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Higher Study Opportunities in Economics
Economics, one of the best social science subjects, differs fundamentally from other disciplines, having developed through ideological conflicts and discussions. M.A. and M.Sc. programs are available in economics, which is also a significant subject in business administration courses.
Many universities and colleges offer postgraduates courses in economics, as also M.Phil. and Ph.D. courses.
The postgraduate courses offer specialisation in development economics, world economics, financial economics, agricultural economics, health economics, business economics, labour economics, rural economics, industrial economics, international economics and the economics of human resource development.
Econometrics is another subdivision.
M.A. programs in world economics, rare in India, emphasise emerging global issues in trade, technology, environment, natural resources, currency and finance, regulatory economics and information economics, distinct from conventional M.A. programs.
The program provides a sound theoretical background in the principles of economics and equips students with analytical tools and techniques for understanding the evolution of the world economy.
The broad objective is to teach the latest developments in the principles of economic theory; application of theories in analysing current economic problems; equip students with tools of economics for applied economic research; and give them a first – hand experience of how professional economists function in various government, semi – government and corporate organisations.
Students have to study core and optional subjects. Core subjects include microeconomics, introduction to statistics and econometrics and theory of international trade.
Optional subjects include mathematical economics; environmental economics; natural resource economics; corporate finance; banking; regulations and financial stability; applied econometrics; economics of technology and development; economics regulations; international trade; environment; and multilateral institutions.
Agricultural economics covers marketing of farm produce, forecasts of production and consumption and agricultural financing.
Financial economics deals with fiscal and monetary policies and other financial matters.
It studies impact of taxes on the growth of the country and examines value of currency exchange trade and the functioning of banking, among many fields.
Business economics deals with the analysis of the behaviour of firms in markets and industries and determination of costs and prices. Some universities offer courses in business economics, leading to the Master of Business Economics (MBE) or the M.A. business economics degree.
Development economics basically covers growth theory applied to the economic problems of developing countries.
Industrial economics is the study of market trends and production, selling methods and ways to boost sales, making maximum use of assets and developing desirable markets.
Labour economics is concerned with labour problems, study of the pattern of labour force, employment and unemployment, productivity, wages, labour legislation, industrial disciplines and so on.
International economics is the study of economics of international business, analysis of the mechanism by which international equilibrium is restored and trade and foreign exchange policies.
Rural economics and rural development is closely linked to the planning process in the socio – economic development of rural areas.
Econometrics is one of the significant specialisation areas of economics, combining economic theory, expressed in mathematical form, with statistical methods. Econometrics is a subject in the master’s degree syllabi of many universities, but only a few conduct the M.A. econometrics course.
In Kerala, several colleges and university departments offer the M.A. economics course. The Cochin University of Science and Technology conducts the MBE course. Graduates in any discipline with at least 50 per cent marks are eligible for admission.
The Delhi School of Economics, under the University of Delhi; Jawaharlal Nehru University, New Delhi; the Gokhale Institute of Politics and Economics, Pune; the Madras School of Economics, Chennai; the Indira Gandhi Institute of Development Research (IGIDR), Mumbai; and Banaras Hindu University, Varanasi; are among the prominent universities and institutes.
The IGIDR, established by the Reserve Bank of India, is an advanced research institute and centre of excellence. It offers M.Sc. economics, M.Phil. and Ph.D. (development studies) courses.
The M.Sc. course is a two – year, full – time program. Entry qualification is B.A. or B.Sc. in economics; B.Com.; B.Stat.; B.Sc. physics or mathematics; B.Tech. or B.E. At least a second class / division is required in the degree examination in economics and first class in other disciplines. Details can be had at www.igidr.ac.in.
The Madras School of Economics offers M.Sc. economics and financial economics programs of Anna University.
Campus recruitment takes place in the fourth semester. For details, log on to www.mse.ac.in.
The School of International Studies under Jawaharlal Nehru University, New Delhi, conducts an M.A. economics course with specialisation in world economy. Entry qualification is bachelor’s degree in economics, mathematics, statistics or physics or B.Tech. with at least 50 per cent marks in aggregate.
The School of Social Sciences under the university also conducts an M.A. economics course.
Entry qualification is bachelor’s degree in any discipline with minimum 50 per cent marks. Selection is through a national – level entrance test and an interview. Details can be had at www.jnu.ac.in.
The Department of Economics (Delhi School of Economics), University of Delhi, offers an M.A. economics course. There are 150 seats.
Graduates in any discipline with minimum 55 per cent marks in aggregate are eligible for admission. Selection is based on a written test and an interview.
The test comprises multiple – choice questions and questions requiring short analytical answers. Candidates are expected to be familiar with current economic problems with reference to the Indian economy and knowledge of mathematical and statistical tools.
M.Phil. and Ph.D. programs are also offered here.
The Birla Institute of Technology and Science, Pilani, offers an M.Sc. economics course.
The list is only indicative and more details can be collected from the University Handbook published by the Association of Indian Universities, New Delhi, which will be available for reference at the employment information and guidance bureaux under various universities.
Those who successfully complete their postgraduate courses in economics can do research by qualifying in the University Grants Commission‘s National Eligibility Test (NET) for junior research fellowship and lectureship. Final – year students can also appear for the test.
The Centre for Development Studies, Thiruvananthapuram; the Centre for Economic and Social Studies, Hyderabad; the Indira Gandhi Institute for Social and Economic Change, Bangalore; and the Institute of Economics Growth, Delhi, besides university departments, provide research facilities leading to Ph.D. with fellowship or scholarship.
Since economics is a significant component in business administration and management courses, economics graduates can go for MBA programs, especially in specialised areas of stock – broking, finance, banking and so on, in leading business schools.
The Master of Finance and Control (MFC) program is another suitable option. If interested, law or journalism can be an option for higher study.
The Indian Institute of Capital Markets offers a one – year securities markets program at the postgraduate level. Graduates or postgraduates in any discipline are eligible to join the course.
Selection is based on a national – level entrance test and a personal interview. Details may be had on www.utiicm.com.
Those who obtain higher qualifications in economics can find entry – level jobs in banking, finance, insurance, stock markets or share – broking, sales and marketing and so on.
Government enterprises, public sector companies, investment firms, business journals, newspapers and television news channels are among prospective employers.
The Indian Economics Service (IES) and positions in the Reserve Bank of India are excellent options in the government sector. The Union Public Service Commission, New Delhi, conducts the IES examination every year.
Economics graduates in the age group of 21 – 30 may apply. Graduates below 30 years can take the Civil Services Examination as anyone with a degree in any subject.
Career opportunities in research are available in institutions such as the National Council of Applied Economics Research and the Institute of Applied Manpower Research, both in Delhi.
Those who qualify in NET and take a doctorate can reach higher positions in the research and development field. Globalisation and the merger of the world economy have widened the career prospects of economists.