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MSC ECONOMICS
MINIMUM ELIGIBILITY CRITERIA FOR APPLICATION SUBMISSION
The University's policy is to admit students purely on merit based on:

Academic record Entrance Test GRE (General)/LUMS Graduate Admissions Test (LGAT) scores LUMS Economics Placement Test (for one-year track applicants) Submission of a completed application form and all required supporting documents Letters of recommendations

ACADEMIC RECORD
A minimum of 16 years of education leading to a degree recognised by the Higher Education Commission, Pakistan is required

Sixteen years (16) of education resulting in a Masters or a four year Bachelors degree recognised by the Higher Education Commission (HEC), Pakistan Three-year Bachelors degree from an international university recognised by the Higher Education Commission (HEC), Pakistan

Note: Candidates, who have degrees from institutions not listed with the Higher Education Commission (HEC), Pakistan will be required to get an equivalence certificate from the HEC. Contact information is: The Higher Sector H E-mail: info@hec.gov.pk Director Education East (A&C) Commission Islamabad

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Applicants with insufficient training in Mathematics/Economics are strongly advised to apply for the two-year option. The final decision regarding eligibility for the one-year or two-year programme will be taken by the Admissions Committee.

ENTRANCE TEST
Applicants need to take either the GRE (General) or the LUMS Graduate Admission Test (LGAT) to be considered for admission to the MSc Economics programme.

All applicants applying to the one-year MSc Economics programme must take the Economics Placement Test in addition to the above mentioned test. Graduate Record Examination (GRE) GRE (General) is offered as a computer adaptive test worldwide. GRE taken five years before the admission deadline will not be considered valid. Applicants need to take the GRE through the Educational Testing Service (ETS), USA latest by February 11, 2012in order to be considered for admission. GRE (General) scores must be reported to LUMS officially from the testing agency. The college code for reporting GRE (General) scores to LUMS is 0679. OR LUMS Graduate Admission Test (LGAT) The LUMS Graduate Admission Test (LGAT) is offered as an alternative test to the GRE for candidates, who for some reason cannot take the GRE. Please note that the LGAT will be held on June 09, 2012 LGAT is administered in Karachi, Lahore and Islamabad simultaneously. LUMS Placement Test for MSc Economics All students applying to the one-year MSc Economics programme must take the Economics Placement Test. This test will be based on Intermediate Microeconomics, Intermediate Macroeconomics and Basic Econometrics. The Placement Test is not required for candidates applying for the two-year track. The placement test is administered in Karachi, Lahore and Islamabad.

LUMS UNDERGRADUATE STUDENTS

Continuing Students Students should have sufficient course work in Economics and should meet the following criteria:

SCGPA of 3.00 or above in Economics and SCGPA of 3.00 or above in Mathematics

Note: Direct admission will be suited to the following majors 1. Economics 2. Economics and Mathematics

3. Economics and Political Science Direct admission does not mean that the students will be directly admitted. They will only be exempted from all the tests and admission will be based on merit. Note: Please note that the deadline to apply for the Fall 2012 session in the MSc Economics programme is May 24, 2012. Application form will be available on the LUMS website latest by the end of March 2012. LUMS Graduated Students LUMS students who have graduated on and before June 2011 are required to take the Economics Placement Test and LGAT or GRE.

SUBMISSION OF A COMPLETED APPLICATION FORM

A completed application form constitutes submitting the following on or before May 24, 2012; 5:00 pm (Pakistan Standard Time):

A completed online application form; Attested/Certified Copies of Complete Academic Transcripts and Certificates of:
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Secondary School Level Intermediate Level Bachelors Level Masters Level (If applicable

Note: Applicants who have not completed their latest degree must complete it before the commencement of classes for the Fall 2012 session. They are required to submit a copy of their latest transcript along with other supporting documents on or before the submission deadline.

Two complete Letters of Recommendation in sealed envelopes; GRE Score report (if Applicable); Four passport size photographs with white background; Two copies of the National Identity Card or valid Passport The application processing fee of Rs 4,000* (for Pakistani Residents only); The application processing fee of US $100 (for Foreign/overseas residents only); The LGAT registration fee of Rs 2,500; Proof of payment;

All supporting documents (where applicable)

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Supporting documents for Financial Aid (as specified in the online application form) Additional Information documents

Note: * The application processing fee and the LUMS Graduate Admission Test Registration Fee can be paid:

Through a bank draft/pay order drawn in favour of the Lahore University of Management Sciences; Online through the following link: http://pay.lums.edu.pk/default.asp; By depositing cash at the MCB booth located on the LUMS campus

Please send proof of payment along with all other required supporting documents asONE package by on or before May 24, 2012. Documents sent/postmarked after May 24, 2012 will not be processed. For further information, please contact: Office of Lahore University of Opposite Sector Lahore Cantt. Phone: (92-42) Fax: (92-42) e-mail: admission@lums.edu.pk URL: http://www.lums.edu.pk Management U, 54792, Admissions Sciences D.H.A. Pakistan 5722670-79 5722591

MSC ECONOMICS
OVERVIEW
The MSc Economics programme has been designed to set a new standard in graduate level economics education in the country, and to meet the growing need for well-trained economists in both public and private sectors. The programme has two objectives: (a) to ground graduate students in coursework that meets international standards; and (b) to rigorously tool them in applied economics research, thereby enabling them to independently undertake international standard research. A good grounding in solid coursework will allow students to obtain admission to international PhD programmes.

Alternatively, students can use cutting edge economics research skills in the private and public sectors, in regulatory bodies, in multilateral agencies and in academia. The combination of solid course work and rigorous and intensive applied research tooling makes the LUMS MSc Economics programme internationally unique. The programme is suitable for the following candidates:

Individuals wishing to pursue a career in economics and sub-specialties Individuals planning for doctoral studies in economics, public policy and related disciplines Professionals from public sector, regulatory agencies and NGOs Mid-career professional economists Financial sector managers

MSC ECONOMICS
STRUCTURE
The MSc Economics is a one-year programme aimed at applicants with a strong academic background in economics. However candidates who do not have an adequate grounding in economics are provided a separate track that allows them to complete the programme in two years. The first year of the two year track requires candidates to develop a suitable background in economics by successfully completing a required number of economics courses. Based on a candidate's background and exposure to economics, the following two tracks within the MSc programmeare offered:

1 year Track 2 year Track

1 YEAR TRACK
Students are required to fulfil the requirements of the following core courses consisting of Macroeconomic Theory, Microeconomic Theory, Mathematics for Economists and Econometric Methods, which are common to all streams. To specialise in one stream, students are required to study at least 2 elective courses in that particular stream. In order to fulfill the requirements of the MSc Economics programme, students are required to complete either 30 credit hours of course work, or complete 26 credit hours of course work and a Masters thesis of 4 credit hours. Graduation requirement: 30 credit hours

CORE COURSES
Course Title Credit Hours

Microeconomic Analysis

Macroeconomic Analysis

Econometrics and Research Methodology I

Econometrics and Research Methodology II

Topics in Mathematical Models for Economists

Electives Students are required to choose any 3 electives from amongst the elective courses offered OR choose 2 electives and a 4 credit hour MSc Thesis. A tentative semester-wise distribution of courses in the 1-year track is listed below:

FALL SEMESTER
Course Code Course Title Credit Hours

Econ 511

Microeconomic Analysis (Core*)

Econ 531

Econometrics and Research Methodology 1 (Core*)

Econ 536

Topics in Mathematical Methods for Economists (Core*)

Elective 1**

*Core courses are required and often a prerequisite for taking the elective courses.

SPRING SEMESTER
Course Code Course Title Credit Hours

Econ 521

Macroeconomic Analysis (Core)

Econ 533

Econometrics and Research Methodology 1 (Core)

Elective 2**

Elective 3** or MSc Thesis

** A list of elective courses will be made available through Office of the Registrar.

2 YEAR TRACK
After successful completion of the first or remedial year, students choosing the two-year track are admitted to the graduate courses offered in the one-year track MSc Economics programme. In order to proceed to the second year, two-year track students are required to attain a GPA of 3.0 at the end of the first year and pass the first year core courses. Two-year track students are required to complete 28 credit hours of coursework at the undergraduate level in the first year. It is also mandatory to fulfil the requirements of the following core courses:
Course Code Course Title

ECON 111

Principles of Microeconomics***

ECON 121

Principles of Macroeconomics***

ECON 211

Intermediate Microeconomics***

ECON 221

Intermediate Macroeconomics***

Course Code

Course Title

ECON 231

Statistics for Economists***

ECON 330

Econometrics***

ECON 262

Mathematics for Economists***

***The BSc (Honours) Economics courses listed above are all compulsory and there are no elective courses in the first year; all first-year courses are 4 credit hours each. The final year for the 2-year track would be same as the one year track in MSc Economics (for details, see the description of the 1-year track above). Note: The University reserves the right to change its programmes and policies at any time, without prior notice.

FINANCIAL AID AT LUMS LUMS aspires to make quality education accessible to all students. Since inception, the university has been proud to offer generous financial aid packages to qualifying students in all its degree programmes. To-date, nearly PKR 1.9 billion has been disbursed to LUMS students in financial assistance. A large number of financial assistance opportunities are available to undergraduate and graduate students based on need and merit. These include financial aid comprising loans, tuition waivers, stipends, scholarships, and work compensation (including research and teaching assistantships). Currently, almost 50% of the students at LUMS are on some form of financial assistance. Undergraduate financial assistance is provided at various levels (20%-100% tuition waivers). This also includes the National Outreach Programme (NOP) which provides full financial support (tuition as well as living) to students coming from the most economically disadvantaged

households. Qualifying Masters' students are offered loan opportunities. Most doctoral students are offered financial aid packages that cover tuition as well as a living stipend based on a combination of available tuition waivers, research opportunities, work compensation, etc. While LUMS makes every effort to assist its students, it cannot guarantee financial assistance and all awards are reassessed each academic year based on performance, need and prevailing University policies. TOTAL FINANCIAL AID DISBURSED IN (2010-2011) Programme Undergraduate Financial Aid Undergraduate NOP MBA MS Degree Programmes PhD Programmes Pakistan Rupees 161,335,000 128,315,000 18,040,000 9,729,000 14,840,000

TYPES OF ASSISTANCE
Currently, out of a student body of over twenty-seven hundred, almost 50% are on some form of financial aid. Financial assistance is available in the following forms:

MERIT SCHOLARSHIPS
LUMS offers 6 merit scholarships which cover full tuition fee for one year and are awarded to the top three students in SHSSL/SDSB and SSE based on the admission evaluation ranking for the first year. In subsequent years, academic performance at LUMS is the merit criteria. Criteria for Merit Scholarships First Year

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Merit scholarships cover full tuition fees for one year and are awarded to the top three students admitted to the SHSSL/SDSB programmes as determined by the LUMS Admission Evaluation ranking and top three students admitted to SSE. Recipients continue to receive these scholarships in subsequent years, only if they retain their position amongst the top three of their cohort as explained in the following section. Subsequent Years

The top three students from SDSB/SHSSL and SSE are awarded merit scholarships after successfully completing the following number of credit hours for each category:

Sophomores: 32 credit hours in the first academic year (including the Summer Semester) Juniors: 65 credit hours in the second academic year (including the Summer Semester) Seniors: 97 credit hours in the third academic year (including the Summer Semester)

For students on a merit scholarship, there will be no tuition fee waiver beyond 130 credit hours (162 credit hours for BA-LL.B students) required for graduation. Students who decide to take more than 130 credit hours will have to pay the dues for additional credit hours themselves.

LUMS SCHOLARSHIPS
These scholarships are granted to students of all programmes with excellent academic performance and valid need for financial aid.

NAMED SCHOLARSHIPS
There are a number of named scholarships available. Our supporters include individuals and organizations from all over the world.

NEED BASED USAID SCHOLARSHIP FROM THE AMERICAN PEOPLE

In order to enable the underprivileged and needy people of Pakistan to avail higher education and positively contribute to the country's economy, the American Community is offering need based USAID scholarship. They are offered to candidates from the rural areas of Pakistan to gain higher education.

LUMS LOANS

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LUMS offers internal and external loans to graduate and postgraduate students. The eligibility criteria is good academic performance and genuine need for financial aid. LUMS loans cover 20-100% of the tuition fee and are interest free.

FINANCIAL AID LOAN REPAYMENT

Financial Aid loans for the classes of MBA, MS Computer Science and Economics becomes payable after six months of graduation. A grace period of six months is awarded to graduates for securing a job. Financial Aid repayment policies are strictly followed and may be viewed here. In case of separation or withdrawal from the programme, the Financial Aid Loan immediately becomes payable.

FINANCIAL AID SELECTION PROCESS

Every school has individual prerequisites and the selection criteria vary according to each student. The Financial Aid Committee assesses the need of each applicant. If the applicant qualifies for financial aid, all or some portion of the tuition and lab fee is given as a loan or tuition waiver. Need Assessment The Financial Aid Committee assesses the financial need of candidates and determines whether or not the candidates and their families have adequate resources to finance education at LUMS. The need is determined on the basis of the statement of financial resources submitted by the student at the time of admission, other sources of information (if required) and interviews of applicants by the Financial Aid Committee. Some percentage of Financial Aid cases are randomly selected and go through a physical verification process. During the physical verification process, if the committee finds that the information provided is false, the Financial Aid Committee carries the discretion to disqualify the student from attaining financial aid and can forward the case to the Disciplinary Committee (DC) for a more stringent action in case of significant concealment of financial information. There will be no financial aid beyond 8 regular semester (summer not covered) to meet the 130 credit hours required for graduation in the BS/BSc (Hons) programme and 10 regular semester (summer not covered) to meet 162 credit hours for BA-LL.B students required for graduation. Students who decide to take more than 130 credit hours will have to pay the dues for additional credit hours themselves. Applications for Financial Aid

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First Year Students can apply for financial assistance for the first year at the time of admission. Application for financial assistance has no bearing on the admission decision. Only those students whose financial situation changes drastically due to unforeseen circumstances can apply for financial assistance during the year. Subsequent Years Financial aid cases of students are reassessed on a yearly basis. Students are required to submit their revised documents before the commencement of the next academic year. The deadline for the submission of documents will be specified by the Financial Aid Office via e-mail. However, for students and families facing drastic changes in their financial conditions e.g. retirement, death, layoffs from job etc., should submit their applications latest by May 31st of every year going forward. The financial aid department carries the discretion of undergoing periodic reviews and physical verification of all those students who are availing this facility from LUMS during any time of the year and hence, are fully authorized to debar the student from the programme in case of any misrepresentation / misreporting. The students will have to provide evidence in case of any change in their financial situation. Such requests must be addressed to the Head of the Department, Financial Aid and should be submitted latest by the above given due date. Otherwise the application may not be considered for that academic year. It is the responsibility of the students, who are on financial aid to provide updated information of their family financials in case of any positive change and get their financial aid adjusted. The policy regarding penalty for dropping credit hours after the deadline is the same for all students, including those availing any kind of financial aid. Decision Process The Financial Aid Committee takes decisions pertaining to financial assistance. The decision and its review follow the stages outlined below: Stage 1 The decision for granting financial aid is taken by the Financial Aid Committee on the basis of need and merit. Financial aid also depends on availability of University funds. Stage 2

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No appeals shall be entertained against the decision taken at the first stage. Semester wise recognition At the end of each semester, students who have performed exceptionally well are placed on the Dean's Honour list. The following criteria have to be met in order to be placed on the Dean's Honour List for a semester: BS/BSc Programme Students who have successfully completed at least 16 credit hours (or the stipulated workload for structured programmes) and have achieved a term GPA of 3.60 or above (computed on the basis of the courses taken in that semester). BA-LL.B Programme Students who have fulfilled the semester workload requirements and have achieved a term GPA of 3.60 or above (computed on the basis of the courses taken in that semester). End of the Year At the end of the academic year, those students with a CGPA of 3.60 or above and who have successfully completed 32 credit hours in a year (including Summer Semester) are awarded cash prizes and make the Dean's Honour List. The top two students on the Dean's Honour List for each student category (except freshmen) are awarded the first and second prizes that carry cash awards of PKR 25,000 and PKR 15,000 respectively. Note: For BA-LL.B, the credit hours requirement will be based on the successful completion of the semester work load requirements for that whole year and attaining a CGPA of 3.60 or above.

At Graduation Time At the time of graduation, superior academic performance is recognized using the following criteria: CGPA of 3.60 and above: Dean's List and Graduation with Distinction CGPA of 3.30 to 3.59: Graduation with High Merit

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CGPA of 3.10 to 3.29: Graduation with Merit The student with the best academic record based on CGPA receives an overall gold medal. The second best student receives a silver medal. The courses for the calculation of these honours will include those taken in the Summer Semester. In case there is a tie for the top positions, decimal will be increased to break the tie. If the tie is not broken, the student having highest number of A+ and A grades will be awarded the gold medal. Students with the best academic performance in the areas of specialization, based on their SCGPA, which must be 3.85 or more, receive gold medals. In case there is a tie in the top position, decimal will be increased to break the tie. If the tie is not broken, the student having highest number of A+ and A grades will be awarded the Gold Medal. While considering the medals and awards, courses repeated will not be considered.

FINANCIAL AID APPLICATION CHECKLIST

Candidates applying for financial assistance need to provide photocopies of the following documents with the Financial Aid form:

Salary certificate (or pension slip) of all earning family members Bank statements for last year of all family members having an account Income tax returns of all earning family members for last year Fee bill and any concession document from the last institution attended by the candidate Utility bills (May 2011 through November 2011) covering electricity, gas, telephone and water Saving certificates, bonds, shares, investments, CDC account statement (if applicable) Property ownership documents, including agricultural land, plots and houses (if applicable) Rental lease agreement (if applicable) Loan document(s), including credit card bills and bank loan statements (if applicable) Medical bills/expenditure related documents (if applicable) Fee concession (scholarship/loan) document(s) of sibling(s) (if applicable) Wealth statement for all family members for last year (if available)

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Candidate's domicile certificate (if available) Candidates complete passport (if available) Any other document(s) demonstrating financial need

LUMS Undergraduate Programmes may request additional information, or conduct a physical audit, in order to properly evaluate the candidate's financial need. Please respond promptly to avoid delays. All data and documents submitted with the Financial Aid form will be treated as confidential. Note: Please note that applications without/with incomplete documents will not be processed. Also, please print and paste the MAILING LABEL on the package containing the Supporting Documents before sending it to the LUMS Admissions Office.