A Master’s in Economics can be the gateway to hundreds of job opportunities in dozens of fields. Graduating with a master’s can also help job candidates stand out from the crowd when looking for employment in positions that might otherwise attract candidates with a bachelor’s degree. Of course, a master’s degree is also the stepping stone to a Ph.D. in Economics, which is often a requirement for anyone interested in teaching economics at a distinguished university or becoming a respected researcher.
WHY A MASTER’S IN ECONOMICS?
Economists work as consultants, public policy analysts, financial managers, health insurance analysts and much more. One thing most of these career paths have in common, however, is the need for a master’s degree to get your foot in the door and/or work your way through the ranks. Types of careers in economics that typically either require or benefit from a master’s degree include:
- Economist
- Consultant
- Professor
- Policy Analyst
- Budget Analyst
- Market Researcher
- Data Scientist
- Statistician
WORK AS A GOVERNMENT ECONOMIST
According to the most recent statistics from the Bureau of Labor Statistics, 36 percent of economists work for the government at the local, state and federal levels. Government economists serve in a wide variety of positions involving policy research and analysis. Economists play an important role at each level of the government as policymakers use their insights when drafting, reviewing and implementing policies and programs. Working in the public sector, while not always the highest-paying option for master’s degree holders, provides an opportunity to work on important societal problems, potentially improving the lives of others. Public sector jobs can also offer more security than some private sector jobs.
WORK AS A PRIVATE SECTOR ECONOMIST
Jobs in the private sector often require a Master’s in Economics in order to gain even entry-level employment. For those who wish to enter the private sector, the knowledge and skills obtained in pursuit of a master’s degree will be valuable for a wide range of careers. Economic consultants, for example, provide expert insight into complex financial and economic situations and offer expert testimony in major litigation cases. Consultants also apply economic analysis to help businesses evaluate and implement strategic decisions. Master’s programs that specialize in applied economics are particularly beneficial for students who wish to enter the private sector, as this discipline focuses on the application of economic principles in the real world.
OTHER OPPORTUNITIES WITH A MASTER’S IN ECONOMICS
There are many other career paths and job opportunities for students of economics. For instance, you may want to assume a consulting or research role at one of the many economic “think tanks” in the country that help shape public policy decisions. Or if you have an interest in international development, a Master’s in Economics can give you the skills to help solve global problems and prop up economically under-developed regions to the benefit of the people living there. Of course, there’s also the academic route for economists. A Master’s Degree in Economics is often the minimum requirement to teach economics at most two-year colleges; the Doctor of Philosophy degree is necessary for a faculty position in economics at most four-year colleges and universities. One of the best ways to set yourself up for a successful career in economics is to complete a master’s degree.
Economics is regarded to be one of the best career options if you have an interest in knowing about the market in-depth and also how the economy works. Top career options after pursuing MA in Economics are wide and there are various profiles for which you can serve as the best option. As an economy degree holder, you have to have a good command of mathematical, analytical, and statistical approaches. Along with that, there are various concepts and challenges that need to be analyzed in Economics.
After completing your post Graduation that is MA in economics, you can successfully look forward to applying for the positions of Financial Consultant, Risk analyst, economic researcher, and investment analyst as well. So let us have a look at the career options after masters in economics in India.
Career Options after MA in Economics
- Education Industry
- Economists
- Entrepreneurship
- Data Analysts
- Research and Consultancy
- Financial Analysts
Education Industry:
If you have MA in Economics then you can enter the teaching field. Your main goal while being in the teaching profession is to impart knowledge to the students regarding various concepts, principles, theories, and even the way these are applied in our daily life.
The idea behind teaching economics at the school and college levels is to let the students know how strong their foundation has to be. Moreover, if you have a Ph.D. degree or M.Phil in economics after your MA you can even join as an Assistant Professor in Colleges and Universities.
Data Analysts:
Data analysts are those who analyze the risks and uncertainties and see how it is going to impact the businesses. Moreover, in order to predict the uncertainties and the risks to the organization one needs to have the required skills and knowledge for the same. Moreover, MA in Economics graduates fit perfectly well into this profession.
Economists:
Economists are also in huge demand as they have to study the demand and supply of goods as well as services that are in an economy. The job of an economist is one of the most common among the MA Economics Jobs. Also, for this both quantitative and qualitative analysis are needed and that too on diverse topics. Economists who have collaborations with large companies have great scope and the average salary of these economists is huge.
Research and Consultancy:
Those who complete MA in economics also have a great career option of being in research and consultancy sector. Here they can perform a wide range of duties like gathering data, forecasting the market and studying various trends and data. The socio-economic impact of the various public policies is also studied by them along with the taxes and regulations. Those who have completed MA in economics can even join the consultancy firms or even work independently.
Entrepreneurship:
After graduating in MA Economics, the graduates have access to great knowledge on various concepts of Economics and various market situations as well. The economist graduates can easily understand the various market trends and know about the profitable sectors. This is the reason why entrepreneurship is regarded to be the best career choices and the people can drive a lot of profit through it and make their business grow.
Financial analyst:
Financial analysts are those who study the market trends and the economic factors that have impact on the investment decisions. These have the know how of stocks, bonds, investments, companies and industries as well. The financial decisions are made as per their effect on the short term and long term growth of the company. MA economics salary in India ranges from 4 LPA to 9 LPA.
