Getting an MBA after doing BA in Economics can be a good choice for students who want to expand their knowledge and skills beyond the realm of economics.
Many believe that obtaining a Bachelor of Arts (BA) degree eliminates the possibility of pursuing a Master’s in Business Administration (MBA). However, pursuing an MBA equips students with the adequate skills to handle complex business situations and develop managerial skills, which prepares them for roles in the fast-paced corporate world.
Additionally, an MBA opens doors to job opportunities worldwide in both the public as well as private sectors. Moreover, for those interested in entrepreneurship, an MBA can provide the essential skills and knowledge to start and run a successful business. This article will dive into the benefits, eligibility and career scope of doing an MBA after a BA in Economics but let’s first look at what both of these degrees entail.
What is an Economics Degree?
Economics degree programmes equip students with knowledge of the social science principles that govern the distribution of goods and resources worldwide and in individual regions. Usually offered as a master’s degree, this programme enables students to understand economic theories comprehensively. In addition, it provides specialised studies in economic disciplines such as micro, macro, and applied economics. This field blends data science, mathematics, and political science, enabling graduates to provide analysis and data to assist businesses, governments, and nonprofit organisations in decision-making.
What is an MBA Degree?
An MBA, or Master of Business Administration, is a comprehensive degree programme that merges financial, economic, and business courses to offer prospective professionals a wide range of knowledge. This programme offers students the chance to pursue advanced studies in the essential disciplines related to business careers, with coursework covering management and administration. Some professionals earn an MBA while working in a business position to boost their chances of taking leadership roles. While others choose to pursue an MBA after earning an undergraduate degree in related fields such as finance and marketing.
Benefits of Pursuing an MBA after BA in Economics
Pursuing a Master of Business Administration (MBA) degree after earning a Bachelor of Arts (BA) in Economics can be an excellent way to advance one’s career and gain a competitive edge in the job market.
Here are some of the benefits that candidates can reap after taking this step:
- Gain Diverse Skills
While a BA in Economics provides a strong foundation in economic theory and analysis, an MBA programme teaches students about business operations, management, finance, marketing, and strategy. By completing an MBA, graduates gain a broad range of skills that can be applied to various industries and job functions.
- Career Advancement
Many employers prefer candidates with an MBA degree when hiring for mid to senior-level positions. An MBA can help individuals stand out in a competitive job market and provide access to higher-paying job opportunities.
- Networking Opportunities
MBA programmes offer students the chance to network with other professionals in their field. This can be especially valuable for individuals who are looking to transition into a new career or industry. MBA students can make connections through networking events, internships, and other activities that may lead to job opportunities or business partnerships.
For BA Economics graduates who are interested in starting their own businesses, an MBA programme can be particularly valuable. In addition to gaining a solid understanding of business operations, MBA students learn about marketing, finance, and strategy, which can be essential for launching and running a successful company.
- High-Income Potential
In India, there has been a significant shift in the demand for MBA candidates across diverse domains. Organisations and MNCs prefer MBA candidates for their exceptional critical thinking and complex problem-solving abilities. As there is a high demand for MBA graduates, they are selected for well-paying jobs.
MBA Eligibility for BA Economics Graduates
The eligibility criteria for economics graduates to get admission to an MBA programme include the following:
- A minimum aggregate score of 50% is required in graduation or degree exam from a recognised university, with a 5% relaxation in percentage for candidates belonging to the reserved categories.
- Candidates must pass an entrance examination such as CAT/MAT/XAT/CMAT, among others. In addition, some institutes also have their own entrance examinations to select deserving candidates.
- Candidates also need to successfully clear the personal interview conducted by the respective institute.
Career Opportunities in MBA after BA in Economics
An MBA degree equips you with the essential leadership skills required to manage and lead a team or a company, irrespective of its size. With an MBA degree, economics graduates can explore various career opportunities, such as working in the technology sector, financial institutions, product and service sales, marketing, and consulting firms. Additionally, the diverse skills acquired through an MBA programme can make economics graduates well-suited for leadership roles in different industries.
Mentioned below are some of the commonly held job positions and average salaries for individuals who have completed their MBA degree after a BA in Economics:
|Job Role||Average Salary in INR|
|Management Consultant||22.5 LPA|
|Cash Manager||2.2 LPA|
|Investment Banking Associate||9.1 LPA|
|Risk and Insurance Manager||7.7 LPA|
|Credit Manager||6 LPA|
|Financial Officer||4 LPA|
In summary, pursuing an MBA after obtaining a BA in Economics can be a smart decision for individuals seeking to expand their knowledge and skills beyond the scope of economics. This path offers numerous advantages, including career advancement, networking opportunities, skill development, and access to high-paying jobs. The eligibility requirements for BA Economics graduates to pursue an MBA are not that rigid. They must attain a minimum aggregate score of 50% in their undergraduate studies and pass some entrance exams. With an MBA, economics graduates can explore a wide range of career paths in industries such as investment banking, cash management, marketing, and management consulting.