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Is a Masters Degree in Economics worth it?

[Sponsored article] A Master of Economics degree is geared towards enabling students who already have a solid base of economics-based knowledge to learn how to apply these economic principles to real-life situations.

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Is a Masters Degree in Economics worth it?

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Master of Economics

A Master of Economics degree is geared towards enabling students who already have a solid base of economics-based knowledge to learn how to apply these economic principles to real-life situations. As most economics graduates would tell you, a Master in Economics allows you to hone in on your analytical skills, to utilise your expertise to come up with innovative solutions to a diverse range of problems, and to learn how to master various econometric techniques and software. Given the broad scope of scenarios in which such a skills-set can apply to, a Master of Economics degree is rapidly becoming a popular choice for those pursuing graduate studies, alongside courses such as Finance, Accounting, and Management.

A Master of Economics course is generally considered a social science course which involves the analysis of economic systems. Thus, students have the opportunity of examining systems from production and distribution to the consumption of goods and services. The best Master in Economics programmes are structurally divided into core modules including microeconomic theory, macroeconomic theory, and econometrics. Generally, economics integrates facets of other social sciences, such as sociology and international studies, and adds its own flavour to them by allowing students to develop their skills in mathematics and statistics. This allows students to draw conclusions based on numerical evidence and quantitative techniques.

In numerous Master of Economics programmes, students are given the chance to specialise in particular areas, for instance, in financial economics, development economics, sustainable economic development or in economic history. This frequently opens the door to those individuals who might later be interested in a career that is orientated towards academia or in economic research. Two famous economics whose names have become synonymous with global economics are Alan Greenspan and Jeffrey Sachs. 

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Requirements when applying for a Master of Economics

What distinguishes a Master of Economics course from an undergraduate Economics degree is the depth of mathematical sophistication required. After all, applicants would need a firm grounding in this area, in order for them to make the most of their master degree and to further stretch the boundaries of their understanding. Some universities offer courses in mathematics and in statistics, primarily tailored to those students who are hoping to study a Masters in Economics course and who lack an academic grounding in mathematics. Nevertheless, the most rigorous and best Master in Economics programmes usually state, as an explicit requirement, that the applicants possess a mathematically-oriented Economics degree.

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