What is management science?
The terms 'Management Science' and 'Operational Research' are virtually synonymous. Operational Research (OR) was first used in 1937 to describe the scientific studies into the operation of the new radar systems for detecting aircraft, as distinct from research into the design of the equipment. When it spread to the USA later in the war it became known as 'Operations Research', but the term Management Science also came into use in the late 1950's to describe the same types of activity. Both names are now enshrined in the title of the relevant U.S. society -- the Institute for Operations Research and Management Science (INFORMS|). Some Americans distinguish the two terms by saying that Operations Research concentrates on the mathematics, but that is not the usage in the UK.
The objective of Operational Research is to work with clients to find practical and pragmatic solutions to operational or strategic problems, often working within tight timing constraints. Once a good or better way of proceeding had been identified, Operational Researchers can also be central to the management of implementing the proposed changes.
Organisations may seek a very wide range of operational improvements - for example, greater efficiency, better customer service, higher quality or lower cost. Whatever the business engineering aim, OR can offer the flexibility and adaptability to provide objective help.
Most of the problems OR tackles are messy and complex, often entailing considerable uncertainty. OR can use advanced quantitative methods, modelling, problem structuring, simulation and other analytical techniques to examine assumptions, facilitate an in-depth understanding and decide on practical action.
Further information on OR can be obtained from the OR Society| or INFORMS|.
What do management scientists do after graduation?
These are some of the jobs. Further information can be obtained from the sources given in square brackets. Specialist masters degrees can also be pursued at LSE after graduation as indicated
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Accountant [Institute of Management Accountants]
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MSc Finance and Economics
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MSc International Accounting and Finance
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Applied Economist
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MSc Economics
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MSc Econometrics and Mathematical Economics
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Financial Analyst [London Investment Banks Association]
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MSc Finance and Economics
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Information Technologist [British Computer Society]
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MSc Administration and Design of Management Information Systems
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Management Consultant [Institute of Management Consultants]
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MSc Management
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MSc Management (public sector)
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MSc Industrial Relations and Personnel
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Market Research or Marketing Analyst [Market Research Society]
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MSc Management
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MSc Management and Regulation of Risk
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Operational Research Scientist [OR Society]
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MSc Operational Research
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MSc Decision Sciences
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MSc Management and Regulation of Risk
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MSc Public Administration and Public Policy
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Statistician [Royal Statistical Society]
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MSc Statistics
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MSc Social Research Methods
What qualifications do I need in order to apply?
The course requirement is a pass at grade B or better in A2 Mathematics (preferably Pure Mathematics), or an International Baccalaureate Diploma with a 6 in Higher Level Mathematics. Moreover you normally require at A2 level: Grades BBB to ABB in traditional subjects, plus a pass at AS level in a contrasting subject. In assessing the likelihood of a student's achieving the predicted A2 grades Admissions Tutors will take into account any results at AS level in year 12.
Students taking the International Baccalaureate should pass the Diploma with 36 points including 666 at Higher Level.
What topics are taught in which years of the course?
Year 1
In the first year you take 5 compulsory courses - three whole units and two half units. The whole unit courses are Accounting, Economics and Information Systems. The half unit courses are Mathematics and Statistics. Together these courses give you the basic grounding for the compulsory and optional courses in years two and three.
Year 2
You will normally take a compulsory course in Operational Research and another in Statistics. You then take a total of 2 units from the choice groups set out below, subject to certain restrictions.
Year 3
You must take two courses chosen from Model Building in OR, Decision Analysis or Market Research and you can then take two more units from either another one of these three and one from the choice groups below, or else two from the choice groups. Again there are restrictions on some choices. The choice groups are:
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Group A: Management Sciences
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Demographic Description and Analysis
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Applied Management Sciences (project)
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Further Quantitative Methods (Mathematics)
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Game Theory
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Combinatorial Optimization
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Actuarial Investigations - Financial
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Group B: Information Systems
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Information Systems in Business
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Group C: Accounting and Finance
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Managerial Accounting
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Principles of Finance
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Corporate Finance and Financial Markets (third year only, requires Principles of Finance in year 2)
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Group D: Economics
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Economics for Management
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Macroeconomic Principles
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Introduction to Econometrics
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Group E: Management
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Organizational Theory and Behaviour
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Elements of Labour Law
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Commercial Law
How would studying these topics help me with a particular career?
All of the careers listed above need all of the core topics and most of the options are suitable for most of the careers. Some, however are more suitable than others, as set out below, and where particular topics are vital for a particular MSc this is also noted.
First, however, it must be said that the surest way of obtaining any job is to achieve a good class of degree and one should obviously choose options which maximize the chance of so doing. Indeed some choices of career are only possible with an upper second or better, and for research a first is required.
Accountant
To practise as an Accountant you need to take the exams of one of the Chartered Institutes. You can help yourself on the way by choosing two or three of the courses in choice Group C above. If you wish to follow with the MSc in Finance and Economics you should take the options in micro economics and econometrics. To go on to the MSc in International Finance and Accounts you need to take as many accounting options as possible.
Economist
You can choose a maximum of two of the three courses in Group D above. The MSc in Econometrics and Mathematical Economics is a natural follow-on. For the MSc in Economics you would need to have taken both the micro and macro economics options.
Financial Analyst
From Group C you should choose 'Principles of Finance' and 'Corporate Finance and Financial Markets'. 'Actuarial Investigations - Financial' can also be considered. Appropriate MScs are the MSc in Finance and Economics; MSc in International Finance and Accounting and MSc in Public Financial Policy.
Information Technologist
You could choose 'Managerial Accounting' in year 2 followed by 'Information Systems in Business' in year 3. The latter topic is particularly useful. If you intend to take the MSc in Analysis and Design of Management Information Systems you should also choose these options.
Management Consultant
'Management Accounting' would be a good choice, as well as 'Economics for Management' and any of the papers from Group E. You could also consider following with an MSc in Industrial Relations and Personnel Management or with the MScs in Management or Management (public sector), or an MSc in Public Administration and Public Policy.
Market Research or Market Analyst
'Marketing and Market Research' is one of the principal courses available in year 3 and from Group A you could take 'Demographic Description and Analysis'.
Operational Research Scientist
If you wish to become an OR Scientist, you are spoilt for choice! The compulsory courses give you the basics. 'Managerial Accounting' would be a useful choice and, say, 'Economics for Management', or 'Introduction to Econometrics' or 'Introduction to Strategy'. If you are considering the MSc in Decision Sciences, the Decision Analysis courses are ones to be chosen. They are also a good basis for taking the MSc in Management and Regulation of Risk.
Statistician
The compulsory courses include a great deal of statistics. 'Demographic Description and Analysis' is also statistically based as well as 'Marketing and Market Research', 'Actuarial Investigation - Financial' and 'Introduction to Econometrics'. If intending to apply for the MSc in Statistics, or an MSc in Social Research Methods as many statistical options as possible should be chosen.
How can I get more information?
For more information on Operational Research as a discipline and as a career please access the OR Society's |website or that of INFORMS|. To apply to LSE for the Management Science BSc you must go via UCAS quoting reference N101. For a copy of the LSE Undergraduate prospectus please write to The Admissions Officer, LSE, PO Box 13401, Houghton Street, London WC2A 2AS or e-mail UG-admissions@lse.ac.uk|.