What is Economics? To a layman, if we explain by giving example, take a situation if you take a production unit and put the labourers in a sticky situation without equal pay for equal work or working overtime without getting paid for it. In this situation some labourers might revolt, some might continue to work with the fear of losing employment. This is where Economic come into play. We will look into the scope of MA Economics.
It helps to understand the dynamics of human economic behaviour against the structure of power and socio-economic conditions. Economics is a social science which deals with the study of production, distribution and consumption. In simple words, you can say that Economics is the study which helps you to utilize resources for maximum output. Broadly, it takes the demand-supply chain in mind along with banking, investment, insurance, savings and other sectors of the market.
16th-century Economics has helped human civilization to optimum utilization of resources. MA Economics opens a door to a lot of fields like research, fieldwork and study. Now if you have an interest in any of the above field, you should give this article a read. Earlier people with interest in Economics only used to opt for Masters in Economics, but with merging of economies an MBA degree in economics as MA Economics is being taken up a people a lot.
The article below will give you an essence about economics postgraduate courses in India.
Since the course broadly deals with the utilization of resources in various fields like banking, insurance, investment etc. It requires an understanding of economics at a basic level. A graduate degree in economics is always preferable. But it is to notice the main difference that lies in studying economics at graduation and post-graduation level is the higher level of mathematics required while pursuing masters. Though now some colleges have also regulated preparatory courses of mathematics and statistics for students who wish to pursue MA Economics but does not have a background of mathematics.
Some MA Economics program requires you to pass an entrance exam, some colleges take the score of GRE or GMAT. Some might require a minimum of 60%. Others might require a Statement of Purpose or a description of what you have learnt in your graduation. The applicants should keep in mind that they may have to study complex statistical data and have a background in quantitative and qualitative research methodology. If you have a good understanding of quantitative methods such as statistics and data, MA Economics will be a piece of cake for you.
While choosing the Masters of Arts (M.A) as a choice for MA Economics, one must remember that M.A is a two-year post-graduation degree. It is a complete theoretical course, where students are taught detailed study of various topics like Microeconomics, Macroeconomics, labour market and reforms, banking, quantitative and analytical methods etc. Students with MA degrees have a detailed comprehensive knowledge of these subjects. The main aim of the course is to impart students with knowledge of the aspects of how the economy works.
Top colleges offering M.A in economics are Lady Shri Ram College For Women (LSR), Miranda House, Fergusson College, Loyola College.
Whereas when you choose a Masters in Business Administration (MBA) as an option of MA Economics, you will be dealing with the practical aspects of all the theories. That is, you will be dealing with various calculations on how the financial goals of an organization are achieved. For example, how to increase the volume of sales of a company or how to plan a budget for an organization. In short, it covers all the topics related to the business management of economics.
While pursuing an MBA in economics, as your MA Economics option you will be studying Inflation, demand and supply, production chain, consumption and distribution chain, various tools of economics among others. The main focus while pursuing this is on mathematical derivations of these theories. Not only your reasons behind these mathematical derivations but you also learn to apply economics in product development, investment etc.
Top colleges offering MBA in economics are IIM Ahmedabad, XLRI Jamshedpur, MDI Gurgaon, FMS New Delhi.
The scope of an MBA graduate student is on an executive level in fields like technology, energy, finance, stock markets etc. Some posts include Financial Manager, High-End Management Consultant, Investment Banker, etc. While those who pursue MA are more likely to join think tanks as an economist or join academics or different government or private institutions for research. Some posts may include Data or Equity Analyst, Financial Planner, Professional Economist, etc.
An MBA on average may earn 7 to 13 lacs per annum while an MA may earn around 5 to 7 lacs per annum.
The latest development in the field of economics has widened the variety of fields to study. As per your choices and interest you can choose among various disciplines of subjects. For example:
Development economics: Someone who studies Development Economics learns to deal in global economies, they are taught international finance, political economy, economies of regions they are interested in. The course helps them to work as a development economist or international development analyst with government or international organizations.
Applied Macroeconomics: Macroeconomics deals with topics like welfare economics, utility, pricing, consumer behaviour, market equilibrium, etc. While studying applied macroeconomics you can study all these subjects about monetary economics or international finance. For a career perspective, you can become a professor of economics analyst.
Applied Microeconomics- Since microeconomics deals with the study of utility, market structures, constrained optimization etc here they study all this in connection with urban economics or healthcare economics, labour market economics. Similar to that of applied macroeconomics you students of this course can too either opt for becoming a professor of economics analyst.
Financial Economics Students who pursue Financial economics learn to deal with the stock market, derivative securities, how to evaluate investment portfolios. In short in this specialization, students are taught everything from financial motive whether it is financial markets or international finance. People who study financial economics make their career in Investment manager or investment analyst.
Business Economics Business economics is one of the most sorts after courses while pursuing MA Economics. Unlike other courses, students focus more on application than theory. Students are taught to risk management, cost-benefit analysis, and forecasting in organizations too. Students are opened to the world of business management or analytics. Career options like CEO, financial analyst, economics are open for them.
Econometrics This course includes a lot if the application of mathematics. Here students not only study mathematics but also use statistic methods to determine economical relationships. Topics like serial correlation, squares, heteroskedasticity etc. Mostly courses of econometrics deal with studying of squares and its applications.
Statistics Only students who have studied statistics or basic calculus work at under graduation level should apply for this course. Students study topics like probability, estimation, sampling, hypothesis testing etc during their curse. Career options like data analyst are one of the most preferred career options.
Since MA Economics is a very versatile career option, the job prospects of a masters in economics are very high in both the private and government sector. It is because there is a constant dealing with numbers, large data sets, not only this the subject deals with finance and market structures, which is ultimately related to the functioning of the economy.
If you want to pursue Masters in economics in India from a good college, you can’t crack any entrance without studying for it. If you are sitting for the entrance of masters in economics you must know Microeconomics and Macroeconomics, Mathematics, Probability, Statistics and Elementary Econometrics.
To clear the entrance, you must follow a routine to complete your syllabus. Here are some tips as well to help you clear the entrance. Firstly, you should be very clear with the syllabus, either print it out or write it down somewhere. It will give you an easy to follow it. Solving previous years’ question papers and sample paper will help you to know the pattern of examination and timing of solving the paper for the final. Not only this a constant update of what’s going around the globe will help you to clear the exam.
Since our society is becoming extremely globalized, it has seen a rise in demands of jobs like economists, data analyst, financial analyst, economics researchers. With the opening of all these job opportunities, the employers want equally qualified people to fill the position. If you have the spur of digging in production, distribution and consumption chain, dealing with money matters of the economy. Then masters in economics will open the right space for you.