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 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 the insights of the different postgraduate degrees to know how much salary you can expect after finishing your degree.
Economics is one such field which could enrich your knowledge, and provide you with a better understanding of your country’s economy. 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.
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
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.
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.
The average salary of a Professional Economist in India is somewhere between ₹88,000 to ₹1,32,000 per month.
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.
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
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.
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.
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 salary of MA Economics being a marketing manager sums up to ₹6,89,359 per annum in our country.
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.
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.
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.
Which universities offer MA in economics?
There are many universities across India which offer a Master of Art in Economics. The Delhi School of Economics, which comes under Delhi University, provides a comprehensive and analytical postgraduate program in economics. Indian Statistical Institutes, with its two centres that are in Delhi and Kolkata, offer MS in Quantitative Economics (MSQE). Jawaharlal Nehru University (JNU), situated in Delhi, provides two postgraduate programs in economics. One is an MA (Economics) and the other is an MA (Economics) with a specialisation in the World Economy. The South Asian University, Madras School of Economics (MSE), Gokhale Institute of Politics and Economics, IIT Roorkee, and IIT Delhi are certain other universities offering postgraduate programs in economics.
What are the subjects taught in postgraduate programs in economics?
The subjects taught in the course vary from university to university. However, majorly, the subjects are as follows: Microeconomics, Macroeconomics, Statistics and Econometrics, Mathematical methods for Economics, Game Theory, Development Economics, International Trade, Labour Economics, Balance of Payments, Advanced Econometrics, Public Economics, Law and Economics, Financial Econometrics, Environmental Economics, Investment Finance and Economic Policy, Introduction to World economy, Economic Regulation, and Applied Econometrics. Students are generally given options in semester 3 and semester 4 to choose subjects they wish to study. The subjects taught are different in every university; however, the above mentioned are a few common subjects.
How to prepare for the entrance examination of MA Economics?
Every university has a different entrance examination for admission. The concepts have to be clear and one should practise things on a regular basis. Solving past years’ examinations gives you quite an idea about the structure of exams by different universities. You get to know about the type of questions asked, their difficulty level, and most importantly, this routine gives you an idea as to where you stand among your peers. One should go through the syllabus and structure of the exam and then prepare accordingly.