MA in Economics OR MSC in Economics?

 Choosing between an MA or MSc degree in economics might be your best option if you pursue postgraduate studies in this field.

It's good to know that master's programs in economics don't have bad earnings potential or job prospects after graduation.

In fact, a recent report indicated that medicine and economics graduates earn the highest salaries—approximately 20% more than average.

However, troubleshooting begins with defining a field of study.

In recent years, there has been some debate about whether economics is an exact or descriptive science.

Therefore, universities can tailor their master's programs in this field with great freedom.

Practically speaking, both MA and MSc programs in economics offer the same benefits: both will take approximately two years to finish, but both will provide you with solid career prospects. 

MA Degree in Economics

There are several specializations in MA (Master of Arts) programs, including literature, languages, history, and social sciences.

An MA is a terminal degree in many areas, meaning it is the highest qualification you can attain.

For those interested in economics, an MA can be a gateway to joining the job market immediately or pursuing a PhD degree.

Typically, when an economics master's program is categorized as an MA, the university will emphasize theoretical knowledge within the field. Specifically, you may take the following courses:

• Microeconomics Theory

• Macroeconomic Theory

• Econometrics

• Monetary Economics

• International Trade

• Pricing and Distribution

• Public Policy

• Statistics*

• Quantitative Analytical Methods*

It is common for universities that place economics studies under the Master of Arts umbrella to combine Quantitative Analytical Methods and Statistics into a single course that introduces students to mathematical tools and concepts they can apply to their field of study. 

MSc Degree in Economics 

The MSc program is an acronym for the Master of Science program that emphasizes the principles of science in the chosen field of study. Therefore, the qualification usually goes to science, engineering, or medical students, i.e., more scientific and mathematical coursework.

As applied to economics, MSc programs emphasize quantitative aspects and require significant technical knowledge acquisition. In other words, if you choose an MSc in economics, you should expect coursework emphasizing mathematics.

The primary curriculum for an MSc Economics includes courses described above, as well as several additional subjects, including:

• Introduction to Quantitative Methods in Economics

• Mathematics for Economics

• Mathematical Modeling

• Research Methods & Statistics

• Financial Analysis and Management

• Demand Analysis

• Cost Production Functions

As we discussed, the main difference between MA and MSc programs in Economics is their general orientation. While a Master of Arts in Economics studies emphasizes the discipline's theoretical aspects, a Master of Science studies emphasizes the discipline's mathematical and statistical aspects.

However, since universities can tailor their studies as they see fit, it's only sometimes practical or wise to rely solely on the nomenclature degree when choosing a university. Make sure the program matches your interests and career goals instead of rushing into it.

You must pay attention to the following points:

• Make sure you review the master's curriculum and syllabus before anything else, as that will expose all the differences right away. It is important to note that the syllabus outlines portions of the study topics, while the curriculum includes a variety of subjects and topics. 

• You should be aware that postgraduate economics offers a great deal of diversity. For instance, most master's in the field are classified as STEM majors in the US and require aspirants to have strong math skills.

Bottomline

It ultimately comes down to your preferences and abilities determining the main difference between an MA in Economics and an MSC in Economics.

Looking at a master's in economics honours course and seeing if the subjects are suitable for you is the best way to decide whether it's right for you. Probably the best thing to do is to keep searching if the subjects don't make your intellectual butterflies fly!