Career options in India after Bachelor of Economics
Career options in India after Bachelor of Economics
October 29, 2020
Career options after MCA
Best 15 Career options after MCA in India
October 29, 2020

MA Economics? Course, Specialization, Scope, Career and Eligibility.

 

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.

What are the basic requirements to pursue a MA Economics?

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.

Is there any difference between an MBA in economics and an MA in economics?

MA Economics in India

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.

Courses to study for Specialization While pursuing MA Economics.

Courses in Economics

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.

What are the job prospects of Masters Economics?

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.

  • Research Analyst: The basic work of examining data thereby providing helpful information to employers is done by Research analyst. They earn around 5,20,000 per-annum.
  • Data Analyst is someone who collects information, conducts surveys, and then present them through graphs or charts. Their salary estimates to be around 3,90,000 p.a.
  • High-school or primary school teacher: The job of a teacher is to introduce students to the concept of economics and show them, models, how in the real economy is derived from economics. They roughly earn between 2,50,000 to 4,00,000 p.a.
  • Economist: The work structure of an economist is such that he/she directly works with the Government of India. They design and conduct researches to assist the government, bank and agencies as well. They collect data of such as employment, wages etc and provide it to think tanks and help in policymaking. The minimum salary of an economist is around 8 lacs per annum.
  • Project Manager: As the name suggests a Project Manager in charge of the project. He is the one who keeps everything at the check from designing and developing a project plan to arranging resources to communicating for the same. He is the one who takes care of the project. They roughly earn 20,00,000 per annum.
  • Director of Operations: As the name suggests he is the one who is head of all the operations of any project. Not only he looks after that employees are 100% productive. He is the one who directly controls all purchases related to resources. They roughly earn around 30,00,000 per annum.
  • Actuary: Actuary is one of the fastest-growing fields of interest. Since SWOT (Strength, Weakness, Opportunity and Threats) analysis is becoming a must for running big businesses. Actuaries analyze what financial costs these risks bring with them. They use various tools of statistics, mathematics and financial theory to assess this risk. Not only they assess the risk but they also help the business to develop policies to combat these threats. According to the Bureau of Labor Statistics (BLS), actuaries will see an 18% increase in employment by 2024. This is much faster than the normal growth rate in any job. Their annual salary can range around $101,500
  • Financial analyst: Financial Analyst generally work in the private sector. They work on trends and gather the information that how these trends are affecting a particular product or specific industry. According to the BLS, employment of financial analysts is projected to grow 12 per cent between 2014 and 2024. This again is one of the fastest-growing job opportunities. Since they mostly look after investment portfolios, they take a key understanding that how these new regulations or policies may affect investment. For this, it is essential to know the stock market, bond and other investment. A bachelor’s degree with work experience can do for the job but masters in economics add an edge to it.
  • Statistician or Econometrician: Their job is related to collecting data and solving real-world problems in business, sciences or any other field. Again, according to the BLS employment rate of statisticians or econometricians will seek a hike of about 34% by 2024.
  • Data Scientist: This is a relatively new field. Since data is going to be the next big thing in the world, the demand for data scientist has started increasing in the economy. Everyone, be it the government agencies or businesses are attempting to organize the accumulated information and make a profit from it. The usage of skills and mathematics to deal with huge data set is the work of a data scientist.
  • Chegg Subject Expert: You can work as a freelancer with Chegg India, earning and Learning at the same time.

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How to Prepare for Economics Entrance Exams?

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.

Conclusion

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.

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