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Scope of MA in Economics: Career Opportunities & Highest Paying Jobs [2024]

Scope of MA in Economics: Career Opportunities & Highest Paying Jobs [2024]

Updated on 01 April, 2023

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• 20 min read

Sriram

Table of Contents

M.A. in Economics: Scope and Employment Opportunities
Future Scope of MA Economics:
Top Ranking Jobs for M.A. Economics Candidates
Frequently Asked Questions (FAQs)

MA Economics, a two-year postgraduate program, is a favored choice among students in the arts stream. It offers comprehensive insights into the various facets of economics, making it an up-and-coming field of study. The scope of MA Economics is vast, with applications spanning multiple sectors, including banking, insurance, financial services, trade & commerce, and business management.

This program covers various topics in economics, such as microeconomics, macroeconomics, econometrics, public economics, accounting, finance, and international and financial economics. It delves into market dynamics, production, consumption, and the intricacies of supply and demand.

Upon completing the course, candidates can access many job opportunities in the arts field. Pursuing an MA in Economics equips professionals with the knowledge and skills to excel in various challenging careers. It is an excellent choice for those aiming to enhance their expertise in this evergreen subject.

In this article, you will learn the scope and employment opportunities after M.A. in Economics.

With an M.A. degree in Economics, you can find employment opportunities in domains like:

Education
BFSI
Actuary and Data Analysis
Research and Consultancy
Entrepreneurship

Top Ranking Jobs for M.A. Economics Candidates

M.A. Economics Job Roles	Salary per Annum
Economist	₹783,829 per annum
Market Research Analyst	₹343,964 – ₹531,703 per annum
Credit Analyst	₹592,605 per annum
Statistician	₹511,759 per annum
Financial Analyst	₹409,903 per annum
Trade Analyst	₹8,63,968 per annum
Bank Manager	₹7,00,000 per annum
Marketing Manager	₹7,00,000 per annum
Teacher	₹3,60,000 per annum
Project Manager	₹12,00,000 per annum

Read more to know each in detail.

Economics is an evergreen subject with its applications spanning across multiple sectors, including banking, insurance, financial services, trade & commerce, and business management. The scope of Economics is broad and highly promising, and when backed with a master’s degree, it can open up a host of challenging career opportunities in different fields.

MA Economics (or Master of Arts in Economics) is a postgraduate course with a duration of two years. It is one of the top choices of students of the arts stream. It combines all facets of economics in a society, providing students with deep insights. It covers different economics topics like microeconomics, macroeconomics, econometry, public economics, accounting, finance, and international and financial economics. It primarily deals with market manufacturing, consumption, and supply and demand fluctuations. Candidates can explore tons of MA economics job opportunities in the Arts field after completing this course.

You can also check out our free courses offered by upGrad in Management, Data Science, Machine Learning, Digital Marketing, and Technology.

After completing an M.A. in Economics, you can either continue to pursue higher education like M.Phil/Ph.D., or you can make a direct entry into the job world.

Thanks to its high utility factor in the real world, there’s a massive demand for economics graduates in both the national and global markets. Globalization and the merging of the world economy have further enhanced the job prospects for Economics majors.

Meanwhile, check out our HRM Advanced certification course.

As an Economics graduate, you’ll possess expansive knowledge on concepts of Economics (Micro, Macro, & Applied Economics, Econometrics, Markets, etc.), but more importantly, you will develop transferable analytical and problem-solving skills that can be applied to numerous industries.

Learners receive an average Salary hike of 58% with the highest being up to 400%.

Let’s expand our discussion to get a more detailed account of Economics’ future scope and what you can do with an M.A. in Economics.

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M.A. in Economics: Scope and Employment Opportunities

Economics is an excellent career option for those who love numbers and want to know the nitty-gritty of markets and how the economy functions. An Economics degree equips you with a high level of mathematical, statistical, and analytical skills and teaches you how to apply different Economic principles and concepts to real-world challenges.

In other words, a master’s degree in Economics prepares you for job profiles that demand numerical, analytical, and problem-solving skills, such as financial management, market research, business planning, budgeting, resource allocation, etc.

After completing your postgraduation in Economics, you can look forward to bagging job roles like Economist, Accountant, Actuary, Financial Consultant, Financial Planner, Risk Analyst, Investment Analyst, Economic Researcher, Economics Teacher/Professor, and much more.

The MA economics scope is very high because all companies operate a financial department. They need skilled graduates from the economics and finance field to handle this department. This course is related to finance, marketing, the functioning of markets, and the overall functioning of an economy. MA Economics professionals with good scores can explore various MA economics job opportunities in both private and government organizations.

With an M.A. degree in Economics, you can find employment opportunities in domains like:

1. Education

As an M.A. in Economics, you can enter into academia as a school teacher. In this position, your prime responsibility will be to impart knowledge to students about the various concepts, theories, and principles of Economics and teach them how these are applied in the day-to-day world.

The idea is to help students develop a strong foundational knowledge of Economics. However, to be a school teacher, you must also have a B.Ed degree. If you continue with your education after M.A., say an M.Phil or Ph.D. in Economics, you can start your career as a Lecturer/Asst. Professor in colleges/universities.

The MA economics scope is bright and many options are available.

2. BFSI

The scope after MA economics in the BFSI is very promising. Economics graduates are an excellent fit for jobs in the banking, financial services, and insurance sectors. They can work in public, private, or foreign banks as Clerks, Development Officers, Branch Managers, Economic Advisers, etc.

To enter the banking sector, you can appear for exams like IBPS and State Bank recruitment exams. Apart from this, Economics majors can also find work opportunities in international organizations like the International Labor Organization and the World Bank.

Finished 12th and pondering over the future? Unveil the multitude of career options after 12th arts to find a path that resonates with your passion and skills.

3. Actuary and Data Analysis

There are various MA economics jobs in this field which are high paying. Actuary, or rather, Actuarial Science, focuses on measuring and managing risks and uncertainties that impact businesses and organizations functioning in the industry. Predicting such risks and managing them requires a combination of diverse skills and knowledge, including asset management, liability management, mathematics & probability, data analytics, and valuation skills. This is why Economics graduates are a perfect fit for building a career in Actuarial Science or data analysis.

4. Research and Consultancy

Economics graduates can opt for a career in Economics research wherein they would have to perform a range of duties such as gathering data, forecast market trends, study Economic and statistical data, etc. Researchers analyze data, conduct research on Economic issues, and prepare detailed reports highlighting the findings. They also study the socioeconomic impact of new public policies like taxes, regulations, etc.

After completing postgraduation in Economics, candidates can join consultancy firms or work independently. Generally, Economic consultancies specialize in specific sectors like financial services, labor, market analysis, telecommunications, etc. The job primarily entails providing expert advice and suggestions on various Economic matters to clients.

They can handle various duties, including data collection, market forecasting, and analysing of different data and trends. They study the socio-economic impact of different public policies and also study taxes and regulations. You can work independently or join consultancy firms after completing an MA in economics. Thus, you can explore many MA economics job opportunities based on your interests, skills, and opportunities.

Graduated with a BA and considering your next move? Delve into career options after BA to explore diverse pathways that can lead to rewarding careers.

5. Entrepreneurship

As Economics graduates possess in-depth knowledge of various Economic matters, concepts, and principles and analyze market situations, they can quickly understand the market trends and identify the profitable sectors.

This makes entrepreneurship is a commendable career choice for Economics graduates. They can start their business venture and apply their Economic expertise to drive profit and business growth.

MA Economics graduates can access different concepts of Economics and different market situations too. They can effectively understand different market trends and identify profitable sectors. Therefore, entrepreneurship is one of the best career choices for MA Economics graduates. It helps you to drive plenty of profits and ensure your business growth. You can plunge into entrepreneurship after MA Economics graduation if you don’t want to work on MA economics jobs.

Read: Short Term Job Oriented Courses

Future Scope of MA Economics:

If you intend to study further, then you can pursue a Ph.D. in Economics or other related research fields. The leading universities in India like Indian Institutes of Management (IIMs), Indian Institutes of Technology (IITs), Loyola College, and several other offers a Ph.D. in Economics. Completing this Ph.D. course can further increase your chances for MA economics jobs with admirable salaries.

Prevalent courses to choose from after completing MA in Economics:

Ph.D. in Economics
Ph.D. (Business Economics)
Ph.D. (Agriculture Economics)
MPhil (Economics)

All these courses help you to further continue your studies in Economics. They provide detailed knowledge of specialisations. In addition to imparting in-depth knowledge, these courses make you eligible for high-paid MA economics jobs.

Top Ranking Jobs for M.A. Economics Candidates

1. Economist

Economists focus on studying the demand and supply of goods and services in an economy by gathering relevant data, researching trends, and analyzing them. They apply both qualitative and quantitative economic analysis to diverse topics, including tax rates, business cycles, exchange rates, international trade, economic development, health/ energy statistics, transportation, etc.

Economists are highly skilled in data sampling and survey techniques to collect data. Using these techniques, they evaluate both present and historical trends to make forecasts, which is pivotal to businesses and organizations. Economists who work for large corporations collaborate with senior executives (managers and decision-makers) study industry data to understand how the present economy will affect the company’s operations.

The average salary of Economists in India is ₹783,829 LPA.

They work on understanding the demand and supply of services and goods in an economy using various quantitative and qualitative methods. Economists implement various methods to analyse topics like international trade, tax rates, transportation, economic development, etc.

They perform a key role in organizations and are one of the demanding job positions. There are various specialisation courses in MA Economics that help you to become an Economist. These courses relate to fields like commerce, science, statistics, mathematics, and others. There are several certificates and advanced courses that MA Economics graduates pursue for obtaining esteemed jobs and admirable pay packages. You can pursue post graduation in economics to increase your chances for a job as an Economist.

Source

2. Market Research Analyst

Market Research Analysts collect, review, and analyze vast volumes of data to answer the three core questions:

What is the latest product trend in the market?
Who is the target consumer for the product?
How much money are the target customers willing to pay for the product?

A Market Research Analyst aims to boost a company’s profits by leveraging the data at hand. For this, they closely monitor and study the market trends to determine which products/services will be the most successful under a specific market condition. They apply their Economics knowledge and analytical and statistical skills to find data-driven solutions to business problems.

The average salary range of a Market Research Analyst is ₹343,964 – ₹531,703 LPA in India.

Source

They are skilled professionals who perform in-depth market analysis. Certain qualities candidates must have to become a market research analyst:

Analytical thinking
Motivated
Patience
Unbiased research
Open-mindedness

These qualities enhance the research process with high efficiency and effectiveness. So, MA in Economics can be a cornerstone to becoming a market research analyst. The relevant MA in economics jobs is a market research analyst, research associate, research assistant, etc.

3. Credit Analyst

As the name suggests, Credit Analysts are experts who determine an individual’s or business’s creditworthiness. They conduct microeconomic analyses of prospective clients to evaluate and identify the risks involved with loaning credit to them.

In the process, they consider multiple factors like the regional economic trends, industry trends, and competitors of potential customers. Based on their findings, Credit Analysts prepare detailed reports highlighting the risks involved and recommending the best interest rates associated with a particular client’s risk profile.

The average salary of Credit Analysts in India is ₹592,605 LPA.

Source

They review multiple documents like credit reports, financial statements, and loan documentation. They can analyse all data in the documents. Any omissions, errors, and signs of fraud should be identified before the loan proceeds to the approval stage.

They review the financial performance of the bank’s current borrowers to evaluate their progress in fulfilling debt obligations, i.e., principal and interest payments. In most institutions, directly work with independent and corporate borrowers. They can also directly work with sales agents or loan officers who directly deal with customers. Moreover, they can work in banks, credit card companies, and credit rating agencies.

A bachelor’s degree in finance, accounting, or business is a must as a part of educational qualification. The relevant experience in any financial institution increases your chances for well-paying MA in economics jobs. The entry-level job position is a junior credit analyst. They can later acquire job roles like a senior credit analyst or a credit manager.

Most financial institutions look for candidates who completed a four-year bachelor’s degree in finance, accounting, commerce, economics, or other related fields. These disciplines entail leading credit analysis courses like banking, financial statement analysis, business law, principles of lending, ratio analysis, etc. You can pursue a post graduation in economics to further enhance your knowledge as a credit analyst.

4. Statistician

Statisticians study hard facts and numbers to find the most fitting solutions to business problems. In essence, they are concerned with collecting, analyzing, interpreting, and presenting quantitative data. Statisticians work across various industries, including education, finance, market research, sports, transportation, healthcare, and forensics.

They process and analyze collected data using different statistical and mathematical techniques and software tools and present their findings via appropriate presentations. Statisticians also conduct trials and surveys to produce the data requested by a company/organization.

The average salary of Statisticians in India is ₹511,759 LPA.

Source

They apply statistical models and methods to real-world problems. They collect and assess data to derive insights into taking business decisions. Hence, they are valuable assets for companies depending on data for making important business decisions.

Many undergraduate and graduate courses train you with deep knowledge and appropriate skills about different statistical models and methods. There are enough MA in economics jobs to embark on your career as a Statistician.

They usually perform the following duties:

Design various systems and processes for data collection
Help stakeholders in decision making
Provide expertise and recommendation in administrative and business strategy
Identify new trends and their impact on data
Collect, interpret, and analyse data

Also Read: Highest Paying Jobs for Freshers

5. Financial Analyst

Financial Analysts study market trends, demographics, and microeconomic factors to help a company make smart investment decisions. They research companies, industries, stocks, bonds, and other investment vehicles to understand how and where a company has invested its resources and how such investments and future financial decisions will impact its short and long-term growth.

Financial Analysts use computer software and models to visualize their analyses and create presentations and reports for internal teams and clients regarding investments, stocks and bonds, and mergers and acquisitions.

The average annual salary of Financial Analysts in India is ₹409,903 LPA.

Source

Many financial analysts work in the securities industry that analyzes bonds, stocks, and other securities (for brokerages, banks, money management organizations, and other organizations). Typically, they are experts in a narrow category of bonds or stocks, for example, Canadian corporate bonds.

Financial analysts can also work for big corporations that deal with analyzing internal financial data and creating financial plans, revenue expense estimates, and recommendations. Many government bodies and nonprofit organizations hire financial analysts. Pursuing a post-graduation in economics increases your odds of getting well-paying jobs.

They help organizations to make business decisions or investors take actions (like selling or buying a stock or other security). They assess microeconomic and macroeconomic issues, and company fundamentals to make forecasts about sectors, firms, and industries.

6. Trade Analyst

The trade analysts are responsible to study the market trade, execute trades and monitor and analyse the activities on behalf of clients. They hold at least a bachelor’s degree in economics, finance, or a related field. The MA economics job opportunities are many to choose from.

7. Bank Manager

The bank manager is responsible for directing all the operations including distribution, human resources, customer service, and sales all of that is in the perspective of the bank’s objectives. The career after an MA in economics becomes much more interesting as a bank manager as the professionals can get recruited both in the government banks as well as the international ones. The average salary of a bank manager is 7.0 lakhs per annum.

8. Marketing Manager

The scope of MA economics is such that it can also be applied in the field of marketing. They are responsible for strategising and achieving the marketing goals of the organisation. They develop strategies for building the company’s reputation and driving quality traffic. The jobs after MA economics become many as there are various recruiters for this role. The average salary for a marketing manager is 7.0 lakhs per annum.

9. Teacher

There are various roles for teachers in school and higher education levels such as college professors. The economics scope after graduation can look good in the field of teaching as well. You can crack NET UGC and apply for the professorship or get into B. Ed and start your journey as a school teacher.

10. Project Manager

Project managers are in high demand and are required in various organisations as well. The project managers are responsible for planning and achieving the goals set for the projects. They strategise, collaborate, and work on the project within the set budget. They communicate with various teams, risk managers, and stakeholders and make sure that everyone is aligned with the same vision. The MA in economics scope is bright as there are various recruiters and the salaries are high. The average salary for a project manager is 12 lakhs per annum.

The scope of an MA in Economics in 2024 offers a wide array of career opportunities and the potential for advantageous positions. This degree equips individuals with essential analytical and critical thinking skills, which are invaluable in finance, government, academia, and international organizations.

The field of economics boasts some of the highest-paying jobs, including financial analysts, economists, and data scientists, which present lucrative prospects for professionals in this field. With the world facing complex economic challenges, there’s a growing demand for experts in economics.

Pursuing an MA in Economics opens doors to a dynamic career path, enabling you to contribute significantly to informed decision-making and address pressing global economic issues. This is a prime opportunity for mid-career professionals to excel in a field with a high demand for expertise and problem-solving skills.

Frequently Asked Questions (FAQs)

1. 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.

2. 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.

3. 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.

4. Why should a student opt for a Master's in Economics?

Your everyday decisions are influenced by economics. Economic analysis may provide insights into individual and group behaviour and interactions, allowing society to use scarce resources more efficiently. Economists address issues by evaluating and extrapolating data, forecasting trends, and researching why people and groups make specific decisions. The ultimate purpose of economics research is to improve people's quality of living in their daily lives. A Master's degree will assist you in being more conscious of how and why things work, as well as increase your own financial status. It will also assist you in comprehending economic trends and how that work leads to high-paying positions.

5. What are the different jobs MA in Economics professionals can do?

After obtaining an MA in Economics, you can pursue a PhD or seek employment. A PhD in Economics or any related research topic is an excellent option if you have the desire and capacity to learn more. Alternatively, you might work as a Research Analyst, Data Analyst, university professor, Economist, etc. The majority of MA in Economics graduates choose to work as economists. These professionals are primarily concerned with resource demand and supply. Conducting and creating research in order to discover trends and aid the government, banks, and organisations is also part of their work.

6. What is the average salary of Economists in India?

Tax rates, health data, energy information, transportation, international commerce, and development are all areas where economists provide advice. They also examine resource demand and supply, as well as perform and develop studies to discover trends. They also advise the government, banks, and other organisations on various economic initiatives. The average total remuneration for an entry-level economist with less than one year of experience is ₹5,00,000. The average total pay for an early career economist with 1 to 4 years of experience is ₹6,60,000. The average total remuneration for an experienced economist with more than ten years of experience is about ₹20,00,000.

7. Why should a student opt for a Master's in Economics?

8. What are the different jobs MA in Economics professionals can do?

9. What is the average salary of Economists in India?

Did you find this article helpful?

Sriram

Meet Sriram, an SEO executive and blog content marketing whiz. He has a knack for crafting compelling content that not only engages readers but also boosts website traffic and conversions. When he's not busy optimizing websites or brainstorming blog ideas, you can find him lost in fictional books that transport him to magical worlds full of dragons, wizards, and aliens.

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Google I/O 2016 – Day 1 | Recap

The most awaited Google I/O 2016 Conference was filled with announcements about improvements in current products and launch of some new products. In this article, we have summarized the biggest announcements from Day 1 of the conference. Google Allo Allo is Google’s new messaging app with resident chatbot. It has features like whisper/shout, expressive stickers, smart replies- which evolve with time and wide range of bot support especially the Google Assistant search bot. One of the most important features of Allo is that all its chats are encrypted but incognito mode offers end-to-end encryption and an option to send messages that self-destruct. Additionally, once you close a chat, the entire conversation is deleted forever. Google Duo Duo is Google’s mobile only companion app for Allo that helps in video calling. One of its special feature is ‘Knock Knock’ which lets users see the incoming video call feed before even answering the call. So, the receiving party can see who’s calling and where they are before they even pick up the call. Google Assistant Google takes search to the next level. Google Assistant supports “conversational understanding” to make search more natural and to better support voice searches. Google Home Home is built on the Chromecast standard, which lets it push media to other Cast-compatible speakers and screens, change temperature or lighting through Nest devices, and integrate with third party services. The entire experience is hands-free, powered entirely by voice. In fact, it doesn’t even have any buttons. Simple voice commands will control every aspect of the Home. Android N Android N comes with new features that include more control over notification size from different apps and a new picture-in-picture mode. Android N uses a new API called Vulkan that lets developers directly control a phone’s GPU for sharper 3D graphics. Android N will also download and install system updates automatically. The name of Android N has not yet been released. It is going to be selected through a crowdsourced contest. Google Daydream Google has a new VR platform built on top of Android N, and the new VR platform is called Google Daydream. It is an optimized virtual reality platform that aims to standardize the mobile-based VR experience. It also spans both software and hardware; Its biggest limitation is that it will be available only in new phones with special sensors and screen. Android Wear 2.0 Android Wear 2.0 can function independently of a smartphone. Apps no longer need a connected smartphone in order to function. Apps can function and even communicate without a phone, as long as the wearable device is connected to the internet via cellular or Wi-Fi. Users can also make data from any app show up on any watch face. Instant Apps One of the most interesting announcement was google Instant Apps. With Instant Apps, users can begin using an app instantly from right within the Google Play store without even having to download and install the app. As we can see, Google has made some big moves in the three hottest areas of tech – virtual reality, messaging, and smart assistants. However it would be interesting to see how these new products will compete with their competitors and how much of market share would they capture after their launch.

by Dilip Guru

19 May'16

898.94K+

There’ll Be A Billion-Plus Job-Seekers By 2050, So Get Yourself Skilled NOW

This isn’t just a catchy headline meant to shock you, though that would be a justified reaction. If you are 25 years old, have graduated from a reputed institute in a traditional higher education discipline and are looking for a job, you may not be handed one on a platter any time soon. You may be cushioned within the famous Indian demographic that is supposed to yield a “dividend”, but unlike what you’ve been reading everywhere, this does not guarantee you employment. Between 1980 to 2010, 90% of world labour force growth occurred in developing countries and about 500 million new workers emerged in India and China alone (workers went from 260 million to 470 million in India, between this period). India, along with other developing counterparts, is all set to fuel 60% of the global growth in labour in the upcoming years. Keep in mind that enrolment in Indian higher education is only 24% right now. With India attaining almost universal elementary education and increased retention in secondary schools, the projected demand for higher education and jobs thereafter, will only escalate. By 2050, India will be home to more than a billion job seekers. This means providing jobs for over 12 million new entrants annually. There is also the challenge of finding jobs for the backlog, which reached 60 million by 2014. So isn’t this good news? India finally placed on the world map with a solid advantage where labour supply is concerned. Well, it may not all be good news. The new-age job-seeker must strive to acquire specific skill sets to be considered employable. Currently, only 43% of Indian youth are considered fully employable. Indian millennials are being touted as the future of jobs and the saviours of the working world. But this won’t hold true if in-demand skills are not imparted to the youth entering the workforce. The world of work is changing and industries are transforming. It’s a fact that we are moving towards a massive labour pool, but we are possibly riding a low-skill, low-wage cycle to get there. The country is on a trajectory that involves a surplus of millions of low-skill workers, whereas most nations, including India, will be increasingly demanding a high-skill workforce. Impacting Education: My Journey and UpGrad Most industries are replacing low-skill jobs with high-skill ones. Skills relating to upcoming technologies like cloud computing, social media, artificial intelligence, robotics, nanotechnology, etc, are gaining immense relevance. Unfortunately, our education system is not preparing students well enough to enter the workforce as high-skill workers or equipping them with skills in the mentioned emerging domains. Gone are the days when just holding a graduate degree was enough to get employers to clamour to hire you. Education is not enough. The new-age job-seeker must strive to acquire specific skill sets to be considered employable. Currently, only 43% of Indian youth are considered fully employable. Gone are the days when just holding a graduate degree was enough to get employers to clamour to hire you. Education is not enough. The positive connotation associated with our demographic shift has been taken for granted and assigned the term “dividend.” But if we don’t strategically harness this change, we could very easily be faced with a demographic disaster. We don’t want to be stuck in a situation where we have too many job-seekers with inadequate skills, and therefore not enough jobs for them. India is moving workers out of farm jobs at a very fast rate, and this will only add to the burden of providing jobs in other sectors. We need a wake-up call and more concerted efforts towards large-scale skill development and training. We may have a situation of too few high-skill workers and not enough jobs for medium- or low-skill workers. This needs to be rectified by adjusting the education and skilling system to ready ourselves for the jobs of tomorrow. UpGrad develops various programs such as Digital Marketing Certification Program, and Product Management Certification Program in collaboration with IIIT Bangalore, specially designed for working professionals looking to up-skill themselves. Check out the free courses.

by Mayank Kumar

20 Jun'16

6.57K+

Only 25% Of Indian Graduates Are Employable, And The Solution Is Obvious

Co-authored by: Apoorva Shankar, Business Development Associate, UpGrad The world today has enhanced productivity requirements. Due to this, the demand for highly skilled labour is growing. China and India are set to drive this demand. Globally, the share of low-skill jobs is likely to decline from 74% of employment in 2010 to 62% by 2020. On the other hand, the shortage of highly skilled workers with a tertiary level of education is expected to reach 18 million by 2020, globally. But due to its demographic dividend, India will have a labour surplus of 47 million by 2020. However, this surplus may only be of low-skilled labour. And while the demand for highly skilled labour is increasing, the supply isn’t quite keeping up. The challenge, as well as opportunity, that India faces is how to train such a large reserve of labour and convert low skills to high skills. One solution that immediately comes to mind is providing higher education for all. But at present only 24% of those meant to be participating in higher education, are actually enrolled. Plus, traditional college or university pedagogy has been increasingly criticized for being outdated and irrelevant to the jobs market. If you attended school or college in India, you will have first-hand experience of the ills that plague the system. Some of the reasons for this are: Absence of a customized or personalized approach to education (necessary as different students have different needs and learning capabilities). Restricted resources due to not-for-profit nature of educational institutes and over-regulation. Lack of technology infrastructure. Poor teaching quality. Lack of skills-based learning. Low focus on research and development. Minimal partnerships with industry/foreign academia. Outdated curricula not reflecting requirements of a dynamic market environment. Skill-intensive industries are expected to contribute more than 90% of India’s GDP by 2030. The opportunity is staring at us in the face. Only about 25% of Indian graduates are considered employable by the organized sector. Further, 48% of Indian employers said they were having difficulty in filling jobs, in 2012. Despite employers expressing difficulty in finding employable candidates, in 2009-10 the unemployment rates in India were higher for those who were more educated (graduates had more difficulty finding jobs than secondary or primary level graduates). [b_color background=”#EDFF3D”] Also Read – Technology will surely kill some jobs, but not all of them [/b_color] So Indian education, in its current form, hasn’t proved to be enough training for the incoming workforce. The numbers also prove that just completing higher education in any field is not all it takes anymore. This pinch is being increasingly felt as the world of jobs is turning upside down; which is why we need skill training. Skill-intensive industries are expected to contribute more than 90% of India’s GDP by 2030. The opportunity is staring at us in the face. It’s not just about the potential but also the responsibility we are tasked with — restoring balance to the global supply of labour. The country needs to invest in skill development and training for a large chunk of its population. Exploiting sheer numbers is therefore one major reason to skill our workers. Secondly, the demand for advanced skill-sets in emerging areas is growing. Knowledge-intensive roles such as finance, business, etc, and those related to information technology and entrepreneurship are gaining momentum. The reality that these skills must be acquired will take root for more and more individuals, including drop-outs from the mainstream education system and those who have completed such education. Currently, the actual supply of these workers falls drastically short of matching growing demand. Hence, the gaps in domain knowledge are another reason to scale up the skilling. You are likely to be at a disadvantage, in terms of skill training and thereby employability, when compared to someone your age in China, USA, South Korea… In China about 47% of the workforce has received some kind of skill training, 52% in USA, 68% in UK, 75% in Germany, 80% in Japan and 96% in South Korea. Comparatively, only about 10% of the Indian workforce received such training in 2008. India is seventh in the category of countries facing maximum difficulty in filling jobs, i.e., 58% difficulty, where the global average is 38%. These figures reflect that just belonging to the young Indian demographic is not enough. You are likely to be at a disadvantage, in terms of skill training and thereby employability, when compared to someone your age in China, USA, South Korea etc. To address these imbalances, India needs unprecedented increase in both education and job creation. At this point, there is no guaranteed advantage for India in the contest for high-skill talent. It will be dependent on skilling. Considering the state of higher education and the skill upgrade required to be carried out in the future, the process will not just be about learning for professionals, but rather unlearning and re-learning.

by Mayank Kumar

13 Jul'16

5.19K+

7 reasons to watch UpGrad Talks today

There is really no secret sauce for success. Provided you have had the opportunity to view the exclusive online tete-e-tete sessions brought to you by UpGrad Talks. With an amazing roster of world-class speakers, some from the top 1000 companies of India such as Mahindra & Mahindra, Tata Sky, Coca Cola, JP Morgan, JWT to start-up poster children such as RedBus, Snadeal, Ola & Zivame and many more, Upgrad Talks provides insights into their formulae for success. The talks also share deep learning from situations that didn’t work out and many valuable nuggets of honest, down-to-earth and practical advice from successful entrepreneurs, experts and industry leaders. While some lip service has been paid to new-age technologies and skill sets, and the evolution of industries because of these, a deeper understanding of what this signifies is missing. Upgrad Talks intends to fill this gap by bringing together thought-leaders from different walks of life and raising the level of discourse in this area, as they share their experiences. Here are the top reasons why you must visit talks.upgrad.com today and make it your daily source of insights and motivation: Get Inspired Inspiration can come from many different sources. You may get inspired when you see a problem that needs a solution, which you are able to ideate, or get inspired when you hear stories of adversity being overcome by sheer willpower. Rarely does the simple existence of wealth inspire us. It may motivate us to work harder, but inspiration stems from a deeper place that needs real stories. Upgrad Talks are stories from the folks who have lived these stories, first hand. Not only does hearing someone’s complete story of challenges, thought process and subsequent outcome inspire, it also gives birth to new ideas and provides impetus to grow in your own space. Moreover, inspiration also stems from well-put statements such as, ‘attitude will sail you through,’ by Harit Nagpal, CEO of Tata Sky. A key benefit of listening to industry leaders is that it also inspires us to think. ‘What we think, we become,’ is a quote by Buddha that sums up this well. Go ahead, face challenges It does not matter if you are a startup or an established financial organization; challenges, big or small, exist in every level of most businesses. Challenges faced, strategized and overcome is the rite of passage for almost everyone. Not only do Upgrad Talks cover challenges faced by leading industry veterans, it also covers it from various stages of businesses along with discussion of the solutions that helped overcome them. Upgrad Talks speakers’ discuss challenges faced by businesses in different spaces, which makes these talks an interesting listen. Furthermore, is quite motivating to hear the candid conversations of business leaders. So what is the common thought on challenges in the Upgrad Talks? No challenge is too big. It also strengthens the belief that challenges help you grow and become stronger and develops a sense of confidence to take on the next big challenge. Learn from influencers People who can motivate are great influencers. To hear success stories at Upgrad Talks, which have been driven by deep-rooted passion as well as courage of conviction can be a great influence on most people. It is likely to help you push yourself to greater heights and also follow your dreams a bit more diligently. To quote Snapdeal’s Kunal Bahl, ‘ there is a fine line between stubbornness and persistence.’ Upgrad Talks is likely to help you define the lines as an excellent selection of influencers talk also about the key soft skills required to make it a significant mark on the industry that you belong to. Mentoring As you listen to entrepreneurs, business leaders and experts on models that have worked, one can also start drawing parallels to one’s one business or profession. Mentoring of this kind is both subtle and effective as it helps you choose some key takeaways from the shared experiences that are most relevant to you. Follow the series to get premium access to the best mentors in the country as they talk about education, the emerging digital age and its impact on businesses, talent shortages and advice to youngsters. A bit of crystal gazing In the series of Upgrad Talks, one is likely to come across a vast amount of business knowledge which has been converted into digestible insights that can also help you choose the next steps in your career. Speakers’ at Upgrad Talks share their business mantras and what the future is likely to be. This is crystal gazing of the finest variety and yet another reason to tune into the talks. A healthy dash of optimism One of the unique selling points of the Upgrad Talks is that they also brings out the combined optimism in business from key industry leaders. Apart from that one can learn what is next in the industry, and explore potential future opportunities in the workspace. The upbeat and positive nature of these talks makes them a must-listen. Easily available online Just in case you were wondering how far you would need to travel to listen to such a wide range of speakers, you can breath easy. Upgrad Talks are delivered online and you can listen to them at your own convenience. All you need to do is to long onto talks.upgrad.com and you can access high quality, pre-recorded sessions online. Upgrad is making content richer, bigger and better as it kicks off with 15+ talks delivered by entrepreneurs, experts & business leaders. You definitely do not want to miss out on the educational transformation that UpGrad is fuelling in partnership with some of the greatest minds. Remember, one can never stop learning. So, if you always aspired to hear great advice and insights from the top Indian business leaders on how you can grow your business, choose a career goal or get inspired, do take a look at Upgrad Talks. They are truly the voices that impact. Join us today and be a part of it at talks.upgrad.com.

by Omkar Pradhan

06 Aug'16

5.36K+

Evolving online education: Learning Together

Technologies in online learning have been making promises since early 20th century. From radio to present day MOOCs, multiple new technologies were seen as silver bullet in revolutionising education. These promises were indeed laudable, to make education accessible to everyone, affordable for everyone and more effective. Yet, the same history of unmet expectations has been repeated every time*. Although a lot has happened over the past decade in terms of growth and expansion of online education, there are many challenges yet to be solved before we can say online learning has truly arrived. We, at UpGrad, believe the following three challenges are the biggest hurdles to the success of online education. Isolation: Online learning is solitary experience Acceptability: Online learning’s validity in the Job Market Not Engaging: Interplay of distractions and motivations in learning online The dismally low completion rates and high failure rates are reflection of these challenges [1]. Our goal at UpGrad is to fight these challenges and provide an unmatched learning experience for the working professionals. We believe, with the flexibility of online learning, every working professional can “UpGrade” himself without going back to full-time formal education. Hence, we need to to make online learning mainstream. In this article we would be sharing how are setting the online learning as a ‘Social Experience’ for our students, ie the first of the three mentioned challenges. In 2000s, internet surfing was mainly an individual experience and on the other hand, in 2016 almost all of internet time is a social experience. We do not feel alone in 2016 version of internet. We believe online education will have much higher engagement and completion rates once it becomes a social experience. An average student’s e-learning journey is an individual experience making him/her feel isolated. Learners move through the course with limited interactions with both their instructor and classmates. We at UpGrad, are building a new learning platform specifically designed keeping our students and their needs in mind. We believe this would be key to provide the kind of engagement levels the students deserve. The perception of social presence (or lack of) is a big concern among students and teachers in online learning. Teachers develop courses in isolation and the students take the courses in isolation. Researchers have found strong correlation between the sense of social presence facilitated by the course and student’s perceived learning [3,4,5]. Also there is good re correlation between withdrawal in the course and student’s perceived lack of social interaction and instructor presence [3]. Lack of social interaction in e-learning increases the distraction, since a learner would look for social interaction elsewhere which is usually Twitter, Whatsapp or Facebook. If there is another learner doing the same course in my apartment building, there are limited chances that I would know about him. As learners of online courses, we are oblivious of everyone else’s presence except few replies on the discussion forum. They do form Facebook groups or Whatsapp groups organically, yet the whole online learning format ends up being mostly a solo experience. Here are the steps we are taking at UpGrad in making our online programs a social experience.: Profiles : The first step in ‘social’ e-learning is knowing your classmates. We have learner profiles with education and work history along with other details. Almost everyone is encouraged to fill in their full profile along with a descriptive ‘bio’ section. There are multiple points where learners are nudged to click on the profiles. To improve discoverability of relevant profiles we not only leverage cohort social graph but also use interest graph, performance graph, complementary skills graphs. Combined with other semi random** algorithms like who was recently online, learners bump into each other in interesting ways. In the first month of Data Analytics Program, an average engaged learner viewed peer profiles 110 times. Discussions: We have a discussion forum which is contextual and relevant to the course content. We designed it from the ground up to involve learners during the course. They help each other, solve doubts, ask questions, have healthy debates on the forum. Only when there is no consensus a Teaching Assistant gets involved in clearing the doubts. Last 3 months data shows that on a daily basis 50% of the students who are engaged on the platform, also engaged actively on the discussion forum. As most professionals have different backgrounds, sharing of experiences on the forum is much valuable to everyone in the cohort. We have seen learners fall into three buckets on the forum. First is the majority producers, the top 30% of forum content producers are responsible for around 70% of the discussions. The next 50% do the rest of 30% of the content but continue to voice their opinions through upvotes. Rest of the 20% are mere observers. These numbers are highly encouraging and we will be investing more time in finding out how student-student social interactions can help in overall engagement. Figure 1: Forum topic distribution in one of our programs. Share in the pie is (questions * votes) for each topic. Bigger share of the pie is a proxy for doubts. This lead us to start live sessions on those topics. Thought Leader AMAs: Initiating and maintaining engagement on the forum is hard. To set the ball rolling, we started the discussion forum for a new cohort with getting a thought leader to do an AMA on the platform. This way not only the students got a product onboarding experience but also the social expectation was set amongst the peers. In some months, the total content creation during AMAs ended up around 20% of the total cumulative content. We also observed a side benefit of starting the program with thought leader – that learners are more helpful, behave with more civility and show much more respect for each other. This is not very unusual because it is known that a group’s eventual social dynamics are very much impacted by behaviour in initial few days. In a way, it sets the trend which follows upto the end of the course. We also explored bringing in external motivations to see how does it impact on engagement levels. At times, there were small gifts for top forum contributors and at times we included forum participation in the grading. Our primary observations show that this is to be used cautiously. We are working on establishing a balance between extrinsic and intrinsic motivations for social involvement. Facebook Groups: For all cohorts we have Facebook groups for students apart from the platform discussion forum. We were not very confident how much our forum will be used for non academic discussions and generic social sharing. However, we found more and more discussions of generic nature and sharing of articles & blogs also started happening on the forum. Hence facebook group ended up becoming redundant. We are thinking of doing away with a cohort’s facebook group with this expanded use of discussion forum In summary, having a strong sense of community within the students is a big predictor of learning outcomes. This has been researched multiple times [7, 8]. Our platform’s usage data of course progress and social interaction activity strongly confirms this research. At a time, a learner who is socially engaged on our platform has usually completed 4 times (Figure 2) course materials than a learner who does not participate in social discussions. This high correlation has been repeated across multiple cohorts. Figure 2: At a snapshot of time course completion rates for learners active on forum vs non active. Apart from the student isolation e-learning content creators and facilitators tend to work in isolation, reflecting and sharing of best practices is minimal[6]. We at UpGrad are aware of this problem, and making sure different program teams collaborate and share solutions to common problems. We do not have complete solution to isolation in learning yet. We as a company are focussed on solving this problem, we are testing out few ideas and are willing to share the results with the community. With these changes we are expecting online learning experience to be more engaging, more involving and eventually pushing up the low completion rates of online learning. These are early days of online education and we have miles to go. Bibliography [1] http://collegequarterly.ca/2007-vol10-num03-summer/rolfe.html [2] Online Social Networks as Formal Learning Environments: Learner Experiences and Activities, The International Review of Research in Open and Distributed Learning, Vol 13, No 1 (2012) [3] Tello SF (2007). An analysis of student persistence in online education. International Journal of Information and Communication Technology Education [4] Herbert, M. (2006). Staying the course: A study in online student satisfaction and retention. Online Journal of Distance Learning Administration, 9(4). [5] Morris, T. A. (2009). Anytime/anywhere online learning: Does it remove barriers for adult learners. In T.Kidd (Ed.), Online education and adult learning: New frontiers for teaching practices. Hershey, PA:IGI Global. [6] Duncan, H & Barnett J (2009) Learning to teach online. [7] Kaulback, B (2015). Learning Together : Community and Network from the perspective of designers of online learning. (Doctoral dissertation) [8] Bernard, R. M., Abrami, P. C., Borokhovski, E., Wade, C. A., Tamim, R. M., Surkes, M. A., & Bethel, E. C. (2009). A meta-analysis of three types of interaction treatments in distance education. Review of Educational Research, 79(3), 1243–1289.

by Ankit Mittal

08 Aug'16

898.95K+

Skill deprivation: Education alone won’t guarantee a job, in-demand skills need of hour

If you are 25 years old, hold a degree in a traditional arts discipline from a well-regarded institute and are looking for a job, you may not be handed one on a platter any time soon. You may be cushioned within the famous Indian demographic that is supposed to yield a ‘dividend,’ but unlike what you’ve been reading everywhere, this does not guarantee you employment. Between 1980 to 2010, 90% of world labour force growth occurred in developing countries and about 500 million new workers emerged in India and China alone (workers went from 260 million to 470 million in India, between this period). India is all set to power most of global growth in labour in the coming years. Enrolment in Indian higher education is 24% right now. With India attaining almost universal elementary education, and increased retention in secondary schools, the projected demand for higher education and jobs will only escalate. India has finally been placed on the world map with a solid advantage where labour supply is concerned. Impacting Education: My Journey and UpGrad It’s not all good news though. Indian millennials are being touted as the future of jobs and the saviours of the working world. But this won’t hold true if in-demand skills are not imparted to the youth entering the workforce. The world of work is changing and industries are transforming. It’s a fact that we are moving towards a massive labour pool, but we are possibly riding a low-skill, low-wage cycle to get there. The country is on a trajectory that involves a surplus of millions of low-skill workers, whereas most nations, including India, will be demanding high-skill workers more and more. Most industries are replacing low-skill jobs with high-skill ones. Skills relating to upcoming technologies in advanced areas – think AI, robotics, data science and mining – are gaining immense relevance. Unfortunately, our education system is not preparing students well enough to enter the workforce as high-skill workers nor equipping them with skills in emerging domains. Curricula is outdated and pedagogy poorly-developed. Gone are the days when just holding a graduate degree was enough to get employers to clamour to hire you. Education is not enough. The new-age job-seeker must strive to acquire specific skill sets to be considered employable (currently only 43% of Indian youth are considered fully employable). This applies to all sectors of the economy, as most industries and businesses are adopting new-age technologies and going digital within most functions. There’ll Be A Billion-Plus Job-Seekers By 2050! The positive connotation associated with our demographic shift has been taken for granted and assigned the term ‘dividend.’ But if we don’t strategically harness this change, we could easily be faced with a demographic disaster. We don’t want to be stuck in a situation where we have too many job-seekers with inadequate skills, and therefore not enough jobs for them. India is moving workers out of farm jobs at a very fast rate, and this will only add to the burden of providing jobs in other sectors. Realising this, even the government has begun focusing on skill development and training. Creating an entirely new Ministry and launching the Skill India Mission are clear indications of this. Another sign that skill training is gaining momentum is reflected in the growth of the Indian education and skills industry at an average rate of 13% over four years. From Rs 1.21 trillion in 2008 to Rs 2.35 trillion in 2012. However, these measures have not been enough to successfully skill India’s young. Only 2% of the Indian workforce has received some kind of formal skills training so far, and 8% have received informal training. Comparatively, 47% of China’s workforce is skill trained, 52% in USA, 68% in UK, 75% in Germany, 80% in Japan and 96% in South Korea. Almost half of Indian employers find it difficult to fill jobs and a similar proportion of employed youth suffer from some degree of skill deprivation. By 2050, India will be home to more than a billion jobseekers. This means providing jobs for over 12 million new entrants annually. There is also the challenge of finding jobs for the backlog, which reached 60 million by 2014. The pace of accretion to the labour market will keep increasing, given our demographic profile and declining age-dependency ratio. Our working age population (15-64 years) will peak in 2050 and till then pressures for jobs will only become worse. We need a wake-up call and more concerted efforts towards large-scale skill development and training. We may have a situation of too few high-skill workers and not enough jobs for medium or low-skill workers. This needs to be rectified by adjusting the education and skilling system to ready ourselves for the jobs of tomorrow. Article Source: http://www.firstpost.com/business/skill-deprivation-education-alone-wont-guarantee-a-job-in-demand-skills-need-of-hour-3020568.html

by Apoorva Shankar

08 Nov'16

5.13K+

Why The Growth Of Higher Education In India Hinges On The Private Sector

For the sake of simplicity, let’s say that the public sector’s role in education can be identified as a three-fold one. Firstly, it is tasked with universalizing access to education. Its next responsibility would be to regulate the sector and finally, to ensure quality education for all. In the context of the access provider role, estimates show that just in terms of physical infrastructure, more than a US $100 billion spends would be required in higher education alone, to double enrollment, from where it stands today (24%). Where regulation is concerned, bodies such as the University Grants Commission (UGC) and other higher education regulators are in-charge but leave much to be desired in terms of quality checks and monitoring, accreditation, etc. In fact, the UGC merely acts as a grants disbursing body now for universities and colleges, rather than a regulator. This is despite the fact that about 16% of the Ministry’s budget (2016-17) was allocated to UGC. Regarding quality, the government struggles to set standards and measure outcomes. Accreditation in the country is irregular and sub-optimal. In addition, unlike school education, where a certain level of learning outcomes may be gauged, this is difficult to do in higher education – especially assessing employability of a student post completing such education. So is there a role the government should prioritise? Further, because the government is entrusted with these roles, does it necessarily mean that they are its exclusive mandate? Or should the government act as an enabler and allow external participation if it means better execution and a higher success rate? The education and training industry is extremely large today and has strong further growth potential. With total educational spending of $2.7 trillion, the industry accounted for about 4.25% of the world’s GDP in 2010. In India alone, the spending on education and skilling has touched approximately Rs 74,000 crore. This may seem like a daunting figure but is still not sufficient. India spends about 4% of its GDP on all of education (about 1% on higher education), whereas globally the minimum recommended expenditure on education is 6% of GDP. Most of the public expenditure on higher education is used upon salaries and maintaining existing institutions, leaving very little to be spent on curriculum, research, and technology. However, spending on education still has enormous scaling to do and this is where the private sector comes in. Private players will have opportunities from rising demand in segments not well covered by the public education system (like adult education and vocational training). They bring in additional capital and are able to make huge investments, especially when government spending is insufficient and results in substantial infrastructure and investment deficit. For instance, the government had set a target of achieving a 30% enrolment ratio in higher education by 2020. The enrolment ratio currently is 24%. Judging by historical trends, and the current pace of rising enrolments, this target seems difficult to achieve. We may need a better, plan to succeed. Plus, the demand for higher education is only set to accelerate with growing population, higher enrolment as well as retention of students in schools. The private sector could play a crucial role in plugging these gaps and matching demand. In fact, it is already capturing the market in a big way, as can be seen in the adjacent graph. Enrolment in, and share of, private higher education institutions has surpassed that of government institutions (data as on 2013). Even the online education market in India expected to grow to US $40 billion by as soon as 2017. Unlike the education sector, which is legally mandated to operate on a not-for-profit basis, for-profit skill training institutes can be set up. This, coupled with initiatives of the National Skill Development Corporation, has encouraged the private sector to set up vocational training institutes. Corporate interest has also increased in the skill development space because of the benefits that accrue to businesses themselves, in the form of adequately trained manpower as a ready pool for future hiring. Majority of institutions offering professional disciplines are now in the private sector. There is a tendency of the public sector to view the private sector’s involvement in the education space with scepticism. But the private sector is necessary because of its ability to match industry demand for superior skilled manpower. It supplements infrastructure, facilities, technology and pedagogy and has an added advantage of escaping bureaucratic control and retaining autonomy to a large extent. Private players often collaborate with reputed international universities for faculty and other benefits which can be attractive to prospective students. They are also heavily investing in research-based education. As consumers of skilled manpower as well, the private sector is in a position to understand what type of skill training is to be imparted, and eventually benefit from it. This makes skill-training more efficient and effective. All three education-related roles of the government are equally important. However, while regulation should remain outside the purview of the private sector, nothing should stop them from assisting the public sector in maximising enrolments and improving quality of education. Public needs to work with private and create a level-playing field, in order to uplift the overall quality of education. Article Source: http://www.huffingtonpost.in/mayank-kumar/why-the-growth-of-higher-education-in-india-hinges-on-the-privat/

by Apoorva Shankar

08 Nov'16