Highlights

*Note- Fees and Average packages for other colleges apart from the ones given in the table may vary.

What is an MBA in Business Economics

An MBA in Business Economics integrates concepts of economic theory and principles with advanced business management skills, thus enabling the students to understand both business and market together. This specialization inculcates the skill to analyze market trends, make decisions according to the changing trends and formulate strategies that respond to both micro and macroeconomic challenges. The significant topics covered within two years are global markets, economic policy, econometrics and financial modeling. The program enhances critical thinking and financial decision-making for the growth of the company. Graduates of this program are prepared for a competitive environment and complex roles in both public and private sectors. In profiles concerning finance and international business, the professionals can apply their knowledge to drive organizational success.

Masters in Business Economics provides students with an education that includes economic principles and helps to shape a business. The following things are learned during the course.

Professionals learn concepts of business economics from the foundation to the expert level.

●  Use data-driven decisions.

●  Handle the team with great leadership skills during market disruption.

●  Create resources and brainstorm ideas and methods that financially benefit the commercial communities.

●  Recognize local economies, pricing and purchasing, consumer behavior and the worldwide marketplace.

Why one should opt for an MBA in Economics

Professionals aspiring to enhance their understanding of economic principles and business management skills can consider Economics as a specialization in MBA. The curriculum gives graduates the skills to assess business plans and understand market trends enabling them to make data-driven decisions. Here the curriculum is designed to fuse economic theory with real-world commercial applications.

The program combines economic theory with practical business applications, equipping graduates with the tools to analyze market trends, evaluate business strategies and make data-driven decisions. With a strong foundation in both macroeconomic and microeconomic concepts MBA students are prepared to navigate the complexities of global markets and financial systems. Furthermore, an MBA in Economics can open doors to leadership roles in a wide range of industries. These industries include finance, consulting, government and international organizations. Nowadays professionals with expertise in economic analysis are in high demand. Decision-making is a necessary skill set for such professionals.

The students of this course need not worry about the potential it holds as it provides multiple opportunities for applying to different careers.

This program is beneficial for those with work experience. Prior experience promises practical knowledge to handle difficult situations in an organization. Therefore senior-level professionals with work experience choose an MBA in Economics. People can opt to shift their career from any sector to economics with the help of this degree.

Entrance Exam

In India, multiple entrance examinations are conducted to test the aptitude of applicants to top management colleges.

These are as follows :

●      CAT:  CAT stands for Common Admission Test and is one of the most popular entrance exams. It is conducted every year in India for admission to management colleges. Students aspiring for the top management colleges must get a high score in CAT.

●      GMAT: GMAT by GMAC, also called as Graduate Management Admission Test. It is an online exam conducted every year for students to qualify for admission to MBA programs. It is for universities in India as well as abroad.

●      CMAT: CMAT, the Common Management Aptitude Test. It is a national-level examination conducted every year by the NTA. It is the second most common exam taken by students after CAT.

●      XAT: The Xavier School of Management administers the XAT exam which is open to final-year students and those with bachelor's degrees.

●  Some colleges/universities have criteria demanding at least a year or more of relevant experience as it is essential to understand management studies. Work experience forms a firm foundation for career advancement in the future.

●  Some private universities conduct their entrance exams to qualify students for admission.

Eligibility

The admission criteria for the MBA in Economics are discussed below:

●  Students must have a bachelor's degree in any discipline from a recognized university. A passing percentage of 50% or equivalent CGPA is acceptable.

●  For students under the reserved category ( OBC/SC/ST), 5% relaxation is offered from the mandatory passing percentage.

●  Students can apply in their final year after submitting a no-objection certificate from the principal.

●  A merit score of more than 60% is required for admission to top universities like IIMs and IITs.

●      Students must score well in the entrance exam if they aspire to be admitted to the top colleges.                                          

Admission Process

The steps that the admission process for an MBA in Economics includes are as follows:-

●  Students must secure a bachelor's degree with a minimum aggregate percentage of at least 50% in graduation.

●  Students need to pass entrance exams like CAT, XAT, CMAT, SNAP, GMAT and other private university-based examinations depending on the requirements of different universities. Depending upon the cut-off or the score, admissions will be provided to this course. Student's chosen specializations do not solely determine their admission into the MBA programs.

●  All invited candidates have to fill up the online or offline admission form and attach all required papers, including their Aadhar card number, proof of address, proof of residency, grade sheets of classes 10th and 12th and graduation grade sheet.

●  After clearing the entrance exams, students must appear for the group discussion and the personal interview round. These rounds are conducted to assess student’s communication skills and problem-solving abilities. 

●  The final selection in the universities is based on the overall score that will be calculated depending on the entrance exam score, GD/PI performance and work experience.

●  The results of the entrance exam and interview determine who finally gets admitted into the MBA program in public policy. Different colleges assign different weightage to the entrance exam and interview results.

●  The students can go through the documents with the institution before paying the fees and can enroll in the classes further.

MBA Economics Syllabus

Here is a list of business economics colleges in India that offer a master's degree in business administration in economics. The tables given below show some of the valuable information related to duration, fees and top colleges regarding the field of economics business is given for the proper guidance for the student who aspires to take the degree in economics.

Colleges with specializations in PGP/MBA - Business Economics

The college names mentioned below are the top colleges for an MBA in Business Economics, according to the NIRF Ranking. The table includes government and private colleges. Government college includes IIM Ahmedabad with a fee of ₹ 26.50 Lakhs and an average package of ₹34.50 Lakhs per annum. The private colleges mentioned include Xavier Institute of Management, which has a fee of ₹23.80 Lakhs and offers an average package of ₹19.53 Lakhs per annum. These colleges offer a 2-year PGP/ MBA in Business Economics. It also highlights the fees and average packages of the respective colleges.

The colleges mentioned below are top private and government colleges, according to NIRF, that provide a specialized 2-year degree in MBA in Business Economics where the curriculum primarily focuses on Business Economics and topics related to it. The best government college is Gauhati University which has a fee of ₹ 0.63 Lakhs and an average package of ₹ 4.36 Lakhs to₹ 8.70 Lakhs. The private colleges include JagSom in Bengaluru and IILM University in Delhi.

The table mentions colleges that provide programs in International Business other than MBA and specialised MBA. The courses mentioned are Integrated programs, Dual country programs executive PhD, PhD and fellow programs in management. It shows the best private and public colleges providing these courses, according to the NIRF. Their fees and the duration of the program are also present in the table. It includes public institutes like IIMs and Private institutes like Xavier Labour Relations Institute, Jamshedpur which has a fee of ₹10.70 Lakhs.

Job Profiles for Master’s in Economics

An MBA in Economics provides an individual with the skills and the abilities to advance their career in a diverse field and not get bound by any specific field. There is a wide range of jobs for MBA Business Economics graduates in both the private and public sectors.

The future for an MBA graduate in Economics is bright and promising because of the growing demand for professionals in India and abroad. These professionals are expected to combine business acumen with economic insights in all the diverse sectors of a company.

The challenges faced by the economics all around the world such as inflation, recession and technological disruption on the other hand the increasing interconnectedness of the global market leaders with the knowledge of economics and business is increasing as these leaders can handle and tackle the challenges with a better strategy.

Graduates are equipped with the knowledge and abilities to analyze economic trends and forecast market behavior. They are also trained to develop policies that drive organizational success. There is a wide range of employment opportunities for economics graduates, who can find employment in growing industries in different sectors. These sectors include finance, consulting, data analytics, and public policy.

New avenues for graduates with a strong understanding of economics and business management are being created. This is to make essential decisions and contributions to shape future business landscapes. This is due to the growing importance of sustainable development, digital transformation and global trade.

Graduates have the option to pursue further education such as a doctorate or a PhD in economics. They can also enroll in approved courses in business economics. Further, they can apply for lecturer positions in various deemed colleges in India.

Conclusion

Wrapping up with the fact that an MBA in Economics offers an innovative and powerful blend of analytical skills, knowledge in the field of economics ability to make strong strategic business decisions making a master's in economics is a valuable and highly recommended qualification for an individual who wants to excel in today's dynamic and interconnected global economy. Graduates with a degree in economics are at the forefront of development as businesses and governments nowadays rely on data driven insights and economic expertise to navigate the challenges and help in the business development of the organization.

Graduates become capable of making strategic decisions and can also handle leadership roles providing a profound foundation for long-term professional success. There are a lot of employment opportunities in various sectors after attaining a degree in economics. This degree of masters in economics provides graduates with the tools and methods to access market trends, optimize business operations and lead organizations through complex economic challenges.