Economics is one of the popular subjects with the potential and results to help students reach the stars. Trading Companies, Actuaries, IT Firms, Central Banks, Consultancy firms, etc., are the boosting sectors where masters in economics are preferred and demanded the most. Due to recent developments in the world economy, it is required for every person to have a sound knowledge of financial management, project management, project development, statistical analysis, data analysis, etc.
Students taking advanced courses will have the in-depth knowledge and mathematical skills needed to perform various tasks in companies of all industries. There are many jobs like econometrician, data analyst, statistics developer, researcher, banker, investment banker, etc., where students can start their careers and learn more. The master's in economics comes with great remuneration as well. The average basic salary for a candidate after a master's in economics is usually between 7 lakhs to 10 lakhs.
In this article, we will deliberate the job opportunities and scope of a master's in economics.
Career Prospects and Scope for MA in Economics:
There are many sectors and fields in which students can apply and grow their knowledge and explore opportunities. Graduates in banking, finance, stock exchanges, and related regulatory organizations are earning and learning more daily to increase their skills and knowledge. Candidates with the necessary knowledge and skills have many private and government jobs for the Master of Economics.
This course allows students to ask themselves: "What can I do after completing the Master of Economics?" Students are trained to become experts in meeting the industry requirements of the professions associated with the Master of Economics.
Here are some careers available to a MA Economics graduate:
Most Developed Fields for a MA Economics Graduate:
Top Companies who want to Hire MA Economics Graduates:
Salary Packages for a Master of Economics Graduate:
|
MA ECONOMICS SALARY DIVISION |
AMOUNT in INR |
|
Lowest Salary Division |
2.25-4 Lakhs |
|
Middle Salary Division |
6-9 Lakhs |
|
Highest Salary Division |
10-16 Lakhs |
There are different career options in the Masters of Economics as well. Students can go in various fields, providing them with different career paths and pay scales. With time there would be an improvement in pay scales, whether in the corporate or government sectors. Many students pursue higher studies after a Master of Economics or seek government services and opportunities.
MA Economics Salary Package in Private Sector
|
MA ECONOMICS Posts |
Approximate Salary in INR PA. |
|
Econometrician |
12-15 Lakhs |
|
Data Analyst |
9-10 Lakhs |
|
Operational Researcher |
9-10 Lakhs |
|
Researcher |
7-8 Lakhs |
|
Project Manager |
7-10 Lakhs |
|
Financial Analyst |
10-12 Lakhs |
|
Statistician |
10-12 Lakhs |
|
Actuarial Science |
12-15 Lakhs |
MA Economics Salary Package in Government Sector
|
MA ECONOMICS Posts |
Approximate Salary in INR PA. |
|
Bank Manager |
7-10 Lakhs |
|
Probationary Officer |
7-10 Lakhs |
|
General Manager |
9-11 Lakhs |
|
Economist |
8-10 Lakhs |
Here are the Salary Packages for a Master of Economics graduate in Western Countries:
|
MA ECONOMICS Posts |
Approximate Salary in USD |
|
Econometrician |
75000-85000 USD |
|
Data Analyst |
80000-85000 USD |
|
Project Manager |
75000-90000 USD |
|
Financial Analyst |
75000-85000 USD |
|
Actuarial Science |
90000-100000 USD |
Career Scope of MA Economics:
Financial Sector
Economics graduates are best suited for jobs in the banking, financial services, and insurance sectors. They can work in public, private, or foreign banks as clerks, development officers, branch managers, business consultants, etc.
To enter the banking sector, you can take exams such as the IBPS or the State Bank entrance exam. Business students can also find employment opportunities in international organizations such as the ILO (International Labor Organization) and the World Bank.
Statisticians
Statisticians have played an important role in research and Science for decades. Recently, I have been investigating several business organizations. The main reason is the adoption and prevalence of data science applications.
Additionally, statisticians bring their expertise in data-driven business decisions to the panel. Put, statisticians apply statistical methods and models to real-world problems. Collect and analyse data to reveal insights that help you make business decisions. They are valuable assets for companies that rely on data to make critical business decisions.
The main tasks of a statistician in an organization are typical to design various processes and systems for data collection, assist stakeholders in decision-making, and provide expertise and advice on
organizational and business strategy. To deliver, to identify emerging trends and their impact on the data. Data collection, interpretation, and analysis. Statistics has always been an unexplored area of ?? economics, but digitalization has changed the course of the world. If you are interested in mathematical operations and data, you should study this area to gain more knowledge.
Actuarial and Data Analytics
Actuarial, or actuarial Science, focuses on measuring and managing risks and uncertainties that affect companies and organizations operating in the industry. Anticipating and managing such risks requires various skills and knowledge, including wealth management, liability management, mathematics and probability, and data analysis and valuation skills. For this reason, economics graduates are well suited for careers in mathematical sciences and data analysis.
Research and Consulting
Economics graduates may choose to pursue a career in economics research. There you will have to perform various tasks such as Producing detailed reports highlighting findings, gathering data, forecasting market trends, and researching economic and statistical data. It also examines the socio-economic impact of new public policies such as taxes and regulations.
Upon completing postgraduate studies in economics, candidates can join a consulting firm or work independently. Generally, business consultants specialize in specific areas such as financial services, labour, market analysis, and telecommunications. The job primarily provides my clients expert advice and suggestions on various business issues.
Economist
The Economist studies the supply & demand for goods and services in the economy by gathering relevant information, examining patterns, and performing analysis. Many topics include tax rates, business cycles, exchange rates, international trade, economic development, health/energy statistics, transportation, and more. We use both qualitative and quantitative economic research.
Economists are experts in collecting data through research methods and data sampling. Use these methods to explore current and historical trends and create important forecasts for your company or organization. Economists at large companies work with executives (managers and decision-makers) to analyse market data and predict the impact of current financial conditions on the company. As a result, the Economist helps organizations change how they work and lead the world.
Education
With a Master's in Economics, you can enter Science as a school teacher. The main task in this situation is to teach students about various concepts, theories, and principles of economics and how they apply them to the everyday world.
The idea is to help students build a solid foundation in economics. However, you must also have a bachelor's degree to become a school teacher. Continue with M.Phil. or PhD if you are studying after your master's degree. In Economics, you can start your career as a lecturer/assistant. university professor
Entrepreneurship
Graduates of businesses possess an in-depth knowledge of various economic issues, concepts, and principles and analyse market conditions so they can quickly understand market trends and identify profitable sectors. I can do it.
It makes entrepreneurship a commendable career option for business graduates. They can start a business and use their expertise to drive profit and growth.
Master of Economics covers a wide range of subjects and helps students learn how to work in business and how to develop businesses. So, it becomes quite easy for them to analyse the trend of the market and learn new ways to improve their businesses and the improvement of the business of the organizations they are affiliated with.
Professor
Economics is expected to grow exponentially in the next few years. As a result, there is a rising claim for skilled and experienced pioneers who can train their talent to become industry leaders. Therefore, teaching after completing a master's degree in economics is a lucrative career option.
Many graduates are believed to have entered the university with a master's degree in economics. So if you have a strong interest in economics, you can become a professor. Its basic concepts, impact on society, implementation in business, etc. Pursue or explore research opportunities that may lead to future success in this field.
Data Mining and Reorganization
Considering the shift in the market, the need and demand for Data miners and organizers have skyrocketed. After earning a master's degree in economics, students complete a certified course in data analytics, learning the foundations for better performance in multinational companies. These accredited courses help build a strong foundation and create quality employment opportunities for students worldwide.
Suppose you consider yourself the right match for this growing opportunity. In that case, you must improve skills such as data visualization, MS Office basics, leadership and communication skills and introduce efficiency and effectiveness.
International Business Management and Project Management
International Business Management and Project Management deals with strategic international marketing, Managerial Economics, Finance, Innovation in entrepreneurship, etc., which helps in the global perspective and develops gaining while understanding and creating awareness for International Business Management and Project Management.
This opportunity brings global operations from demand and supply management to finance and technology management. It covers the theoretical and practical parts of International Business and Management and helps workers develop their Emotional Quotient. As the market is emerging, workers can work as business analysts, international business managers, Supply Demand Managers, etc. Global opportunities are tested and given to field workers so they can learn and develop necessary skills like working under pressure, time management, effectiveness and efficiency in a short period, etc.
It can perform various tasks such as data gathering, market forecasting, data analysis and trends. In addition, they examine the socioeconomic impact of various public policies and taxes and regulations. After earning a master's degree in economics, you can work independently or join a consulting firm. So, you can search for many MA Economics vacancies based on your interests, skills, and opportunities.
Courses after Masters in Economics:
Top Colleges for Pursuing MA in Economics
