 academic year. For the 2027–2028 academic year, applications must be submitted based on the TSE degree—TSE Master of Science.

Second year admission:

Calendar

• Fall campaign (Eiffel scholarship): October 22^nd to November 11^th 2026
• Winter campaign: January 11^th to February 1^st 2027
• Spring campaign (For students holding a french degree): March 25^th to April 13^th 2027.

Apply to the EGR program

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.

• Students develop empirical skills to perform economic analysis in many fields.
• The program benefits from TSE affiliated research centers’ strong ties with a network of large French and foreign firms (EDF, Orange, La Poste, Microsoft,...), banks (Société Générale, BNP Paribas,…) and insurance companies (AXA, SCOR,…) that provides students with a valuable window of job opportunities.

Testimonial videos