Scope Of Masters In Economics

Becoming a successful economist takes hard work, dedication and commitment. Hence, it is important to understand the scope of masters in economics degree before deciding whether you want to pursue it. An economy encompasses your country’s citizens and all the activities they engage in that influence other people. Therefore, as an economist, you will be required to investigate, discuss and predict these activities.

If you don’t have the necessary background, it’s best either to complete a master’s degree first or take post-graduate classes. Master’s Degree One Thing to Be Considered Before You Apply for Masters in Economics is That You Should First try to lay the foundation for your education at the undergraduate level. Services And Facilities Provided By University for Students The services provided by university for students are availed as per demand of economy and increasing need of knowledge in market to foster skills among them which are as follows:

Scope Of Masters In Economics

Economics is the social science that studies how people interact with things of value; in particular, the production, distribution, and consumption of goods and services.

Economics focuses on the behaviour 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. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyzes the economy as a system where production, consumption, saving, and investment interact, and factors affecting it: employment of the resources of labour, capital, and land, currency inflation, economic growth, and public policies that have impact on these elements.

Other broad distinctions within economics include those between positive economics, describing “what is”, and normative economics, advocating “what ought to be”; between economic theory and applied economics; between rational and behavioural economics; and between mainstream economics and heterodox economics.

Economic analysis can be applied throughout society, in real estate, business, finance, health care, and government. Economic analysis is sometimes also applied to such diverse subjects as crime, education, the family, law, politics, religion, social institutions, war, science, and the environment.

Why study Economics?

The rapid changes in economy have prompted for better quality of research in the field for emerging with effective principles in the field. The purpose of studying economics is to discover new strategies that provoke improving fiscal and trading components of a country or trading organizations. Masters in Economics prepares students with certain aspects of monetary, trading and frugal studies. It aims to guide future economists of being capable to analyze the economics principles and using them effectively.

Masters in Economics has series of specialized subjects that are meant to specifically focus on range of economy subjects. Finance and Economics are corresponding topics both the subjects are closely related to discussing methods and techniques of financial growth.

International Economics is a sub component and specialization of economics. It is a concept that studies economic as well political issues related to international trade and finance along with capitalism and trade affairs on global scale. The rapid growth of economy has resulted into expansion of foreign trade of goods and services which involve labor and currency practices between countries.

Post graduation in Economics certificate can be obtained under the master’s degree titles that are Masters of Arts (MA Economics) and Masters of Science (MSc Economics or MS Economics). If one wants to pursue a management degree he/she can apply of MBA in Economics which are in comparison offered scarcely.

The duration of post graduation in Economics courses is 2 years.

Branches of Economics

Microeconomics

 Microeconomics and Market (economics)Economists study trade, production and consumption decisions, such as those that occur in a traditional marketplace. Electronic trading brings together buyers and sellers through an electronic trading platform and network to create virtual market places.

Microeconomics examines how entities, forming a market structure, interact within a market to create a market system. These entities include private and public players with various classifications, typically operating under scarcity of tradable units and light government regulation. The item traded may be a tangible product such as apples or a service such as repair services, legal counsel, or entertainment.

In theory, in a free market the aggregates (sum of) of quantity demanded by buyers and quantity supplied by sellers may reach economic equilibrium over time in reaction to price changes; in practice, various issues may prevent equilibrium, and any equilibrium reached may not necessarily be morally equitable. For example, if the supply of healthcare services is limited by external factors, the equilibrium price may be unaffordable for many who desire it but cannot pay for it.

Supply and demand


A graph depicting Quantity on the X-axis and Price on the Y-axis
The supply and demand model describes how prices vary as a result of a balance between product availability and demand. The graph depicts an increase (that is, right-shift) in demand from D1 to D2 along with the consequent increase in price and quantity required to reach a new equilibrium point on the supply curve (S).
Prices and quantities have been described as the most directly observable attributes of goods produced and exchanged in a market economy. The theory of supply and demand is an organizing principle for explaining how prices coordinate the amounts produced and consumed. In microeconomics, it applies to price and output determination for a market with perfect competition, which includes the condition of no buyers or sellers large enough to have price-setting power.

For a given market of a commodity, demand is the relation of the quantity that all buyers would be prepared to purchase at each unit price of the good. Demand is often represented by a table or a graph showing price and quantity demanded (as in the figure). Demand theory describes individual consumers as rationally choosing the most preferred quantity of each good, given income, prices, tastes, etc. A term for this is “constrained utility maximization” (with income and wealth as the constraints on demand). Here, utility refers to the hypothesized relation of each individual consumer for ranking different commodity bundles as more or less preferred.

The law of demand states that, in general, price and quantity demanded in a given market are inversely related. That is, the higher the price of a product, the less of it people would be prepared to buy (other things unchanged). As the price of a commodity falls, consumers move toward it from relatively more expensive goods (the substitution effect). In addition, purchasing power from the price decline increases ability to buy (the income effect). Other factors can change demand; for example an increase in income will shift the demand curve for a normal good outward relative to the origin, as in the figure. All determinants are predominantly taken as constant factors of demand and supply.

Supply is the relation between the price of a good and the quantity available for sale at that price. It may be represented as a table or graph relating price and quantity supplied. Producers, for example business firms, are hypothesized to be profit maximizers, meaning that they attempt to produce and supply the amount of goods that will bring them the highest profit. Supply is typically represented as a function relating price and quantity, if other factors are unchanged.

masters in economics requirements

  • Bachelors in Commerce degree or any Bachelors degree from a relevant university
  • English Proficiency test: IELTS or PTE or TOEFL
  • Entrance exam: GRE and GMAT (mainly for USA and Canada)
  • Letter of Recommendation

how to become economist

Step-by-Step Guide to Becoming an Economist

Step One: Earn a Bachelor’s Degree (Four Years)

After graduating from high school, prospective economists need to earn a bachelor’s degree. While there is some flexibility in which type of undergraduate degree an economist can have (e.g., accounting, finance, mathematics), majoring in economics is obviously the strongest option for someone committed to the subject.

Bachelor’s degrees in economics come in two main categories: the bachelor of arts in economics (BA) and the bachelor of science in economics (BS). BA degrees in economics tend to focus on theory and social sciences. For example, the BA in economics degree from NYU specializes in economic theory, macroeconomics, international economics, and economic growth and development.

On the other hand, BS degrees in economics, such as the one offered by the University of Pennsylvania, focus on applying business methods and economic theory to real-world problems, prioritizing mathematical and statistical knowledge. While neither degree is, in a vacuum, better than the other, a BS degree in economics may provide a stronger foundation for future graduate-level study.

Several economics undergraduate programs, both BA and BS, offer dual-degree options that pair with another field like mathematics or computer science. And even within a singular economics degree, many universities allow students to specialize in a particular area of focus by adding a concentration in behavioral economics, healthcare, finance, or environmental policy. Building a solid base of foundational knowledge, while exploring possible concentrations and other areas of focus through free electives, can prepare an economist to select the next steps of their journey.

Step Two: Research Internship Opportunities (One to Two Years, Optional)

Relevant work experience is the best education one can get. Full-time paid positions for people with bachelor’s degrees in economics do exist, but they’re few and far between, and may not contain many opportunities for advancement.

Internships may be unpaid positions, but they’re a solid way to gain relevant experience applying the skills you’ve recently learned. Many of today’s economist internships ask that applicants have a working understanding of Python, R, and other data visualization software. These internships also include working alongside full-time employees, and working at the full pace of operations, which provides extremely valuable hands-on experience for later applications to graduate programs or other full-time jobs.

Some internships require applicants to be currently enrolled in an undergraduate or graduate program, but they may also subsidize part of an intern’s tuition. While this is an entirely optional step, the final years of an undergraduate degree up to the first year of a graduate degree program are the ideal time to begin researching and applying for economist internships.

Step Three: Pursue a Master’s Degree (Two Years)

In a competitive market, differentiation is critical. And for economists, a master’s degree is now almost as standard as a bachelor’s degree. Economists have two general options here: an MBA with an economics concentration or a master’s degree in economics (either MA or MS).

An MBA provides a broad and generalist foundation of business knowledge, and the specialization in economics comes as a smaller and secondary learning priority. For example, the MBA with a specialization in economics at NYU Stern supplements its baseline MBA program with classes in econometrics, the economics of healthcare, the economy and financial markets, growth in the developing world and the global economy, as well as energy and the environment. While such a program provides broad exposure to several of the more nuanced directions that economists can take, it doesn’t prepare a graduate for a doctoral degree or work as a specialized economist.

To help organizations project future growth, a master’s degree in economics with a specialization in finance is a major asset to have. For example, the MBA in finance and accounting at Utica University prepares students to predict profit growth in a variety of industries and organizations. Students in this program take courses in advanced managerial accounting, managerial economics, and advanced financial management.

A master’s degree in economics, either a master of science (MS) or a master of arts (MA), is a deep and purist approach to graduate-level study for economists. Any school’s degree program and curriculum need to be evaluated against one’s personal goals for their future career as an economist. There may be an industry bias towards the MS degree being more rigorous. Still, many MA programs take a sternly quantitative approach, such as the MA program from Duke’s Trinity College of Arts and Sciences, which includes several classes in advanced microeconomic and macroeconomic analysis, applied econometrics, and both time series and financial econometrics.

In any event, an MS or MA in economics is the ideal time for a prospective economist to choose which sub-discipline of economics they wish to work in. For example, the MS in economics offered by Drexel’s LeBow College of Business allows students to pick one of three tracks for their degree: public policy, for those who want to work in government or nonprofit sectors; industry, for those who wish to work in the private sector; and academic research, for those who intend to pursue a PhD in economics.

The MS in economics at Purdue’s Krannert School of Management offers specializations in theoretical and applied concepts, business and data analytics, financial economics, public economics and policy, and advanced theory.

Step Four: Gain Work Experience (Timeline Varies)

After earning a master’s degree, the training wheels are off and it’s time to enter the workforce. Your specializations and academic arc up to this point should suggest which type of employer you’ll be seeking out.

Those interested in working for the private sector will be looking in major metropolitan areas for opportunities with employers like oil and gas companies, utility companies, large financial institutions, and real estate firms. Those more ideologically aligned will seek out work with green energy businesses, think tanks, governments, universities, and nonprofits.

Economists of all sorts spend the majority of their time behind a computer, working with data analysis. But they also work side by side with policy experts, statisticians, and executives to dictate economic strategy. A central and organized platform, Job Openings for Economists, run by the American Economic Association, exists to help economists build their careers.

Step Five: Consider a PhD (Four to Seven Years, Optional)

For the highly dedicated economists who aren’t afraid of academia, a PhD is an option to consider. Some schools don’t require a master’s degree, while others, such as the PhD program at Stanford, offer a reduction in course load for those who have already completed a master’s.

Classes, seminars, and workshops in a PhD program will entirely depend upon one’s selected area of focus. But in every case, it’s incredibly important to have a solid mathematical ability, generally scoring better than the 90th percentile on the quantitative portion of the GRE.

In an economics PhD program, you can select what to research from a wide range of options, and you’ll be given relative autonomy in completing your studies and dissertations over the intervening years. The most popular areas of focus for economics PhD students are macroeconomics, labor economics, microeconomic theory, industrial organization, and development. Despite the autonomy, you will most likely be required to teach at the university for some time while completing your PhD. This means an intensive work and study schedule that you may need to take authorship over. Disciplined, self-starting multitasking is a must.

The good news is that for all this work, you are practically guaranteed a job; those holding a PhD in economics have a very low unemployment rate. Those with an economics PhD can teach at the university level and are counted as experts in their field. Outside of academia, economists with PhDs work for some of the biggest and highest impact organizations: the International Monetary Fund, the Federal Reserve, the Treasury, RAND, and the World Bank.

Step Six: Join Professional Societies and Achieve Certification (Timeline Varies)

Once you’ve collected your degrees, it’s time to mix with your economist colleagues through professional societies. These organizations host conferences, talks, and think tanks that keep the academic rigor alive well into the late stages of an economist’s career. They also act as a broker of standards for professional excellence.

The National Association of Business Economics (NABE), for example, offers professional certification as a Certified Business Economist (CBE). Applicants who have at least a four-year degree, two years of work experience, and membership with NABE are eligible to take the multiple-choice CBE exam, which covers applied econometrics, statistics and data analysis, economic measurement, managerial decision making, macroeconomics, and microeconomics.

The three-and-a-half-hour exam is offered once a month, and applicants can either self-study or enroll in some of NABE’s preparatory courses. While not a requirement, holding such a certification cements an economist’s authority as an expert and acts as a mark of distinction.

what to do with masters in economics?

Here, we outline five of the most common job titles for professionals with a master’s in economics.

1. Economist

According to Ma, an economist is among the most common job titles for those with an advanced degree in economics. Economists gather and analyze data using statistical models, evaluate and report on economic trends, and advise organizations based on collected insights. They often provide recommendations and solutions to problems based on statistical data. With roles spanning the private sector, government agencies, international organizations, and more, these professionals are in high demand. | Average Salary: $129,826 per year

2. Data Scientist

Data scientists gather and analyze unstructured data sets. They develop or design data modeling processes, algorithms, predictive models, or statistical systems used to perform custom analysis. They then use gathered data to help answer questions or guide partners in determining economic policies. | Average Salary: $116,185 per year

3. Professor of Economics

Economics professors apply their real-world experiences and skills to mold future generations of economists. Primarily, these educators cover topics ranging from statistical and econometric tools to quantitative methods of data analysis. Academia is a very common path for those seeking a non-practical application of their economics training. | Average Salary: $84,675 per year 

4. Senior Financial Analyst

Financial analysts help corporations make strategic investments and business decisions by evaluating the trends, demographics, and economic factors that might affect their finances. At the senior level, these professionals may analyze an organization’s accounting data, evaluate risk, demonstrate the projection of future long- and short-term growth, and present recommendations for ways to maintain, adjust, or otherwise improve a company’s financial position. According to Ma, financial analysts may work in a commercial bank, mortgage bank, investment bank, or other similar organizations. | Average Salary: $81,081 per year

5. Data Analyst

Not to be confused with a data scientist, data analysts evaluate previously compiled data in order to identify trends, draw conclusions, and solve problems within an organization. These professionals may also create and maintain data collection systems and tools, interpret data sets using statistical models, and communicate with business teams about key findings. | Average Salary: $67,3377 per year

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