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INTEGRATED-M-SC in Economics at Central University of Rajasthan
Ajmer, Rajasthan
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About the Specialization
What is Economics at Central University of Rajasthan Ajmer?
This Integrated M.Sc. Economics program at Central University of Rajasthan offers a comprehensive 5-year journey into economic theory, quantitative methods, and policy analysis. It provides a strong foundation in both undergraduate and postgraduate economics, making graduates highly versatile. The curriculum is designed to meet the evolving demands of the Indian economy and global markets, focusing on rigorous analytical skills.
Who Should Apply?
This program is ideal for high school graduates with a strong aptitude for Economics, Mathematics, or Statistics, seeking a deep dive into economic principles and their applications. It suits those aspiring for careers in research, policy analysis, financial services, or academia, and also professionals looking to enhance their quantitative and analytical skills for advanced roles.
Why Choose This Course?
Graduates of this program can expect diverse career paths in India, including roles as economic analysts, data scientists, financial consultants, researchers in government and private think tanks, and academicians. Entry-level salaries typically range from INR 4-7 LPA, with experienced professionals earning INR 10-20+ LPA. The program aligns with skills required for UPSC civil services, RBI Grade B, and other competitive examinations.
Student Success Practices
Foundation Stage
Master Core Economic and Quantitative Fundamentals- (Semester 1-2)
Dedicate significant effort to building a strong base in Microeconomics, Macroeconomics, Mathematics, and Statistics during the initial semesters. Use online platforms for supplementary learning and practice problems regularly to solidify understanding.
Tools & Resources
Khan Academy, MIT OpenCourseware (introductory economics), NCERT Economics books, Standard textbooks
Career Connection
A solid foundation is crucial for excelling in advanced subjects and forms the bedrock for analytical roles in any economics-related field, directly impacting career progression.
Develop Effective Study Habits and Time Management- (Semester 1-2)
Establish a consistent study schedule, prioritize tasks, and engage in active recall and spaced repetition. Form study groups with peers to discuss complex concepts and prepare for examinations effectively, fostering a collaborative learning environment.
Tools & Resources
Google Calendar, Forest app for focus, Peer study groups, University library resources
Career Connection
Good organizational and study habits translate directly into professional discipline, critical for managing projects and deadlines in future careers.
Engage in Early Skill Building and Academic Excellence- (Semester 1-2)
Focus not just on passing but on understanding concepts deeply. Participate in departmental seminars, quizzes, and competitions. Seek feedback from professors on assignments and proactively address areas of weakness to consistently improve academic performance.
Tools & Resources
Departmental notice boards, Professor office hours, Academic journals, Online quiz platforms
Career Connection
Strong academic performance and participation demonstrate intellectual curiosity and analytical prowess, which are highly valued by recruiters and for higher studies.
Intermediate Stage
Gain Proficiency in Econometric Software and Data Analysis- (Semester 3-5)
Actively apply theoretical econometric knowledge using software like R, Python, or Stata. Work on small data projects or case studies to develop practical data handling, analysis, and interpretation skills, moving beyond textbook examples.
Tools & Resources
RStudio, Anaconda (Python), Stata/EViews (university licenses), Kaggle datasets, Coursera courses on data analysis
Career Connection
Proficiency in data analysis tools is a critical skill for economists, data scientists, and analysts in various sectors, enhancing employability and job-readiness.
Seek Industry Exposure Through Internships and Workshops- (Semester 4-6)
Actively search for summer internships in economic research, analytics, banking, or consulting firms. Attend workshops and guest lectures by industry professionals to understand real-world applications of economic theories and identify potential career paths.
Tools & Resources
University Career Services, LinkedIn, Internshala, Industry association events
Career Connection
Internships provide invaluable practical experience, build professional networks, and often lead to pre-placement offers, accelerating career entry and growth.
Network and Participate in Academic Competitions- (Semester 4-6)
Connect with faculty, alumni, and visiting scholars. Participate in inter-university economic competitions, essay contests, and policy debates. These activities enhance critical thinking, presentation skills, and expose you to diverse perspectives within the field.
Tools & Resources
Departmental alumni network, Academic conferences, Model United Nations, Case study competitions
Career Connection
Networking opens doors to mentorship and opportunities, while competition participation hones transferable skills and adds significant value to your resume, setting you apart in the job market.
Advanced Stage
Undertake a Significant Research Project or Dissertation- (Semester 7-10)
Identify a research interest early and work closely with a faculty mentor to develop a robust dissertation or major project. This involves comprehensive literature review, rigorous methodology, data collection, and independent analysis.
Tools & Resources
JSTOR, Google Scholar, Research gate, Statistical software, Departmental research labs
Career Connection
A strong research project is essential for pursuing higher education (PhD) or research roles, demonstrating advanced analytical capability, problem-solving, and original thought.
Focus on Specialization and Advanced Skill Development- (Semester 7-9)
Utilize elective choices to specialize in an area of interest (e.g., Financial Economics, Behavioral Economics, Development Economics). Complement coursework with advanced online certifications or workshops in niche areas like machine learning for economics or specific financial modeling techniques.
Tools & Resources
NPTEL, Coursera (specialized courses), Certification bodies in finance/analytics, Advanced textbooks
Career Connection
Deep specialization makes you a highly sought-after expert in specific domains, leading to more senior and impactful roles with higher earning potential.
Strategize for Placements and Professional Development- (Semester 8-10)
Begin placement preparation well in advance, focusing on resume building, mock interviews, and soft skill enhancement. Tailor your application materials to specific industry roles. Consider competitive exams (UPSC, RBI) if civil services or public sector roles are your goal.
Tools & Resources
University Placement Cell, Mock interview platforms, Aptitude test preparation books, Career counseling services
Career Connection
Proactive and strategic placement preparation significantly increases your chances of securing desirable job offers, setting a strong foundation for your long-term career trajectory.
Program Structure and Curriculum
Eligibility:
- Sr. Secondary (10+2) or equivalent examination from a recognized Board with Economics/Mathematics/Statistics as one of the subjects with at least 50% of marks (45% for SC/ST/OBC/PWD/EWS candidates).
Duration: 10 semesters / 5 years
Credits: 216 Credits
Assessment: Internal: 30% (Theory), 50% (Practical), External: 70% (Theory), 50% (Practical)
Semester-wise Curriculum Table
Semester 1
| Subject Code | Subject Name | Subject Type | Credits | Key Topics |
|---|---|---|---|---|
| IECC101 | Microeconomics-I | Core | 4 | Basic Economic Problems, Demand and Supply Analysis, Consumer Behavior (Utility Approach), Consumer Behavior (Indifference Curve Approach), Theory of Production and Costs |
| IECC102 | Mathematics for Economics-I | Core | 4 | Basic Concepts of Functions, Limits and Continuity, Differentiation Rules, Applications of Derivatives, Integration Techniques |
| IECC103 | Statistical Methods for Economics-I | Core | 4 | Introduction to Statistics, Data Presentation and Types, Measures of Central Tendency, Measures of Dispersion, Correlation Analysis |
| IECC104 | General English | Core | 4 | Grammar and Usage, Vocabulary Building, Reading Comprehension Strategies, Writing Skills (Paragraph, Essay), Public Speaking Basics |
| IECA105 | Introduction to Computer Applications | Core | 4 | Computer Fundamentals, Operating Systems, MS Word for Document Creation, MS Excel for Data Management, Internet and Web Browsers |
| IECH106 | History of Economic Thought-I | Core | 2 | Ancient and Medieval Economic Thought, Mercantilism and Physiocracy, Adam Smith and Classical Economics, Ricardo''''s Theories, Malthusian Population Theory |
Semester 2
| Subject Code | Subject Name | Subject Type | Credits | Key Topics |
|---|---|---|---|---|
| IECC201 | Microeconomics-II | Core | 4 | Perfect Competition, Monopoly and Price Discrimination, Monopolistic Competition, Oligopoly Models, Welfare Economics |
| IECC202 | Mathematics for Economics-II | Core | 4 | Matrices and Determinants, Inverse of a Matrix, Vector Algebra, Unconstrained Optimization, Constrained Optimization |
| IECC203 | Statistical Methods for Economics-II | Core | 4 | Probability Theory, Probability Distributions (Binomial, Poisson, Normal), Sampling Theory, Hypothesis Testing (Z, t-tests), Chi-Square Test |
| IECC204 | Indian Economy-I | Core | 4 | Characteristics of Indian Economy, Economic Planning in India, Structure of Indian Agriculture, Industrial Development, Service Sector Growth |
| IECA205 | Data Analysis Using Software | Core | 4 | Introduction to Statistical Software (e.g., SPSS, R), Data Entry and Management, Descriptive Statistics, Graphical Representation of Data, Basic Regression Analysis |
| IECH206 | History of Economic Thought-II | Core | 2 | Karl Marx and Socialism, Neoclassical Economics, Keynesian Revolution, Institutional Economics, Modern Economic Debates |
Semester 3
| Subject Code | Subject Name | Subject Type | Credits | Key Topics |
|---|---|---|---|---|
| IECC301 | Macroeconomics-I | Core | 4 | National Income Accounting, Classical Theory of Employment, Keynesian Theory of Income and Employment, Consumption and Investment Functions, Multiplier and Accelerator |
| IECC302 | Introduction to Econometrics | Core | 4 | Basic Econometric Concepts, Two-Variable Regression Model, Multiple Regression Analysis, Assumptions of Classical Linear Regression Model, Problems in Regression (Multicollinearity, Heteroskedasticity) |
| IECC303 | Public Finance-I | Core | 4 | Role of Government in the Economy, Public Goods and Externalities, Public Expenditure Theories, Taxation Principles and Classification, Public Debt Management |
| IECC304 | Economic History of India-I | Core | 4 | Pre-Colonial Indian Economy, Economic Impact of Colonial Rule, De-Industrialization, Land Revenue Settlements, Development of Railways and Trade |
| IECL305 | Econometrics Lab-I | Lab | 2 | Introduction to EViews/Stata/R, Data Input and Management, OLS Estimation and Interpretation, Hypothesis Testing in Regression, Model Specification |
| IECE306 | Indian Financial System | Elective | 2 | Overview of Financial System, Money Market Instruments, Capital Market Operations, Role of Financial Institutions, SEBI and Regulations |
Semester 4
| Subject Code | Subject Name | Subject Type | Credits | Key Topics |
|---|---|---|---|---|
| IECC401 | Macroeconomics-II | Core | 4 | Theories of Money Demand and Supply, Inflation and Deflation, Business Cycles, Open Economy Macroeconomics, Monetary and Fiscal Policies |
| IECC402 | Advanced Econometrics | Core | 4 | Time Series Econometrics, Panel Data Econometrics, Simultaneous Equations Models, Qualitative Response Models, Advanced Estimation Techniques |
| IECC403 | Public Finance-II | Core | 4 | Fiscal Federalism, Budgetary Process, Fiscal Policy and Stabilization, Debt Management Strategies, Local Government Finance |
| IECC404 | Economic History of India-II | Core | 4 | Post-Independence Economic Planning, Green Revolution, Economic Reforms of 1991, Industrial Policy Changes, Poverty and Inequality in Modern India |
| IECL405 | Econometrics Lab-II | Lab | 2 | Time Series Analysis using Software, Panel Data Analysis, Unit Root Tests, Cointegration Analysis, ARCH/GARCH Models Implementation |
| IECE406 | Economics of Regulation | Elective | 2 | Theories of Regulation, Market Failure and Regulation, Natural Monopoly Regulation, Price Regulation Models, Competition Policy and Law |
Semester 5
| Subject Code | Subject Name | Subject Type | Credits | Key Topics |
|---|---|---|---|---|
| IECC501 | Development Economics-I | Core | 4 | Theories of Economic Development, Poverty and Inequality Measurement, Population Growth and Development, Human Capital Formation, Role of Agriculture in Development |
| IECC502 | International Economics-I | Core | 4 | Theories of International Trade (Ricardian, Heckscher-Ohlin), Terms of Trade, Trade Policy Instruments (Tariffs, Quotas), Balance of Payments Accounting, Exchange Rate Determination |
| IECC503 | Environmental Economics-I | Core | 4 | Environmental Problems and Economic Activity, Market Failure and Environmental Externalities, Valuation of Environmental Goods, Sustainable Development Concepts, Environmental Policies and Instruments |
| IECC504 | Research Methodology in Economics | Core | 4 | Fundamentals of Research Design, Data Collection Methods (Primary & Secondary), Sampling Techniques, Hypothesis Formulation and Testing, Report Writing and Presentation |
| IECE505 | Demography & Population Studies | Elective | 4 | Population Theories, Fertility and its Determinants, Mortality and Health Indicators, Migration Patterns and Impacts, Population Policy in India |
| IECC506 | Internship/Project Work Part A | Project | 2 | Project Proposal Development, Literature Review and Problem Identification, Methodology Design, Preliminary Data Collection, Initial Report Writing |
Semester 6
| Subject Code | Subject Name | Subject Type | Credits | Key Topics |
|---|---|---|---|---|
| IECC601 | Development Economics-II | Core | 4 | Growth Models (Harrod-Domar, Solow), Industrialization Strategies, Foreign Aid and Foreign Direct Investment, Globalisation and its Impacts, Role of State in Development |
| IECC602 | International Economics-II | Core | 4 | International Financial Markets, International Monetary System, WTO and Regional Trade Agreements, Global Economic Issues, International Capital Flows |
| IECC603 | Environmental Economics-II | Core | 4 | Economics of Climate Change, Natural Resource Economics, Pollution Control Policies, Green Accounting, International Environmental Agreements |
| IECE604 | Health Economics | Elective | 4 | Health and Economic Development, Demand for Health and Healthcare, Supply of Healthcare Services, Health Insurance and Financing, Health Policy and Reforms |
| IECC605 | Major Project/Internship Part B (Final Report) | Project | 6 | Advanced Data Analysis and Interpretation, Thesis Writing and Structuring, Presentation Skills for Research, Fieldwork and Data Validation, Policy Implications and Recommendations |
Semester 7
| Subject Code | Subject Name | Subject Type | Credits | Key Topics |
|---|---|---|---|---|
| IECC701 | Advanced Microeconomics-I | Core | 4 | Advanced Consumer Theory, Advanced Production and Cost Theory, General Equilibrium Analysis, Advanced Welfare Economics, Information Economics |
| IECC702 | Advanced Macroeconomics-I | Core | 4 | Dynamic Macroeconomic Models, Rational Expectations Hypothesis, Real Business Cycle Theory, New Keynesian Economics, Endogenous Growth Theory |
| IECC703 | Advanced Econometrics-I | Core | 4 | Maximum Likelihood Estimation, Generalized Method of Moments, Instrumental Variables Estimation, Non-parametric Econometrics, Introduction to Bayesian Econometrics |
| IECE704 | Mathematical Economics | Elective | 4 | Static Analysis in Economics, Comparative Statics, Dynamic Analysis in Economics, Optimization Techniques in Economics, Game Theory Fundamentals |
| IECC705 | Open Elective - I | Open Elective | 4 | Topics vary based on chosen course from other departments, Interdisciplinary subject selection, Skill Enhancement Modules, Broadening academic exposure, Non-core specialization studies |
Semester 8
| Subject Code | Subject Name | Subject Type | Credits | Key Topics |
|---|---|---|---|---|
| IECC801 | Advanced Microeconomics-II | Core | 4 | Game Theory Applications in Economics, Market Structures and Strategic Interaction, Asymmetric Information, Agency Theory, Behavioral Economics Principles |
| IECC802 | Advanced Macroeconomics-II | Core | 4 | Monetary and Fiscal Policy Debates, Government Debt Dynamics, Financial Crises and Contagion, International Macroeconomics (Advanced), Policy Applications and Case Studies |
| IECC803 | Advanced Econometrics-II | Core | 4 | Advanced Panel Data Models, Advanced Time Series Models, Vector Autoregression (VAR) Models, Cointegration and Error Correction Models, Granger Causality Tests |
| IECE804 | Agricultural Economics | Elective | 4 | Structure of Indian Agriculture, Farm Production Economics, Agricultural Marketing and Finance, Agricultural Price Policy, Food Security and Public Distribution System |
| IECC805 | Open Elective - II | Open Elective | 4 | Topics vary based on chosen course from other departments, Interdisciplinary research exposure, Personal skill development, Diverse academic interests, General knowledge enrichment |
Semester 9
| Subject Code | Subject Name | Subject Type | Credits | Key Topics |
|---|---|---|---|---|
| IECC901 | Applied Econometrics | Core | 4 | Econometric Software Proficiency (e.g., R, Python, Stata), Empirical Project Design and Execution, Model Selection Criteria, Interpretation of Econometric Results, Policy Evaluation using Econometric Models |
| IECC902 | Financial Economics | Core | 4 | Financial Markets and Instruments, Asset Pricing Models (CAPM), Portfolio Theory and Diversification, Derivatives Markets (Futures, Options), Risk Management in Finance |
| IECE903 | Industrial Economics | Elective | 4 | Market Structure and Performance, Firm Behavior and Objectives, Industrial Policy in India, Mergers, Acquisitions, and Diversification, Competition Law and Policy |
| IECE904 | Labour Economics | Elective | 4 | Labour Market Theories, Wage Determination, Unemployment and Employment Policies, Trade Unions and Collective Bargaining, Labour Policy in India |
| IECC905 | Dissertation / Project Work Part A | Project | 4 | Research Topic Selection and Refinement, Comprehensive Literature Review, Methodology Design and Data Strategy, Ethical Considerations in Research, Pilot Study and Data Collection Plan |
Semester 10
| Subject Code | Subject Name | Subject Type | Credits | Key Topics |
|---|---|---|---|---|
| IECC1001 | Dissertation / Project Work Part B | Project | 12 | Advanced Data Analysis and Interpretation, Dissertation Writing and Structuring, Oral Defense Preparation, Formulation of Policy Recommendations, Academic Presentation and Publication Strategies |
| IECE1002 | Behavioral Economics | Elective | 4 | Bounded Rationality and Cognitive Biases, Heuristics and Judgment, Prospect Theory, Intertemporal Choice, Nudge Theory and Applications |
| IECE1003 | Financial Econometrics | Elective | 4 | Time Series Models for Financial Data, ARCH/GARCH Models for Volatility, High-Frequency Financial Data Analysis, Value at Risk (VaR) Estimation, Empirical Analysis of Asset Returns |
