13-12-21Why MA in Economics is Gaining Popularity
Category : Education
Economics is a promising discipline amongst core subjects for doing Post graduation. While at high school and undergraduate level, the study of Economics, helps us in understanding concepts of demand and supply, distribution and consumption of resources, goods, and services, etc. However, MA in Economics teaches its pursuers a deeper insight into the subject.
At the post-graduation level, Economics apart from teaching its two major subsidiaries: Microeconomics and Macroeconomics; provides insight into other studies like International Economics, Agricultural Business, Computer Applications for Economics Analysis.
From the career aspect, economics is expected to witness high growth in the next decade. With the increasing number of data every day, there is a need for professionals who have the appropriate skills and training to analyze the data and find actionable financial insights.
Top Job sectors for Economic professionals
A student pursuing MA in Economics has hands-on learning experience about the core techniques and principles of economics, that an undergraduate student of Economics lacks. A student with a Postgraduate degree in Economics hence has a scope of employment in the following sectors:
1. Governments sectors and PSU:
Government data collection and analyzing agencies, Nationalized Banks, Statistical institutes all need skilled professionals who can analyze huge amounts of data and find actionable insights. Organizations like the Reserve Bank of India, Bureau of Labor Statistics, have a huge requirement of economic professionals for analyzing data collected and building financial models on them.
2. International Organizations:
United Nations Organizations or World Bank and other international organizations have huge opportunities for students with a strong economic background. Most of these organizations have to deal with the people, their socio-cultural and financial background to make social and financial models. International organizations need people with a strong understanding of microeconomics and macroeconomics concepts to frame policies for the benefit of underdeveloped nations. The opportunity of working with such organizations can provide you with a lot of exposure to create an enriched career.
3. Private Sector
This sector of all recruits has a huge demand for economic professionals. Postgraduate in Economics are needed for positions like analysts, data scientists, and financial analysts. In every kind of business be it pharmaceutical, technology, service providers, or finance, there is a need for an economist for supporting the financial operation of the business. Here are some businesses where economics passports are required:
- Consulting firms
- Private banks
- Pharmaceutical companies
- Biotechnology companies
- Tech companies
These are only suggestions, possibilities are unlimited as career paths are evolving, however, the technology sector perhaps has the highest recruitment of economic professionals.
Why you should study economics
As we have already said that the possibilities of building a career in the field of economics are endless, however, we have listed here a few reasons for studying economics:
- Contribute to creating a successful and impactful business.
- Create profitable business models
- Create successful post-COVID financial and business strategies
- Scope for international career opportunities or traveling abroad
- Acquire exceptional skills for communication and research, data analysis, time management, teamwork, critical thinking, and commercial and cultural awareness.
- Know about financial happenings around you.
Pursuing post-graduation in Economics is a two-year or four semester program that prepares students for research, advisory and managerial positions for all job sectors, which is the reason MA in Economics is gaining so much popularity among students.