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Master of Science or MSc Economics is a 2-year postgraduate program, focusing on the field of Economics. It is usually divided into 4 semesters.
The minimum eligibility criteria for the course is a bachelor’s degree in any stream, but preferably with honours in Economics, and a minimum aggregate score of 60%.
Key Highlights for MSc Economics
- Full Form: Master of Science in Economics
- Duration: 2 years
- Minimum Eligibility: Graduation with honours in Economics.
- Admission Process: Mostly Merit Based, but few colleges take entrance exams of their own
- Top Entrance Exams: IIT JAM, DU Entrance Exam
- Top Colleges: IIT Kharagpur, IIT Roorkee, ISI, Symbiosis School of Economics
- Distance Education or Correspondence: Yes
- Top Colleges providing Distance Learning: Institute of Distance and Open Learning, Guwahati.
- Top Career Prospects: Economist, Financial Analyst, Financial Manager
The curriculum of the course revolves around Microeconomics, Macroeconomics, Time series analysis and Design of experiments Econometrics, among other related subjects.
After going through the course, the candidates will be able to analyse financial cases in a mathematical and logical way. Apart from these, the course sometimes also includes detailed study of financial operations and banking systems.
Read the complete list of Top MSc Economics Colleges in India
The average course fees in India ranges between INR 40,000 to INR 5,00,000 for the total duration.
Upon completion of MSc in Economics Course, candidates can get employed as economists in various sectors such as central banking, international organizations or private sector firms such as economic consultancies. Government employment opportunities are also available in various government sector banks and financial organizations like RBI, SEBI, etc.
MSc Economics: Course Highlights
The major course details of MSc Economics are discussed in the table below:
| Course Level | Masters |
| Full Form | Master of Science in Economics |
| Duration | 2 Years |
| Examination type | Semester Based |
| Minimum Qualification | Graduation from a recognized University |
| Average Annual Fees | INR 20,000 - 2,00,000 |
| Average Salary Offered | INR 6,00,000 - 12,00,000 |
| Job Positions | Financial Analyst, Economist, Financial Manager, Policy analyst, Litigation Consultant, Mutual Funds Manager etc. |
| Top Recruiting Companies | Economic forecasting firms, data analytics companies, Public Sector units such as TERI, FICCI, NCAER, RBI etc. |
MSc Economics: What is it about?
- Along with the basic theoretical portions of economics, this course also covers the analytical concepts and mathematical concepts of economics in detail.
- Upon completion of MSc 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 job opportunities for the graduates in the field of Economics are huge in financial fields.
Why Study MSc Economics?
- MSc in Economics is one of the finest and most popular courses in the field of Economics.
- This course is always an in-demand course for the finance sector because graduates from this course will have adequate knowledge in the fields of both economics and mathematics.
- The course offers some of the finest jobs and internships in economic forecasting firms, data analytics companies, Public Sector units such as TERI, FICCI, NCAER, RBI etc.
- The average starting salary for the employees in these public sector organisations ranges between INR 4,00,000 to INR 6,00,000.
- The candidates will have an opportunity to work not only as an economists but also as an Economical data analyst.
- Some of the designations that one can expect in their career after completing MSc in Economics are Financial Analyst, Economist, Financial Manager, Policy analyst, Litigation Consultant, Mutual Funds Manager etc. in industries
MSc Economics Admission Process
The average annual salary offered to successful postgraduates of the course ranges between INR 6 and 12 lakhs. Candidates can also go for higher studies like PhD in Economics. After completing PhD, the candidate will be able to attain jobs in various colleges and universities as faculty members.
Many colleges conduct an entrance examination for admission in MSc Economics. However, majority of the colleges grant merit-based admission to the course. Once the application forms are released, candidates will need to apply for admission to the respective institutions.
The general admission procedure is discussed below:
- The application forms of most of the Universities are released every year in the months of May and June.
- The colleges then declare a cut off list for different courses after going through all the forms and analysing them completely.
- The students who fulfil the cut off are eligible to take admission to the course in that particular college or university.
- Also, there are some universities that conduct their own national level entrance examination for admission in their master courses.
- In some universities, selection of eligible candidates is done after evaluating their performance in qualifying examination, group discussion and personal interview.
- Around 60% weightage is given to the performance in the entrance exam and 40% is given to the percentage scored in Bachelors degree.
MSc Economics Eligibility Criteria
In order to pursue Master of Science in Economics, the candidate should meet the below-mentioned eligibility criteria:
- The students should have passed Bachelor’s degree from a registered board with a minimum of 60%.
- 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.
- The other eligibility criteria vary from college to college, so the candidates are advised to check the respective college websites for confirmation.
MSc Economics Entrance Exams
Most of the Universities offer admissions on the basis of merit and release their own cut off. However, there are some institutes that offer admissions on the basis of the entrance examinations.
Some of the important Entrance examinations for this course are:
- IIT JAM : This entrance exam is conducted by the IIT Council to grant admission to various MSc courses offered in all the IITs of India.
- ISI Admission Test : Admission to ISI is made through the entrance examination along with an interview session conducted by the Institute.
- Symbiosis School of Economics Entrance Exam : The College conducts its own entrance test for the admission. Selection of eligible candidates is done on the basis of entrance exam, qualifying exam, group discussion and personal interview.
| Entrance Exams | Registration | Exam Dates |
|---|---|---|
| CUET PG | April 2023 | June 1 – 10, 2023 |
| BITSAT | February 2023 | June 2023 |
| NEST | February 2023 | June 2023 |
| IIT JAM | September 07 – October 11, 2023 | February 12, 2023 |
| DUET | April 2023 | July 2023 |
| TISS NET | December 14 – January 15, 2023 | January 28 – February 28, 2023 |
How to Prepare for the MSc Economics entrance exams?
- Go through the syllabus of the entrance examination first.
- Many entrance exams ask mathematical questions as well. So, if you are not strong in mathematics, try to increase your hold.
- Solve the past year question papers and practice the application based questions.
- For the application based questions, don't try to attempt the question in a hurry. Read the question twice or thrice, understand it completely and then attempt to answer.
- You can also make key notes while attempting the application based questions. This will help you in avoiding reading the question again and again.
- The key to crack any entrance exam is time management. So, while solving past year papers, try to solve it in a stipulated time.
- Appear for the mock tests before appearing for the actual examination.
- Many entrance exams have negative markings, so don't attempt any question if you are not 100% sure.
- Make proper micro notes for revision, so that you can go through them before appearing for the examination.
How to get admission in a good MSc Economics college?
- The admission in MSc Economics course usually follows a merit- based system. Hence, higher the marks, the better are the chances of getting admission into a top university.
- However, some of the colleges offer admissions on the basis of the entrance examinations too. So, one must prepare for the entrance exam to get admission in a good institute.
- Apart from this, submit your course application to the colleges before closing of the application submission window.
- Remember key dates so that you stay updated with your admission process.
Read more on MA Economics course admission, job opportunities and future scope
MSc Economics Syllabus
The duration of the course is 2 years and the entire syllabus is divided into 4 semesters. The course curriculum for Master of Science in Economics is given below:
| Semester 1 | Semester 2 |
|---|---|
| Environment and Economic Development | Game Theory |
| Quantitative methods | Economic of Natural Resources |
| Macroeconomics | Econometrics |
| 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. | Economic development of India |
| 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. | ------ |
| 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 | ----- |
| Basic concepts | ----- |
| Concepts and applications | ----- |
| Advanced concepts | ----- |
MSc Economics Colleges in India
MSc Economics is offered by many renowned colleges in India. Some of the top institutes for pursuing MSc in Economics are described in the table below:
| Institute Name | Location | Average Annual Fees |
|---|---|---|
| Indian Statistical Institute | Kolkata | INR 20,000 |
| Symbiosis School of Economics | Pune | INR 1,01,000 |
| Indira Gandhi Institute of Development and Research | Mumbai | INR 32,000 |
| Indian Institute of Technology | Kharagpur | INR 25,465 |
| Indian Institute of Technology | Roorkee | INR 26,500 |
| University of Calcutta | Kolkata | INR 2,314 |
| Shiv Nadar University | Greater Noida | INR 2,10,000 |
| Narsee Monjee Institute of Management Studies | Mumbai | INR 2,00,000 |
Source : College Websites
College Comparison
In the table given below, we have compared the top colleges offering MSc Economics course in detail.
| Parameter | Indian Statistical Institute | Indira Gandhi Institute of Development and Research (IGIDR) |
|---|---|---|
| Overview | The Institute is known for its courses in the field of Statistics and Economics. It is one of the top institutions for studying statistics and economics in India. | The Institute is known for its courses in the field of Research and development. The institute not only provides ample theoretical learning, but also provides enough scope for research based learning. |
| Location | Kolkata | Mumbai |
| Admission Process | Entrance based | Merit-based |
| Average Annual Fees | INR 20,000 | INR 32,000 |
| Average Package Offered | INR 19,80,000 | INR 8,00,000 |
| Placement Companies | TERI, FICCI, NCAER, RBI, ISI as Professors | Banks like HDFC Bank, HSBC Bank, ICICI Bank etc. |
Source : College Websites
MSc Economics Distance Learning
- Institute of Distance and Open Learning, Gauhati provides a distance learning program for MSc 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.
- A candidate should have a minimum 50% mark in graduation to enroll in the course.
- The admission process is merit-based. Candidates are shortlisted on the basis of marks obtained in graduation.
- The average annual fees ranges between INR 7,000 to INR 10,000 per year.
Course Comparison
MSc Economics vs MA Economics
MSc stands for Master of Science while MA stands for Master in Arts. It depends on your interest which course you would like to pursue. Below are given some of the key differences between MA Economics and MSc Economics.
| Parameters | MSc Economics | MA Economics |
|---|---|---|
| Full Form | Master of Science in Economics | Master of Arts in Economics |
| Eligibility | MSc in Economics is an academic degree which can be done only by a candidate who has done Bachelor’s in Science. | MA in Economics is a postgraduate degree which can be done by anyone with any undergraduate degree. |
| Overview | MSc in Economics focuses on the study of scientific principles in the field of economics. It covers a lot of mathematical analysis along with theoretical analysis. | MA in Economics focuses on the study of economics as a discipline at an advanced level. It is mainly concerned with the theoretical portions of the subject. |
| Duration | The duration of the course is 2 years. | The duration of the course is 2 years. |
| Career options | Economic data analyst, Financial Analyst, Financial Manager | Economist, Teacher, Economic Advisor |
| Average Annual fee | INR 20,000 - 2,00,000 | INR 10,000 - 70,000 |
| Average Placement Package | INR 6,00,000 - 12,00,000 | INR 4,00,000 - 8,00,000 |
Source: College Websites
MSc Economics Job Profiles and Career Options
- The job opportunities for the graduates in the field of Economics are huge in the financial and banking sector.
- The job profiles offered Economist, Financial Manager, Policy analyst, Litigation Consultant, Mutual Funds Manager etc. in industries like economic forecasting firms, data analytics companies, Public Sector units such as TERI, FICCI, NCAER, RBI etc.
| JOB POSITION | JOB DESCRIPTION | AVERAGE SALARY OFFERED |
|---|---|---|
| Economist | An economist researches as well as analyze economic issues. Interprets and predicts market trends. | INR 6,18,617 |
| Financial Manager | A financial manager looks into the monetary aspects of the organisation you are working from. Manages a group of employees whom will be performing financial and budgeting activities. | INR 6,45,950 |
| Policy Analyst | A policy analyst 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. | INR 6,45,950 |
| Professor | You can teach Economics in institutes and universities after or while completing your Ph.D. | INR 5,45,000 |
| 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. | INR 8,00,000 |
| 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. | INR 9,00,000 |
| IES (Indian Economics Service) Officer | IES officer works in the field of economic advice, economic administration and implementation of development of policy and programs. | INR 11,11,000 |
MSc Economics Future Scope
After pursuing a Master of Science in Economics, one has a wide range of opportunities and career options in the specified field.
- The degree of Master of Science in Economics involves the study of economics and finance. The scope is rising at a fast pace and will continue to do so in the future.
- The candidates can find jobs in both the public sector as well as private sector banks and financial organisations.
- After completing MSc, candidates can go for higher study options like M. Phil and PhD in Economics.
- After completing these higher degrees, the candidates will get opportunities to work as faculty members in various colleges and universities.
- One can also prepare for the National Eligibility Test (NET). The educational qualification required for NET exam is a masters degree from a recognized university with above 55% marks.
- The candidates can also upgrade their skills by doing many online certification courses on topics like Tally, Financial Management, etc.
- They can also go for an MBA degree in the Finance Sector.
- The candidates can also work as Financial Manager or Mutual Funds Manager or can apply for the post of IES (Indian Economics Services) Officer.
MSc Economics FAQs
Ques. What are some of the subjects in MSc Economics?
Ques. What are the job prospects after MSc Economics?
Ques. What is the eligibility criteria to pursue MSc Economics?
Ques. What is the average fees required to pursue MSc Economics?
Ques. What are some of the posts offered to the students of MSc Economics?
Ques. What is the duration of the course and how many semesters are there?
Ques. What are the further study options after MSc Economics?
One can also prepare for National Eligibility Test. The educational qualification required for NET exam is masters degree from a recognized university with above 55% marks.
Ques. Does any institute provide distance learning program in Economics?
Ques. What is the job profile of an Economist and how much salary is offered to him or her?
Ques. What is IES exam?
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