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What is a Masters Degree in Economics Nov 23, 2017

What is a Masters Degree in Economics.png

Economics is generally a social sciences course as it studies economic activity, by discovering the choices people make with regards to products, as well as the scarcity of the products. Generally economics has been referred to as “the study of scarcity and choice”.


Although a Bachelor of Arts (BA) or a Bachelor of Sciences (BS) degree proves to be beneficial for a graduate, most students decide to further pursue economic studies by applying for a masters degree in economics. This broadens the students spectrum of knowledge and creates more diverse job opportunities, by providing more enhanced economic skills.


A masters degree in economics is a postgraduate and consists of many different areas of economics which train an individual to gain the skills needed. These areas are econometrics, economic theory training and applied economics. In some cases this course is offered as a professional degree or to prepare students for a doctoral degree.


In some universities a masters degree is not directly offered, but is offered as s masters degree “en route”. This is usually offered after completing a certain phase of PhD in economics.


A masters degree in economics may last between one to two years. Usually a thesis is required. Modules covered in the economics curriculum are econometrics, macroeconomic theory as well as microeconomic theory. Entry requirements are an undergraduate degree in economics which must be calculus based. Students must have a sufficient understanding In areas of mathematics such as calculus, statistics along with probability, linear algebra and in certain cases mathematical analysis.


Degrees which are focused on theory cover more areas mathematically, and place a huge emphasis on areas such as econometric theory, compared to techniques of econometrics and basic software. Irrespective of which area focus is placed on, as of lately more emphasis is placed on the importance of mathematics.


Where mathematics is not a core course, most universities expect and require quantitative techniques. In some programs, core work may include economic history.


Overall, a degree in economics is one which will be of beneficial use to a graduate. However, a masters degree covers more areas of economics and is therefore more beneficial than a BA or BS. Along with a masters degree comes more opportunities socially and academically.


Provided the student has successfully graduated with a bachelors degree in economics, and has the required knowledge in important areas such as mathematics and econometric theory, the individual may apply to study a masters degree in economics.