Historically speaking, the formal study of Economics took a little time to take a structured shape of an academic field as compared to mainstream scientific education. But in the contemporary world, the study of economics is a global phenomenon. It has become one of the most important factors in determining the progress of a nation and its overall global standing as a contributor to human development. Lot of eminent people worldwide have contributed to the field and demonstrated many interesting models through which a nation’s development trajectory can be enhanced. Social and academic development, trades and businesses, job creations, GDPs, purchasing powers are all dependent on how economy manifests out across any country and how academicians, researchers and policy makers manage the structure of the economy.
A globally recognized degree in Economics from a reputed university is valued everywhere because the candidate will acquire excellent analytical skills. The prominent countries in the world with a well- developed education system do offer courses on Economics in their higher education institutions. World’s largest economy USA provides extensive courses on Economics at its hundreds of universities at bachelors, masters and doctoral levels. A well-structured curriculum is the point of attraction for young students from all over the world. For example, a master course on Economics (namely MS in Economics) may come with general economics track for applied research and policy careers and quantitative business modeling for marketing or data science careers. These courses on Economics are designed to provide strong analytical skills to the students which enable them to make informed business decision. This lays stress on empirical techniques using statistical software and are taught by renowned economists who are also active researchers.
Some of the typical subjects that are taught at the master’s level are Quantitative Economic analysis, Econometrics, Macroeconomics, Microeconomics, Finance, and Labor Economics. It emphasizes on practical applications of theoretical economics and quantitative methods and high demand skills in industries such as international trade. It is important to note here that although Economics is largely considered as a social science but it is widely regarded as a part of business school as management science in various universities. Thus, some of the Master’s courses in Economics fall under STEM (Science, Technology, Engineering and Mathematics) category.
Mostly, Master’s courses on Econometrics, Quantitative Economics are, therefore, STEM designated. For instance, Miami University offers MA program in Economics which is STEM designated allowing students to opt for extension of OPT for 24 months. Courses such as MS in Quantitative Economics, MS in Applied Economics, MA in Economics , MA in Financial Economics , MA in Global Economics , MA in Public Policy Economics, MS in Mineral And Energy Economics, MA in Analytical Political Economy, MA in Applied Econometrics , MS in International Economics in reputed universities like SUNY Buffalo , North Carolina State University , Stanford University , Johns Hopkins , Le High , SUNY Stony Brook , Texas A & M are very popular among international students.
The entry requirements for Master’s course in Economics are not fundamentally different from any other Master’s program in USA. The standard requirements for GRE, TOEFL / IELTS and GPA will follow. In most of the US universities, well known organizations like EY, Krogar, JP Morgan, Kantar, Key Bank select graduate students for various job profiles. A young graduate after completion master’s program in Economics typically work as Financial analyst, financial officer, industry analyst, International trade specialist, management consultant, Market research analyst, auditor etc. American Economic Association (AEA) has provided a detailed database of educational institutions across USA offering prestigious degree and certificate courses on Economics and also provides extensive information for the students and educators about studies and careers regarding Economics.
Post COVID -19, we are going to witness a different world for an extended time and hopefully, young economics graduates from reputed universities and organizations worldwide will devise more useful and practical models that will initiate more flexibility and strength in the world economy.
Sr. Counsellor & Trainer
Imperial Overseas Education Consultants