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.
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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.
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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.
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.
With an M.A. degree in Economics, you can find employment opportunities in domains like:
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.
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.
3. Actuary and Data Analysis
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.
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.
Top Ranking Jobs for M.A. Economics Candidates
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.
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.
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.
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.
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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.
To conclude, the scope of Economics are varied and rich. An M.A. degree in Economics ensures that you stay ahead in the competitive graph and bag high-paying job roles.
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.