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Scope of MA in Economics: Career Opportunities & Highest Paying Jobs [2023]

Summary:

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

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.

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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. 

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.

2. BFSI

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.

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.

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.

Conclusion

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.

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.

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.

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.

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.

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.

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.

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