Introduction to Economics
Economics is the study of how society uses its limited resources for the benefit of all. Economics is a social study that deals with the production, distribution and consumption of goods and services. Economics focuses heavily on the four factors of production, which are land, labour, capital and enterprise.
Economics basically is the study of scarcity and its implications for the use of resources, production of goods and services, growth of production and welfare over time and a great variety of other complex issues of vital concern to society.
Few lines about MA Economics
MA Economics is a 2-years postgraduate programme that is divided into 4 semesters. The course deals with the study of wealth production, distribution and consumption of the resources in the society. The course covers the huge part of macro economics in terms of price, output, employment, etc.
The course teaches the students about all the aspects connected to the production, distribution and consumption of goods and services. The course enhances the skill of a graduate exclusively in the field of economics and finance. The course trains the students on the study of how individuals, businesses, governments and nations make choices optimally allocating scarce resources to satisfy their wants and needs, while determining the best ways to maximize efficiency and output.
Eligibility for MA Economics
The students who have studied economics as one subject in their bachelor’s degree with 50% aggregate in that cognate subject from recognised university are eligible to apply for MA Economics course.
Admission Procedures
The students with relevant qualifications can join the MA 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 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 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 Economics
The students of MA Economics will be studying the following subjects during their course duration
| Sl. No. | Subjects of Study |
|---|---|
| 1 | Microeconomic Analysis |
| 2 | Monetary Economics |
| 3 | Elementary Statistics |
| 4 | International Trade |
| 5 | Theory of Pricing and Distribution |
| 6 | Macroeconomics Analysis |
| 7 | Quantitative Methods |
| 8 | International Finance |
| 9 | Economics of Growth |
| 10 | Public Economics |
| 11 | Issues in the Indian Economy |
| 12 | Economics in Industry |
| 13 | Growth Models in Economics |
| 14 | Indian Public Finance |
| 15 | Selected Problems of the Indian Economy |
| 16 | Economics of Agriculture |
| 17 | Quantitative Economics |
| 18 | Econometrics |
| 19 | Labour Economics |
| 20 | Demography |
| 21 | Economics of Gender and Development |
| 22 | Economics of Infrastructure |
| 23 | Financial Institutions and Markets |
| 24 | Economics of Insurance |
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 economics, can join a PhD programme and take up research. They can also join as lecturers in various colleges and take up teaching of 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 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 Economics
Some of the organisations hiring MA Economics students are:
- ICICI Bank
- Axis Bank
- SBI
- Kotak Bank
- Financial Institutions
Concluding Words
The demand for skilled economists is always high in the industry. Especially in the banking sector the MA Economics students are hired in large numbers. The demand continues to persist for the next few years. The MA Economics students are well paid and also offered a good career growth opportunity in the field. The students with passion towards economics can join the MA Economics course and earn a decent living.