What Can I Do with a Master’s in Economics? (Expert Answer)

Victor Okoma

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A Master’s in Economics is a highly sought-after qualification, with one of the highest average graduate incomes. These lectures prepare students for careers in a variety of fields, including government and civil society, as well as business, studies, and instruction.

This post will offer an overview of the skill sets you can hope to obtain with an Economics Master’s, along with standard job roles and average salaries based on official government data.

Why Should You Study Economics?

The goal of studying economics is to explore new methodologies that stimulate the improvement of a nation’s foundations and components.

A master’s in economics aims to prepare students for particular areas of financial, trading, and economic research. It serves to enable future economists in their ability to interpret the principles of economics and effectively apply them.

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Masters in Economics programs include a variety of specialized subjects designed to provide in-depth coverage of a wide range of economic topics. Finance and economics are two topics that are closely related when it comes to addressing strategies and procedures for financial growth.

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What skills will I gain if I pursue a Master’s in Economics?

A master’s degree in economics will provide you with specialized training in various economic fundamentals as well as mixed-method research techniques. A few of the major areas in which you could expand your knowledge include:

You will also get the chance to conduct extensive research as part of your thesis. This could include background research, theoretical basis, or computer simulations, with enough room for you to continue pursuing your own academic studies.

What kinds of jobs can I get with a Master’s in Economics?

A Master’s degree in Economics could lead to a wide range of job opportunities in the community, personal, and academic sectors.

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Economics qualifications can also prepare you for highly desirable positions, such as:

  • Economist
  • Consultant
  • Professor
  • Market Analyst
  • Fiscal Analyst
  • Market Researcher
  • Statistics Manager
  • Financial Risk Manager
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Your economic knowledge will also be useful if you want to operate for a consulting firm or legislation institute, producing investigations or advice for a variety of clients in the corporate sector.

Of course, you can work as a lecturer or research scientist in a university’s Economics department while also pursuing a Ph.D. People with a postgraduate degree in economics are bound to work in a growing section of the field.

What kind of salary could I expect with a Master’s degree in Economics?

Masters in Economics salaries are well-paying positions that offer a wide range of opportunities for studying and influencing economic growth in the global and international trade markets.

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Postgraduate students in economics have the second-largest average salaries in any area of study.

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Five years after graduating from their class, the average salary of an Economics Master’s graduate seemed to be £49,300. Five years after graduating, the average salary of an Economics first-degree graduate seems to have been £42,700.

These statistics are based on students from the United Kingdom who attended colleges in England. This implies that, on average, master’s graduates in economics acquire £6,600 more a year than bachelor’s graduates do.

Admission Requirements for a Master’s in Economics

We categorized the admission requirements into two core scenarios to take into consideration when applying for admission to any school.

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Eligibility Criteria

The admissions authorities set the eligibility criteria for all these colleges. These may include criteria such as academic qualifications, entrance exams, and others. The following are some of the most common eligibility criteria requested by any of these universities:

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The applicant must have a B.A. in Economics, Bachelor of Economics, or B.Com. degree.

Applicants must have achieved at least 50 percent or 60 percent overall average marks, as this is the minimum standard at almost all colleges.

The student must have an undergraduate degree from a college or university recognized by the UGC.

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Admission Process

Admission to the MA in Economics degree program is a straightforward and smooth process. It varies depending on which college the applicant is applying to. Some require an entrance exam, while others consider previous studies as part of the admission process.

In general, admission to MA in Economics programs is achieved through entrance exams administered by individual colleges.

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Some colleges, however, choose students based solely on their academic performance.

What Schools Offer Masters in Economics Around the World?

Almost every generally inclined university in the world offers a master’s course in economics; however, we will only list the top ten in case you are someone who wants the best.

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The Best Economic Schools in the World:

  • Massachusetts Institute of Technology (MIT), US
  • Harvard University, US
  • Stanford University, US
  • Princeton University, US
  • The University of California, Berkeley (UCB), US
  • London School of Economics and Political Science (LSE), UK
  • University of Chicago, US
  • Yale University, US
  • University of Oxford, UK
  • University of Cambridge, UK
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Advantages of pursuing an MA in economics

The major benefit of studying an MA in Economics is to really understand the subject, which can aid our daily lives. An economist understands how to make the best use of limited resources.

According to Job, it is one of the best paths to take. One’s career options include academic, administrative, teaching, and banking.

Conclusion

Economics provides a distinct perspective on the world and is a fantastic combination of social sciences and mathematics.
Economics majors have a lot of job options; you’ll notice things that others don’t.

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