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  • Career options after pursuing masters in behavioural economics

    Wondering if a postgraduate degree in behavioural economics is worth pursuing? Know the career scope of a Master's in Behavioural Economics and whether it is better than an MA in Economics.

    If I pursue a postgraduate degree in behavioural economics, what are the career opportunities available to me? Also, is this degree better than an MA in Economics in terms of career opportunities?
  • Answers

    8 Answers found.
  • 1. Research Analyst: You can work as a research analyst in a research-based organization, government agency, or academic institution. Your role will involve conducting research on various economic behaviours and consumer decision-making patterns.

    2. Market Researcher: You can also work as a market researcher in a marketing firm, advertising agency, or consulting firm. Your role will involve analysing consumer behaviour and providing insights to help clients make informed marketing decisions.

    3. Behavioural Economist: You can also work as a behavioural economist in the public or private sector. Your role will involve applying behavioural economics principles to help solve real-world problems such as healthcare, energy conservation, or environmental issues.

    4. Policy Analyst: You can also work as a policy analyst in a government agency, think tank, or non-profit organization. Your role will involve analysing policies related to behavioural economics and providing recommendations to improve their effectiveness.

    5. Academia: You can also pursue an academic career and work as a professor or researcher in a university or research institution. Your role will involve conducting research, teaching, and mentoring students in the field of behavioural economics.

    5. Entrepreneurship: You can also consider starting your own business or consultancy firm that specializes in providing insights and solutions based on behavioural economics principles.

    These are some of the career options that you can explore after pursuing a Masters in Behavioural Economics in India.

    "Unlock the treasure trove of knowledge's delight,
    Discover the world with wondrous insight."

  • Today we are living in era of specialisation. Even if you do a post graduate degree in the main subject you might require to add on some certificate or diploma course later in the niche or particular areas where there is a job opportunity in the industry.
    Another important thing in this matter is that you may do a specialised course but if you do not get a corresponding job then what will be the next course of action. In my experience the next course of action could be to acquire a certification in other subarea which falls under the same main area. Many people are being compelled to do like that in present situation because of the tough job condition in the market.
    Many times it is also happening that a student is not getting a job in the related area where he has already acquired a lot of qualifications and had done hard work and then he is compelled to join some other job where he does not have the requisite eligibility but get the job because of abundant positions available in that category. If such a situation arises then one should be bold enough to accept that job for an interim period and gain experience and then apply elsewhere as well as maybe in ones own core area.
    Behavioural economics or any specialised area under any subject will give a person expertise in that field and he can definitely apply in the related job positions but one should be prepared for the worst. I have seen many people who had some core qualifications but they made career totally in a different terrain. There is nothing surprising in that seeing today's job situation and dynamically changing business environment.
    So if you are keen to do a specialised course then you can go for the behaviour economics also but if you have a desire to become a generalist in any industry then it will be better to go for masters in simple economics first and then see the market conditions and then acquire some certificate or diploma in the niche area may be like trade economics or international finance or public economics or demographic economics or anything like that.
    There is nothing wrong in doing a specialised course but our outlook should be broader in view of the job situation and job crisis going around the world.
    There are many professionals in the IT industry who were doing their jobs quite satisfactory for a long time but when Python language was introduced and became very popular then many of those old professionals acquired a short term Python course to cope up with the changing scenario. This is only one example that I wanted to quote to impress upon the changing patterns of need for acquiring academic and skill qualifications today and our knowledge hunting job never ends with any PG degree or PhD course.

    Knowledge is power.

  • Economics and behavioural economics. Both are similar for the common man. But behavioural economics utilizes theories from psychology, sociology, and politics. It gives a more realistic picture of the economy.
    Students pursuing behavioural economics utilise their knowledge of the theories covered in economics and make the decision-making process more meaningful.
    My suggestion is to go for a master's degree in Economics and simultaneously you can do a certificate course or diploma course in Behavioural economics. That will give you better job opportunities. You can apply for jobs asking for Economics PGs as well as Behavioural Economics.
    You will have many openings in government as well as the private sector. You can apply for various posts in banks and other financial institutions. You can start your career as a teacher in Economics colleges. You can go for any other post related to economics in various government organisations. You can also join private companies as a finance manager and other positions in finance and accounts departments. There are many Research organisations in the field of economics and you can opt for those research positions also.

    always confident

  • Behavioural Economics is relatively a new domain where certain postulates relating to Economics are applied after the deep study of present politics and utilisation of psychological behaviour of mankind in the given area and their inclinations towards spendings. This subject is really interesting in the sense that it is governed by the different realistic parameters taken up during the study of this subject.
    It would definitely open up new job opportunities to the aspirants in many areas both in the governmental jobs and the private ones. The aspirants would apply all the theories already taught in their class rooms sessions in their working conditions to make their niche area more meaningful.
    However, I would suggest the aspirants to go in for Masters in Economics to reap multiple benefits of acquiring masters in the general economics and in that way, they will have versatility in the different job fields such as job pertaining to research activities, teaching professions for both in schools and colleges, statistical jobs and so on. For them there would not be any barrier in choosing their jobs.

  • Behavioural economics is an interdisciplinary field that combines insights from psychology and economics to better understand human behaviour and decision-making. The field has gained increasing relevance in India, where policymakers and businesses alike are looking for innovative approaches to improve outcomes and understand consumer behaviour.

    A postgraduate degree in behavioural economics from a reputed institution can provide you with the skills and knowledge necessary to thrive in this field. For example, the Indian School of Business (ISB) offers a postgraduate program in Management with a specialization in Marketing and Behavioural Science. The program is designed to equip students with the skills and knowledge necessary to make data-driven decisions, understand consumer behaviour, and design effective marketing campaigns.

    Career opportunities for graduates with a Master's in Behavioural Economics in India are diverse and wide-ranging. For instance, the Indian government has been increasingly interested in behavioural economics and has set up a Nudge Unit, officially known as the Behavioural Economics Unit, in the Ministry of Finance to explore the use of behavioural insights in policymaking. Graduates with a degree in behavioural economics can potentially work with this unit or other government agencies to inform policy design.

    In addition, businesses in India are also looking for talent with a deep understanding of consumer behaviour to inform marketing strategies and product development. For example, e-commerce companies such as Flipkart and Amazon have set up their own behavioural economics teams to understand consumer behaviour and design better user experiences. Similarly, financial institutions in India are also exploring the use of behavioural economics to improve financial literacy and encourage responsible borrowing and saving.

    Compared to an MA in Economics, a Master's in Behavioural Economics in India can offer a unique skill set that can be attractive to employers looking to understand consumer behaviour and decision-making. However, an MA in Economics may still offer broader career opportunities in fields such as finance, banking, and government.

    In conclusion, a postgraduate degree in behavioural economics can provide you with a unique skill set that is in high demand in India's policy and business circles. Graduates can work with the government or private sector to inform policymaking and marketing strategies, making it an exciting and rewarding career path for those interested in the intersection of psychology and economics.

    "Unlock the treasure trove of knowledge's delight,
    Discover the world with wondrous insight."

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  • A Master's in Behavioural Economics can be a valuable asset in India's growing market. This field bridges psychology and economics, giving you a unique edge in understanding consumer behaviour and decision-making. Here's a breakdown of your questions:

    1. Career Opportunities:

    Market Research Analyst: This is a natural fit, as research is key in behavioural economics. You'd help companies understand consumer behaviour through surveys, experiments, and data analysis.

    Consulting: Consulting firms are increasingly seeking behavioural economists to advise businesses on marketing strategies, product design, and employee incentives.

    Marketing & Sales: This field leverages behavioural principles to craft targeted campaigns and improve conversion rates. You could work on designing loyalty programs, pricing strategies, or user interfaces.

    Government & Public Policy: Behavioural economics plays a role in shaping public policies. You could work on designing nudges (indirect incentives) to encourage healthy habits, financial saving, or environmental sustainability.

    Finance & Fintech: Behavioural finance specialists understand how emotions and biases impact investment decisions. This expertise is valuable for financial institutions and fintech companies.

    Academic & Research: If you enjoy research and have a strong academic bent, you could pursue a PhD and become a professor or researcher in behavioural economics.

    2. Master's in Behavioural Economics vs. MA in Economics:

    Both degrees are valuable, but a Master's in Behavioural Economics offers a more specialized skillset. Here's a comparison:

    MA in Economics: Provides a strong foundation in economic theory, econometrics, and data analysis. This opens doors to traditional economics jobs like economic analyst, risk analyst, or financial analyst in banks, consultancies, or government agencies.

    Master's in Behavioural Economics: Builds upon the foundation of economics and adds the dimension of psychology. This equips you to understand human behaviour in economic contexts, making you a strong candidate for jobs mentioned above, particularly in marketing, consulting, and public policy.

    Ultimately, the "better" degree depends on your career goals. If you're passionate about understanding human behaviour and its impact on economic decisions, then behavioural economics offers a unique edge.

    Additional Tips:

    Consider the reputation of the program and the faculty's expertise when choosing a university.
    Network with professionals in the field and do informational interviews to learn more about specific career paths.
    Develop strong analytical and communication skills, along with your behavioural economics knowledge.
    By pursuing a Master's in Behavioural Economics in India, you position yourself for exciting opportunities in a growing field. Remember, tailor your job search strategy to highlight the unique blend of economics and psychology that your degree offers.



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