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MBA in Economics And Strategy at Indian Institute of Technology Kharagpur
Paschim Medinipur, West Bengal
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About the Specialization
What is Economics and Strategy at Indian Institute of Technology Kharagpur Paschim Medinipur?
This Economics and Strategy specialization program at Indian Institute of Technology Kharagpur focuses on equipping future leaders with a deep understanding of economic principles and strategic decision-making frameworks crucial for navigating complex business environments. In the rapidly evolving Indian market, this program emphasizes analytical rigor, strategic foresight, and policy implications. Its unique blend offers a comprehensive perspective on market dynamics, firm behavior, and sustainable competitive advantage.
Who Should Apply?
This program is ideal for fresh graduates seeking entry into strategy consulting, economic research, or corporate planning roles, as well as working professionals looking to upskill their analytical and strategic capabilities. It also caters to career changers transitioning into management roles requiring strong foundational knowledge in economics and strategic thinking. Candidates with a quantitative background or an interest in macroeconomic trends and competitive analysis will find this program particularly rewarding.
Why Choose This Course?
Graduates of this program can expect to pursue India-specific career paths such as strategy consultants, business analysts, economic advisors, or corporate strategists in diverse sectors like manufacturing, finance, and technology. Entry-level salaries typically range from INR 10-18 LPA, with experienced professionals earning significantly more. Growth trajectories often lead to leadership positions, driving strategic initiatives and fostering organizational resilience within Indian and global companies. The program aligns with skills required for certifications in economic analysis and strategic management.
Student Success Practices
Foundation Stage
Master Core Economic & Quantitative Fundamentals- (Semester 1-2)
Focus rigorously on understanding Managerial Economics, Macroeconomics, and Quantitative Methods I & II. These subjects are foundational for strategic thinking and economic analysis. Actively participate in class discussions, solve problem sets diligently, and form study groups with peers. Utilize online resources like NPTEL lectures for deeper understanding.
Tools & Resources
NPTEL, Khan Academy Economics, GMAT Official Guide for Quant, peer study groups, VGSOM library resources
Career Connection
A strong grasp of these fundamentals is essential for cracking analytical roles in consulting, finance, and strategy, forming the bedrock for advanced specialization.
Enhance Business Communication & Presentation Skills- (Semester 1-2)
Actively seek opportunities to refine your verbal and written communication. Participate in debates, case study competitions, and presentations. Focus on structuring arguments logically and articulating insights clearly, a critical skill for strategic roles. Practice delivering presentations using tools like PowerPoint and Google Slides effectively.
Tools & Resources
Toastmasters International, TED Talks for inspiration, Grammarly, VGSOM Communication Labs
Career Connection
Effective communication is paramount for convincing stakeholders, presenting strategic recommendations, and excelling in client-facing roles.
Cultivate Interdisciplinary Thinking- (Semester 1-2)
While focusing on core subjects, consciously connect concepts across different domains like Marketing, Finance, and Operations. Understand how decisions in one area impact others. This holistic perspective is crucial for effective strategic formulation. Read business news and case studies to see real-world interdependencies.
Tools & Resources
Harvard Business Review case studies, The Economic Times, Business Standard, VGSOM faculty mentorship
Career Connection
Holistic thinkers are highly valued in strategic planning and general management roles, as they can identify synergies and potential conflicts across an organization.
Intermediate Stage
Deep Dive into Economics and Strategy Electives- (Semester 3-4)
Strategically choose a minimum of 6 electives from the Economics and Strategy area to build a strong specialization. Engage deeply with subjects like Game Theory, Behavioral Economics, and Emerging Market Strategies. Work on projects that allow practical application of these theoretical frameworks to Indian business scenarios.
Tools & Resources
Industry reports, consulting firm publications, specialized journals, VGSOM faculty experts in Economics and Strategy
Career Connection
This focused learning builds expertise, making you a strong candidate for specialized roles in strategy consulting, economic policy analysis, and corporate strategy teams.
Pursue Strategic Internships and Live Projects- (Between Semester 2 and 3 (Summer Internship), Semester 3-4 (Live Projects))
Actively seek summer internships or live projects with consulting firms, economic research organizations, or strategy departments of corporations. Apply theoretical knowledge to solve real business problems, build a professional network, and gain practical exposure to the Indian corporate landscape.
Tools & Resources
VGSOM Placement Cell, LinkedIn, industry contacts, networking events
Career Connection
Internships are critical for practical experience, often leading to Pre-Placement Offers (PPOs) and providing a strong differentiator in final placements.
Participate in Case Competitions & Think Tanks- (Semester 3-4)
Actively participate in national and international case study competitions, especially those focused on strategy, economics, and business analytics. Join campus clubs related to strategy and economics. This hones problem-solving, analytical, and teamwork skills under pressure, valuable for strategic roles.
Tools & Resources
Case interview prep books, industry-sponsored competitions, VGSOM Strategy Club
Career Connection
Excelling in competitions showcases your strategic aptitude to potential employers and builds a strong resume for consulting and strategy roles.
Advanced Stage
Develop Advanced Analytics and Modeling Skills- (Semester 3-4)
Supplement your coursework with advanced analytical tools relevant to economics and strategy. Learn statistical software like R, Python for data analysis, and advanced Excel modeling. Focus on building predictive models, scenario analysis, and economic impact assessments.
Tools & Resources
Coursera/edX courses on R/Python for finance/economics, Bloomberg Terminal access (if available), advanced Excel tutorials
Career Connection
Strong quantitative and modeling skills are highly sought after by consulting firms, financial institutions, and data-driven strategy roles, enhancing your employability.
Network Strategically with Industry Leaders and Alumni- (Semester 3-4)
Actively engage with VGSOM alumni and industry leaders through networking events, guest lectures, and informational interviews. Seek insights into career paths, industry trends, and specific company cultures in India. Building strong connections can open doors to mentorship and placement opportunities.
Tools & Resources
LinkedIn, VGSOM Alumni Network portal, campus recruitment events, industry conferences
Career Connection
Networking is crucial for uncovering hidden job opportunities, getting referrals, and receiving valuable career guidance, particularly for specialized strategic roles.
Prepare for Placement Interviews and Group Discussions- (Semester 4)
Systematically prepare for the placement process, focusing on case interviews (for consulting roles), behavioral questions, and group discussions. Practice articulating your strategic insights, economic understanding, and problem-solving approach. Seek guidance from the placement cell and senior students.
Tools & Resources
Placement Cell resources, mock interview sessions, case interview prep groups, previous year''''s interview experiences
Career Connection
Thorough preparation is vital for converting internship experiences and academic learning into successful placements in top-tier strategy and economic roles.
Program Structure and Curriculum
Eligibility:
- B.Tech/B.E., B.Pharm, MBBS, M.Sc, M.A. (Economics, Statistics, Psychology, Sociology, Operations Research) or equivalent with 60% marks and valid CAT scores (as per VGSOM admission criteria)
Duration: 2 years / 4 semesters
Credits: 99 Credits
Assessment: Assessment pattern not specified
Semester-wise Curriculum Table
Semester 1
| Subject Code | Subject Name | Subject Type | Credits | Key Topics |
|---|---|---|---|---|
| VM51001 | Managerial Economics | Core | 3 | Demand and Supply Analysis, Production and Cost Theory, Market Structures, Pricing Strategies, Market Failure and Government Intervention |
| VM51002 | Marketing Management I | Core | 3 | Marketing Environment, Consumer Behavior, Market Segmentation, Targeting, Positioning, Product Decisions, Pricing Strategies |
| VM51003 | Quantitative Methods I | Core | 3 | Probability and Probability Distributions, Sampling and Estimation, Hypothesis Testing, Correlation and Regression Analysis, Decision Theory |
| VM51004 | Financial Management I | Core | 3 | Financial Statements Analysis, Time Value of Money, Capital Budgeting Techniques, Cost of Capital, Working Capital Management |
| VM51005 | Human Resource Management I | Core | 3 | HR Planning and Job Analysis, Recruitment and Selection, Training and Development, Performance Appraisal, Compensation and Benefits Management |
| VM51006 | Production and Operations Management I | Core | 3 | Operations Strategy, Process Design and Analysis, Capacity Planning, Inventory Management, Quality Control and Assurance |
| VM51007 | Management Information System I | Core | 3 | Information Systems Concepts, Database Management Systems, Networking and Telecommunications, E-business and E-commerce, IT Strategy and Governance |
| VM51008 | Business Communication | Core | 3 | Effective Oral Communication, Professional Written Communication, Presentation Skills, Interpersonal and Group Communication, Cross-Cultural Communication |
| VM51009 | Managerial Accounting | Core | 3 | Cost Concepts and Classifications, Budgeting and Variance Analysis, Standard Costing, Activity-Based Costing, Decision Making with Accounting Data |
| VM51010 | Organisational Behaviour I | Core | 3 | Individual Behavior and Personality, Motivation Theories, Leadership Styles, Group Dynamics and Teamwork, Organizational Culture and Climate |
Semester 2
| Subject Code | Subject Name | Subject Type | Credits | Key Topics |
|---|---|---|---|---|
| VM51011 | Macroeconomics | Core | 3 | National Income Accounting, Monetary and Fiscal Policy, Inflation and Unemployment, Business Cycles, International Trade and Finance |
| VM51012 | Marketing Management II | Core | 3 | Brand Management, Digital Marketing and Analytics, Services Marketing, Global Marketing Strategies, Marketing Ethics and Sustainability |
| VM51013 | Quantitative Methods II | Core | 3 | Linear Programming, Network Models, Queuing Theory, Simulation, Multi-Criteria Decision Making |
| VM51014 | Financial Management II | Core | 3 | Capital Structure Theories, Dividend Policy, Mergers and Acquisitions, International Financial Management, Risk Management and Derivatives |
| VM51015 | Human Resource Management II | Core | 3 | Industrial Relations and Labour Laws, Strategic Human Resource Management, HR Analytics and Technology, Global HRM, Diversity and Inclusion |
| VM51016 | Production and Operations Management II | Core | 3 | Supply Chain Management, Lean Operations and Six Sigma, Project Management, Service Operations Management, Quality Management Systems |
| VM51017 | Management Information System II | Core | 3 | Business Intelligence and Data Warehousing, CRM and ERP Systems, Knowledge Management, Cybersecurity and Privacy, Emerging Technologies in Business |
| VM51018 | Legal Aspects of Business | Core | 3 | Indian Contract Act, Company Law and Corporate Governance, Consumer Protection Act, Intellectual Property Rights, Cyber Laws and Business Ethics |
| VM51019 | Research Methodology | Core | 3 | Research Design and Problem Formulation, Data Collection Methods, Sampling Techniques, Data Analysis and Interpretation, Report Writing and Presentation |
| VM51020 | Organizational Behaviour II | Core | 3 | Organizational Structure and Design, Organizational Change and Development, Conflict Management and Negotiation, Power and Politics in Organizations, Ethics and Values in Business |
| VM52001 | Summer Internship Project | Project | 6 | Problem Identification and Scoping, Data Collection and Analysis, Solution Development and Implementation, Report Writing, Presentation of Findings |
Semester 3
| Subject Code | Subject Name | Subject Type | Credits | Key Topics |
|---|---|---|---|---|
| VM61131 | Behavioural Economics | Elective (Economics and Strategy Area) | 3 | Cognitive Biases and Heuristics, Prospect Theory, Intertemporal Choice, Nudging and Choice Architecture, Market Anomalies and Behavioral Finance |
| VM61132 | Game Theory for Managers | Elective (Economics and Strategy Area) | 3 | Strategic Interactions, Nash Equilibrium, Prisoner''''s Dilemma, Bargaining and Auctions, Repeated Games and Reputation |
| VM61133 | Financial Econometrics | Elective (Economics and Strategy Area) | 3 | Time Series Analysis for Financial Data, Panel Data Models, Volatility Modeling (ARCH/GARCH), Asset Pricing Models, Financial Risk Management |
| VM61134 | Economics of Human Capital and Development | Elective (Economics and Strategy Area) | 3 | Education Economics, Health Economics, Labor Markets and Productivity, Poverty and Inequality, Economic Growth and Development Policies |
| VM61135 | Competition and Regulation | Elective (Economics and Strategy Area) | 3 | Market Power and Monopoly, Antitrust Laws and Policy, Price and Entry Regulation, Network Industries and Utilities, Intellectual Property Rights and Innovation |
| VM61136 | Economic Forecasting | Elective (Economics and Strategy Area) | 3 | Time Series Models (ARIMA), Regression-Based Forecasting, Leading Indicators and Business Cycles, Qualitative Forecasting Techniques, Forecasting Model Evaluation |
| VM61137 | International Business Economics | Elective (Economics and Strategy Area) | 3 | Theories of International Trade, Foreign Exchange Markets and Currency Risk, Foreign Direct Investment (FDI), Global Financial Institutions, International Economic Policy |
| VM61138 | Emerging Market Strategies | Elective (Economics and Strategy Area) | 3 | Market Entry Strategies for Emerging Markets, Competitive Dynamics in Emerging Economies, Regulatory Challenges and Opportunities, Business Models for Low-Income Consumers, Innovation and Adaptation in Emerging Markets |
| VM61139 | Strategic Management in Volatile Environment | Elective (Economics and Strategy Area) | 3 | VUCA World and Strategic Challenges, Scenario Planning and Future Forecasting, Strategic Agility and Organizational Resilience, Crisis Management and Business Continuity, Disruptive Innovation and Strategic Response |
| VM61140 | Business Valuation for Strategic Decisions | Elective (Economics and Strategy Area) | 3 | Valuation Models (DCF, Multiples), Valuation for Mergers and Acquisitions, Valuation of Startups and Private Companies, Equity and Debt Valuation, Real Options Valuation |
| VM61141 | Technology Strategy and Innovation Management | Elective (Economics and Strategy Area) | 3 | Innovation Ecosystems, R&D Management and Portfolio, Intellectual Property Strategy, Digital Transformation and Business Models, Disruptive Technologies and Strategic Implications |
Semester 4
| Subject Code | Subject Name | Subject Type | Credits | Key Topics |
|---|---|---|---|---|
| VM61131 | Behavioural Economics | Elective (Economics and Strategy Area) | 3 | Cognitive Biases and Heuristics, Prospect Theory, Intertemporal Choice, Nudging and Choice Architecture, Market Anomalies and Behavioral Finance |
| VM61132 | Game Theory for Managers | Elective (Economics and Strategy Area) | 3 | Strategic Interactions, Nash Equilibrium, Prisoner''''s Dilemma, Bargaining and Auctions, Repeated Games and Reputation |
| VM61133 | Financial Econometrics | Elective (Economics and Strategy Area) | 3 | Time Series Analysis for Financial Data, Panel Data Models, Volatility Modeling (ARCH/GARCH), Asset Pricing Models, Financial Risk Management |
| VM61134 | Economics of Human Capital and Development | Elective (Economics and Strategy Area) | 3 | Education Economics, Health Economics, Labor Markets and Productivity, Poverty and Inequality, Economic Growth and Development Policies |
| VM61135 | Competition and Regulation | Elective (Economics and Strategy Area) | 3 | Market Power and Monopoly, Antitrust Laws and Policy, Price and Entry Regulation, Network Industries and Utilities, Intellectual Property Rights and Innovation |
| VM61136 | Economic Forecasting | Elective (Economics and Strategy Area) | 3 | Time Series Models (ARIMA), Regression-Based Forecasting, Leading Indicators and Business Cycles, Qualitative Forecasting Techniques, Forecasting Model Evaluation |
| VM61137 | International Business Economics | Elective (Economics and Strategy Area) | 3 | Theories of International Trade, Foreign Exchange Markets and Currency Risk, Foreign Direct Investment (FDI), Global Financial Institutions, International Economic Policy |
| VM61138 | Emerging Market Strategies | Elective (Economics and Strategy Area) | 3 | Market Entry Strategies for Emerging Markets, Competitive Dynamics in Emerging Economies, Regulatory Challenges and Opportunities, Business Models for Low-Income Consumers, Innovation and Adaptation in Emerging Markets |
| VM61139 | Strategic Management in Volatile Environment | Elective (Economics and Strategy Area) | 3 | VUCA World and Strategic Challenges, Scenario Planning and Future Forecasting, Strategic Agility and Organizational Resilience, Crisis Management and Business Continuity, Disruptive Innovation and Strategic Response |
| VM61140 | Business Valuation for Strategic Decisions | Elective (Economics and Strategy Area) | 3 | Valuation Models (DCF, Multiples), Valuation for Mergers and Acquisitions, Valuation of Startups and Private Companies, Equity and Debt Valuation, Real Options Valuation |
| VM61141 | Technology Strategy and Innovation Management | Elective (Economics and Strategy Area) | 3 | Innovation Ecosystems, R&D Management and Portfolio, Intellectual Property Strategy, Digital Transformation and Business Models, Disruptive Technologies and Strategic Implications |
| VM62001 | Grand Viva | Project | 3 | Comprehensive Knowledge Assessment, Application of Management Concepts, Problem-Solving Acumen, Communication and Presentation, Holistic Understanding of MBA Curriculum |
