Career in Focus-November

The fifth career of this series is "Master in Economics (after a degree in Mathematics)". After vigorous study and extensive research, we bring to you last month's career option along with some related information.

Connection between economics and mathematics

Economics is technically a social science subject but students pursuing this subject require a very firm foundation in mathematics. To determine how resources are allocated requires a mathematical understanding of how to calculate those resources, the cost of distribution, and assessing other quantitative measures. Thus, the field of economics is riddled with mathematical equations and applications, and understanding the basics, if not on an advanced level, is vital.

Why should one choose economics as a subject?

There is broad scope in economics as it not only deals with its subject matter but also studies various other things such as a matter's scientific nature, ability to pass value judgments, and suggest solutions to real-world issues. The study of economics opens up a broad range of opportunities to gain an edge in today's globalized world. Since the growth of any business relies on economic policies, a career in this field can be much rewarding. After gaining proper skills and training, one can not only find employment opportunities at the national but also at the international level. Economics is the foundation for every industry and organization; hence it has incredible scope and prospects to supply.

Masters in Economics

Economics, in general, is the branch of science that deals with production, consumption, demand, and supply changes in the market and broadly focuses on the utilization of resources in the market, banking, insurance, investment, and many other sectors of the economy.

Master of Arts in Economics is a post-graduation course of two years divided into a 4-semester period. It focuses broadly on topics such as macroeconomics, microeconomics, public economics, econometry, international and financial economics. Dealing with the understandings of finance and market management, the MA Economics syllabus revolves around the world’s economy and the distractions of the financial markets. It not only shows the functioning of finance in an economy but also makes one eligible to face challenges in the industry.

Elligibility

One needs to have a bachelor’s degree in economics or a related field with a minimum of 50% marks. The alternative option is to take the entrance examinations according to the desired college/university. Despite being a famed course all over the country, entry to top colleges is a strenuous process(mostly involving tests and interview sessions) and one would require the best grades, as well as showcase their top capabilities.

Top colleges offering the course

1. Delhi School of Economics - Delhi

2. Jawaharlal Nehru University - Delhi

3. Indira Gandhi Institute of Development Research - Mumbai

4. Madras School of Economics - Chennai

5. Indian Statistical Institute - Delhi

Entrance Examinations

1. DUET (Delhi University)

2. JNUEE (Jawaharlal Nehru University)

3. CDSET (Centre of Development Studies)

4. BHU PET (Banaras Hindu University)

5. Madras School of Economics Entrance Exam (Madras University)

Career Opportunities

• Research Analyst:

A research analyst is responsible for researching, analyzing, interpreting, and presenting data related to markets, operations, finance/accounting, economics, customers, and other information related to the field they work in.

• Data Analyst:

The data analyst serves as a gatekeeper for an organization’s data so stakeholders can understand data and use it to make strategic business decisions. It is a technical role that requires an undergraduate degree or master’s degree in analytics, computer modeling, science, or math.

• Teacher/Professor:

Depending on qualification, jobs could be available for the position of teacher at primary and high school level, and the position of professor at the college/university level.

• Economist:

An economist is an expert who studies the relationship between a society's resources and its production or output. Economists study societies ranging from small, local communities to entire nations and even the global economy. The expert opinions and research findings of an economist are used to help shape a wide variety of policies, including interest rates, tax laws, employment programs, international trade agreements, and corporate strategies.

• Director of Operations:

The operations director oversees all operational aspects of company strategy, helps set strategic goals, and is responsible for the flow of operations information to the chief executive and the board. Responsibilities vary according to the size, sector, and maturity of the company.

• Project Manager:

A project manager is a professional in the field of project management. Project managers have the responsibility of the planning, procurement, and execution of a project, in any undertaking that has a defined scope, defined start, and a defined finish; regardless of industry.

Top Recruiters

• Government Organisations:

  1. Rail India Technical and Economic Services

  2. Directorate of Economics and Statistics

  3. Department of Economic Affairs

  4. Reserve Bank of India

  5. Indian Statistical Universities

  6. Central Bank of India

• Private Organisations:

  1. Infosys

  2. Zocdoc, Inc.

  3. Buhler India Pvt Ltd

  4. Dell, Inc

  5. HSBC

  6. Accenture