Econometrics: Course Overview, Types, Colleges

One of the highly demanded courses, econometrics is among the best courses globally. There are numerous reasons to pursue econometrics courses, such as lucrative packages. Further, several universities offer econometrics courses with excellence in education and teaching provided by well-qualified professors. Since there is an urgent requirement for students pursuing econometrics, thus many organisations offer financial grants such as fellowships and scholarships to help students complete their degree in econometrics. If you want to know more about Econometrics courses, types, and top colleges then keep reading!

What is Econometrics?

Econometrics is a branch of economics comprising statistical and mathematical methods for analysing economic data. Econometricians are professionals involved in studying and performing econometrics. These professionals test economic theories and hypotheses with the help of statistical tools such as statistical inference, probability, frequency distribution, regression analysis, and much more. After performing this procedure, econometricians compare the results with real observation and data which helps forecast the upcoming economic trends. 

Why Pursue Econometrics Courses?

Being highly preferable courses, econometrics courses are highly opted for by students across the globe. The major reason behind this ongoing trend is the benefits of pursuing econometric courses. Some of the major benefits include the following: 

• The first benefit or the foremost reason to pursue econometrics courses is the lucrative packages offered to the students after completion of educational qualification in econometrics. 
• There are a plethora of universities that offer econometrics courses with excellence in education, precise curriculum and affordable fee structure. 
• As per estimations, there is a gradual increase in requirements for econometricians across the globe. Thus the employment opportunities for students completing education in econometric courses are quite higher than in other courses. 

Best Universities for Econometrics Abroad 

As mentioned above there are numerous universities that offer courses in econometrics across the globe. Some of the popular universities are 

Name of the University	QS World University Subject Wise Rankings 2022
Harvard University	1
Massachusetts Institute of Technology	2
Stanford University	3
University of Chicago	4
University of California, Berkeley	5
The London  School of Economics and Political Sciences	6
Princeton University	7
University of Oxford	8
Yale University	9
University of Cambridge	10

Eligibility Requirements 

There are a few eligibility requirements that you are required to fulfil to pursue these courses. Some of the basic requirements include the following; 

• To pursue an undergraduate degree in Econometrics, you must first complete high school with a minimum of 65% marks, preferably with economics as a core subject from an officially recognised institution. 
• If you want to pursue a master’s degree in econometrics, you must have an undergraduate degree with a minimum of 65% marks from an officially recognised institution.
• All the information mentioned above is basic information taken from various universities. However, it may differ depending on different universities and their curriculum.
    

English Language Requirements 

When English is not your first language, you must qualify for the IELTS and TOEFL language proficiency tests. 

Language Proficiency Tests	Score Requirements
IELTS	6.5
PTE	56
TOEFL	90

Documents Required 

As a part of the application process, students must also submit a list of documents. Some of the essential documents include, 

• SOP
• LOR 
• Resume 
• Academic transcripts 
• Visa 
• Language proficiency test scores
• Additional documents 

Cost of Studying 

One of the major things that you must analyse before pursuing econometric courses is the cost of studying. The cost of a study depends on several factors, such as the university’s location, course curriculum and much more. The average cost of studying econometric courses is INR 13,06,683.

Application Process 

The application process is quite simple if you want to pursue econometrics courses. You must check your preferred university’s official website for the latest updates and notifications. Then you must fill out the application form accurately without any mistakes with full details and before the application deadline. As mentioned above, you must also submit a list of important documents as part of the application process. Some universities offer application forms with application fees depending upon the universities; thus, in such cases, you must fill out the form and apply the payment of application fees. In case of acceptance, you will be notified by the university through email or a contact number.

Career Prospects 

As mentioned above, one of the major reasons for the high demand for econometrics courses is the plethora of job opportunities after completion. However, after completing the courses, students have two options: to take job opportunities or pursue higher studies such as a PhD degree. Some of the popular job profiles are as follows; 

• Economists 
• Quantitative analyst 
• Auditor 
• Economic developer 
• Investment banking 
• Statistician 

Salary Offered 

The salary of a person depends upon an array of factors such as experience, location, and much more. The average salary after completion of econometrics in different countries is as follows; 

Name of the Country	Average Salary Offered	INR Conversions
India	INR 1350000	–
UK	£38,997	38.35 Lakhs
USA	$120,236	98.24 Lakhs

FAQs 

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