One of the most important aspects of our market-driven society is the economy. How, when and where should the resources of a region be consumed is what a master’s degree in Economics entails. MSc Economics is one of those courses that helps students develop quantitative skills to apply them to economic issues in the contemporary world. This degree not only provides students with industrial skills but also with a wide range of career opportunities in the financial sector. Here’s everything you need to know about an MSc in Economics, from eligibility to universities and admissions.
|Program Name||MSc Economics|
|Degree||Master of Science|
|Program Duration||1-2 years|
|Eligibility||Undergraduate Bachelor’s Degree|
|Popular Job Roles||Economist, Financial Analyst, Financial Manager|
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About MSc Economics
MSc Economics is a postgraduate degree that covers the analytical and mathematical concepts of modern economics. The program covers various subjects such as Microeconomics, Macroeconomics, Time series analysis experiments, Econometrics and more.
Why Study MSc Economics?
The following are the top reasons to pursue MSc in Economics:
- It is one of the most popular fields that enables students to pursue careers in various fields
- Economics is an expansive field with abundant opportunities
- The field offers some of the highest-paying jobs in the field of maths, data and finance
- Eco graduates are highly skilled professionals with high demand in the corporate, business, and finance world
- Studying MSc Economics will enable students to have a deeper understanding of mathematical and logical analysis and reasoning of problems
Also Read: BSc Economics
Top Colleges for MSc Economics in India
MSc Economics is offered by many renowned colleges in India. Some of the top colleges/institutes for pursuing an MSc in Economics are as mentioned below:
- IIT Kharagpur
- IIT Roorkee
- University of Calcutta
- Shiv Nadar University
- Indian Statistical Institute
- Symbiosis School of Economics
- Indira Gandhi Institute of Development and Research
The average cost of pursuing MSc in Economics in India is INR 20,000 to INR 2,00,000.
Eligibility for MSc Economics in India
- To pursue MSc Economics in India, you must obtain a minimum of 60% in your bachelor’s degree in economics or related subjects. Students with engineering backgrounds can also apply for admission.
- Some universities also conduct entrance examinations for admission. Popular entrance exams for include IIT JAM, DUET, JNUEE and IPU CET.
Top Universities for MSc Economics Abroad
There are a lot of universities in the world that offer an MSc Economics Degree for students who want to excel in their career in the field of Economics. Here’s a list of some of the top universities offering MSc Economics abroad:
- University of Oxford
- London School of Economics
- University of Manchester
- University of Birmingham
- University of Bristol
- Queen Mary University of London
- University College London
- University of Bath
- University of Nottingham
- University of Essex
- University of York
- Cardiff University
- Lancaster University
- HEC Paris
- Imperial College London
- University of Southampton
- Trinity College Dublin
- University of Liverpool
- University of Exeter
- University of Surrey
- Queen’s University Belfast
- University of East Anglia
- University of Warwick
- University of Greenwich
Eligibility for MSc Economics Abroad
The eligibility criteria may vary for different universities mentioned above but the general criteria for admission is as mentioned below:
- You must have a bachelor’s degree with first or second class in economics, business or a related quantitative subject such as engineering, computer science, mathematics or physics.
- You must have obtained your bachelor’s degree from a recognized university.
- Some universities may ask for GRE.
- Other requirements include proof of English Language Proficiency such as IELTS. The score requirements will vary for different universities but it is recommended to obtain a minimum of 6.5 and above in IELTS.
If you wish to study for an MSc Economics Abroad, here’s an easy step-by-step guide to proceed with your application process at your favourite university:
- Call our Leverage Edu student counsellors at 1800 572 000 to shortlist your course with the help of our trusted AI Course Finder.
- The experts will then commence your application process through our common dashboard platform where you can witness the status of your application process.
- The next step is to gather and compile all your documents like SOPs, essays, certificates and LORs and exam scores like IELTS, TOEFL etc.
- After submitting your application and all the necessary documents, the experts will then start with the application process for accommodation, UK student visas, and scholarships/student loans.
- It’s now time to wait for your offer letter which can take around 4-6 weeks or more. Post accepting your offer letter, it’s now time to pay your semester fees, get your visa approved, CAS-Letter.
Also Read: PhD Economics
Ensure that you have all the necessary documents before starting with the application process for admission in any of the universities mentioned above. Here’s a checklist of the documents required:
- Copy of passport/visa
- Academic Transcripts
- Certificate of English proficiency – IELTS/TOEFL/PTE
- Statement of Purpose
- Reference letters
- CV (if applicable)
- Proof of Financial Resources
Cost of Studying MSc Economics Abroad
The average cost of studying MSc Economics Abroad ranges from INR 20 Lakhs – 30 Lakhs. The table below mentions the program fee for MSc Economics in some of the top universities abroad:
|University Name||Tuition Fees per annum||In INR|
|University of Oxford||£30,330||28,82,801|
|London School of Economics||£32,208||30,61,301|
|HEC Paris||€ 34,350||27,93,067|
|University of Exeter||£21,000||19,94,941|
|University of Manchester||£25,500||24,22,428|
Also Read: Career in Agricultural Economics
Career Scope and Salary
After completing MSc in Economics, graduates can work in various sectors and in various positions. Some of the most popular job profiles for professionals with an MSc in economics are:
- Data Scientist
- Data Analyst
- Economics Professor
- Senior Financial Analyst
- Financial Manager
Some of the most popular sectors include:
- Financial service activities
- Legal and accounting activities
- Management consultancy activities
- Public administration and defence
According to the US BLS, job opportunities in economics are projected to grow 14% by 2029, a rate much more than that of the average role. The average salary of a graduate with an MSc Degree in Economics will vary in different countries but entry-level packages will start from INR 30,00,000 to INR 60,00,000 per annum.
MSc Economics is offered for 10 months in full-time mode.
To pursue MSc in Economics at the University of Birmingham, you must have an IELTS score of 6.5 with no fewer sub-scores than 6.0.
The University of Manchester has an acceptance rate of 56.1%.
Are you planning to study abroad but unsure about how to proceed? If yes, then reach out to Leverage Edu experts for end-to-end assistance regarding your study abroad journey. Call us at 1800 57 2000 to book a FREE 30-minutes counseling session today!