Studying a postgraduate course in economics provides you with a solid professional basis for a successful and lucrative career in business, government or academia. An MSc from a good economics department can make you a highly sought after candidate for both the public and private sectors.
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There are numerous postgraduate courses in economics available so it is important that you decide which specialist area of industry or academic research that you want to go into. Read on to discover how a postgraduate course in economics can improve you employment prospects and enhance your grasp of the subject.
Any student planning to take a taught postgraduate course in Economics has first to make two crucial and related decisions. Why do you want the degree, and to which Universities should you apply? A general MSc in Economics is solid training that opens many career opportunities, but if you have a particular career in mind, you may wish to specialise. If your heart's desire is to work as an economist in developing countries, for example with the World Bank, then why not specialise in development economics? If you just want as high paying a job as possible, then perhaps financial economics or econometrics is more relevant to secure that job as an analyst with a private sector financial company. You may want to work as an economist with a government. A general Masters in Economics keeps your options open, but you could specialise in labour economics, industry, public finance, health or agriculture. The list is long, and the career opportunities varied.
Which field of economics?
A Masters in Economics essentially offers training in analytical skills, typically including quantitative analysis, and knowledge and theory and evidence in chosen fields. Almost every Masters will comprise the same core (compulsory) modules: Microeconomic Theory, Macroeconomic Theory and Econometrics. The way in which these modules are taught will vary. The stronger research Departments will tend to cover core modules in a technical (mathematical) way, and would probably require Econometric Theory in addition to Quantitative Methods (applying econometric techniques and software packages). Any students interested in a career as an academic economist, who would be required to undertake further training through a research degree (MPhil/PhD) are best advised to take one of the more technically demanding MSc in Economics courses offered by the more highly rated Departments.
Look for any Department with ESRC Mode A recognition. After the core modules, you would then choose electives (options) from a range offered. In a standard MSc in Economics, the options will typically include more advanced or specialised core modules, such as Time Series Econometrics or Social Choice Theory, and options in the major fields. These include labour (employment and the working of the labour markets), industrial organisation (how firms operate), international trade (analysing the flow of goods and services between countries), financial economics (valuing stocks and options and the workings of financial markets), etc.
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Some of you may be interested in a Masters that specialises in a particular field, such as Econometrics or Financial Economics; normally the requirement would be that two or three of the electives chosen are within the field specialism. For example, an MSc in International Trade would have the standard core modules as outlined above. Among the electives would be trade theory, trade policy analysis (such as how to measure protection and how to evaluate policy reforms), commodity markets (the special features of trade in agricultural commodities, oil, operation of future markets), etc. Similarly, an MSc in Development Economics would address the concerns of low income countries, with electives that address poverty, agriculture and rural households, the impact of aid, the operation of the World Bank and IMF, the position of low income countries in international trade, etc. Students who want to specialise should choose a Department with a research reputation in the relevant area.
Which university?
You've decided you want a Masters in Economics, but how do you choose from the many Universities offering courses? In addition to any personal reasons you may have, there are three crucial factors to consider. First, how good in the Department? For graduate study, it is important that the Department has a good research record. If you want to specialise in a particular branch of Economics, you want to be taught by staff at the forefront of their field; ask the Department. Second, does the institution offer the specialist electives you are interested in? Third, is the University located somewhere you would like to live? Some Universities are centre-city, others in a campus a few miles from the centre, and others some way outside the city.
Entrance requirements
The good Departments will require that applicants for a taught Masters have a good honours degree in Economics, normally at least a 2.1 or equivalent, and be able to demonstrate proficiency in English.
Studying a postgraduate course in economics is recommended for those of you who wish to reach the high-flying jobs in your field. As a postgraduate, you will have the knowledge, skills and potential that will put you ahead of the rest. Before you apply for a postgraduate course in economics, make sure you do plenty of research into the departments and the career destinations of particular courses. Good luck!