ENGINEERING ECONOMICS

Degree	Master of Social Sciences
Length	1.5 years (3 semesters)
Study language	Lithuanian, English
Start	1st of September
Entry Qualification	To this program applicants are accepted from the fields of: Economics as well as other of Social Science.

Hybrid learning approach is applied in this study programme. Hybrid learning is an educational model where some students attend class in-person, while others join the class virtually from home.

What is the modern world economy like and how does it work? What are its inherent global economic challenges and changes in international and financial investment management, business and finance, development, social, economic processes, science and technology? How important is quality and why is it important to meet the needs of business and society? How is it possible to make efficient use of limited resources and remain competitive in a ferocious business environment under conditions of economic globalization?

The Master's program in Economic Engineering aims not only to seek answers to all the above questions, but also focuses on developing mastery in assessing the environmental changes caused by internationalization and economic globalization.

The program is designed with the public interest and market needs in mind and is seen as a multifaceted system in which the interests of key stakeholders – students, university and business – interact.

The Master's program in Economics Engineering is to prepare specialists who will have the ability to use skills and apply the updated knowledge of economic theories, economic process management and economic engineering science.

Such professionals can frame, evaluate and independently make effective economic policy decisions, develop and / or apply modern economic forecasting models and research methods, principles of economic analysis processes, coordination of companies and institutions.

The Master‘s program offers three specializations: Economic and Business Analytics, Financial Economics and Global Economics.

Economic and Business Analytics. The modern business operates in a rapidly changing environment. New technologies are creating new product opportunities, changing consumer preferences very quickly. Political and natural processes affect international markets. Intensive migration processes open up new opportunities for labour and the emergence of new market segments, but at the same time increase the risk of the shadow economy, social unrest and other harmful factors shifting to markets previously considered stable. These circumstances increase the need for economic and business analyst competencies that can help companies and organizations anticipate changes in the business environment, identify new business opportunities, analyse emerging issues, and develop the necessary strategic management solutions.

The aim of the Economic and Business Analytics specialization is to prepare Masters of economics who can independently conduct research, select and systematize information, analyse big data, evaluate it and to solve problems relevant to business enterprises and public sector organizations applying modern econometric methods and software and to provide insights for making strategic decisions.
Taught in Lithuanian, some subjects can be in English.

Financial economics. All resources available to and used by organizations, states, or individuals are limited, financial resources being no exception. The awareness that these resources can be depleted at any time urges us look for the most effective ways, forms and methods of their use.

In Financial economics, it is of crucial importance to identify, analytically generalize, quantify and economically assess the risk of investment instruments. It is no less important to be aware of and constantly search for ways to combine risk and return when making investment decisions, because integration, globalization, development of smart business and other modern processes lead to the emergence of new risks.

The demand for professionals capable of preventing and managing such risks is constantly increasing across the world.

The aim of specialization in financial economics is to train professionals with an in-depth knowledge of business finance, financial investment management, modern economics and other fields. Such professionals will have mastery in assessing how such factors as time, risk, uncertainty, opportunity costs and information could act as incentives or disincentives for making specific decisions in financial economics.

In this specialization, some subjects are taught in Lithuanian and some in English.

Global economics. Recently, new and different globalisation contexts have emerged, shaping the needs, opportunities and directions for economic modernisation. Therefore relevant cognitive issues and complex research on globalisation and its context must link scientific knowledge of global economic processes. Factors of global or international origin determine the situation in almost all markets. Business, academia and other entities in any country operate internationally. Globalisation leads to a new phenomenon - integrating national economies into one global value chain. With the increase in exports, the volume of foreign direct investment, and the expansion of the activities of foreign capital companies in the national market, there is an increasing need for professionals who assess international processes and their changes in a global context.

The specialization of Global Economics aims to train specialists who can identify and analyse both local and international business problems in a global environment and who can make innovative and cost-effective decisions based on quantitative research methods and innovative computer applications.

This specialization can be chosen in Lithuanian or English.

What competencies will I acquire?

The Master's Degree Program in Economic Engineering is designed to develop the following skills and competencies:

analyse and solve economic problems using applied data analysis tools and techniques;
solve atypical complex economic problems;
analyse economic and financial phenomena on a global scale in an integrated manner
carry out economic research;;

Masters of Economics Engineering with a specialization in Economic and Business Analytics will be able to solve atypical complex economic problems, to make decisions based on economic and business analytics under uncertainty, to innovate and apply data analysis technologies, to combine knowledge from interdisciplinary studies, and to comply with the principles of social responsibility.

Masters of Economics Engineering with a specialization in Financial Economics will develop mastery in assessing how such factors as time, risk, uncertainty, opportunity costs and information could act as incentives or disincentives for making specific decisions in financial economics.

Masters in Economics Engineering with a specialization in Global Economics will acquire mastery in developing and / or adapting modern economic forecasting models and research methods, assessing economic phenomena in conditions of risk and uncertainty using scientific and technological innovations in compliance with the principles of sustainable development.

What are my possible career pathways?

Working in multi-profile international and national organizations as:
Economist - analyst
Product expert
Process expert
Global Customer Data Expert
Business Analyst
Financial Analyst
Credit analyst, etc.
Holding managerial positions in multi-profile companies as well as in public sector organizations operating internationally and globally such as Cognizant, Technopolis, Euromonitor International, Mars Lietuva, Bentley Systems, Adform, Thermo Fisher Scientific, Circle K Lietuva, LIDL Lietuva, Maxima LT, Rimi Lietuva, Rivona, Barclays, Western Union Processing Lithuania, Danske Bank, NASDAQ, SwedBank, SEB, Luminor, MITA (Agency for Science, Innovation and Technology), Lithuanian Business Support Agency, Invest Lithuania (Lith. Investuok Lietuvoje), public enterprise Enterprise Lithuania (Lith.Versli Lietuva), Investment and Business Guarantees (INVEGA), State Department of Tourism.
Conduct scientific and applied research.
Study for a PhD in Economics.