In recent years, masters in economics have become increasingly popular, probably because they offer exciting career opportunities, excellent job prospects, and high earning potential.
With this lucrative degree, you can enter various occupations, providing stable working environments and a chance to advance to higher positions.
To put these praises into numbers, note that the US BLS Occupational Handbook outlines the following predictions for economic-related occupations:
- Economists – 13% projected job growth
- Financial Managers – 17% projected job growth
- Market Research Analysts – 22% projected job growth
- Statisticians – 33% projected job growth
*(The expressed numbers refer to the US data; all projections encompass the period from 2020 to 2030)
However, precisely because the field offers favorable opportunities, it is packed with fierce competition. That’s why BLS’s Handbook remarks that a master’s degree has become a typical entry-level education required by most employers.
Here’s what you’ll need for enrollment.
Prerequisites For MA in Economics at a Glance
Although specific requirements will, of course, vary from one university to another, typical requirements for enrolling into MA or MSc in Economics are:
- A bachelor degree in economics or a related field
- GRE (Graduate Record Examination) or GMAT (Graduate Management Admission Test) scores
- Personal statement
- Letters of recommendation
- Resume
As a rule of thumb, the higher the competition, the stricter the admission criteria.
Institutions that receive many applications and have a strict ranking system will usually have higher entry requirements. For example, they might consider a previous academic record, undergraduate GPA, extracurricular activities, high GRE/GMAT scores, and previous professional experience.
Because each university tailors the prerequisites for admission, it’s really hard to make a universal list of requirements or predict which of the above-noted will bear greater significance. While many institutions place a strong emphasis on academic achievements, others will value the skills acquired through work experience.
The best advice is, of course, to contact the admissions counselor of the programme that matches your interests and take it from there.
Do You Need a Bachelor’s in Economics to Get a Master’s?
In most cases – yes. But it’s of essential importance to realize that this prerequisite is not just a matter of academic nomenclature. Postgraduate studies in FAME subjects (Finance, Accounting, Management, and Economics) tend to have a coursework that requires a great deal of foreknowledge. So, even if a particular master’s doesn’t list an undergraduate degree in economics as a prerequisite, it will almost certainly assess your background in calculus-based economics subjects.
In other words, whether or not the university requires a bachelor’s in economics to get a master’s, it will ensure that you have strong mathematical reasoning. The admission board may look into your performance in majors such as:
- Calculus
- Linear algebra
- Statistics
Although long lists of requested foreknowledge may sound discouraging, be sure to remember that the elimination process is there for a reason. The postgraduate coursework in economics can be a hard pill to swallow if you’re not already familiar with the field’s core concepts. You cannot specialize without knowing the basics.
Having said that, do note that there are institutions offering preparatory courses in mathematics and statistics for students who do not have a sufficiently strong background in these subjects. Be sure to check if such options are available at the university of your choice.
How to Apply For Our MA in Economics Programme?
The CBU’s MA in Economics programme offers prospective students in-depth and competitive knowledge in the field.
You’ll be specializing through coursework that includes Advanced Microeconomics and Advanced Macroeconomics, Econometrics, Monetary Economics, Policy Analysis, Financial Analysis and Management, International Trade, and others.
Because we strive to perfect a student’s skill set and make him/her come out of our programme as a top-performing professional, our MA in economics is specifically designed for candidates who have a background in the field.
Contact us for more information, or download our prospectus if you want to learn more about the programme.