What is Economics ?

Economics is the study of production and consumption of goods, services and wealth. The main motive of this study is to understand how individuals, governments, businesses, and nations make choices about the allocation of resources.

According to 20th-century Economist Paul Samuelson, the modern definition of Economics is, “Economics is the study of how people and society choose, with or without the use of money, to employ scarce productive resources which could have alternative uses, to produce various commodities over time and distribute them for consumption now and in the future among various persons and groups of society.”

The two categories in Economics are Microeconomics and Macroeconomics. Microeconomics studies businesses and how people react to uncertainty and risk. Whereas, Macroeconomics studies the behavior and performance of the economy as a whole.

The study of Economics lets you understand and learn about the following.

• Trends and happenings in the markets
• Macro-economy and its analysis
• Economic forecasts
• Equal distribution of resources in the society
• The extent of Government intervention in the economy
• Examination of statistics of the economy, and to measure its state
• Different kinds of policies, and to evaluate their outcomes

Why Should You Pursue An MA In Economics?

There are ample postgraduate degrees to choose from, but before settling down for any particular degree, you ought to get insights into the different postgraduate degrees to know how much salary you can expect after finishing your degree.

There are many post-graduate degrees that enrich your knowledge and improve your chances of landing a high-paying job. After pursuing a Master of Arts in Economics, you can work in different domains and across different profiles. Needless to say, the main perk of pursuing this particular postgraduate degree is a handsome salary and a hassle-free career life.

Here are some reasons why an MA in Economics is a good choice.

• Globalization has resulted in diminishing boundaries and merging world economies. This has increased the job scope for MA Economics graduates. 
• Economics is highly interdisciplinary, meaning you can explore a variety of career options, globally. This has led to a substantial increase in MA Economics Salary.
• As an economist, you can work in various industries like Banking, Finance, Insurance, Politics, etc. You can also choose to work for the Government, Research firms, Consulting, etc.
• As an Economics graduate, you will contribute to the betterment of the country. Understanding businesses and industry trends will help companies and countries thrive during difficult economic times.

To start with, let us consider a few job profiles for fresh postgraduates of Master of Arts in Economics, along with the scope and salary of MA Economics.

MA Economics Job Roles

Following are the jobs roles in MA Economics:

1. Professional Economist 

A Professional Economist is responsible for curating meaningful data. Their main function is to analyse available data and to reach a point of equilibrium. They do so after studying the demand and supply of different goods and services by gathering the information and then converting it into useful data using different tools, such as researching trends and comparative analysis.

If you are someone who is interested in data analysis and research, this might be one of the best career choices. Economists use statistical data to improve profitability and formulate policies for the betterment of the public.

Salary of a Professional Economist

Economists can make use of their knowledge in the discipline of Education, Health, Banking & Financial Sector, Development Sector, and Environment. An Economics honors salary on an average is ₹6,97,000 per annum.

The average salary of a Professional Economist in India is somewhere between ₹88,000 to ₹1,32,000 per month.

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2. Financial Analyst 

The basic task of a Financial Analyst is to help out with the preparation of periodical financial analysis of actual versus budgeted variances, preparation of the financial budget for smooth flow of financial resources, and to assist in channelising or allocating the financial resources of the company using different tools. Financial Analysts have a broad scope in the area of accountancy as well.

Salary of a Financial Analyst

The average salary of a Financial Analyst in India is approximately ₹4,12,339 per annum. So, in a nutshell, it’s a good start for freshers to try their hands on.

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3. Research Associate 

A Research Associate plays a pivotal role in establishing the connection between the company they work in and the related industry. A Research Associate is a chief member of the research department. He or she is fundamentally responsible for carrying out the work of research to help abstract data for the decision-makers to help them make appropriate and timely decisions.

Research Associate’s work involves gathering of data, organising it, and then finally synthesising it for the firm’s decision-makers , which in return assists the decision-makers in taking required actions.

Salary of a Research Associate

Various industries require Research Associates and the average annual pay will depend upon the industry and the experience level. The average MA Economics salary is tabulated here.

The average base salary of a Research Associate is ₹3,91,000 approximately per annum. On gaining some experience and exposure, a Research Associate can be promoted to a Senior Analyst or even a Research Director. The salary for a Senior Analyst is somewhere around ₹7,00,000 per annum, and that of Research Director is ₹27,50,000 per annum.

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4. Investment Analyst 

An Investment Analyst is a professional with a good grasp over collecting and abstracting data related to different types of securities, evaluating the information obtained using his/her expertise and experience, and deciding whether to buy, sell or hold different securities. The various securities can be stocks, currencies, bonds. They are assigned the work of analysing securities of a particular industry, or a particular region.

Salary of an Investment Analyst

The average salary of an Investment Analyst is ₹6,00,000 per annum. Many of the freshers pitch in as an Investment Analyst because of the monetary perks. The basic skill required to excel in this field is a strong command in quantitative and qualitative analytical skills.

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5. Marketing Manager

Marketing Manager is the chief person whose primary purpose is to study the market and market trends, learn about the customers as well as the competitors in the market, plan marketing strategies to attract new customers, and make an effort to know about the potential customers.

His or her job role revolves around the market. He or she needs to analyse, or put it simply, study the market and creation of marketing campaigns. He or she is the one who needs to undertake the work of building up brand image and raising brand awareness.

Salary of a Marketing Manager

The average Masters in Economics salary being a marketing manager based on work experience is given here.

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6. High School Professor 

A professional having a MA Economics degree could become a Professor in a college or a high school. It is a secure and safe job to have; and could be very knowledgeable too, as one can always increase his or her scope of learning through the field of education. Teaching is a good option and is a dream job of many youngsters out there. So, if you wish to teach and share your knowledge with others, then teaching is the best-suited option for you.

Salary Of A High School Professor

The salary of MA Economics as a High school Professor could range between ₹339k to ₹364k per annum in India.

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7. Data Analyst 

If you are an M.A in Economics, then Data Analysis is yet another lucrative career option, and carries a wide scope too. A major in Economics can pursue a career in data science, as there is high market demand, and they have all the necessary skills to become a Data Analyst.

A Data Analyst has to gather all the important information from different sources so as to make effective business decisions. He or she then has to interpret trends and patterns in the market and make analysis accordingly for the operation of the business.

Salary of a Data Analyst

The average salary of MA Economics as a Data Analyst in India is ₹4,44,000 per annum. Whereas, the salary of a Data Analyst after gaining an experience of about 4 to 6 years remains stable at ₹8.7 Lakhs.

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Conclusion 

We can now see through the above-stated data that the Master of Arts in Economics is an excellent career option to pursue after graduation. So, for your further study, you must decide and choose a knowledgeable platform to study in order to boost your career life.

A Master in Economics is an excellent career option to pursue after graduation. However, like any other field of study, to have a successful career, you have to keep yourself updated with the latest developments through publications. Also, networking with industry experts can keep you on track in your job hunting process.