M.Sc Economics is a two-year-long postgraduate course that deals with economic studies and analysis and its applications in several sectors such as production, corporate, banking, etc which are the primed faces of the Indian Economy and global development. There are plenty of job opportunities available for graduates upon completion of an M.Sc Economics degree. Some of the job roles include Economy Analyst, Senior Business Analyst, Senior Economist.

M.Sc Course Details

Degree Masters
Full Form Master of Science in Economics
Duration Course Duration of Master of Science [M.Sc] (Economics) is 2 Years.
Age No age limit
Minimum Percentage 50% in Under Graduation
Average Fees Incurred INR 50,000 - 3 LPA
Average Salary Offered INR 3.5 - 5 LPA [Source: PayScale]
Employment Roles Economy Analyst, Senior Business Analyst, Senior Economist
Placement Opportunities Reserve Bank of India, Department of Economic Affairs, PWC

About M.Sc Economics

M.Sc Economics full form is Master of Science in Economics. The course falls under the umbrella of M.Sc and thus the primary syllabus does not change according to the specialization. Wikipedia explains M.Sc in Economics as “Economics focuses on the behavior and interactions of economic agents and how economies work. Microeconomics analyzes basic elements in the economy, including individual agents and markets, their interactions, and the outcomes of interactions. Macroeconomics analyzes the economy as a system where production, consumption, saving, and investment interact, and factors affecting it: employment of the resources of labor, capital, and land, currency inflation, economic growth, and public policies that have an impact on these elements.”

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Eligibility Criteria for M.Sc Economics Course

For M.Sc Economics admission, it is essential for the aspirants to meet the eligibility criteria. The M.Sc Economics eligibility criteria include students must complete their bachelor’s degree with a minimum of 50% aggregate marks. Additionally, students must give the M.Sc Economics entrance exam. The eligibility for M.Sc Economics does not have an age limit.

How To Get Admission in a M.Sc Economics Course?

To get admission in the course, students must ensure they are aware of the M.Sc in Economics eligibility. The admission process can be carried out through both online and offline methods. Mentioned below are the details of the admission process in general:

How to Apply?

To apply in the course of their choice, students must visit the official website of the college and research the M.Sc Economics eligibility criteria. The aspirants can apply for the course through both online and offline methods. The online application includes students going to the college website and submitting the application online. For offline applications, students will need to go to the admission office in person and register themselves.

Selection Process 

Based on meeting the M.Sc Economics India eligibility, students are offered a place in the course of their choice. The final list of students is released based on the merit obtained in the entrance examination and bachelor’s degree.

For admission in the M.Sc Economics course, it is an essential requirement for the students to give the entrance exam for the course. Listed below are some of the popular entrance exams that are conducted: 

  • HSEE
  • CIPET JEE
  • YVU CET
  • JEE-Advanced

A Quick Glance at the M.Sc Economics Entrance Exams

When applying for the M.Sc Economics course, it is an important step for the students to know about the entrance exam patterns. This knowledge can help them ace the entrance exams with preparation. Questions are generally asked to form the following pattern:

  • Questions are often related to science subjects, with logically, reasoning-type questions.
  • Questions are MCQ based
  • The paper is in the English Language

Top 10 M.Sc Economics Colleges in India

There are many colleges in India that provide students with a course in M.Sc Economics with a good infrastructure. Listed below are some of the best M.Sc Economics colleges in India:

M.Sc Economics Colleges

Sl. No.

Name of the College

1

Indian Institute of Technology, Delhi

2

Indian Statistical Institute, Kolkata

3

Indian Institute of Technology, Kharagpur

4

Symbiosis School of Economics, Pune

5

Madras School of Economics, Chennai

6

BITS, Pilani

7

Sharda University, Noida

8

Lady Shri Ram College For Women, New Delhi.

9

Christ College, Bangalore

10

Indraprastha College For Women, New Delhi

Fee Structure for M.Sc Economics

The M.Sc Economics fee structure is not fixed and can vary according to many factors. Some of the factors which can influence the fee include the location, faculty, facilities, and duration of the course. The average fee structure for the course in India is around INR 1.2 - 3.5 LPA. 

M.Sc Economics Course Fee

Sl. No.

Name of the Institute

Average Annual Fees

1

NIMS University, Jaipur

INR 1.2 LPA

2

University of Petroleum and Energy Studies, Dehradun

INR 3.5 LPA

3

Vivekananda Global University, Jaipur

INR 1.2 LPA

Syllabus and Subjects for M.Sc Economics

M.Sc Economics is a postgraduate course in the field of economics with a science stream integrated into the curriculum. The course has both core and elective subjects part of the curriculum. The core subjects aim to introduce students to all the important aspects of the study. The elective subjects make the coursework flexible and diverse.

The following are some of the subjects which are included in the M.Sc Economics syllabus: 

  • Macroeconomics
  • Finance Economics
  • Public Economics
  • Agriculture Economics

Read More: M.Sc Economics - Syllabus and Subjects

Why Choose M.Sc Economics?

Students often wonder about M.Sc Economics course details before choosing the course. Before deciding on a career, students come across queries like, "What is M.Sc Economics course?" and "Why choose an M.Sc Economics in India?”. To clearly understand answers to these questions and know more about the Master in Econoimcs course, we have framed the following three pointers:

What is M.Sc Economics All About?

The M.Sc Economics program is designed to have a greater emphasis on Finance analysis and Economics analysis. The course focuses on every type of industry and domain which are major contributors to the overall economy of the nation. Students also get a chance to study various developmental methods which can be implemented to improve the economic conditions of the organization during tough economic scenarios.

What Does a M.Sc Economics Graduate Do?

Candidates who are interested in pursuing this course will get a greater amount of exposure to both theoretical and practical aspects of economic science such as the study of production, distribution, and consumption of goods and services.

Economic Analyst: An economic analyst plays a major role in analyzing various economic scenarios and proposes/alters business models suiting to the conditions that aim to provide maximum beneficiary to the organization even at difficult times.

Reasons Why M.Sc Economics Can Fetch You a Rewarding Career?

The course offers adequate training and knowledge for students to gain exposure both in the field of economic management of product-based industry. This course equips the students with the necessary skills required to analyze various Economic scenarios and financial backgrounds and develop new methods to improve the situations without any drop.

Demand: M.Sc in Economics is one of the most demanding career choices among the candidates who are willing to venture into Economic analysis in various sectors. During this course, the students are trained for special skills so that they can occupy crucial positions in big organizations.

Read More: M.Sc Economics - Job Opportunities & Scope

Preparation Tips for M.Sc Economics

Some of the essential course preparation tips for a candidate who wants to pursue M.Sc Economics are:

Get to know the Syllabus: The syllabus of the course is one of the essential factors which a student should focus upon as this helps a student to focus during the time of the examination.

Make a Plan: Make a course plan that can help the student to plan according to the study of the work which enables them to keep both balanced.

Connect With Fellow Students and Experts: Start connecting with peers and experts who can help you with providing a clear idea of the course along with scope and knowledge exchange that might help you to excel in this course.

Keep Updated: It is required for the students to keep themselves on the latest business models adopted by popular names in the Economic analysis and manufacturing sector.

Scope For Higher Education

Even though M.Sc Economics is a postgraduate course, many students decide to opt for higher education upon the completion of the course. Higher education can help the students learn about the subject and topic in greater depth and detail and help the graduates build a career in research.

Listed below are some of the popular higher education options available for students:

  • MBA
  • M.Phil
  • PhD

Salary of a M.Sc Economics Graduate

The average M.Sc in Economics salary in India is around INR 3 - 5 LPA [Source: PayScale]. This salary can change and increase due to many factors like education, designation, and location.

Career Options After M.Sc Economics

As Economics analysis is a very important job role in any goods manufacturing and distribution organization the job scopes are very high for the graduates of this course. Owing to a major increase in the number of industries both indigenous and MNCs across India, there are plenty of job scopes for M.Sc Economics in India. Some of the M.Sc Economics scopes include:

  • Economic Analyst
  • Senior Data Analyst
  • Research Analyst
  • Finance Operations Manager

Read More: M.Sc Economics - Job Opportunities & Scope

Skills That Make You The Best M.Sc Economics Graduate

There are many skills that M.Sc Economics graduates need to have to ensure that they succeed in their careers. Some of these skills are listed below:

  • Flexible Temperament
  • Ability to Work Under Pressure
  • Time Management Skills
  • Quantitative Ability Skills
  • Logical Reasoning Skills

Frequently Asked Questions

1.

What is the difference between M.Sc Economics and M.A. Economics?

MSc Economics aims to provide a closer look at theĀ economic, financial, strategic planning, and marketing along with statistics and econometrics that focus more on the science of economic structure. M.A. Economics aims to provide a closer look at the socio-economic issues, Economic resources, administration policies, and nonstatistical economic analysis subjects.

2.

What is the M.Sc Economic duration in national level institutes?

While some national institutes offer this course for a duration of 2 years (Just like another postgraduate M.Sc Course), institutes like IIT, ISI, and much more offer this course as an integrated course with a duration of 5 years and a combined degree of economics with any other specialized degree.

3.

How much can a senior economist earn in India?

A senior economist can easily earnĀ upto 8 LPA in the initial stages and slowly will rise up to 13 LPA within 2-3 years of time owing to their seniority, experience, and difficulty associated with the job role.

4.

Can non-economics bachelor's degree holders apply for this course?

Yes, they can apply for this course, provided they meet the required eligibility criteria laid by the university, and clear the entrance examinations.

5.

What job roles can I apply for holding a M.Sc Economics Degree?

Graduates can apply as Government Economists, Economics risk analyst, Financial Risk Analyst, Data Analyst, Economic Consultant, Financial Planner, Accountant, Investment Analyst, Revenue Analyst, and many more job roles in various public and private sector companies.

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