Skills you will learn in an online MA in Economics

The whole idea of pursuing a Master’s degree in any discipline is to gain expertise and advanced knowledge. Additionally, it helps you earn specialized skills that are relevant to the industry you wish to work for. This is true for an MA in Economics too. Students pursuing an online degree in the field stand a chance to become future-ready, holding specialized skills in their kitty. Acquiring these skills is crucial as they allow students to learn more about specific areas of economic analysis. This further results in informed decision-making and enhanced productivity at work. This article focuses on the key skills learned in MA Economics at Manipal University Jaipur (MUJ).

Core Skills Learned in MA Economics Online

Detailed below are some of the top skills learned in MA Economics, including the online MA Economics course at MUJ.

• Quantitative Skills: Students gain proficiency in analyzing large data sets. They also develop and interpret economic models simulating real-world economic environments. This is one of the key Economics analytical skills taught as part of the online MA Economics degree. Core concepts include econometrics, statistical modeling, and data interpretation.

  Job role available with this skill: Econometrician

• They use a combination of mathematics and statistics to model, analyze, and foresee economic outcomes.
• They thoroughly understand the properties of existing statistical procedures and tests for estimating the unknown values in the model.
• They also develop new statistical processes despite unique economic data.

Average annual salary of an Econometrician in India: INR 6 lakh – INR 10 lakh per annum

• Analytical Thinking: As part of the Economics analytical skills, students learn to critically review complex economic data and interpret current market trends. They also gain proficiency in handling and assessing large sets of data using critical tools such as Python, Stata, R, or Excel. Students are also taught the real-world application of these statistical techniques to predict trends and test economic theories and principles for their effectiveness.

Job role available with this skill: Data Analyst

• They gather data and clean it by removing or fixing inaccuracies or duplicates.
• They create visual representations of data through graphs, charts, and dashboards.
• They prepare presentations and reports of data findings to share with stakeholders. 

Average annual salary of Data Analyst in India: INR 5 lakh – INR 10 lakh per annum

• Problem-Solving Skills: Online MA Economics benefits students by teaching them a highly critical skill that will always help them at every stage of their career. Students learn to address real-world economic challenges by identifying strategic solutions. A few examples include environmental sustainability, inequality, and market inefficiency. Students are encouraged to assess the potential economic impact of the proposed economic policies.

Job role available with this skill: Policy Advisor

• They offer expert advice to policy decision-makers on making changes to existing policies after evaluating them in detail.
• They identify potential improvement areas by researching and analyzing data. 
• They are responsible for building and maintaining relationships with the concerned stakeholders.

Average annual salary of a Policy Advisor in India: INR 4.4 lakh – INR 7.5 lakh per annum

• Research Competency: One of the most desirable career skills from MA Economics courses that you can learn is to gain expertise in conducting detailed economic research and reporting. You learn to assess the effectiveness of government policies and structure research projects to address key economic issues using an evidence-based approach.

  Job role available with this skill: Market Research Analyst

• They gather data using various research tools such as questionnaires, statistical software, surveys, and study focus groups.
• They analyze this data and also convert it for easy understanding and interpretation into tables, graphs, and reports.
• They identify and foresee current and future economic trends.

Average annual salary of a Market Research Analyst in India: INR 4.4 lakh – INR 5.5 lakh per annum

• Policy Analysis: This is one of the major online MA Economics benefits that students will gain upon completion. The program equips learners with the crucial skills of research and evaluation. They are thus able to design and assess economic policies initiated by the government.  Graduates can also evaluate the potential impact of these policies based on an evidence-based approach. They study academic literature on the topic and derive valued insights from the research findings. 

Job role available with this skill: Policy Analyst

• They research, assess, and make recommendations to existing policies. 
• They design new policies after conducting thorough data analysis.
• They identify the potential effect of the policy designed by the government or an institutional body on the public at large.

Average annual salary of Policy Analyst in India: INR 4 lakh – INR 10 lakh per annum

• Communication Skills: They are considered the most important in terms of career skills from MA Economics degrees that students can imbibe. Effective communication can help Improve the ability of a professional to present complex economic data and insights to diverse audiences most easily and effectively. They can present their findings to both experts in economics as well as non-experts. Graduates also gain expertise in preparing concise policy briefs, economic reports, and white papers for concerned stakeholders. 

  Job role available with this skill: Economic Journalist

• They interpret and translate complex economic datasets into easily comprehensible stories for a diverse audience.
• They research, analyze, and report on the latest economic news trends in the country and the world.
• They stay up to date with the current economic figures and financial markets at all times. 

Average annual salary of an Economic Journalist in India: INR 4 lakh – INR 6.4 lakh per annum

Career Readiness With Online MA Economics Skills

One of the top benefits of pursuing the program is the wide array of industry-relevant career skills from MA Economics that students tend to gain. These skills directly align with job roles in varied sectors. Some of these include public policy, finance, and academia. For instance, graduates in Economics with analytical skills are eligible to apply for the roles of a Data Analyst or Financial Analyst. 

Likewise, those with advanced economic research skills can enter research roles, such as Economic Researcher, Research Analyst, and the like. All of these job roles are gratifying. Moreover, employers too value candidates with strong analytical and problem-solving skills in Economics. 

Real-World Applications of Acquired Skills

One of the online MA Economics benefits is that the skills obtained during the program can be easily applied to real-world business environments. The skills that students are equipped with can be applied in various career roles. Some of these include financial analysis, economic policy-making, and business strategy. Additionally, the advanced economic research skills that students learn in online MA Economics courses can be put to use in research roles in varied industries. 

Here are a few examples of real-world applications of these skills. An online MA Economics graduate may apply for the role of a Policy Researcher at the RBI. He/she is responsible for analyzing trends in inflation and thereby proposing necessary adjustments to the monetary policy.

Likewise, an Investment Analyst working at Goldman Sachs, for instance, may use the knowledge of econometrics tools learned during the program. They can use these tools to foresee stock performance and offer expert advice to their clients on strategic investment decisions.  

Acquire Career Skills with Online Manipal’s Online MA Economics Degree

Want to be future-ready with the best advanced economic research skills and others for a lucrative career path? Join the online MA in Economics course from Manipal University Jaipur on the Online Manipal platform. 

The two-year degree program is aimed at helping students gain expertise in shaping the future of policy-making. Learners are equipped with a thorough understanding of economic theory and analysis. Graduates are eligible to apply for a variety of roles in financial services, academia, and jobs in the government and corporate sectors. 

Conclusion

Online MA in Economics is designed to make students career-ready and versatile to work in varied industries. The skills that students acquire through this program enable them to assume top management and leadership roles in policy-making, research, financial and investment analysis, and the like. Enhance your economic acumen with the online MA Economics degree by Manipal University Jaipur on Online Manipal and take the next big step forward in your career path.