Why Economics?

Practically everywhere you look, you will find an economic problem. Economic logic helps us make policies on job creation, understand buying habits of consumers, predict prices of stocks, bonds to cryptocurrencies, and help us allocate our time to different activities in our lives.

An Economics degree is not just good for job prospects later, but it also provides a set of analytical and problem-solving skills that are transferable across a wide range of industries. Globalization and the integration of the world economy have created a massive demand for economics graduates.

The scope of the subject, Economics, is thus broad and eclectic. A Master’s degree in Economics can allow you to pursue a variety of exciting careers in different fields.

What is MA Economics Degree All About?

MA in Economics program offers a variety of economics courses, ranging from applied economic theories to advanced quantitative techniques. An economics advanced degree trains students in problem solving, data analysis, and communication skills needed to succeed in the professional world. Students learn how to develop and use theoretical and empirical models that derive from logic and mathematics and employ advanced statistical methods using large datasets to solve real world problems.

Who Can Be Qualified to Study MA in Economics?

Earlier, pursuing an advanced degree in economics would require a student to pursue a bachelor’s degree in economics. However, institutions worldwide increasingly recognize that a diverse classroom with students from different backgrounds can add value to the discourse in class and enrich the experience of all involved, resulting in a more impactful learning experience. Thus, aside from a solid quantitative foundation involving mathematics and statistics and strong analytical skills, little else is needed to qualify for an MA in economics. In fact, many of the celebrated Nobel Prize winners in economics did not have a specialization in economics for their bachelor’s degrees.

How Does the Degree of MA Economics Benefit You?

• Understanding of how everyday life works

Economics is an integral part of every aspect of life, so studying economics can help to improve people’s quality of life.

• Great mix of social sciences and math

The study of economics can be appealing to those who like the intricacy of mathematics and who like to understand, interpret, and solve social issues and problems. By earning a master’s in economics, you will be able to break down any large problem into its components, ask questions, and know how to collect and analyze data related to the problem so that you can obtain a solution.

• Provide a unique perspective to real-world problems

Provided with the understanding of how to analyze economic data during your master’s program, you will be able to generate insights into individual and community behavior and relationships. This will help society better identify and use scarce resources in an innovative manner.

What Are the Possible Career Paths?

An economics degree will give a boost to your employment prospects in many areas, such as finance, banking, insurance, politics, healthcare, government, consulting, nonprofits, and research. There is strong demand for highly competent graduates throughout the global job market. Acquiring analytical and problem-solving skills during your master’s program, you will be open to extremely wide ranging and diverse career opportunities.

People with an advanced degree in economics have become successful entrepreneurs, business leaders (e.g., CEOs and Chief Economists), Central Bankers, policy makers and advisors to Govts and businesses, and sometimes becoming head of the state like Prime Minister and President themselves, in addition to becoming highly successful academics.

• Professional Economists: As a professional economist, you will be involved in researching and analyzing economic data, issues, and trends, producing economic forecasts and reports to clients (that may be individuals, companies, financial organizations, and public bodies). Possible employers include local and national government, central banks, public and private banks, insurance companies, think-tanks, large multinational companies, financial consultancies, accountancy firms and local authorities.
• Careers in Banking: Graduates with a background in economics are particularly valued for roles of financial planners, risk analysts, data analysts and consultants. You will be keeping the financial requirements of clients and businesses on track, and, therefore, advising them to take their financial decisions.
• Careers in Accountancy: In accounting roles you can work across multiple industries, focusing on monitoring the financial situation of an organization, business or individual. Your role will be recording, classifying, and interpreting financial data to identify the root of financial problems. Additionally, accounting firms value skills in transfer pricing in economists that are used to provide services to multinational companies.
• Careers in Business and Financial Consultancy: Economics graduates may find positions in large and medium-sized organizations where economic research is required. Your in-depth knowledge of economic theories and models, thorough analytical and problem-solving skills, and mathematical ability, will make you an ideal candidate for the role of financial consultants.
• Careers in the Public sector and non-profit: Economist careers in the public sector are often involved in public taxation, transport, commercial and waste services, energy, and other forms of government spending. Alongside, you can serve in a wide variety of positions involving policy research and analysis at local, state, and central levels of government. A lot of economists also find rewarding careers working for non-governmental organizations, making a difference to the lives of people.
• Careers in Actuarial and Data Analysis: After completing a master’s degree in economics, you can be fit into the role of actuary, who analyzes the financial costs of risk and uncertainty. Using knowledge of both business and economics, actuaries provide reports and devise strategies on how to minimize these risks.
• PhD in Economics: If anyone is interested in teaching economics at a distinguished university or becoming a respected researcher, a master’s degree is the bridge to a Ph.D. in Economics. These days, several institutions of national and international repute are providing fully funded scholarships to pursue PhD in Economics.

Worldwide Relevance of Pursing MA in Economics

Increasingly, there is a worldwide recognition for the academic rigour and interdisciplinary relevance that a higher degree in economics brings to the table. The United States Govt. has allowed economics – traditionally a social science discipline – to be reclassified as a Science, Technology, Engineering and Mathematics (STEM) major, with accompanying benefits of a more liberal Optional Practical Training (OPT) regime and better access to scholarships. This has made economics a more attractive degree to international students aspiring to study in the USA. Thus, a program that emphasizes strong quantitative foundations adds to the advantages for students in a highly competitive marketplace.

MA in Economics Program at Alliance University

The MA in Economics program at Alliance University offers students a rigorous curriculum focusing on skill-building in quantitative domains, with a variety of specializations that are focused on helping students find future opportunities in a multitude of domains. The program will be delivered by highly competent, research-oriented faculty with doctoral degrees from premier institutions nationally and globally, and experience working in both academia and corporate sector, and aspires to be the most sought-after MA program in economics in South India and beyond.

Dr. Shamim S. Mondal
Program Director, MA Economics and Ph.D. Economics
Department of Economics

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