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

ma economics jobs
February 3, 2021
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What is Economics?

It helps to understand human behavior against power and socio-economic conditions. It deals with the study of production and consumption. Hence it is the study which helps you to utilize resources. It takes the demand-supply chain and other sectors of the market.

16th-century Economics

It has helped in utilization of resources. MA Economics opens a door to a lot of fields. Now if you have an interest in any of the above, give this article a read. Earlier people used to go for Masters in Economics. But with merging of economies an MBA is being taken up a people a lot.

The article below will tell you more.

What are the basic requirements to pursue a MA Economics?

It deals with the utilization of resources in various fields like banking, etc. It requires very clear basics. A graduate degree is a good start. At post-graduation, a higher level of math is required. Also, Some colleges have made it easier for students who wish to pursue MA Economics.

Some require you to pass an entrance exam. Also, Some colleges take the score of GRE or GMAT. Also, Some might require a minimum of 60%. Others might require a Statement of Purpose. They are taught different research techniques. Thus, If you have a good understanding of quantitative methods such as statistics, MA  Economics is for you.

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

MA Economics in India

M.A is a two-year degree. Students are taught detailed study of various topics. Hence, Students with MA degrees have a knowledge of these subjects. Thus, The main aim of the course is to teach how the economy works.

MBA deals with the practical aspects of all the theories. Like, calculations on how goals of an organization are met. For example, how to increase the sales of a company etc. It covers all the topics related to the business.

You will be studying Inflation, demand and supply, production chain, etc. Hence, The main focus is on these theories. 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 is in fields like technology, energy, etc. Some posts include Financial Manager, etc. But, those who pursue MA are more likely to join for research. Some posts may include Data Analyst, Financial Planner, 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 While pursuing MA Economics

Courses in Economics

There are many fields to study. You can choose among various subjects. For example:

Development economics:

It teaches to deal in global economies. It teaches finance, political economy, etc. Thus, The course helps them to work with government or organizations.

Applied Macroeconomics:

There are topics like welfare economics, utility, pricing, etc. You can study all these subjects in this. Also, You can become a professor or analyst.

Applied Microeconomics:

Here students study about healthcare economics, labour market economics etc. Also,The students of this course can too either opt for becoming a professor of economics analyst.

They learn to deal with the stock market, derivative securities, etc. They are taught everything from financial motive whether it is financial markets or international finance. People make their career in Investment manager or analyst.

Business Economics:

It is one of the most sorts after courses. Hence Students focus more on application than theory. Also, Students are taught cost-benefit analysis, and forecasting too. Students are taught business management or analytics. Career options like CEO, financial analyst, economics are open for them.

Econometrics:

This course includes a lot of math. Here students not only study but also use statistic methods to determine relationships. Topics like serial correlation, squares, etc. Mostly it deals with studying of squares and its applications.

Statistics:

Only students with statistics in graduation should apply for this course. Students study probability, estimation, etc. These are one of the best career options.

What are the job prospects of Masters Economics?

The job prospects are very high in both the private and government sector. It is because there is a constant dealing with numbers, which is related to the economy.

  • Research Analyst:

The basic work of examining data and providing helpful information to employers. They earn 5,20,000 per-annum.

  • Data Analyst:

Is someone who collects information and present them through graphs or charts. Their salary is 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. They earn between 2,50,000 to 4,00,000 p.a.

  • Economist:

He/she directly works with the Government of India. They conduct researches to assist the agencies. They collect data and help in policymaking. The minimum salary is around 8 lacs per annum.

  • Project Manager:

He is the in charge of the project. Thus, He is the one who design a project plan and arrange resources for the same. Also, He is the one who takes care of the project. They roughly earn 20,00,000 per annum.

  • Director of Operations:

He is the one who is head of all the operations. Also, He looks after the employees. Thus, He is the one who controls all purchases. They roughly earn around 30,00,000 per annum.

  • Actuary:

It is one of the fastest-growing fields. SWOT analysis is becoming a must for running big businesses. Also, They analyze what financial costs these risks bring with them. Thus, They use various tools to assess this risk. Hence, They also help the business to develop policies to combat these threats. They 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:

They generally work in the private sector. Also, They gather the information that how trends affect a particular product. According to the BLS, employment of financial analysts is projected to grow 12 per cent between 2014 and 2024. Also, this is one of the fastest-growing jobs. They see how these new regulations or policies may affect investment. For this, it is essential to know the stock market, bond etc. A bachelor’s degree with work experience works great.

  • Statistician or Econometrician:

Their job is to collect data and solving real-world problems. These jobs will seek a hike of about 34% by 2024.

  • Data Scientist:

This is a relatively new field. Data is going to be the next big thing in the world. Their demand has started increasing in the economy. Everyone, is organizing the information and make profit from it. Thus, The usage of skills to deal with huge data set is their work.

  • Chegg Subject Expert:

You can work as a freelancer with Chegg India, earning and Learning at the same time.

How to Prepare for Economics Entrance Exams?

You can’t crack any entrance without studying for it. You must know all there is.

Also, to clear the entrance, you must complete your syllabus. Here are some tips as well to help. Also, You should be very clear with the syllabus. Hence, Either print it out or write it down. Thus, It will give you an ease of flow. Solving papers will help you to know the pattern of exam. Also, Always know what’s going around the globe.

Final Thoughts

There is a rise in demands of these jobs. Also,  With the opening of all these jobs, the employers want qualified people. Thus, You need the spur of digging in production, distribution etc. Masters in economics will open the right space for you.

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