One app for all your study abroad needs
Applied Economics is a branch of Economics that deals with the various ways in which Economics can be applied to various other sectors. Watching closely, economics is a very practical subject that allows big businessmen and the world’s top decision-makers to decide on future plans and policies. There are a lot of degrees relating to Applied Economics. The most preferred degrees are MA, MSc, BA, and BCom in Applied Economics. The students from this stream tend to hold very important positions at an early stage and hence there is a great scope for them to pursue this stream.
| Subject | Applied Economics |
| Degrees | BA BCom MA MSc MCom Post Graduate Diploma PhD. |
| Types of courses | Regular, Online, and Distance |
| Top Indian College | Loyola College, Chennai |
| Top Global University | Massachusetts Institute of Technology, USA |
| Most Common Designation | Analyst |
| Average Median Salary | $93,000 per annum (INR 76.74 L.P.A.) |
| Best Country to study | USA |
| Related Industries | Health, Environment, Finance, Agriculture, Data |
This Blog Includes:
Overview of Applied Economics
This dedicated branch of Economics uses data from the real world and fuses the same with theories and research to formulate pivotal decisions. The degrees in Applied Economics allow the students to think, analyze and criticize various decisions and theories according to the change in the real world. Not only that but they are also trained to be able to understand and implement the results of analytical data so as to become risk analysts. The branch of Economics also caters to a whole range of industries. The most prestigious designations around the world are held by Economists and this makes this subject a hugely revered one globally.
Relevant Read: MBA vs MA Economics
Degrees Offered in Applied Economics
There are various different degree combinations for this subject because of the breadth of the application of the subject in the real world. The various degrees are:
Syllabus of Applied Economics
Different degrees in Applied Economics have different levels of focus and combinations of subjects to bring out the best in the student. However, the common topics that are covered in all the degrees are given below. Students can note here that every different degree will have either a qualitative or quantitative flow inside topics under this subject with these basic topics as bases to the subject.
| Economy and Planning Agricultural Economics Economic History | Money and Banking Labour Economics Macro Economics | Micro Economics Basic Econometrics Statistical Method |
| Research Methodology International Trade Theory and policy Public and International Economics | Political Economy Industrial Economics Growth Economics | Public Economics Mathematical Economics Advanced Econometrics |
| Agriculture, Rural Development and Cooperation Environmental Economics Foreign Trade | Demography Economics of Insurance International Macroeconomics | Development Economics Financial Economics Gender Economics |
Relevant Read: Difference Between Micro and Macro Economics
Top Colleges in India
The top colleges in India that have the best faculty for teaching Applied Economics have been stated below. However, the tuition fees for public colleges are four times more than that for public colleges. Well, if a student wants to focus on the best colleges according to teaching standards, this is the list of the top 10 colleges in India.
| College Name | Average Fees |
| Amity university | INR 3.5 Lakhs |
| Lovely professional university | INR 2.5 Lakhs |
| School of Management Studies | INR 80,000 |
| BML Munjal University | INR 5 Lakhs |
| Doon Business School | INR 2.3 Lakhs |
| Integral University | INR 1.3 Lakhs |
| PDM University | INR 1.7 Lakhs |
| Institute of Technology and Management | INR 90,000 |
| Sanskriti University | INR 90,000 |
| Poornima University | INR 84,000 |
Top Universities Abroad
The top Universities that have global acclaim in the teaching faculty for Applied economics have been stated here.
| College Name | Average Fees |
| Cornell University | INR 17,14,429 |
| Brown University | INR 39,11,000 |
| The Ohio State University | INR 25,97,422 |
| University of Minnesota, Twin Cities Campus | INR 26,66,010 |
| Macquarie University | INR 21,84,607 |
| Texas A&M University | INR 28,12,779 |
| Hong Kong Baptist University | INR 13,38,792 |
| College of Southern Nevada | INR 8,01,742 |
| California State University, San Bernardino | INR 12,23,919 |
| University of New Hampshire | INR 23,79,245 |
Eligibility Criteria
The eligibility factor depends from University to University for the institutions that are abroad. For Indian colleges, some colleges take admissions based on academic merit while some base their decisions on the ranks in entrance examinations. Some common eligibility criteria are given below.
India
- More than 50% aggregate in examinations preceding the desired degree.
- Ranks above the cut-off for Universities having entrance examinations.
- Merit-based entry
Abroad
The eligibility criteria may change based on the University that the candidate chooses.
| UG Courses | Class 12 transcript Pass Certificate Minimum marks requirement as declared by the University of choice English language proficiency scores |
| PG Courses | Graduation transcript Pass Certificate of Class 12 Minimum marks requirement as declared by the University of choice English language proficiency scores |
Relevant Read: Explore a Career in Social Economics
Documents Required
The students planning to study in prestigious colleges in India, the documents required are the same as the ones required for admission in any stream in any college with any course. However, the requirements are a little different for the colleges and Universities abroad. Here is the set of documents required for studying abroad. While every University has its own list of documents that are required for admission, there are some common documents that all Universities require during the application process. These are the following documents that the students would need to produce.
- Application Form
- Statement of Purpose (SOP)
- Educational certificates and transcripts
- Letter of recommendation (LOR)
- Curriculum Vitae (CV) or Resume
- Essay
English Language Requirements for Applied Economics Abroad
You might also be required to submit English Proficiency Test scores. The basic English language test scores must be met in order to get admitted to any of the abroad Universities. Follow the table below to get an idea of the minimum requirements.
| Test Name | Minimum Score |
| TOEFL (Paper) | 525 |
| TOEFL iBT | 70 |
| Duolingo | 95-105 |
| PTE Academic | 45-50 (36 minimum in each section) |
| IELTS Academic | 6.0 band |
Relevant Read: Managerial Economics
Application Process
Applications would directly be made according to the individual Universities declaring intakes for this course. The procedure to apply would be present on the websites of the Universities. Students are hence suggested to keep a good track of the dates and the other essentials for gaining entry into the Universities with Applied Economics in countries abroad. You can make the complicated admission process easy by reaching out to Leverage Edu:
- We will help you select your agriculture course abroad through our trusted AI Course Finder.
- Experts at Leverage Edu will then start with your application process at the respective university.
- Documents such as SOPs, Essays, LORs, IELTS, TOEFL, etc. are an important part of your university application. So you’ll have to gather and compile all the necessary documents.
- Experts at Leverage Edu will then start with the application process for accommodation, student visas, and scholarships/student loans after submitting your application and the required documents.
- The time has come to wait for your offer letter which usually takes around 4-6 weeks.
Relevant Read: MSc Behavioural Economics
Jobs and Salary
There are a whole lot of opportunities for students to turn into economic professionals. We have lined up a few categories here in the table given below where the range of the average median salary of the respective categories has been mentioned. Every individual has the scope to go above the salaries based on their negotiation game and their skills.
| Job Profile | Average Starting Salary |
| Data Analyst | INR 3-5 LPA |
| Assistant Manager | INR 4-7 LPA |
| Economist | INR 3-6 LPA |
| Statistical Assistant | INR 3-6 LPA |
| Lead Modeler | INR 6-8 LPA |
Top Recruiters after Applied Economics Course
| State Bank of India | Accenture |
| Axis Bank | Deloitte |
| Wipro | Cognizant |
| TCS | Ernst & Young |
Relevant Read: How to Make a Career in Economics
Future Scope
The US Bureau of Labour Statistics says that economists will be rising by 2031. The growth will be observed at 6% by 2031 which is an average growth of jobs in all industries. This means that the world will have a great scope for new decision-makers and individuals who take the global economy very seriously. Thus, a great future awaits the students thinking of pursuing applied economics. One must understand that with the growth of technology and at the rate at which it is making lives simpler, many needs will be served by automation and the world will be populated by people who need to make decisions: crucial decisions at crucial times. Thus, with such a turn upcoming, the change will be fast enough to push more economists into great designations. This is a huge scope for students with this course.
FAQs
Ans. To apply to a Master’s in Applied Economics, the students must hold a UG degree in Economics or Applied Economics by mandate. To apply for a UG degree in Applied Economics, the students can be from any stream. However, other eligibility criteria depend on the Universities and the colleges admitting students to the University.
Ans. The top 5 colleges having the best placements for economics in India are:
Loyola College, Chennai.
St. Xavier’s College, Mumbai.
Madras Christian College, Chennai.
Presidency University, Kolkata.
Indian School of Business & Finance.
The top 5 colleges having the best placements for economics abroad are:
Massachusetts Institute of Technology, USA.
Harvard University, USA.
London School of Economics and Political Science, UK.
University of Oxford, UK.
Erasmus School of Economics, Netherlands.
Ans. The students graduating with B.Com in Applied Economics can be posted into designations as Analysts in business, finance, health, and so on. Other than analysts, they can also enter other finance-based positions and act as risk analysts. There are also huge scopes in the field of public policy as well. A good college or University makes the scope even brighter.
Ans. Applied Economics can make humans more world-wise, especially in the age driven by monetary tokens. Transactions, prices, recessions, and similar things are a part of everyone’s daily lives as we all face these difficulties that have become more pronounced after the pandemic. Students dreaming to become managers and later holding some CXO position will make better decision-makers with a sneak peek into applied economics.
Leverage Edu provides India’s most extensive study abroad scholarship which has the potential to change your life for the better. Fulfil your dream of studying abroad with Leverage Edu. Here at Leverage Edu, we provide scholarships to all eligible students irrespective of course preferences to study stress-free in countries like the UK, Canada, Australia, and the USA. All you have to do is consult our study abroad expert.
If you are someone looking forward to pursuing your career abroad, or information about Indian Exams or news regarding education, sign up for the free career counselling session at 1800572000 and gain an opportunity to talk to our Leverage Edu mentors!
45,000+ students realised their study abroad dream with us. Take the first step today.