Master of Economics from USA – Road Ahead
Posted on April 23, 2020
The COVID-19 pandemic is impacting world’s economic activity. The current situation needs effective policies by economists to forestall the possibility of worse outcomes. Because the economic fallout is acute in specific sectors, policymakers and economists will need to implement substantial, targeted fiscal, monetary, and financial market measures to support affected households and businesses domestically. And internationally, strong multilateral cooperation is essential to overcome the effects of the pandemic, including helping financially constrained countries facing twin health and funding shocks, and for channelling aid to countries with weak health care systems.
By choosing economics as their major students can understand the historical trends, interpret today’s headlines, and make predictions about the coming years. The students can analyse how individuals, businesses, governments, and nations make choices on allocating resources to satisfy their wants and needs. Economics ranges from individual decisions to study of economy as a whole.
The Master’s degree in economics typically involves two years of post-baccalaureate study, generally including courses in microeconomics, macroeconomics, quantitative analysis, and econometrics. Many universities offer Master of Arts and Master of Science degrees in economics. A Master of Arts degree based more on analysis and reading, where as a Master of Science degree is more math-centred. Before choosing a degree be sure about which area you want to pursue and what career path you see yourself in long-term.
Although economics graduate programs have varying admissions requirements, graduate training in economics is highly mathematical. The students should have basic knowledge on the following list of mathematical topics.
- High school mathematics
- Basic calculus and linear algebra
- Applied mathematics, differential equations, linear programming, and basic probability theory
- Advanced calculus, advanced algebra and stochastic processes
- Real and complex analysis, advanced probability theory, and topology
Careers in economics
After graduating in Economics students have wide variety of career opportunities in the fields of business, consultation, law, medicine, government, non-profits, and international relations, as well as in academic roles.
According to U.S. Bureau of Labor Statistics the employment of economists is projected to grow 8 percent from 2018 to 2028, faster than the average for all occupations. Job prospects should be best for those with a master’s degree or Ph.D., strong analytical skills, and experience using statistical analysis software.