The title doesnt say the good and the bad as there is nothing bad if you are into economics field, let it be the leadership opportunities or the scope in the future. It is the breeding ground for becoming the masters in any business. It is no surprise that the presidents or the financial ministers of top notch nations are graduates in economics. This is also the reason behind Universities investing a fortune in economics field hoping that some of their students become the leaders of the future!
Economics, the subject and a social science that determines the production of resources, both materials and human has its role in any organization of business. While microeconomics deals with the static items like consumers, sellers etc, macroeconomics studies the behavioral issue like unemployment and policies.
Master studies in economics will help you sustain the competition and emerge as a true leader provided you have the zeal in you. If you are considering for masters in US, many Universities have the following admission criteria
– You need to hold a bachelors degree from a recognized university preferably in related field
– You must have cleared an English test like IELTS or TOEFL to make sure that you can sustain in the USA. Also, this is required as economists do need impeccable communication skills
Masters in economics is studied in various tracks like general, gender analysis, research, financial policy etc. Once you have graduated, you can get an opportunity in any of the government agencies, NGOs or financial institutions etc based on your specialization. The top specialization fields in economics that are chosen by students are industrial economics, demographic economics and financial economics. The typical jobs that economic graduates get include but not limited to financial analysts, financial consultants, budget planners, market analysts, econometricians etc.
Among the specializations, financial economics is the one that is undoubtedly a core economic subject. This is a 1 and half to 2 year course and is a mix of theory, modeling and practicals. While the theory aspect is about decision making in markets, you learn how to allocate assets and valuate them in practical. Also, you get to learn various financial instruments like forex, equities, income, portfolios etc. The weight-age differs among economic and professional degrees. More emphasis is put on theory in economic subjects while application is given importance in professional subjects.
Economics, for sure, is a degree for the geeks who are into statistics and planning. If you are planning for masters in economics, it is good to choose among the top schools for economics like Purdue University, University of Texas at Austin or the New York University and you can end up working in World Bank or the IMF!