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Economic opportunities
Why do drug dealers live with their mothers? Why do 24-hour stores still have locks on their doors? How can your name affect how well you do in life? The answer lies in economics.
Freakonomics, written by economist Steven Levitt and journalist Stephen Dubner finds the answers to such questions, and others, such as what do real estate agents and the Klu Klux Klan have in common? The success of their book, first published in 2005, has since done much to attract attention to graduate programs in economics across the world, and increase the number of international students applying to them.
Economics impacts on everything around us. Understanding and functioning in today’s climate in sectors as diverse as public policy, retail, manufacturing, finance and transport requires, a far greater depth of knowledge of the fundamentals of economic theory than ever before.
Economics is one of the broadest academic subjects to study and there can be little doubt that the breadth of the subject is one of the reasons that makes it so popular. Whilst many prospective students consider the study of economics as a route to a well-paid career, the advanced study of economics can be as much about the alleviation of poverty, the provision of basic human necessities in the developing world, and the impact of climate change on both regional and international economies.
Prospective students considering a masters degree in economics will immediately be struck by the sheer variety of programs available to them.
Prospective students considering a masters degree in economics will immediately be struck by the sheer variety of programs available to them. Irrespective of whether their interest is in accountancy, law, or development studies, single or joint programs cater for all interests. Most top universities will offer either a tightly focused economics masters degree program or one taught in conjunction with another complementary field. The International Economics MS program at Suffolk University in Boston, USA is one program that offers its students a number of “tracks” to cater for their different interests or career intentions.
Dr Shahruz Mohtadi, Associate Professor of Economics at Suffolk believes the program is ideally suited for individuals who are either in the middle of their careers, or at the start of their careers, who have realised that in order to progress they need to have a professional advanced degree. “We offer a rigorous course of study and always make sure that our students are kept aware of the real world economic events that are happening. We constantly ask them to analyse these questions based on what they have learnt.”
John Phillips, a student on the Suffolk program says the course is very applied which sets it apart from other masters degrees. “It’s mathematically intensive and offers coursework in econometrics and time series analysis, and in these courses we use software programs that are familiar in the business world and you have to know them to be successful.”
Other programs adopt an entirely different academic approach. The Universiteit van Amsterdam (UvA) offers separate one-year degree programs for students catering to their precise area of interest. The MSc Business Economics at UvA is intended to prepare students who already have an economics background and want to focus on organizational and financing issues, whereas the MSc Economics provides a more flexible content to educate students to become the creative and versatile economists the current international labour market demands.
A third program offered by the UvA is the MSc Econometrics, which emphasizes a more statistical approach, preparing graduates for the use of advanced mathematical methods to explore and analyse problems in economics and finance, often encountered in the public and private sectors.
Dhaniel Ilyas from Indonesia, a recent graduate of the program had always dreamed of studying in Europe because of its history, beauty and rich cultures. “In 2004, I applied to the MSc program in Econometrics at the Universiteit van Amsterdam.
