A Master’s degree in Economics opens a plethora of learnings and challenges for students to grasp an understanding about economic concepts and to develop analytical and problem-solving skills. It will help the students to examine how individuals, businesses, governments, and nations make decisions about allocating resources in an equitable way. It covers a wide range of important topics such as microeconomics, macroeconomics, econometry, public economics, accounting, finance, international and financial economics.
However, a Master’s degree in Economics offers the students to two main branches of Economics i.e. Microeconomics and Macroeconomics. Microeconomics focuses more on individuals whereas microeconomics considers the economy as a whole. Microeconomic tries to understand the choice that individual makes and the allocation of resources that is depended on a variety of factors such as demand, supply and equilibrium, production theory, costs of production and labour economics. In contrary to microeconomics, macroeconomics examines the economy from the purview of how the policies of one nation impacts the other by covering important concepts such as investment expenditure, revenue, aggregate demand and national income. Both the branches use historical trends and current conditions to make predictions about how the future may perceive.
The aim of the postgraduate course in economics is to acquaint students with theoretical and normative concepts, learn about techniques for analyzing contemporary economic problems and to develop an analytical understanding for examining public policy. It also equips the students with the mathematical and statistical techniques required for understanding the discipline. A wide range of opportunities are opened for students to learn about issues pertaining to economic problems prevailing in the society, discuss economic issues facing the country and the world, impact of economic issues on society, learn about data collection and sampling techniques and also to learn the art of economic modelling.
There are several advantages of pursuing a master’s degree in economics as it helps the student to learn about normative concepts, learn about economies of scale, offers great career prospects and learn about the dynamic changes in economy. Normative concepts helps the students to get a theoretical understanding and also to learn about economic principles and models in different societies. The concept of economies of scale helps the students to improve productivity thus minimizing the costs to maximize the returns. It also encapsulates economic theories and methods as it relates to business and applications as well as economic impact of policies and large scale economic factors. Through analyzing economic data, students learn efficient ways to identify and use scarce resources in an entrepreneurial way. Using data, students can make decisions about trends, determine observed behaviors and oversee future trends.
A masters degree in Economic opens various career prospects for students as it helps them to enrich their understanding about numerical, analytical and problem-solving skills such as financial management, market research, resource allocation, entrepreneurship, free enterprise, resource allocation and budgeting. After completing a two-year master’s degree in Economics, a student can look forward towards career prospects such as Economist, Accountant, Entrepreneur, Financial Consultant, Financial Planner, Risk Analyst, Investment Analyst, Researcher and also to profess a career choice as a Teacher/Professor.
Students can also take up career opportunities in the banking, financial services and insurance sectors. They can take up career in public, private banks and are free to explore opportunities in international organizations like World Bank and International Monetary Fund (IMF). Students can even explore career opportunities in research and consultancy where they will be required to conduct research on economic issues, obtain and analyze data, forecast market trends and prepare report highlighting the methodology, findings and recommendations. A career as a statistician with the grasp over facts and numbers helps them to analyze collected data using different statistical and mathematical techniques using software tools.
An Economist will understand the nuances of demand and supply of services and goods using both qualitative and quantitative methods and then implement it to critically examine fiscal policies, international trade and economic development. Consultancy can also be explored in various sectors such as government advisory, financial services, labour, and communications. Market entrepreneurship is also a sought after career option for students as they gain an in-depth understanding about economic concepts and theoretical models and analyze market trends and changes. Their clear grasp of knowledge helps them to explore new opportunities and identify profitable sectors.
Jaypee Institute of Information Technology, Noida 