A Master of Arts in Economics is a two year full-time or distance learning, post-graduation program. This program enables students to become conversant with areas like insurance, finance and computer applications that are of increasing importance in the modern world of liberalization and globalization. Anyone with a Bachelor's degree in 10+2+3 or 10+2+4 format can take up this course.
Economics graduates have many opportunities both in the government and private sector. The Indian Economic Service [IES], Reserve Bank of India [RBI], etc. recruit candidates with an economics background regularly while many other departments also hire consultants. Economists also find positions in reputed IOs like the World Bank, Financial Action Task Force, United Nations organizations, etc. Media conglomerates like CNN, Bloomberg, financial magazines, etc. are other places for MA Economics jobs.
Students aspiring to study Master's of Arts in Economics would be interested in knowing the fees for this course. It can range from an average of INR 12,500-4,50,000 per annum depending on the institute the student opts for.
The salary earned by an MA Economics post-graduate would vary as per their respective job profile and position. On average, one can expect a salary of around INR 5.9 LPA.
|Full Form||Master of Arts in Economics|
|Duration||Course Duration of Master of Arts [MA] (Economics) is 2 Years.|
|Age||No age limit|
|Subjects Required||Graduation from the recognized university.|
|Average Fees Incurred||INR 12,500 - 80,000 per annum|
|Similar Options of Study||M.Sc (Economics), MA (Political Science), MA (History), MA (Sociology) etc.|
|Average Salary Offered||INR 6 L per annum|
|Employment Roles||Data Analyst, Economist, Research Analyst, Sr Business Analyst, HR Manager, Analytics Manager, High School Teacher, Business Analyst, Content Writer, Lecturer, Speaker, Digital Marketing Manager etc.|
|Placement Opportunities||Kotak Mahindra Bank, Accenture, Zocdoc Inc, Pershing Llc, Crisil, Buhler India Pvt Ltd, Genpact, etc.|
Master of Arts in Economics is a full-time or distance learning post-graduation program. The duration of this course is 2 years, divided into 4 semesters. As economics post-grads study demand theory and estimation, market structure, production and cost theory, antitrust policy, government regulations, inflation theory, unemployment, capital budgeting, interest rates, and international economics, they are in demand from employers because this contributes to their capacity to make good managerial decisions. Economics gives an edge to civil service aspirants in India. The best colleges for MA Economics in India include:
Economics teaches the students about all the aspects connected to the production, distribution, and consumption of goods and services. The two main branches of economics are microeconomics and macroeconomics.
The MA Economics course includes various subjects such as behavioral economics, a new emerging field; banking and finance; labour market and reforms, etc. After their post-graduation students typically find employment in various companies and also pursue doctoral degrees. A good economist is always in demand in the job market. With the emergence of many niche specializations, there is a lot of scope for growth and employment.
Master of Arts (Economics) is the program that enhances the skill of a graduate exclusively in the field of Economics and Finance. Economics is the study of how individuals, businesses, governments, and nations make choices on optimally allocating scarce resources to satisfy their wants and needs, while determining the best ways to maximize efficiency and output.
Macroeconomics is the study of the aggregate behavior of the economy overseeing aspects such as aggregate price level, total output in the economy, employment and unemployment levels, interest rates, wage rates, and exchange rates, growth rate of output, inflation rates, recessions and booms, trade balance, fiscal and monetary policies, and national debt.
Microeconomics deals with areas like Consumer Choice and Demand, Revenue and Profit, Markets, Factor Payments, Risk, Uncertainty, international trade, etc.
An Economist dwells over important questions affecting the development of any country such as shortages of raw materials, how much intervention from the government is required, unemployment etc.
The MA course enhances graduates’ employment prospects and their chances to secure significantly higher salaries than bachelor degree holders. Public and private organizations are increasingly looking to hire professionals who are able to understand and apply economic research.
Job opportunities include positions in banking, communication, government, insurance, investment, research, and trade, among others. In addition, the Master’s degree in Economics serves as a preparation for pursuing a Ph.D. degree in Economics.
Economists are of increasing importance as the world undergoes a structural change in the economy at large. As the free market and communism have both failed to solve human issues, economists are called upon to show the way to future stability. Students wondering that is an economics degree worth it can rest assured that there is a good MA Economics job scope.
Critical thinking and analytical skills are required to be an economist.
There are some colleges that conduct a Master of Arts in Economics admissions without entrance exams, solely based on graduation marks like IGNOU, which offers MA Economics distance learning. However many reputed universities and economics schools have their entrance exams some of which are mentioned below:
Qualifying in the Master of Arts (Economics) entrance exams requires candidates to exercise their reasoning and analytical skills. Good communication skills are also vital for success. Some tips to help develop the approach to clear the exams are given below.
The MA Economics course subjects are listed below. They may vary slightly according to the guidelines of the affiliating universities.
Master's in Economics fees can vary from INR 10,000 to INR 4,00,000 per annum based on which institution a candidate chooses to attend. This variation can be due to the type of college whether public or private, the qualification of faculty, MA Economics distance learning or classroom program, placement availability etc.
The syllabus for the Master of Arts in Economics course is given below showing the subjects in economics. The syllabus may vary slightly as per the university's presentation of the courses.
|1||Theory of Consumer Behavior||
Classical Approach, Keynesian Approach and Monetarism
|2||Theory of Firm Production and Cost||
New Classical Macroeconomics and New Keynesianism
Imperfect Completion Approach
|Sl. No.||Open Economy Macroeconomics||
General Equilibrium and Welfare Economics
|1||The Open Economy||
Partial Equilibrium and General Equilibrium Analysis
|2||Inflation and Unemployment||
Social Choice & Welfare
|3||Exchange Rates||Market Failure|
Mathematics for Economics
|1||Probability and Probability Distributions||
Functions and Calculus
|2||Sampling and Sampling Distributions||
Matrix, Determinant and Differential Equations
|3||Methods of Statistical inference||
Linear Programming, Game Theory and Input-Output Analysis
|Sl. No.||Indian Economic Policy||
Development and Growth Theory
|1||Development Concept and Issues in Governance||
Economics of Growth and Development
|2||Sectoral Development and Policy Reforms||
Economic Growth- Theory and Practice
|3||Policy Approaches in Fiscal, Financial and External Sector||
Poverty, Income Distribution and Justice
|Sl. No.||International Trade||
|1||Classical and Neo-Classical theories||
Setting and Scope
|2||Modern Theories and Trade Policy||
Eco-System and Natural Resources
|3||India and the World Economy||
Environmental Capital—Theory, Practice and Evaluation
|1||Regression Analysis and Violations of Basic Assumptions||
Concept, Scope, Provisions of Public Goods
|2||Regression with Qualitative and Lagged Variables||
Taxes, Public Expenditure, Debt and Budgeting
|3||Simultaneous Equation Models||
Fiscal Federalism and Fiscal Reforms in India
The basic eligibility criteria to pursue MA in Economics are candidates should have graduation from recognized universities. Many reputed Universities demand candidates who have done their graduation degree with Honours in Economics.
Universities prefer minimum 50-55% marks in graduation as qualifying criteria to offer admissions. They also conduct entrance exams to offer admission in MA Economics. The aggregate of graduation marks and entrance exams are taken into consideration to offer admission.
Most of the colleges shortlist students for the course on the basis of their performance in a relevant entrance test. Some institutes operate their own entrance tests for admission. The admission process will vary from college to college. Some institutes in the country also offer admission depending upon the candidate’s secured merit at the level of graduation.
This field is a very lucrative line for those with an aptitude for analysis and fascination for economics. Some of the jobs available are given below.
The average salary for an MA Economics postgraduate will be around INR 6 L per annum. But this can vary according to the specific domain one is working in and the skills one possesses.
The MA Economics courses are offered by most universities/ colleges country-wide. The following table shows some of the best colleges to pursue a Masters's in Economics.
|Sl. No.||Name of the College|
|1||St. Stephen’s College, New Delhi|
|2||St. Xavier’s College, Mumbai|
|3||Delhi School of Economics, DU, New Delhi|
|4||Madras Christian College, Chennai|
|5||Christ University, Bangalore|
|6||Loyola College, Chennai|
|7||JNU, New Delhi|
|8||Fergusson College, Pune|
|9||Jadavpur University, Kolkata|
|10||Presidency University, Kolkata|
This is the best option for those who cannot pursue a full-time degree in Economics. Some of the colleges and universities that offer a distance MA are:
Are there entrance exams for admission to MA Economics in DU?
- Yes, Delhi University does conduct entrance exams for admission to MA economics. The study material for MA Economics entrance is widely available.
Is knowledge of mathematics necessary for doing Masters in Economics?
- As the course involves the application of mathematics and statistics, some universities/ colleges prescribe mathematics as a qualification subject in +2 or graduation. There are colleges that take students not coming from a mathematics background.
What is the age limit for getting an MA in economics?
- While most colleges prescribe a lower age limit, places like IGNOU have no upper limit on the age of candidates.