Toulouse School of Economics Master in Economics and Law: Complete Guide 2026

Why Choose TSE Master in Economics and Law

The Toulouse School of Economics (TSE) Master in Economics and Law — formally titled the Master in Economics: Economics and Competition Law (ECL) — occupies a unique position in European graduate education. It is one of the very few programs worldwide that rigorously combines advanced economic theory with competition law expertise, producing graduates who are equally comfortable with game theory models and antitrust case analysis. For anyone aspiring to work at the intersection of economics and legal regulation, this program represents the gold standard.

What sets TSE apart from comparable institutions is the depth of its research environment. The school hosts one of the world’s best research groups in industrial organization — the academic discipline that underpins competition policy. Students do not simply study textbook concepts; they learn from faculty members who are actively shaping competition policy at national and European levels. Thibaud Vergé, Vice-Chairman of the French Competition Authority and a TSE alumnus, describes his training at Toulouse as providing the “solid knowledge in industrial economics” essential for identifying harmful business practices and evaluating competition policies.

The program also offers remarkable flexibility through its dual pathway structure. Students can pursue a pure Economist path focused on economic analysis and competition policy, or opt for the Double-Degree path (Économie et Droit des affaires) that adds comprehensive business law training. This choice allows students to tailor their education to their career ambitions, whether they envision themselves as economists at competition authorities or as competition lawyers at international firms. For prospective students also considering supply chain-focused programs, our guide to KEDGE Business School MSc Global Supply Chain Management provides a useful comparison point for French business education.

Toulouse School of Economics: Global Research Powerhouse

Toulouse School of Economics is affiliated with Université Toulouse Capitole, one of France’s most prestigious public universities for law and economics. TSE’s research output consistently ranks among the top economics departments globally, with particular strength in industrial organization, game theory, behavioral economics, and econometrics. The school’s faculty includes some of the most cited economists in the world, and their research directly informs the curriculum.

The ECL Master’s degree carries the Diplôme National de Master Contrôlé par l’État designation — France’s quality mark for nationally recognized, state-accredited degrees. This accreditation ensures that the qualification is recognized by employers and academic institutions worldwide, while the association with a public university means tuition remains a fraction of what private business schools charge for comparable programs. TSE’s address at 1 Esplanade de l’Université, 31080 Toulouse, places it in the heart of one of France’s most vibrant academic cities.

The school’s thematic research groups — spanning industrial organization, finance, behavioral economics, and more — provide students with access to ongoing research projects and working papers. This exposure to frontier research is invaluable for students who wish to pursue academic careers, but it is equally beneficial for those entering policy or consulting roles. As Patrick Rey, University Professor of Economics at TSE and a lecturer on the ECL program, explains: “The application of competition law increasingly combines economic skills with a mastery of the legal framework.” TSE is uniquely positioned to develop both. For a broader view of French academic excellence, also consider our overview of EM Lyon Business School’s Master in Management.

Program Structure and Dual Pathways

The TSE Master in Economics and Law is a two-year, full-time program structured across four semesters plus a mandatory internship or master’s thesis. Students can apply to the full two-year program or, if they already hold a relevant M1-level qualification, directly to the second year. Before each academic year, TSE offers refresher courses (a “Math Camp”) in algebra, probability, and dynamic optimization to ensure all students start on equal footing.

The Economist Path

The Economist path is designed for students who want to develop deep expertise in economic analysis applied to competition and regulation. The first year builds core competencies in econometrics, game theory, industrial organization, and European competition law. The second year advances into specialized topics including digital economics, market regulation, industry regulation, and private antitrust enforcement. This path produces graduates who excel as economists at competition authorities, economic consultants, and policy analysts.

The Double-Degree Path (Économie et Droit des affaires)

The double-degree path combines the economics curriculum with comprehensive business law training. In addition to all courses on the Economist path, students take additional law modules including intellectual property, distribution contracts, taxation (fiscalité), and economics and econometrics of litigation. The course load is heavier, but graduates emerge with qualifications recognized in both economics and law — a rare and highly valued combination in competition practice. Clément Pradille, an alumnus now at Latham & Watkins, notes that ECL graduates “are prime candidates to join regulatory authorities, legal departments or law firms with a specialized competition law department.”

Bilingual Instruction

The curriculum is delivered in both English and French. Economics and econometrics courses are primarily in English, while law courses — including EU litigation, European competition law, mergers and acquisitions, and taxation — are taught in French. This bilingual approach reflects the reality of professional practice in European competition law, where practitioners must navigate both Anglo-Saxon economic methodology and Continental European legal traditions.

Complete Curriculum: Year 1 and Year 2

The ECL program’s curriculum is carefully designed to build competencies progressively, with each semester adding layers of sophistication in both economic theory and legal analysis.

Year 1 — Semester 1 (Economist Path)

Students begin with five compulsory courses: Intermediate Econometrics, R Programming, Applied Econometrics, Theory of Incentives, and Contentieux de l’Union Européenne (EU Litigation). They also select one elective from Economic History, Experimental Economics, Understanding Real World Organizations, Political Economy, or Markets and Incentives. This semester establishes the quantitative and legal foundations that everything else builds upon.

Year 1 — Semester 2 (Economist Path)

The second semester deepens both economics and law expertise with six compulsory courses: Public Policy Evaluation, Game Theory, Industrial Organization, Empirical Industrial Organization (a mandatory prerequisite for M2’s Econometrics of Competition), Mergers & Acquisitions Law, and European Competition Law. Students choose one elective between Intellectual Property and International Economic Law. By the end of Year 1, students possess a robust analytical toolkit spanning quantitative methods, economic theory, and competition regulation.

Year 2 — Semester 3

The M2 year focuses entirely on advanced topics. Semester 3 includes three compulsory courses — Advanced Industrial Organization, Private Antitrust Enforcement, and Topics in Law and Economics — plus one elective chosen between Econometrics of Competition and the Workshop on Competition Policy and Regulation (which uniquely runs from September to March). The double-degree path adds Contrats de Distribution and Fiscalité as additional compulsory courses.

Year 2 — Semester 4

The final semester covers Topics and Cases in Competition Policy, Market Regulation in the Digital World, and Industry Regulation as compulsory courses. Students select two electives from Economics of Innovation and Intellectual Property, Competition Law in Practice, and Digital Economics. The double-degree path adds Economics and Econometrics of Litigation. The semester culminates in the mandatory internship or master’s thesis.

Admission Requirements and Application Process

TSE’s admission process prioritizes academic excellence above all else. The selection committee evaluates candidates based on their academic background, quantitative skills, and alignment with the program’s interdisciplinary approach.

First Year (M1) Entry Requirements

• Academic Background: BA or BSc in Economics or Applied Mathematics, or an equivalent curriculum approved by the TSE selection committee
• Language: Fluent English required; French proficiency strongly recommended for law courses
• Standardized Tests: No GRE or GMAT is mentioned as a requirement
• Natural Continuation: The M1 is described as the natural continuation of the bachelor’s degree in “Économie et Droit”

Second Year (M2) Direct Entry

Students can apply directly to the M2 if they have completed:

• TSE’s M1 in Economics or Applied Economics
• Another university’s M1 in Applied Mathematics and/or Economics
• An equivalent 4-year degree from an engineering school or similar institution
• For foreign degree holders: BA, BSc, MA, or MSc within a recognized curriculum

TSE notes that “some brushing-up in Economics or Maths might be advisable” for some applicants, and the Math Camp refresher courses before each academic year help bridge any gaps. Applications should be submitted to the Master’s in Economics for Year 1, or specifically to the Master’s in Economics of Competition Law for Year 2. Contact the admissions team at tse-fr.eu or admissions@tse-fr.eu for current deadlines and documentation requirements.

Tuition Fees and Living Costs in Toulouse

One of the most compelling advantages of the TSE Master in Economics and Law is its affordability. As a program at Université Toulouse Capitole, a French public university, tuition fees are dramatically lower than at private business schools or comparable programs in the UK or US.

Tuition Fees

French public university master’s programs typically charge around €243 per year for EU/EEA students and approximately €3,770 per year for non-EU students — a fraction of the cost at private institutions. These fees should be confirmed directly with TSE, as they may vary slightly by academic year. Financial aid options include the Eiffel Excellence Scholarship program by the French government, various university-specific grants, and French social aid programs (CAF housing assistance).

Living in Toulouse

Toulouse is France’s fourth-largest city and one of its most affordable major urban centers for students. Monthly living costs typically range from €800 to €1,200, covering accommodation, food, transport, and personal expenses. The city’s excellent public transportation system (metro, tram, and bus) makes commuting convenient and affordable. With a student population of over 130,000 across its universities, Toulouse offers abundant student housing options, from CROUS residences to private apartments.

The total two-year cost of the TSE Master — including tuition and living expenses — is often less than a single year’s tuition at a top UK or US law school, making it an extraordinary value proposition for students seeking world-class education in economics and competition law.

Career Outcomes and Professional Opportunities

The TSE Master in Economics and Law prepares graduates for a distinctive set of career paths at the intersection of economic analysis and legal regulation. The combination of rigorous quantitative training with deep legal knowledge creates professionals who are uniquely qualified for roles that increasingly require both skill sets.

Primary Career Paths

• Competition Authority Economists: Working at institutions like the French Competition Authority or the European Commission’s DG Competition, analyzing market structures and evaluating the effects of mergers and anticompetitive practices
• Competition Lawyers: Joining major international law firms such as Linklaters, Latham & Watkins, and other firms with specialized competition law departments
• Economic Consultants: Advising corporations, law firms, and regulators on antitrust matters, providing expert economic testimony and market analyses
• Regulatory Analysts: Working within industry regulators overseeing telecommunications, energy, transportation, and digital markets
• Corporate Strategy Advisors: Helping multinational firms navigate complex regulatory environments and develop compliant competitive strategies
• Industrial Property Experts: Specializing in intellectual property valuation, patent economics, and technology licensing

Skills That Set TSE Graduates Apart

The program develops seven core competencies that employers consistently value: deep knowledge of competition law sources and doctrine; the ability to analyze corporate strategies through the lens of economic theory; mastery of regulatory economic models; preparation of technical reports combining economic analysis with legal interpretation; application of game theory and industrial economics to competition cases; understanding of doctrinal and recent competition rulings; and the capacity to research and compare foreign competition legislation for multinational firms.

As Jérémie Marthan, a lawyer at Linklaters and ECL program lecturer, observes: “Economic analysis is nowadays an essential and growing part of competition law.” TSE graduates arrive in the workplace with precisely this dual capability, giving them a significant competitive advantage over peers trained exclusively in either economics or law.

Faculty Excellence and Research Environment

The quality of teaching on the ECL program is directly linked to TSE’s research excellence. Faculty members are not merely academics; they are practitioners who actively shape competition policy through their advisory roles, publications, and institutional appointments.

Notable Faculty and Alumni

• Patrick Rey — University Professor of Economics at TSE, internationally recognized expert in competition and regulatory policies, ECL program lecturer. His research on vertical restraints, exclusive dealing, and predatory pricing has influenced competition enforcement worldwide.
• Thibaud Vergé — Vice-Chairman of the French Competition Authority, TSE doctorate in Economics (Class of 2001). His career trajectory exemplifies the professional heights ECL graduates can reach.
• Jérémie Marthan — Lawyer at Linklaters Paris, ECL program lecturer. His involvement ensures students gain direct insight into how competition law operates in elite international practice.
• Clément Pradille — Associate Lawyer at Latham & Watkins, ECL Class of 2013 and program lecturer. His dual role as practitioner and teacher bridges academic theory and professional reality.

The fact that multiple program lecturers are simultaneously active practitioners at top-tier institutions — from the French Competition Authority to Magic Circle law firms — ensures that the curriculum remains tightly connected to current industry needs and developments. Students benefit not only from theoretical instruction but from real case discussions and professional mentoring by leaders in the field.

Student Life and International Experience in Toulouse

Toulouse, known as “La Ville Rose” (The Pink City) for its distinctive terracotta architecture, is one of France’s most dynamic and livable cities. As the European capital of aerospace — home to Airbus headquarters, the European Space Agency’s CNES facility, and a thriving technology sector — the city offers a unique blend of academic tradition and modern innovation.

With over 130,000 students across its universities, Toulouse has a vibrant student culture with abundant cafés, cultural events, markets, and nightlife concentrated around the historic Place du Capitole and along the Canal du Midi. The city’s mild Mediterranean-influenced climate, with over 2,000 hours of sunshine per year, makes outdoor activities accessible year-round — from cycling along the Garonne river to weekend trips to the Pyrenees mountains or the Mediterranean coast.

TSE’s international outlook is reflected in its student body and course design. The program specifically targets fluent English speakers and explicitly welcomes foreign degree holders for M2 direct entry. Courses spanning both Anglo-Saxon economic methodology and Continental European legal tradition prepare students for international careers, while the inclusion of modules on international economic law and European business law reinforces the global perspective. The school’s connections to institutions across Europe — including the European Commission — provide networking opportunities that extend well beyond France’s borders.

Internship Program and Professional Development

The mandatory internship is a cornerstone of the TSE Master in Economics and Law, bridging academic training with professional practice. Running from April through September of the second year (4 to 6 months), the internship places students directly into the professional environments where their dual economics-law expertise is most valued.

Where TSE Students Intern

ECL students secure internships at a range of prestigious institutions:

• Competition authorities: French Competition Authority (Autorité de la concurrence), European Commission DG Competition, national competition agencies across Europe
• International law firms: Firms with dedicated competition law practices, including those where alumni like Jérémie Marthan (Linklaters) and Clément Pradille (Latham & Watkins) are active
• Economic consulting firms: Specialized firms providing expert economic analysis for antitrust investigations and merger reviews
• Corporate legal departments: Competition compliance and strategy teams within major corporations, particularly in regulated industries
• Regulatory bodies: Sectoral regulators overseeing telecommunications, energy, digital platforms, and transportation

Each internship concludes with a written report that is evaluated by both the academic supervisor and the host organization. Alternatively, students may complete a master’s thesis, which is particularly suited to those considering doctoral research or academic careers. The Workshop on Competition Policy and Regulation — which runs from September to March — also provides a unique extended engagement with real competition cases, complementing the formal internship experience.

The professional network built during the internship, combined with TSE’s alumni connections in competition law and policy, creates a powerful career launchpad. Graduates frequently report that their internship directly led to their first professional role, whether at the same organization or through contacts established during the placement. For students exploring other French master’s programs with strong professional development components, our guide to KEDGE Business School offers insight into a program with similarly strong industry partnerships.