Economics as a field of study and work is evergreen. There is always going to be increasing demand for economists, as it has been for decades. The simple reason behind this is that economists play a crucial role in keeping checks on the economy, dealing with an increasing amount of data that is being generated regularly.
This blog discusses the scope of a MA Economics degree, the most common jobs and their salaries, higher education opportunities for postgraduates in Economics, and much more.
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Master of Arts in Economics or MA Economics is one of the top choices for postgraduate degrees for graduates in the arts stream. As long as you have good mathematical skills and analytical skills, this course can be the beginning of a gold mine as economists are always needed to handle big sets of financial data in almost every sector out there. The pay for the job roles available to postgraduates in Economics is pretty high too, averaging around 4-5 lakhs per annum.
Candidates only need to pass their 10+2 with a minimum of 50% marks from a recognized board or university to be eligible for admission to this program.
Duration and Mode
The duration of the MA in Economics course in most of the top arts colleges in Bhopal is 2 years. This course is usually taken in the yearly mode.
While the subjects taught in this course vary from institution to institution, the syllabi of most MA Economics colleges in Bhopal usually cover all the important aspects of Economics like Microeconomics, Macroeconomics, Econometrics, Market Strategies, etc. The typical syllabus of this course looks something like this:
|First Year||Second Year|
|Microeconomic Theory||Theory of Pricing and Distribution|
|Introductory Econometrics||Quantitative Methods|
|Industrial Economics (Electives)||Macroeconomic Theory|
|International Economics||International Finance|
|Introductory Mathematical Economics||Public Economics|
|Development Economics||Financial Economics (Electives)|
|Econometrics-1||Economic Demography (Electives)|
|Globalization and Economics (Electives)||Economics and Law (Electives)|
|Environmental Economics (Electives)||Economics of Infrastructure (Electives)|
The average fees for a MA in Economics course ranges between INR 20 thousand to INR 50 thousand in most of the MA colleges in Bhopal. We have compiled a list of some other colleges that offer this course for your benefit too.
|College||Location||Average Annual Fee (INR)|
|Mansarovar Global University||Bhopal||62,500|
|Ramjas College||New Delhi||14,300|
|Symbiosis College of Arts and Commerce||Pune||26,000|
|Mithibai College of Arts||Mumbai||11,300|
|Miranda House College||New Delhi||19,030|
Popular Job Roles and their Salaries
There are a lot of job profiles that a person with a MA Economics degree is eligible to apply for. Some of the most popular job profiles for Economics postgraduates due to their highly rewarding nature are discussed below.
The role of an economist is the most popular job for those with an MA in Economics degree. They gather and analyze data from enormous data sets using statistical models and based on their analysis, offer insight and recommendations to their employers based on the data.
Average Salary: 7.8 LPA
Market Research Analyst
Market research analysis is another common option for MA in Economics graduates from MGU, the best university in Bhopal. Market research analysts mainly collect, organize and analyze huge amounts of consumer data to determine market trends. These are then used to get insights into consumer behavior that can be used to further predict what will sell better in the current market situation.
Average Salary: 3.4 – 5.3 LPA
Stock Broking is another credible job option for MA Economics students. Stock brokers can work independently or for various industries and/or individuals to buy and sell stocks or exchange other securities. This can be a lucrative career option because once you get the hang of stock trading, it is steady income after that.
Average Salary: 2.2 – 4.8 LPA
Statisticians are on the bleeding edge of analyzing hard numbers and working with them to offer solutions to business problems based on quantitative data. Statisticians are high in demand across multiple industries that deal with huge amounts of data, including but not limited to education, finance, sports, healthcare, government agencies, etc.
Average Salary: 5 LPA
Financial Analysts deal with financial data, researching stocks, bonds, companies, and other vehicles of investment to understand how a company’s investments will impact its long and short-term growth. A humanities and social science studies background in the form of an MA in Economics degree greatly benefits financial analysts as they study market trends, demographics, and microeconomic factors to help their employers maximize profits.
Average Salary: 4 LPA
There is no shortage of sectors where MA in Economics postgraduates have job opportunities. Some of these sectors or industries are:
- Education Industry
- Stock Market
- Department of Economic Affairs
- Trading Companies
- Central Banks
- Research Centers
- Project Management
- IT Firms
- Consultancy firms
Some of the top recruiters for MA Economics graduates from both the government and the private sector are listed below.
|Public/Government Sector||Private Sector|
|Directorate of Economics and Statistics||Buhler India Pvt Ltd|
|Reserve Bank of India||Infosys|
|Department of Economic Affairs||Zocdoc Inc.|
|Rail India Technical and Economic Services||Accenture|
|Central Bank of India||Dell Inc.|
|Indian Statistical Universities||HSBC|
Higher Study Options
You can even choose to study further after completing your MA in Economics to get higher paying opportunities, or just for personal satisfaction. The most popular way to go is to apply for a Ph.D. to get into research in the field of Economics. Researchers in Economics are highly respected and often are associated with international organizations and top educational institutions in the world. Some of the Ph.D. options for MA Economics postgraduates are:
- MPhil in Economics
- Ph.D. in Business Economics
- Ph.D. in Economics
- Ph.D. in Agriculture Economics
Job opportunities abound for those who have completed their MA in Economics from the top private university in MP, Mansarovar Global University. Graduates from this course can even become entrepreneurs with the amount of financial and market analysis skills they are taught in the course. That makes it one of the most well-rounded courses you can take after graduation in any arts subject. Sign up today at MGU for a bright career in the field of economics.
1.Are there jobs in the RBI after MA Economics?
Yes. You can apply for one of the multiple posts under Grade B in the Reserve Bank of India after completing your MA Economics degree.
2.Can I teach in colleges after a MA Economics degree?
Yes. You can get a job as a lecturer after completing your MA Economics degree. A Ph.D. in Economics will be better though for getting teaching jobs in highly reputed colleges.
3.Is it better to do an MBA instead of an MA in Economics?
That depends on what type of job you want. MBA will allow you to pursue management roles that involve dealing with a lot of people while an MA Economics degree will get you jobs that deal more with numbers and statistics.
4.Do I need to sit for any exam to get government jobs after my MA economics?
Yes. You will need to sit for exams like UPSC to get into government jobs after your MA Economics degree.
5.What is the benefit of doing a Ph.D. in economics?
Other than getting you highly coveted and respected jobs in universities around the world, a Ph.D. in Economics opens the door to international recognition if your research is well received by the academic community.