Introduction to Applied Economics
Applied Economics applies the conclusions drawn from economic theories and empirical studies to real-world situations with the desired aim of informing economic decisions and predicting possible outcomes. The purpose of applied economics is to improve quality of practice in business, public policy and daily life by thinking rigorously about costs, benefits, incentives and human behaviour.
Few lines about MA Applied Economics
MA Applied Economics is a 2-years postgraduate study that is divided into 4-semesters. The course trains the students with the theories of economics and econometrics to address the practical issues in a range of fields like labour economics, industrial organisation, development economics, health economics, monetary economics, public economics, etc.
The course gives an in-depth understanding of economics and ensures that the students use them accurately in the practical applications to solve real-time problems.
Eligibility for MA Applied Economics
The students who have completed their under-graduation degree in any stream with 50% aggregate from recognised university are eligible to apply for MA Applied Economics.
Admission Procedures
The students with relevant qualifications can join the MA Applied Economics course by two modes. The first one is Merit based admission and the second one is direct admission. Let’s discuss in detail
1. Merit Admission
There are many top educational institutes that conduct entrance exams for the MA Applied Economics course. This mode is called merit admission mode. The entrance exams are conducted to select the serious and hardworking students from the group of non-serious candidates to the available limited number of seats in the colleges. The students have to apply and clear these entrance exams for merit-seats. The qualified students are allotted the merit seats and are given admission, the fees are fairly nominal for merit admissions.
2. Direct Admission
The students have another option of getting admission to MA Applied Economics course by direct admission process. Under this mode of admission, the students are given direct admission to their desired colleges under management quota. The direct admission students enjoy many special privileges like that they are not required to apply for any institution-based entrance exam for getting admissions. They have an option to choose their desired colleges and book their seats even before the starting of the academic year. The students who are interested in direct admissions are required to contact Galaxy Educational Services for more details.
Course Curriculum for MA Applied Economics
The students of MA Applied Economics will be studying the following subjects during their course duration
| Sl. No. | Subjects of Study |
|---|---|
| 1 | Microeconomic Theory |
| 2 | Macroeconomic Theory |
| 3 | Quantitative Techniques for Economic Analysis |
| 4 | Development issues of Indian Economy |
| 5 | Operations Research for Economic Analysis |
| 6 | International Economics |
| 7 | Financial Markets |
| 8 | Econometrics |
| 9 | Mathematical Economics |
| 10 | Computer Application in Economic Analysis |
| 11 | Energy Economics |
| 12 | Development Economics |
| 13 | Security Analysis and Portfolio Management |
| 14 | Environmental Economics |
| 15 | Applied Welfare Economics |
| 16 | Population Studies |
| 17 | Public Economics |
| 18 | Agricultural Economics |
| 19 | Industrial Economics |
| 20 | Health Economics |
| 21 | Development of Economic Ideas |
| 22 | Transport Economics |
| 23 | Business Economics |
| 24 | Project Formulation and Evaluation |
Career and Scope
There is a lot of scope for skilled economists in the industry. They are basically hired in both government and private sectors. They can take up the UGC-NET exam to become professors in universities. The students if interested in in-depth knowledge about applied economics, can join a PhD programme and take up research. They can also join as lecturers in various colleges and take up teaching of applied economics subjects.
Job Roles
Some of the job roles available are:
- Accountant
- Research Associate
- Business Analyst
- Money Manager
- Corporate Analyst
- Financial Analyst
Salary and Emoluments
The fresh MA Applied Economics students will be earning around 4 lakhs to 6 lakhs per annum. The experienced professionals will be earning around 6 lakhs to 8 lakhs per annum.
Top organisations hiring MA Applied Economics
Some of the organisations hiring MA Applied Economics students are:
- ICICI Bank
- Axis Bank
- SBI
- Kotak Bank
- Financial Institutions
Concluding Words
The demand for skilled economists has never reduced in the sector. Today, the industry is looking out for more and more skilled professionals with MA Applied Economics qualifications. The banking sector needs a greater number of MA Applied Economics students. The demand continues to persist for the next few years. The MA Applied Economics students are also well paid and also offered a good career growth opportunity in the field.
The students with passion towards economics can join the MA Applied Economics course and earn a decent living.