Master of Science Applied Economics or M.Sc Applied Economics is a postgraduate degree that focuses on comprehensive training in economic theory, econometrics, and economic modeling. M.Sc Applied Economics is for 2 years which includes a total of 4 semesters.
Read more: MSc Admission Process 2024
The minimum eligibility for the M.Sc. Applied Economics is to complete graduation from a recognized educational Board. M.Sc Applied Economics focuses on offering a rigorous and in-depth understanding of the economy. M.Sc Applied Economics tries to understand the various related areas like demand analysis, the theory of production, cost production functions, monopolistic competition, oligopoly competition etc
Know More: MSc Courses in India
The average fee for M.Sc Applied Economics varies between INR 80,000 and 2,00,000 depending upon the institute opted for completing the course. On successful completion of M.Sc Applied Economics, the various career titles that are available for the learner are Assistant Policy Analyst, Business Analyst, Data Analyst, Commodity Merchandiser etc. The average salary after M.Sc Applied Economics ranges between INR 3,00,000 to INR 5,00,000.
Table of Content
2.1 Why Study?
3.2 Entrance Exams
- MSc Applied Economics: Top Colleges
- MSc Applied Economics: Distance Education
- MSc Applied Economics Syllabus
- Course Comparison
- MSc Applied Economics: Job Profiles
8.1 Future Scope
MSc Applied Economics: Course Highlights
| Course Name | Master of Science [M.Sc] in Applied Economics |
| Eligibility | Bachelor’s degree from a recognized university with 50% marks |
| Syllabus | Microeconomics, Macroeconomics, Econometrics, Data analysis |
| Fees | INR 2,00,000 to INR 3,00,000 |
| Duration | 2 Years |
| Admission Process | Management entrance exam or direct admission |
| Examination | Semester system with 2 semesters each year |
| Job Profile | Data Analyst, Business Analyst |
| Average salary | INR 3,00,000 to INR 5,00,000 |
MSc Applied Economics: What is it About?
Information and details about the M.Sc. Applied Economics programs are as follows.
- The course deals with the understanding of the application of economic theory and econometrics.
- It helps to cultivate the skills that address real-life problems with the help of data and economic principles.
- The knowledge of applied economics helps to design business practices and policies of high quality.
- The practical aspects in which the applied economics offer advanced learning include agriculture, industrialization, engineering, finance, monetary policies, and various others.
MSc Applied Economics: Why study MSc in Applied economics?
The reason to pursue M.Sc. Applied Economics varies from learner to learner, but the most common reasons that explain why one should learn Applied economics are:
- Skill development: The course offers one of the best opportunities to develop skills that include Problem Solving Ability, Strong Judgmental Ability, String Analytical ability, Critical Thinking, Decision Making, Strong communication, coordination and negotiation, System evaluation and Analysis, and Management of material and financial resource.
- High Demand: The skills that are cultivated by learning M.Sc. Applied Economics is highly in demand both in the public and private sector.
- Better Pay: If you are looking for a better and high pay job, then M.Sc. Applied Economics is the best option. It offers higher pay from the initial level and with growth, the pay scale increases at a great pace.
- Better Career Opportunities: The various career options that the course offers include Data Analyst, Business Analyst, Commodity Price Analyst, Financial Asset Valuer, or Strategic Planner.
- Candidates can further pursue Phd. or any advanced degree after completion of the course as well.
- Own venture or training/teaching center can also be established, also one can work in collaboration with multiple organizations as a Strategic Planner.
MSc Applied Economics: Admission Process
After completing graduation with a minimum of 50% aggregate marks, one can apply for the MSC Applied economics in the colleges offering the same. The general process is based on merit and interview, while a few colleges do conduct the separate entrance exam as well.
The guide to apply for entrance exam based admission is as follows.
- Submit Form: The forms are available on the website of the colleges. The student needs to fill in the details in the accurate and correct form and submit the same for application.
- Submit documents: Scan and upload all required documents like mark sheets, ID proofs, the scorecard for entrance exams, TC, and all related documents in the format as listed. Ensure to follow the university approved format and keep the scan clean and of high resolution.
- Application fee: There is a minimum fee that needs to be paid as the application fee. Make the payment online through the link or transfer in the bank details offered on the official website and send the details of the transaction ID along with other documents, if required.
- Counseling and admission: Once the documents are submitted, the college scrutinizes them and as per guidelines follows the personal interview. After the counseling and the rest of the formalities, the confirmation for the admission is received. Make the necessary submission to finalize.
MSc Applied Economics: Eligibility Criteria
The basic eligibility criteria for the M.Sc. Applied Economics course is quite simple to follow. Although the criteria might differ from institute to institute, the basic eligibility criteria are:
- Candidates must have cleared their 10+2 level examinations with at least 50%.
- A graduate degree with at least 50% with Economics as one of the subjects is more preferred.
MSc Applied Microbiology: Entrance Exams
While most of the colleges depend on merit and personal interview, there are few colleges that that also focus on the entrance examinations which are:
- PUMDET Entrance Exam: PUMDET entrance exam is conducted by Presidency University for offering admissions in MA and MSc courses. Interested candidates can apply for this exam online through the official website.
| Entrance Exams | Exam Dates |
|---|---|
| CUET PG | Check CUET PG Dates |
| NEST | Check NEST Dates |
| IIT JAM | Check IIT JAM Dates |
| DUET | Check DUET Dates |
| TISS NET | Check TISS NET Dates |
Read More: Msc Entrance Exams In India
MSc Applied Economics: How to get admission in a top MSc Applied Economics college?
To secure admission in the M.Sc Applied economics course, the basic points to consider are:
- Present your graduation and school scores, with all the required documents clearly.
- Be aware of the economic world that will help you to pass through the interview.
- Ensure to apply well before the deadline and avoid hassle at the last moment.
- Know about the major you are looking for to get into the best college you are looking for.
MSc Applied Economics: Top Colleges with Fees
| College Name | City | Average Annual Fees |
|---|---|---|
| St Stephen’s College | New Delhi | INR 8,000 PA |
| Loyola College | Chennai | INR 5,800 PA |
| Madras Christian College | Chennai | INR 14,500 PA |
| Fergusson College | Pune | INR 4,700 PA |
| St. Joseph’s College, Devagiri | Calicut | INR 4,500 PA |
| St. Xavier's College | Mumbai | INR 13,800 PA |
| Presidency University | Kolkata | INR 4,800 PA |
MSc Applied Economics: Distance Education
Distance education offers an uncanny opportunity to prospective students to learn and gain skills at the comfort of home. The option is best suited for people who are in a job and are looking to polish their skills for better career prospects and growth.
Some of the colleges that offer the distance education facility in M.Sc. Applied Economics are:
To apply for the distance learning course, the conditions to be fulfilled are:
- Minimum 50% in graduation and 10+2
- Application with all the required documents
- Payment of the application fee.
What is the MSc Applied Economics Syllabus?
A semester- wise breakup of the course’s syllabus is tabulated below.
| Semester 1 | Semester 2 |
|---|---|
| Environment and Economic Development | Game Theory |
| Quantitative methods | Economic of Natural Resources |
| Macroeconomics | Econometrics |
| Microeconomics | Indian Economic Development |
| Basic concepts and applications | Study of mathematical models |
| Mathematical modeling, optimization, game theory, statistics, and econometrics. | The economic development of India |
| Economics: general economic factors. | Economics concerned with the use of mathematical methods |
| Economics concerned with individual decisions. | ------ |
| Semester 3 | Semester 4 |
| Advanced econometrics | Indian agriculture in a global setting |
| Trade and the environment | Ecological economics |
| Time series and regression of analysis | Study theory |
| Microeconomics II | Operations Research |
| Advanced concepts and applications | Public Finance and Policy |
| Mathematical economics | International economics |
| Concepts and applications | Optional papers like Computer Application in Economic Analysis, Security Analysis, and Portfolio Management, Applied Welfare Economics, Development of Economic Ideas, and others |
| Advanced concepts | - |
MSc Applied Economics: Course Comparison
Below given is the course comparison between MSc Applied Economics and MSc Economics on the basis of job opportunities, future prospects and other parameters.
| Parameters | M.Sc. Applied Economics | M.Sc. Economics |
|---|---|---|
| Course Name | Master of Science in Applied Economics | Master of Science in Economics |
| Duration | The complete duration is 2 years. | The complete duration is 2 years. |
| Focus Area | It is more towards the practical end and the use of economics based on the specific circumstances. | It has more theoretical application and focuses on the study of scientific principles in the field of economics. |
| Admission Process | Mostly on the basis of Interview and merit | Mostly on the basis of Interview and merit |
| Eligibility Criteria | 10+2 with at least 50% aggregate score and graduation with 50% | 10+2 with at least 60% aggregate score with PCM subjects. |
| Average Course Fees | INR 80,000 to INR 2,00,000 | INR 20,000 to INR 2,00,000 |
| Job Options | Data Analyst, Business Analyst, Commodity Price Analyst, Financial Asset Valuer, Strategic Planner, Professor | Economic data analyst, Financial Analyst, Financial Manager, Professor |
| Average Placement Package | INR 3,00,000 to INR 5,00,000 | INR 2,50,000 to INR 4,00,000 |
MSc Applied Economics: Job Profiles
Applied economics is one of the disciplines that offer a wide scope for the students to build a career. With the application in a wide range of sectors that include agriculture, aviation, finance, government, and international and domestic banking, consulting, nonprofit, M.Sc. Applied Economics offers a great prospect for the future.
The most common roles that are offered include:
- Economist
- Consultant
- Professor
- Policy Analyst
- Budget Analyst
- Market Researcher
- Data Scientist
- Statistician
Below are some job profiles with detailed descriptions:
| JOB POSITION | JOB DESCRIPTION | AVERAGE SALARY OFFERED |
|---|---|---|
| Economist | An economist is one who analyzes economic issues, interprets and predicts market trends. | INR 6,50,000 |
| Lecturer | One of the best career scope that relates to imparting knowledge and skills acquired in a classroom. | INR 4,50,000 |
| Financial Risk Analyst | A Financial Risk Analyst looks into the monetary aspects of the organization by interpreting and analyzing the threats, earning capacity, of the organizations in public, private, industrial, and commercial sectors. | INR 7,20,000 |
| Data Analyst | A Data Analyst is one who uses the data and the statistical tools for identifying various facts and trends. | INR 5,50,000 |
| Mutual Funds Manager | The fund manager is basically in charge of what stocks, bonds, or other assets the fund will buy with investors’ money. | INR 8,00,000 |
| Agricultural Economist | The Agricultural Economist is responsible for determining patterns and trends in economic activity, especially those linked to agriculture. | INR 6,00,000 |
| Business Analyst | The main role of the business analyst is to implement cost-effective technology solutions in industries and businesses. | INR 6,50,000 |
| Litigation Consultant | A litigation consultant is brought into a case, other than an attorney or similar employee, who helps a litigator improve the chances of winning a case by elevating the attorney’s performance. | INR 9,00,000 |
| IES Officer | IES (Indian Economics Service) officers work in the field of economic advice, economic administration, and implementation of the development of policy and programs. | INR 11,20,000 |
MSc Applied Economics: Future Scope
After pursuing a Master of Science in Applied Economics, one has a wide range of opportunities and career options in the specified field.
- The study involves economics and finance as the major subject that has wide scope and applications.
- The candidate who pursues the course is eligible for a job in both the private and public sectors.
- The candidate is eligible to pursue high-level education like M.Phil or Doctorate.
- With various job prospects, the student can go for one that he feels is the most appropriate.
- UGC NEET is another scope that allows candidates to establish as a lecturer.
- They can also go for an MBA degree in the Finance and Economics Sector.
- The candidates can also work as Risk Analyst or can apply for the post of IES (Indian Economics Services) Officer.
MSc Applied Economics: FAQs
Ques. What are some of the subjects taught in MSc Applied Economics course?
Ques. What are some job prospects after an MSc Applied Economics course?
Ques. What is the average fee for an MSc Applied Economics course?
Ques. What is the approach of the MSc Applied Economics course?
Ques. What are some advanced courses after MSc Applied Economics?
Ques. Can one learn MSc Applied Economics while working?
Ques. What is the best job opportunity after MSc Applied Economics?
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