Masters in Economics
The word ‘economy’ was originated from a Greek word which means manage. Economics is a concept that deals with micro and macro economics trading along with banking and other monetary organizations that are entirely or partly based on economy. Through the study of economics, individuals can obtain information about trading principles and market value specifics. The study margin of students pursuing economics has fairly went high in the past decade.
The pouring job opportunities and expansion of markets and trading centers has led to better quality of economics studies. Economics is a susceptible matter which is taught in the curriculum of high schools. With enlargement of economics, the subject is also aimed to determine the production, consumption and conveyance/relocating of products and services.
Why study Economics?
The rapid changes in economy have prompted for better quality of research in the field for emerging with effective principles in the field. The purpose of studying economics is to discover new strategies that provoke improving fiscal and trading components of a country or trading organizations. Masters in Economics prepares students with certain aspects of monetary, trading and frugal studies. It aims to guide future economists of being capable to analyze the economics principles and using them effectively.
Masters in Economics has series of specialized subjects that are meant to specifically focus on range of economy subjects. Finance and Economics are corresponding topics both the subjects are closely related to discussing methods and techniques of financial growth.
International Economics is a sub component and specialization of economics. It is a concept that studies economic as well political issues related to international trade and finance along with capitalism and trade affairs on global scale. The rapid growth of economy has resulted into expansion of foreign trade of goods and services which involve labor and currency practices between countries.
Post graduation in Economics certificate can be obtained under the master’s degree titles that are Masters of Arts (MA Economics) and Masters of Science (MSc Economics or MS Economics). If one wants to pursue a management degree he/she can apply of MBA in Economics which are in comparison offered scarcely.
The duration of post graduation in Economics courses is 2 years.
Program Structure for Masters in Economics:
- Micro Economics Analysis
- International Economy
- International Trade
- Public Economics
- Growth of Economics
- Macro Economics Analysis
- Theory of Pricing and Distribution
- International Finance
- Public Economics
- Economics of Industry
Masters in Economics admission requirements:
- Bachelors in Commerce degree or any Bachelors degree from a relevant university
- English Proficiency test: IELTS or PTE or TOEFL
- Entrance exam: GRE and GMAT (mainly for USA and Canada)
- Letter of Recommendation
Best countries to pursue Masters in Economics:
Masters in Economics in Canada are offered by several universities. Canada is a propitious country for this course especially for Indian students as the favorable conditions prompt career growth. Along with cultural diversity, students can experience education in economics among universities that have been ranked as best universities for Masters in Economics.
The option of studying specializations in economics like Masters in Financial Economics (MFE), Masters in Applied Economics, etc is obtainable at Canadian universities. For applying Masters in economics program in Canada, pupils must submit GMAT, GRE or TOEFL (overall 90) or IELTS (overall 7) scores. The tuition fees for the course are also affordable in comparison to USA and Australia. MA in Economics is most popular course in Canada.
United States of America
Colleges of masters in Economics in USA are considered among the best colleges for economics in the world. MSc Economics is the popular program in the country. The subjective structure of economics is extremely helpful for students along with the benefit that USA is considered as the second most influential country for economy activities.
Individuals willing to apply for MS in Economics in USA eligibility includes entrance exams results i.e. GRE, GMAT scores and English proficiency test that are TOEFL (overall 80) or IELTS (overall 6) scores. There are numerous colleges and institutes in USA with Masters of Science in Economics studies. However, the tuition and accommodation fee of studying in the country is rather expensive nevertheless the education quality and job opportunities are undoubtedly high and lucrative. Masters in Economics jobs or professional positions are also available in the country.
Masters in Economics UK programs are widely known. The effect of its centuries of economical practices and by making effective use of new economic and finance principles, the country is undoubtedly the best destination to study this course. The country is considered to be conducting best economics masters programs in the world at its top 10 ranked universities. It is also acclaimed for Economic and Finance combined masters program, which is provided in most of the institutes and universities. This course focuses on both the significant aspects of economy rather than subsequently emphasis on Economics.
The program is offered as MSc Economics in UK along with that one can opt to study Economics with a specialized subject like Finance, Development Economics, Masters of Business Economics, etc. To be eligible for post graduation in Economics in United Kingdom students must submit their English proficiency results i.e. IELTS with overall score of 6 points. Entrance exam GRE is an exceptional test, students do not have to necessarily present the mark however some universities might consider it a mandatory requirement.
The tuition fee and living expenses in UK is not inexpensive however in comparison to USA, it is a much cheaper option. Masters of Economics online UK programs are also offered by the top ranked universities in the world.
Australia is another good location for Indian students to pursue post graduation in Economics. Masters in Economics Australia is offered at both public and private universities of the country. With thorough research about the tuition fee, it can be concluded that public universities in Australia are more expensive than private universities.
Australia generally offers MA in Economics degree, top economics masters program structure mainly focuses on business or commercial aspects of economics. Therefore, one who wants to pursue economics for commercial and domestic use is advised to choose this country for studies. Students can also choose to study through Masters of Economics online Australia programs or apply for distance learning education from the universities. Part-time and Full time programs are also offered for this course.
To be eligible for attending Masters in Economics in Australian universities submitting their English proficiency test results: IELTS (overall 6.5) or TOEFL (overall 96) or PTE (overall 68) scores are suffice. Along with that during the application process make sure you do not leave out submitting other secondary documents. Also, start working applications at least 1 year before enrolment for experience better sides of studying abroad.
Management in Economics sector are most popular known programs in the country. Economics is a subject which requires wide range of managerial and analyzing skills. Masters in Economics in Germany is offered as both MBA in Economics and MSc in Economics in the country. Individuals who keen interest and intention to work professional in the management sector of Economics are advisable to pursue higher education in Economics in Germany.
As a requirement English proficiency test IELTS (overall 6) and TOEFL (overall 80) scores are sufficient. Along with that students must necessarily focus on submitting other secondary documents for seat enrollment in the universities of Germany.
Universities in Germany are ranked at 51 or higher in the world for Economics studies. Compared to other best countries in the world for this course, Germany accepts the least amount of tuition fees. Few public and private universities also provide no tuition fee scheme for students which are also applicable for international audience as well. The living expenses in this country are also inexpensive. Among the mentioned best countries for Economics, Germany is undoubtedly the cheapest and most affordable.
Bocconi University from Italy is ranked among the top 20 universities for Economics. It offers Masters in Science in Economics and Management degree. Students have the opportunity to learn MSc Development Economics at the university. Italy is favorable for international students.
For applying in Italian universities for Economics students must submit their GRE and IELTS (overall 6) scores. The tuition fee in Italy is also comparatively cheaper in regards with countries like Canada, Australia, USA and UK. However, the living expenses are slightly higher than one might expect.
Top universities for Master in Economics in the world:
- Stanford University, USA
- University of Oxford, UK
- London School of Business, UK
- New York University, USA
- University of Mannheim, Germany
- Bocconi University, Italy
- University of Melbourne, Australia
- University of Toronto, Canada
Masters in Economics Job Opportunities:
- Market Analyst
- Fiscal Analyst
- Market Researcher
- Statistics Manager
- Financial Risk Manager
Individuals with a post graduation level knowledge in Economics are bound work in an expanding section of economics field. Masters in Economics salary are well paying jobs with a scope of learning and influencing economic growth in the world and international trade market. By studying International Economics Masters program students will understand the importance and significance of the market and trading principles that are projected and practiced on global scale.