MSc. in Economics (Master of Sciences in Economics) is a 2-year postgraduate degree program offered by numerous institutes for specialization in Economics field. Candidates who have bachelorette degree in subjects like physics, mathematics, commerce etc. can apply for this course. The course is divided into 4 semesters.
The admission process this course may vary from institute to institute. Institute of Distance and Open Learning, Guwahati offers M.Sc. in Economics distance learning. The candidate must have passed a bachelorette degree under any discipline with minimum 50% marks in aggregate.
Upon completion of M.Sc. in Economics course candidates can be employed as economists in various sectors of economy such as central banking, international organizations or private sector firms such as economic consultancies. Government employment opportunities are also available. The average salary for a post graduate in Economics is INR 5,00,000 to 6,00,000 per annum.
Master of Science in Economics is a program intended to equip the candidates with the main tools of the professional economist. This course is about providing the students a guide towards the rigorous study of economy. It helps understand the various factors that affect the economy and apply those concepts to the real world. It comprises of training in economic theory, econometrics and applied economics.
Anyone who wishes to gain an extensive knowledge in economics along with proper application tools should opt for this course. The course is especially beneficial for those who want to pursue a Ph.D. It is apt for the candidates having good problem solving skills, analytical skills and decision making skills.
Generally, Master of Science in Economics is a 2-year program consisting two semesters per year. Examinations are held at the end of each semester. The specialization courses also require two years for completion.
A number of good colleges provide Master of Science in Economics, few of them are listed below:
|Name of the Institute||City||Average Tuition Fees|
|Indian Institute of Statistics||Delhi; Kolkata, West Bengal||2,40,000|
|Central University of Tamil Nadu||Thiruvarur, Tamil Nadu||2,00,000|
|Government Degree and Post Graduate College for Women||Karimnagar, Andhra Pradesh||2,50,000|
|Symbiosis School of Economics||Pune, Maharashtra||1,85,000|
|Madras School of Economics||Kottur, Tamil Nadu||2,50,000|
|Indira Gandhi Institute of Development and Research (IGIDR)||Mumbai, Maharashtra||1,80,000|
|Indian Institute of Technology, Kharagpur||Kharagpur, West Bengal||2,50,000|
The candidate applying must have completed a bachelorette degree course under any discipline with minimum 50%. Degree holders in subjects such as Physics, Mathematics, Economics as well as engineering grads can apply for this course. Along with the above criteria some of the institutes such as IGIDR admit students on the basis of their performance in entrance examinations.
Each college has a different criterion for admission in. Few of the colleges conduct their own entrance examination. Information about admission in few of the colleges is given below:
|Name of the Institute||Admission Process|
|Indira Gandhi Institute of Research and Development||IGIDR carries out admission on the basis of written exam and interview. Candidates who possess a graduate degree subjects like Economics, Statistics, Mathematics, Physics or Commerce are eligible to apply. Engineering graduates can also participate in the selection process.|
|Symbiosis School of Economics||Graduation with a minimum of 50% marks as the basic eligibility. The candidate must be a graduate from a recognized university with exposure to subjects like Economics, Mathematics, Statistics and Physics. Students still appearing for final year examination can also apply. Selection of eligible candidates is done after evaluating their performance in qualifying examination, group discussion and personal interview.|
|Central University of Tamil Nadu||CUTN offers five years integrated program for Master of Science in Economics. The candidates who have completed HSC from any recognized board with minimum 60% can apply for this program. The candidates applying must have completed the course with Mathematics or Economics as subjects. Admission to the course is done on the basis of Central Universities Common Entrance Test.|
|Indian Institute of statistics||Specialization in M.S. in Quantitative Economics is provided by Indian Institute of Statistics (IIS). It is considered as one of the best institutes for economics in India. Quantitative economics focuses on the systematic study of mathematical and statistical analysis of economic phenomena and problems. There are two branches of Indian institute of Statistics situated in Delhi and Kolkata. IIS provides admission through a rigorous entrance exam.|
Direct admission through management quota is also available in almost all the private colleges. Government engineering colleges do not provide direct admission since management quota is not available.
Lateral entry is not available for M.Sc. in Economics course.
Institute of Distance and Open Learning, Guwahati provides a distance learning program for M.Sc. in Economics in India. It is a 2-year course providing training in economic theory with practical exposure to the field of finance through a variety of specialized options.
Aside from this, a number of international universities provide online programs for M.S. in Economics:
For candidates completing M.Sc. in Economics, a number of opportunities are awaiting in wide range of fields related to economics. Various industries like economic forecasting firms, data analytics companies, Public Sector units such as TERI, FICCI, NCAER, RBI etc provide employment opportunities. If you are interested in research side of economics, you can continue study and apply for a Ph.D.
|Name of the Position||Description|
|Economist||An economist researches as well as analyze economic issues. Interprets and predicts market trends.|
|Financial Manager||A financial manager looks into the monetary aspects of the organization you are working for. Manages a group of employees who will be performing financial and budgeting activities.|
|Policy Analyst||A policy analyst collects as well as compiles information related to the economy. Helps in increasing awareness about public issues by recommending policies to the social and political groups.|
|Teaching||You can teach Economics in institutes and universities after or while completing your Ph.D.|
|Mutual Funds Manager||The fund manager is basically in charge of what stocks, bonds or other assets the fund will buy with investors' money. Essentially, the fund manager will function as a stock-picker.|
|Litigation consultant||A litigation consultant is brought into a case, other than an attorney or similar employee, who helps a litigator improve the chances of winning a case by elevating the attorney’s performance.|
|IES (Indian Economics Services) Officer||IES officer works in the field of economic advice, economic administration, implementation of development policy and programs, besides dealing with other areas such as economic reforms, regulation, and price fixation. All aspirants are to appear for IES examination and selected on the basis of result and a personal interview.|
M.S. in Economics will give candidate an opportunity to play a crucial role in the sectors they are employed. Thus, the demand for economics postgrads never ceases.
|Financial Manager||INR 6,45,950|
|Mutual Funds Manager||INR 8,00,000|
|IES Officer||INR 11,11,000|
The 2-year course M.S. in Economics consists of total four semesters. Generalized course format is given below. Of course, the structure may vary from college to college.
|Semester 1||Semester 2|
|Environment and Economic Development||Game Theory|
|Quantitative methods||Economic of natural resources|
|Microeconomics||Indian economic development|
|Basic concepts and applications||Study of mathematical models of conflict and cooperation between intelligent rational decision-makers|
|Mathematical modeling, optimization, game theory, statistics and econometrics.||Connections and interdependence between human economies and natural ecosystems|
|Economics concerned with large-scale or general economic factors.||Economics concerned with the use of mathematical methods (especially statistics) in describing economic systems|
|Economics concerned with single factors and the effects of individual decisions.||Economic development of India|
|Semester 3||Semester 4|
|Advanced econometrics||Indian agriculture in global setting|
|Trade and the environment||Ecological economics|
|Time series and regression of analysis||Study theory|
|Microeconomics II||Address the interdependence and coevolution of human economies and natural ecosystems over time and space|
|Advanced concepts and applications||-|
|Concepts and applications||-|
The course requires the candidates to submit a thesis proposal at the start of third semester. The master’s thesis must be completed and presented at the end of fourth semester.