What is MSc in economics?
MSc in economics or Masters of Science in Economics is a program of 2 years duration. Any graduate with honors in economics can pursue this course. This program is about studies in economics. It focuses on microeconomics, macroeconomics, time series analysis, econometrics, design of experiments, etc. It trains the students to sharpen their analyzing financial situations by applying some mathematical methods and logical methods. This course is a study of banking systems and financial operations. The average fees for this program range approximately from 40000 to 5 lacs. This course is a detailed study of economics-related theoretical concepts and practical applications of economical and mathematical concepts.
After a student completes their studies in MSC in economics, they are welcomed by new opportunities in this field from sectors like international organizations, economic consultancies, banks, institutes. It is a postgraduate course, and the examination type is semester-based. It is partitioned into four semesters.
This program is also open for distance education. Distance education in MSc in economics lasts up to 2 years; it trains students about economic theory and the practical applications of finance through numerous options. For the distance course, merit-based admissions are given, the score of a candidate obtained in graduation is considered during the admission process for MSc in economics, distance learning. The annual fees vary approximately from 7000 rupees to 10 lacs. However, this might differ depending upon the college or institution.
This course is a detailed study of subjects like game theory, quantitative methods, environment and economic development, econometrics, Indian economic development, mathematical modeling, ecological economics theory, trade and the environment, agriculture in global settings, advanced concepts, and applications, the study of mathematical models of conflicts, the economics of natural resources and many more.
Eligibility criteria for MSc in economics
For pursuing this MSc in economics, there are specific eligibility criteria that a candidate is required to fulfill.
- Applicants should be a pass out of 10 + 2 from a recognized board.
- Applicants must have cleared their bachelor's degree.
- Their bachelor's degree must contain physics, mathematics, economics as the main subjects.
- Engineering graduates are also eligible for this course.
- In the previous degree, a candidate must have a score of a minimum of 60% from any recognized college or university.
- Some institutes conduct an entrance exam for its admission process.
- In such colleges, applicants have to crack the entrance test to pursue this course.
Scope of MSc in economics
Once a student completes their degree in MSC economics, they would further find a wide range of career opportunities. Students can discover scope in financial organizations, in private sectors, and in government sectors as well.
If a student wants to opt for higher education and degree, they can choose study options such as a PhD or M.Phil in economics. They can also pursue a degree in the MBA finance sector.
The get variety of working in a variety of fields like,
- Researching and analyzing economic issues.
- Looking after the monetary aspects of an organization.
- Analyzing and compiling information related to the economy.
- Teaching the subject of economics in institutes, colleges, and universities.
Career options and job prospects after MSc in economics
Given are some job profiles along with their average annual payments.
- IES (Indian economic service officer), the annual average wage is 11,11,000.
- Litigation consultant, the average salary is approximately nine lacs per annum.
- Mutual funds manager, the average salary is about 8,00,000 per annum.
- Economist, the average annual salary of this is 6,80,000.
- Financial manager, the average salary is 6,45,000.
- Policy analyst, the approximate salary is 6,45,000.
- Professor, the average wage is 5,45,000.