Top 10 Colleges for Master’s in Economics
What is Economics
In this Post, We will discuss Top 10 Colleges for Master’s in Economics but Firstly we should know the meaning of The word Economics which is derived from the Greek word Oikos + Nemien which means “Managing Household”.
In Early period, Economics was implemented as “the process or science used to manage household” only.
Economics is the science to use and attain the maximum satisfaction from the scarce resources.
The Scottish Economist Adam Smith is called “Father of Economics who defined Economics for the very first time in his book called “Wealth of Nation” in 1776.
The definition of Economics is very wide and different Economists have defined it differently. Economics have been divided into four categories.
- Economics defined as a WEALTH :- Adam Smith (Father of Economics)
- Economics defined as a WELFARE:- Alfred Marshall
- Economics defined as a SCARCITY:- Lionel Robbins
- Economics defined as GROWTH:- Paul Samuelson (Father of Modern Economics)
Economics in Ancient India
Chanakya/Vishnugupta/Kautilya wrote the book “Arthashastra” in which he gives details about the economics.
However, The Book throws light on details related to Roles and Responsibilities of King, Diplomacies, Spy, War Strategy etc.
Demand and Supply
In Arthashastra, Chanakya clearly mentioned that the Price of product should be fixed according to the Supply and Demand . The Book also mention to set the profit limit of product.
According to Chanakya, The State must direct the Price of Product by having thorough knowledge of the Production Cost, what is the Ration in between Supply and Demand, there should be a Maximum Limit of Profit per Goods etc.
Trade
Kautilya also mentioned the advantages of foreign trades which can increase the prosperity of the State
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Top 10 Colleges for Master’s in Economics
1) Indian Statistical Institute, Kolkata/Delhi: Indian Statistical Institute was established in 1931 and was founded by Prasanta Chandra Mahalanobis.
This Institute receives an Institute of National Importance by the 1959 act of the Indian Parliament.
| Courses Offered | Master’s of Science in Quantitative Economics |
| Fees | Rs. 21000/annum (Approx.) |
| Course Duration | 2 years |
| Criteria for Admission | Bachelor degree in any discipline (Science/Arts/Commerce)12th Standards Maths Knowledge |
| Types of Test | Written Admission Test and Interview |
Indian Statistical Institute in India is follows in Kolkata, Chennai, Coimbatore, Delhi, Hyderabad, Mumbai, Pune, Vadodara, Pune, Giridih, Bangalore
2) Delhi School of Economics: Delhi School of Economics under Delhi University was established in 1949
| Courses Offered | MA Economics |
| Fees | Rs. 7500/annum (Approx.) |
| Course Duration | 2 years |
| Criteria for Admission | The Student must have Bachelor degree with Economics as Specialization and at least 60% Marks in the qualifying exam.
The Qualifying Marks for MA Economics is General (40%), OBC (36%), SC (20%) , ST (20%). |
| Types of Test | MCQ |
3) Indian Institute of Technology, Delhi: The IIT was established in Sept 15, 1956 and comes under control of Ministry of Education, Government of India and is Governed by the IIT Act 1961.
IIT Delhi was established in 1961
| Courses Offered | M.Sc in Economics |
| Fees | Rs 30,000/pa (Approx.) for General/OBC/EWS and Rs. 25,000/annum (Approx.) for SC/ST/PwD |
| Course Duration | 2 years |
| Criteria for Admission | The Student must Pass his/her Bachelor degree (BA/B.Sc./B.Com/B.Stat/B.Tech/BE or Equivalent). It must secure at least 55% Marks for General/OBC/EWS category student and secure 50% for SC/ST/PwD |
| Types of Test | MCQ |
IITs all over India : Kharagpur, Bombay, Madras, Kanpur, Delhi, Guwahati, Roorkee, Ropar, Bhubaneswar, Gandhinagar, Hyderabad, Jodhpur, Patna, Indore, Mandi, BHU (Varanasi), Palakkad, Tirupati, ISM Dhanbad, Bhilai, Dharwad, Jammu, Goa
4) Indian Institute of Foreign Trade, New Delhi: It is also called IIFT and was established in 02nd May 1963. It is considered as a Deemed University in 2002
| Courses Offered | M.A. in Economics |
| Fees | Rs. 3,70,000 (approx.) for 2 years |
| Course Duration | 2 years |
| Criteria for Admission | The Student must pass Bachelor degree in any stream. And must have Maths Knowledge in 12th |
| Types of Test | MCQ with descriptive test. |
5) Centre for Development Studies, Kerala : This Institute was established on October 09, 1970, by famous Economist K.N. Raj. This Institute provides education in Master’s in Applied Economics and PhD in Economics.
| Courses Offered | M.A. in Economics |
| Course Duration | 2 years |
| Criteria for Admission | The Student must have Bachelor degree with 50% Marks. |
| Types of Test | MCQ with Negative Marking. |
6) Madras School of Economics, Chennai: This Institute was founded in 1930. This Institute provide Post Graduate in Economics and PhD
| Courses Offered | M.A. in Economics |
| Course Duration | 2 years |
| Criteria for Admission | The Student must have a Bachelor’s degree from a Recognized University with minimum 55% marks for General, 50% marks for OBC and 45% marks for SC/ST/PwD Candidates and the Student must have studied Mathematics or its equivalent at 12th/Intermediate. |
7) Gokhale Institute of Politics and Economics, Pune: It was established on June 06 1930 by R.R Kale . It is one of the Oldest Institute for Research and Training in Economics.
| Courses Offered | M.Sc in Economics and MA in Economics |
| Fees | M.Sc (Rs. 1,70,000 approx. for 02 years) and MA (Rs. 52,000 approx. for 02 years). |
| Course Duration | 2 years |
| Criteria for Admission | The Student must have passed Bachelor’s degree with minimum 50% marks and 45% marks for SC/ST candidates. |
| Types of Test | MCQ |
8) Indira Gandhi Institute of Development Research, Mumbai : This Institute was founded in 1987 . This is a Research Institute for Economics , Energy and Environmental Policy.
| Courses Offered | M.Sc in Economics |
| Fees | Rs. 17,000 (approx.) per Semester |
| Course Duration | 2 years |
| Criteria for Admission | The Student must pass his Bachelor degree B.A/B.Sc. in Economics/B.Com/B.Stat/B.Sc. (Physics or Mathematics)/ B.Tech/BE with at least 02nd division for Economic discipline and 01st division for other discipline AND The Student must have studied Mathematics at higher secondary or higher level. |
| Types of Test | MCQ |
9) Symbiosis School of Economics , Pune: This Institute was established in 2008.
| Courses Offered | M.Sc in Economics |
| Fees | 2.50 lac/annum (Approx.) |
| Course Duration | 2 years |
| Criteria for Admission | The Student must pass his Bachelor’s degree in any stream with exposure of Mathematics/Economics/Statistics/Physics, with minimum 50% marks for General Category OR 45% marks (SC/ST) |
| Types of Test | There is a Writing Ability Test and Personal Interview for Selection Procedure. |
10) Meghnad Desai Academy of Economics: This Institute was established in 2014 . It is a Private College
| Courses Offered | Post Graduate Diploma in Economics |
| Fees | Rs. 7.50 Lac/annum (Approx.) |
| Course Duration | 01 year |
| Criteria for Admission | The Student must have passed his Graduation with 50% marks |
| Types of Test | MCQ and Two Test |
Some Other Prominent Institute for Economics
There are lot of more Renowned Colleges for Economics . Some of them are below
| Lady Shri Ram College for Women, Delhi | Pandit Deendayal Petroleum University, Gandhinagar | Hindu College, Delhi | Ashoka University, Haryana |
| Ambedkar University, Delhi | University of Hyderabad, Hyderabad | St. Xavier’s College, Mumbai | Loyola College, Chennai |
| Christ University, Bangalore | South Asian University, New Delhi | Shiv Nadar University, Noida | Madras Christian College, Chennai |
| KJ Somaiya College of Arts and Commerce, Mumbai | Sri Venkateswara College, Delhi | Presidency University, Kolkata | Ramjas College, Delhi |
| TERI School of Advanced Studies, Delhi | Delhi College of Arts and Commerce, Delhi | Miranda House, New Delhi | JNU, New Delhi |
Job Opportunities
Student who study Economics can apply on these job .Below is the job Title
- Corporate Analyst
- Securities Analyst
- Investment Banker
- Personal Finance Consultant
- Research Associate
- Market Analyst
- Business Analyst
- Money Manager
- Investment Analyst
- Marketing Manager
- Operations Manager
Top Companies
Some of the Top Companies who is always in need of Student who study Economics. Some of them are below:
- Reserve Bank of India
- Rail India Technical & Economic Services
- Department of Economic Affairs
- Directorate of Economics and Statistics
- Indian Statistical Institute
- HSBC