Applied Economics: Syllabus, Eligibility, and More

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Applied Economics: Syllabus, Eligibility, Top Colleges, And More

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.

SubjectApplied Economics
Post Graduate Diploma
Types of coursesRegular, Online, and Distance
Top Indian CollegeLoyola College, Chennai
Top Global UniversityMassachusetts Institute of Technology, USA
Most Common DesignationAnalyst
Average Median Salary$93,000 per annum (INR 76.74 L.P.A.)
Best Country to studyUSA
Related IndustriesHealth, Environment, Finance, Agriculture, Data

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
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 NameAverage Fees
Amity universityINR 3.5 Lakhs
Lovely professional universityINR 2.5 Lakhs
School of Management StudiesINR 80,000
BML Munjal UniversityINR 5 Lakhs
Doon Business SchoolINR 2.3 Lakhs
Integral UniversityINR 1.3 Lakhs
PDM UniversityINR 1.7 Lakhs
Institute of Technology and ManagementINR 90,000
Sanskriti UniversityINR 90,000
Poornima UniversityINR 84,000

Top Universities Abroad

The top Universities that have global acclaim in the teaching faculty for Applied economics have been stated here. 

College NameAverage Fees
Cornell UniversityINR 17,14,429
Brown UniversityINR 39,11,000
The Ohio State UniversityINR 25,97,422
University of Minnesota, Twin Cities CampusINR 26,66,010
Macquarie UniversityINR 21,84,607
Texas A&M UniversityINR 28,12,779
Hong Kong Baptist UniversityINR 13,38,792
College of Southern NevadaINR 8,01,742
California State University, San BernardinoINR 12,23,919
University of New HampshireINR 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.


  • More than 50% aggregate in examinations preceding the desired degree.
  • Ranks above the cut-off for Universities having entrance examinations.
  • Merit-based entry


The eligibility criteria may change based on the University that the candidate chooses.

UG CoursesClass 12 transcript
Pass Certificate
Minimum marks requirement as declared by the University of choice
English language proficiency scores
PG CoursesGraduation 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.

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 NameMinimum Score
TOEFL (Paper)525
PTE Academic45-50 (36 minimum in each section)
IELTS Academic6.0 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 ProfileAverage Starting Salary
Data AnalystINR 3-5 LPA
Assistant ManagerINR 4-7 LPA
EconomistINR 3-6 LPA
Statistical AssistantINR 3-6 LPA
Lead ModelerINR 6-8 LPA

Top Recruiters after Applied Economics Course

State Bank of IndiaAccenture
Axis BankDeloitte
TCSErnst & 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.


Q1. What is the eligibility for applied economics?

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.

Q2. Which college has the best placement for economics?

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.

Q3. What is the scope of BCOM with applied economics?

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.

Q4. What are the advantages of applied economics?

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.

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