MBA Economics Vs. M.A. Economics
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Right from the early phase of human civilization, man has tried to figure out various ways to make the optimum use of their available resources. There was no set standard up until the early 16th century, when economics came into the picture. It is with the help of economics that man learned the ways and means of utilizing their available resources in the best possible way. What is economics? To put it in simple words, economics is that field of study, which teaches us to utilize our resources in the best possible manner. However, there are various other dimensions to this subject. Economics is the study of resource production, their distribution and their pattern of consumption. An economist is someone who studies, analyses, develops and applies theories and concepts about economics.
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A post graduate program in economics opens up a number of avenues of work, study and research. A Master of Arts (M.A.) in Economics has long been a go-to choice for most people having an inclination towards the subject. But with the recent globalization and merging of economies, a rather modern approach towards imparting education in economics is being taken up resulting in the increasing popularity of an MBA degree in Economics.
Study of Economics
Economics is a complex subject. The fact that it has different dimensions makes it even more complex. M.A in Economics has long existed in our educational sphere. M.A in Economics emphasizes on the particular topic. There are other post graduation degree courses, where economics has been incorporated in the syllabus, especially those which deals in financial matters; MBA for example.
What is the difference between MA in Economics and MBA (Economics)? Well, there are some significant differences. A brief comparison between these two higher levels of education in economics:
Masters in Business Administration (MBA) in Economics
A Masters in Business Administration (MBA) in Economics primarily deals with the practical application of the various theories and calculations in solving and achieving various financial goals of an organization. For example, it tells you about how to set up the budget of the company or how to project the sales volume for the financial year.
MBA (Economics) deals with the following subjects:
a) Concepts of Economics
b) Various tools of Economics
c) Demand and Supply
h) Fiscal Policy
i) Banking System
k) World Economy
In MBA, a lot of emphasis is being given on the mathematical derivations of various theories. The MBA in economics enhances your project management, leadership abilities, and critical thinking abilities along with effective communication skills. It teaches application of economics in mergers and acquisitions, investment opportunities, product development etc.
Colleges in India offering MBA in Business Economics
Previously known as Masters in Business Economics (MBE), the MBA in Business Economics [MBA (BE)] is a niche specialization, offered only by a few colleges & universities in India:
- Department of Business Economics, Delhi University
- School of Economics, Devi Ahalya University, Indore (offers MBA Business Economics as well as M.A Economics)
Scope after MBA in Economics
An MBA in Economics allows students to develop the skills needed for general management with a particular focus on the field of economics. As we see, the MBA in Economics revolves around matters of resources and their circulation in a business environment; the students of MBA in Economics are in high demand in the energy, retail, technology, banking, finance, insurance, stock markets and other major sectors offering them more executive roles. Both private and public sectors holds a lot of growth potentials. Government enterprises, public sector companies, investment firms, business journals and newspapers are other prospective employers. Some examples of employers are World Bank, International Monetary Fund (IMF) etc.
MBA graduates from Delhi University's Department of Business Economics, get job offers from companies like RBS, absolut Data, IMRB, Grail Research, Fractal, Dunnhumby etc.
Master of Arts (M.A.) in Economics
M.A in Economics is a post graduation degree course, where the students are given a thorough and detailed analysis on the subject over a span of two years. It covers all the spheres of Economics. It is a two year post graduation degree course which offers a thorough and comprehensive analysis of the subject, delving into topics such as:
a) Principles of Economics
b) Micro Economics
c) Macro Economics
d) Banking and Money system
e) International Economics
f) Analytical and quantitative methods
Someone having a master's degree in Economics would have a thorough knowledge in the mentioned topics.
Eligibility for M.A in Economics
a) The basic eligibility criterion is to have a 3 years bachelor's degree. However, there are a few reputed colleges and universities in India who look for candidates having a graduation degree with Honours in Economics.
b) Some of the best colleges in India demand at least 55 - 60% marks in graduation for admission to M.A in Economics.
c) Some colleges conduct entrance exams and select candidates based on the marks obtained in the entrance test and their graduation marks.
Reputed Institutes offering MA Economics
Some of the best universities in India for studying economics are:
a) Symbiosis School of Economics (Symbiosis International University) [B.Sc & M.Sc Economics]
b) Jadavpur University
b) Goa University
c) Rajiv Gandhi University
d) Barkatullah University
e) Calcutta University
Scope after studying MA economics
The career path that lies ahead of an M.A. Economics graduate varies from working with different government or private organizations, pursue MBA, work in the academic field, or undertake research on his/ her topics of interest.
As more and more of the Indian economy gets interlinked with the world economy, there is an increased demand for economists who could advise big corporate and even small firms. Gone are the days when only government and academic sectors were open to the economists. In the modern era, if a candidate possesses good analytical and observatory skills, likes crunching numbers and analyze data, & has effective written and oral communication skills, then employment opportunities abound!
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