to have a profound influence on post-WWII Swedish economic policy and the development of the modern Scandinavian Welfare state. Heckscher and Ohlin jointly developed the so-called Heckscher-Ohlin theory, the standard international mathematical model of international trade. Bertil Ohlin received the Nobel Prize in Economics in 1977 (shared with British economist James Meade). Other prominent members of the Stockholm school were the Stockholm University professor Gustav Cassel, who developed standard economic theory of Purchasing power parity and economist Dag Hammarskjöld, Secretary-General of the United Nations in New York City, United States. The school is a full member of the Association of Professional Schools of International Affairs (APSIA), a group of schools of public policy, public administration, and international studies. Academics Admission For Master programmes, applicants have to have a GMAT score of over 600 and a TOEFL iBT score of over 100 in order to be considered suitable for applying. In the academic year 2012/2013 the university received 3261 applications for the four Masters programmes which it offered at the time. Therefore, the according acceptance rate would have been low. Grading SSE uses a 5-grading scale which includes the following, Excellent (5.0), Very Good (4.0), Good (3.5), Pass (3.0) and Fail (0.0). A Grade Point Average (GPA) is giving between 3.0 and 5.0. There is also a possibility to obtain an award, Outstanding Achievement, which implies that the student gets at least Excellent as final grade, and that it's the first time the student are taking the course. The person responsible for the course have the opportunity to award up to 10% of the students with Outstanding Achievement. The award does not impact the calculation of the student's Grade Point Average (GPA). Furthermore, the 10 percent of students with the highest GPA in the BSc programmes who complete the studies on time, that is, no later than three years after they were enrolled, receive the President's list award. Completion of studies on time entails having completed all courses in connection with the examination retake period in August at the latest. Programmes Stockholm School of Economics offers the following programmes: Bachelor of Science (BSc) in Business and Economics Bachelor of Science (BSc) in Retail Management Master of Science (MSc) in Finance Master of Science (MSc) in Business & Management Master of Science (MSc) in Accounting, Valuation & Financial Management Master of Science (MSc) in Economics Master of Science (MSc) in International Business