Change is the only constant in life, goes the famous saying by Heraclitus. Almost all spheres of our lives - personal, professional, financial, educational, social have been constantly changing. And when looked at closely, there is one element that links them all and drives these changes and that is “economy”. An ever-changing economic scene, more global now than ever before, forces us to adapt and change accordingly. Considering how crucial this field is, it is easy to imagine how challenging it would be to pursue a career in it.
Economics is a social science which studies, describes and analyses production, distribution and consumption of resources. An economist, according to investopedia.com, is an expert who studies the relationship between a society's resources and its production or output. If one aspires to become an economist, a formal education in the subject is required.
Our contribution to economics depends largely on what roles we take up. The traditional choices revolve around working in government sectors or academics whereas the modern roles of an economist can be found in the global corporate world.
A post graduate program in economics opens up a number of avenues of work, study and research. A Master of Arts (M.A.) in Economics has long been a go-to choice for most people having an inclination towards the subject. But with the recent globalization and merging of economies, a rather modern approach towards imparting education in economics is being taken up resulting in the increasing popularity of an MBA degree in Economics.
A brief comparison between these two higher levels of education in economics:
Masters in Business Administration (MBA) in Economics
The eligibility criteria for the course require the students to have a bachelor’s degree in any stream with qualifying passing marks. It is not necessary to have an undergraduate degree in economics.
Responding to the recent economic developments, the course pedagogy of MBA economics is adapted in relation to business and management. Providing insights on causes and effects of profits and losses and how a business should work to maximize the profit and minimize the loss, everything while staying within the boundaries of financial laws, forms most part of the curriculum.
Also, an integrated part of MBA curriculum is on the job training or midterm internship providing the students with hands on experience in their area of training.
Holistic education in terms of necessary knowledge, with reference to economics, in other areas of management such as marketing, human resource, systems, and a special emphasis on finance, is stressed upon.
Industry experts’ meet-ups/ conferences/workshops that provide updated, validated, reliable and relevant information take place throughout the 2 year program.
Glocal University offers a 2 year MBA in Economics. Ms. Nayan Dave who teaches Economics at the Glocal School of Business explains further, “MBA Economics in Glocal University is a composite of many subjects. The course aims with the questions of allocating resources in a managerial environment. Also, MBA in Economics offer students, the knowledge and issue related to finances and money, of the economies around the world. One of the most important aspects of Economics is that, it helps in forecasting, which in turn is used for planning and policy making. Both public and private sectors welcome candidates with MBA in Economics.”
“In the first year of the coursework, we offer courses that are common to MBA students in a broad set of specializations. For economics, the focus is made on the aspects of Microeconomics and Macroeconomics, which have an application in the business world. In the second year, more specialized courses are offered which enhances the students applied and analytical skills. The entire coursework involve the combination of assignments, projects, term papers, discussions, lectures and case studies. Moreover, the students are trained to apply the principles of economics to real world situations,” says Ms. Dave who graduated in Economics from the University of Delhi, completed her M.Sc. Economics (with specialization in Environment and Natural Resources Economics) from The Energy and Resources Institute (TERI University), New Delhi, followed by M.Phil. in Planning and Development from the Indian Institute of Technology (IIT) Bombay.
Scope after MBA in Economics
An MBA in Economics allows students to develop the skills needed for general management with a particular focus on the field of economics. As we see, the MBA in Economics revolves around matters of resources and their circulation in a business environment; the students of MBA in Economics are in high demand in the energy, retail, technology, banking, finance, insurance, stock markets and other major sectors offering them more executive roles. Both private and public sectors holds a lot of growth potentials. Government enterprises, public sector companies, investment firms, business journals and newspapers are other prospective employers. Some examples of employers are World Bank.
The MBA in economics enhances skills in project management, leadership abilities, and critical thinking abilities along with effective communication skills. It teaches application of economics in mergers and acquisitions, investment opportunities, product development etc.
The curriculum consists of subjects like econometrics, business mathematics, economic concepts, an overview of economics, demand and supply, the market, economic efficiency, organization of industries public goods, income distribution, international sector, macroeconomics, flow of income, fiscal policy, the bank and its monetary policy, inflation, unemployment, the world economy and much more. New areas of study also include behavioral and industrial economics.
Master of Arts (M.A.) in Economics
A traditional, time honoured, way of gaining education in economics is through an M.A. in economics. Typically, it’s a 2 year post graduate program divided into 4 semesters. The program offers a range of core and elective subjects to choose from. These subjects cover all the related topics such as macroeconomics, microeconomics, statistics, environmental economics, applied and advanced econometrics, international trade, labor economics, international finance, theory on pricing and distribution, issues related to Indian and world economy, financial laws and many more.
The postgraduate courses offer specializations in development economics, financial economics, agricultural economics, health economics, business economics, labor economics, rural economics, industrial economics and international economics and the economics of human resource development.
Scope of MA economics
The career path that lies ahead of an M.A. Economics graduate varies from working with different government or private organizations, pursue MBA, work in the academic field, or undertake research on his/ her topics of interest.
As more and more of the Indian economy gets interlinked with the world economy, there is an increased demand for economists who could advise big corporate and even small firms. Gone are the days when only government and academic sectors were open to the economists. In the modern era, if a candidate possesses good analytical and observatory skills, likes crunching numbers and analyze data, has effective written and oral communication skills, then employment opportunities abound!
Author: Shilpi Kapoor, Business Research at Glocal University
About Glocal University
Glocal University, 'Shaping Global Minds,' is an Indian university with international standards, situated right here in India. Set amidst the serene surrounding of Shivalik foothills, it is a university which strives to transform its students into world class citizens. Recognized by University Grants Commission (UGC,) Glocal University's vision focuses on the holistic development of its students. Glocal ensures that its students have a positive impact on society-both globally and locally. Known for its schools in the fields of technology, business, computer science, commerce, education, research, legal studies, media, and more than 35 post graduate and graduate courses, Glocal University is the answer to your quest for knowledge. With an infrastructure which is comparable with the best in the world, spread across a vast campus of approximately 300 acres, Glocal University is at an advantage as it is very well connected to nearby industrial cities of Delhi, Saharanpur and Dehradun.
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