Studies & Degrees in International Economics
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International Economics Study Programs
Study of International Economics involves study about production, trade practices and investment patterns across borders of different countries. Different domestic economic incidents have evidently had important effects on economics of foreign countries. It is therefore clear that liberal countries in the world are intricately connected with each other. It is quite difficult and to some extent even impossible to understand the working of an economy without taking into account its international counterparts. International Economics attempts to study this connection.
General Course Structure
A degree course on International Economics should ideally involve the following modules:
- Study of international theory of trade which would include study of trade patterns, changes and shifts in these patterns, effect of trade policies and practices on domestic and international economy.
- Study of international trade policy which consists of policies adopted by nations to regulate their trade practices, tools and institutions involved in trade policies, issues of free trade areas and policies and problems related to this form of international integration.
- Study of theory of international finance consisting of concepts like balance of payments situation of nations and foreign exchange rate and flow of money in the international market.
- Study of open and liberal economic issues involving relationship between international open economies and closed domestic economies, issues of labor migration and immigration etc.
- Other than the above mentioned modules, topics like political economy are also given importance. How the political situation of a country affects its economic functioning and what consequences it has on the international market are worth studying.
Most of the universities offer post graduate level degree in International Economics. Candidates having Bachelors degree in Economics and related subjects are eligible to apply for this course. While some universities conduct entrance examinations others allow admission based on personal interview. Students are awarded either with a Master of Arts or Master of Science degree in International Economics. Analytical skill and ability to comprehend economic models and forecasting are preferred as students of the field of study. PhD programs are also offered by most of the universities. Those who complete their PhD have better prospects in academic career.
Job prospect for economists in general is considered very bright. With specialized degree in International Economics, students can expect to get high profile jobs in government as well as private enterprises. For examples they may apply for job of financial analyst, public policy consultant, market analyst, advisor to the finance departments, research executives in business enterprises operating across nations, etc. For those having a doctoral degree in the same job opportunities are naturally better in nature. Teaching profession is also beneficial and appreciative for those who wish to continue studying and remain associated with the subject in its true form. Degree holders in International Economics are also demanded by multinational corporations of different types. International banks, manufacturing companies, financial institutions other than banks and even media houses offer lucrative job opportunities to students of International Economics.