Masters Thesis Guidelines
Welcome to the Department of Economics and Finance at the University of Canterbury, where you have enrolled, or are considering to enrol, in Part II of a Masters degree. Part II involves writing a thesis on some topic in economics under the direct supervision of one (or sometimes two) of the Department's academic staff members. This involves a significant investment of resources both by the student and the University, and so the purpose of this handout is to explain the Department's procedures for supporting Masters thesis candidates and their supervisors.
Master of Arts and Master of Commerce (Economics)
The Department offers two Masters degrees in Economics. Students who have qualified for a degree at the University of Canterbury, or who have been admitted ad eundem statum on the basis of equivalent qualifications from another university, may choose whether to enrol for the Masters of Arts degree or for the Masters of Commerce degree. The only differences concern the time limits for completing the thesis (see below) and the course work that must have been completed in Part I of the degree (Commerce students are obliged to have passed some graduate courses in at least two of the three core subjects of microeconomic theory, macroeconomic theory and econometrics).
Master of Commerce (Finance)
The Department offers one Masters degrees in Finance. Students who have qualified for a degree at the University of Canterbury, or who have been admitted ad eundem statum on the basis of equivalent qualifications from another university, may enrol for the Master of Commerce degree.
Admission into Part II of the MA or MCom (Economics)
There are three requirements for admission into Part II of the Masters degree.
- Applicants shall normally have qualified for an Honours degree or passed Part I of the Masters degree, in Economics, with at least a B average. Applicants for the M.Com. degree must have passed at least two graduate papers from the three core subjects of microeconomic theory, macroeconomic theory and econometrics.
- The candidate shall normally have demonstrated their ability to write in clear and accurate English by providing an original essay or research project written by the candidate as part of a graduate course in economics.
- The candidate shall have obtained the agreement of an academic staff member of the Department to provide direct supervision of the research. This may involve agreement on a proposed direction for the candidate's research programme.
The Graduate Studies Coordinator (Economics) will help students who qualify under points 1 and 2 to establish if there is a suitable staff member who is willing to act as their supervisor. Note that some staff members may not be available because they are due to take overseas sabbatical leave, or because they already have substantial supervising responsibilities. Therefore the Department cannot guarantee that an applicant will be allocated his or her first choice of supervisor.
Admission into Part II of the MCom (Finance)
There are three requirements for admission into Part II of the MCom (Finance)
- Applicants shall normally have qualified for an Honours degree or passed Part I of the Masters degree, in Finance, with at least a B+ average.
- Applicants shall normally have satisfied the Graduate Studies Coordinator (Finance) of (i) their ability to write in clear and accurate English, and (ii) their ability to successfully undertake a programme of independent research.
- Applicants shall normally have obtained the agreement of an academic staff member of the Department to provide direct supervision of the research. This may involve agreement on a proposed direction for the candidate's research programme.
The Graduate Studies Coordinator (Finance) will attempt to help applicants (who qualify under points 1 and 2) establish if there is a suitable staff member who is willing to act as their supervisor, but is unable to guarantee that a supervisor will be available.
The Masters degree is a research qualification. The main purpose of the thesis is to demonstrate the candidate's ability to undertake independent research under guidance, using the established methods of research appropriate to economic analysis. Because the emphasis is on independent research, students should not expect that their supervisor will do the research work for them. Rather the role of the supervisor is to provide direction for, and feedback on, the candidate's own original work. In order to ensure good communication with the supervisor, the candidate shall normally undertake the research at the University of Canterbury.
Time Constraints
A candidate for Part II of a Masters degree is expected to be a full-time student. Part-time study is permitted for employment, health, family or other reasons, but requires approval by the Academic Board. The minimum time for full-time study for Part II of the M.A. degree is 1 year; and a full-time student must submit his or her thesis within 2 years to be eligible for Honours, and within 3 years to be eligible for a pass. The minimum time for full-time study for Part II of the M.Com. degree is 7 months, and the thesis must be submitted within 12 months to be eligible for Honours, and within 24 months to be eligible for a pass. Part-time students have twice the time limits of full-time students.
Timeline for Masters Thesis Students
Once the candidate has been accepted into Part II of the Masters degree, the University has recommended that supervision should operate within a framework based on the following key events.
- Preparation of a written agreement between the candidate and the supervisor recording their expectations about supervision and related matters, to be completed within four weeks of enrolment.
- Preparation by the candidate of a formal research proposal, approved by the Faculty Dean, within two months of enrolment.
- At six months into the study, a formal evaluation of the candidate's progress and timetable to completion. This evaluation is drafted by the candidate, discussed with the supervisor (who may provide comments) and presented to the Graduate Studies Coordinator (who may recommend remedial action if required).
- The appointment of suitably qualified examiners of the thesis, ratified by the Department and by the University's Academic Administration Committee.
- An oral defence of the thesis within the Department.
- Submission of the thesis for examination.
Written Agreement Between the Candidate and Supervisor
The purpose of this agreement is to ensure that the candidate and the supervisor have similar expectations about their relationship, within the general guideline that the supervisor is to provide direction and feedback on the candidate's independent research.
Matters that should be discussed and recorded in the agreement include the following:
- the frequency and duration of meetings (e.g. for one hour every two weeks);
- access to the supervisor and candidate outside scheduled meeting times (e.g. by e-mail appointment only);
- the type of direction and feedback that the student can expect the supervisor to provide (e.g. guidance on the overall structure of the thesis, references to the relevant literature, and written comments on draft chapters);
- any relevant personal circumstances of the student that could affect progress (e.g. difficulties with English composition that might be assisted through the WASS programme);
- identification of any resources needed to undertake the research (e.g. the costs of purchasing economic data, or specialist computer software);
- a timetable for completing the thesis;
- an understanding about writing joint academic papers, if appropriate, arising out of the thesis research.
If the candidate and supervisor agree that there is a need for an associate supervisor to provide direction and feedback on some aspect of the research, a written agreement between the candidate and associate supervisor covering the same points as above must also be prepared.
A copy of the agreement(s) should be given to the Graduate Studies Coordinator within four weeks of the candidate's enrolment in Part II of the Masters degree.
The Research Proposal
The Department is particularly concerned to ensure that candidates achieve both a clear direction for their research and a research topic of an acceptable standard as quickly as possible. To assist in this, candidates are required to prepare a formal research proposal (perhaps in the form of an essay) within four to eight weeks of their enrolment. This proposal should cover the following points:
- description of the research topic in outline;
- identification of the major articles or books relevant to the research topic;
- brief explanation of the economic techniques involved in the study;
- description of data requirements (if appropriate);
- estimate of any other resources required for the study;
- the name and role of the associate supervisor, if applicable;
- a draft timetable for undertaking the research and writing the thesis chapters;
- a statement indicating whether approval from the Human Ethics Committee is required (this would normally be the case, for example, if the research involved a survey or an economics experiment).
The research proposal should be signed by both the candidate and the supervisor(s), and given to the Graduate Studies Coordinator within eight weeks of enrolment. The student may wish to invite members of the Department to a short seminar describing the research proposal, but this is not compulsory.
Note that this requirement is taken seriously by the Department. If the candidate is unable to prepare a formal research proposal to the satisfaction of his or her supervisor, the Head of Department may recommend to the Dean of Arts or the Dean of Commerce that the candidate's enrolment in the Masters programme be brought to an end. This is to avoid wasting the time of the candidate if a research project of an acceptable standard and with clear direction cannot be achieved within the first two months of the research.
Six Monthly Progress Reports
The Department expects most students to complete their thesis within 12 months of enrolment. After 6 months a Progress Report is prepared to identify any problems that may prevent this expectation from being realised. This is important, since there are strict time limits within which a thesis must be submitted to be eligible for Honours. The Progress Report should be three short paragraphs covering the following details:
- summary of the research completed to date;
- description of difficulties that may need remedial action (if any);
- timetable for completion of the thesis.
The Progress Report should be written by the candidate, and discussed with his or her supervisor. The supervisor will normally add written comments to the Report, which the student is free to discuss with further written remarks. The completed Report is given to the Graduate Studies Coordinator between six and seven months after enrolment, who is then responsible for discussing with the Head of Department any remedial action identified in the Report. This might involve appointing an associate supervisor with specialist skills, for example, or providing additional resources for data purchase.
If the thesis is not completed after 12 months, a further Progress Report covering the same three items above must be prepared by the candidate and supervisor, and then provided to the Graduate Studies Coordinator. Thereafter, Progress Reports must be prepared every six months until the date of submission of the thesis or the candidate withdraws from the degree.
Appointment of Internal and External Examiners
The Department of Economics requires a Masters thesis to be examined by three suitably qualified academics: (1) the principal supervisor; (2) another member of the Department; and (3) an external examiner from outside of the University of Canterbury. Immediately after the completion of the first six-monthly progress report, the Graduate Studies Coordinator should take steps to obtain agreement by the second internal examiner and by the external examiner to perform this service.
The Graduate Studies Coordinator begins by consulting with the supervisor to agree on a suitable member of the academic staff within the Department of Economics to act as second internal examiner for the thesis. This second internal examiner should have some expertise in the general field of the thesis, but must not have been materially involved in its supervision. The supervisor also nominates an external examiner for the thesis, accompanied by a brief statement explaining why the nominated examiner is suitable. The external examiner must be from outside the Department, and will normally be from another New Zealand university. The Graduate Studies Coordinator approaches the preferred person for their agreement to act as external examiner. The nominated external examiner is ratified by the Department, and approved by the University's Academic Administration Committee.
Defence of the Thesis
The Department's policy is to require the candidate to present and defend his or her thesis before it is submitted for examination. When the candidate and supervisor(s) agree that the thesis is nearing completion, the candidate asks the Graduate Studies Coordinator to convene and chair a defence of the thesis open to all staff and students of the University. The defence takes the form of a presentation by the candidate of the methods and results of the thesis (15-20 minutes approximately) to an audience that includes the principal supervisor and at least three other members of the permanent academic staff, followed by up to 40 minutes of the candidate answering questions on the thesis from the audience. A written précis of the candidate's presentation should be distributed to all academic staff members of the Department in advance.
The purposes of this policy are to check that the thesis is indeed the candidate's own work, and to ensure that the thesis is of a sufficient standard for external examination. The Graduate Studies Coordinator, in close consultation with the other staff members present at the defence (apart from the supervisor), provides within five working days a written summary of any errors or omissions identified during the question and answer session. The candidate is expected to address these points when preparing the final draft of the thesis.
Submission of the Thesis
The candidate is required to submit three soft-bound copies of the thesis to the Registry. The copies provided to the Registry must be accompanied by the set fee for hard-binding the thesis for deposit in the University library once the examination process is complete. Section L of the University Calendar's General Course and Examination Regulations contains further information.
At this point, the supervisor is required to provide a certificate stating that the work embodies the results of original research carried out by the candidate under the supervisor's direct supervision. The certificate must also state what part the supervisor (or supervisors) played in the conduct of the research and the preparation of the work. This certificate is included in the material sent to the external examiner.
The University Library has prepared guidelines on thesis presentation, and candidates are advised that they must follow the guidelines exactly. There are no prescribed limits in the University's regulations, but the Department of Economics expects that a Masters thesis will normally be in the order of 90-100 pages (with double-spaced printing), excluding appendices and references.
The Examination Process
The two internal examiners and the external examiner each provide the Head of Department with an independent report on the thesis, with a recommended grade and mark following the University's standard schedule. These reports are forwarded to the Department's Graduate Studies Coordinator, who communicates with all three examiners to see if a consensus mark can be agreed upon in the light of their reports.
If the three marks are within 15 points of each other, the Graduate Studies Coordinator may recommend to the Head of Department that the average of the marks be awarded. If any two of the marks are further than 15 points apart, and no agreement can be reached among the examiners, the Graduate Studies Coordinator will advise the Head of Department that there is a disagreement among examiners, which is then resolved under paragraph D.5 of the University Calendar's General Course and Examination Regulations.
All examination reports are normally made available to the candidate at the end of the examination process, except that the external examiner may request his or her report shall be kept confidential. The candidate is entitled to know the name of the examiners after the thesis has been submitted to Registry. Masters theses are not normally required to be revised following examination except when the examiners indicate expressly that revision is necessary in order for the degree to be awarded.
Difficulties and Disputes
Candidates and supervisors are expected to work together in a collegial and constructive manner. If a serious difficulty or dispute emerges between a candidate and his or her supervisor that cannot be resolved amicably from the perspective of either party, this should be brought to the attention of the Graduate Studies Coordinator. The Graduate Studies Coordinator will attempt to find a solution that satisfies everyone concerned, but if this fails he or she may recommend a particular course of action to the Head of Department. It may be desirable, for example, to change the supervisor or to appoint an associate supervisor with a particular focus on an aspect of the candidate's research.
If a candidate or supervisor is not satisfied with this process, he or she is able to discuss the issues with a member of the University and UCSA's Joint Academic Grievance Committee, and may appeal to the relevant Dean and/or the Academic Administration Committee.
Departmental Resources for Masters Students
Masters thesis candidates are provided with research space within the Department, normally in the form of a desk, shelves and filing cabinet in a shared office on the sixth floor of the Commerce Building. Candidates have 24-hour access to the Department's graduate computing laboratory, which allows word-processing, spreadsheet analysis, econometric analysis, e-mail communication and internet browsing. Any research expenses that have been approved in advance by a supervisor will be reimbursed. There may also be financial assistance to present research findings to a suitable domestic conference such as the annual conference of the New Zealand Association of Economists or a meeting of the New Zealand Econometrics Study Group.Financial AssistanceThe Department offers financial support to its graduate students by employing them to assist in the tutoring of Stage 1 and Stage 2 economics students. Masters students are encouraged to apply to the Head of Department at the beginning of the academic year to learn the current rate of pay for this work, and to be considered for the position of tutor.
The Department offers further financial support by way of contestable scholarships for Masters thesis students. The scholarships are limited in number, and are awarded on the basis of academic merit. An average of at least B+ in the Honours degree course work or in Part I of the Masters degree is required. With the permission of the Head of Department, a scholarship is tenable with any other scholarship, bursary or award. The deadline for applications for this scholarship is in early January each year.
The University also offers a number of research scholarships, and further information about these can be obtained from the Registry. A particularly relevant example is the F. A. Hayek Scholarship in Economics or Political Science for Masters research, established in 1994 by a gift from Alan Gibbs.
Further Information
The University provides a number of publications for students writing their Masters thesis. The most important are the following:
University Calendar
The University Calendar contains the regulations for all study undertaken at the University of Canterbury, and should be consulted carefully by all students.
Postgraduate Handbook
The Dean of Postgraduate Studies has prepared a handbook for postgraduates, which includes sections providing guidelines and a code of practice for students, supervisors and departments involved in Masters thesis work. This handbook is available from Student Records in the University Registry building.
A Guide to the Presentation of Theses
The Library has prepared a booklet explaining its requirements for theses. This booklet is available from the information desk, or can be downloaded in PDF format from the following address: Thesis Preparation and Submission