M.Sc Economics @ IIT

Hi

I have been receiving a lot of queries regarding M.Sc Economics programme at IIT Kanpur and M.Sc Economics in general.

First reaction of all the people who see this in the brochure or to whoever I tell is that how come there is an economics programme at a technical institute like IITs.

You can go through the brochure for stuff like it is a perfect blend of technology and economics and similar stuffs, half of which is crap. Some will even try to portray it as a substitute for B.Tech+MBA which is not a very true picture

COURSE DESIGN

In the first couple of years, out of nearly 20 courses, 15 are like same for all streams of science and engineering, there are 2 electives and 3 department specific courses.

From third year onwards, the focus shift towards economics. We are required to take 5 courses per semester inclusive of the electives. One kind of electives is H.S.S. i.e. Humanities and Social Sciences where you take courses from Philosophy, Psychology, Sociology, Literature, etc. It may sound very attractive but its going to be find very boring and dont think of high sci-fi stuffs. The M.Sc(int) Economics programme comes under Department of H.S.S.

Before I go futher let me explain concept of electives. In IITs(at least Kanpur), you have an option of doing courses of your liking from any Department you desire. In the M.Sc economics programme there are around 7 open electives(courses from any department) and around 6 departmental electives(courses from economics itself...though there are not much choices available within the economics department due to lack of Professors)

The course structure is very good and I find the subject interesting as well. But the problem is the quality and number of Professors although both have been improving lately with new recruits. I believe the courses detail could be found on the net, if unable to find, drop me a mail. You can read all the stuff like Micro economics, Macro Economics, Econometrics, etc although whether you will read them or not is highly questionable once you get here :) This is very new Programme so there are ample of scope of improvement.

COMPARED WITH OTHER DISCIPLINES

Another question which I am asked is, "I have rank around 3000, should I take Maths or economics." I would say that has to an individual decision. Maths department at IIT Kanpur is very good but its very very tough also. What you are going to study here is going to be very different from JEE. Based on your interest in Maths in High School, if you decide to take Maths, you may find yourself at the wrong place. I would recommend that people who have ranks around 2000 should not blindly follow into the foot steps of last year pattern and end up in a stream of not their liking.

BRANCH CHANGE & CULTURE

Everyone in IIT comes with a thought that I will study hard in first year and change my branch to Computer Science and Electrical. Mark my words,"Don't count on that." You are not going to have the same enthusiasm for studies like you had at time of JEE. Most of us for the first time will be exposed to a plethora of activities which happens in campus. Be it sports, cultural or technical, you are sure to find something that suits you. There is a high probability that you will be diverted from studies although if you really interested, you will get very good oppurtunity to study anything you like. The institute has a huge library and has access to many online journals.

PLACEMENTS

The first batch of Economics graduated this year. All the 13 people who sat for placements were placed and at a package much better than the institute's average. People have mostly opted for investment banks, consultancy although some are going into research institutes. A couple of people are appearing for Civil Services Examinations. Further options include going for PhD, MBA, none of which should matter to someone who has just cleared JEE. People don't figure that out until their last year so you need not be concerned at all at this moment of time.

If you have any other queries, feel free to mail me at rathi.rocking@gmail.com . I am genrally very lazy to reply, one of the reason why i wrote this, but I would try to reply at the earliest.

The above was my opinion and you may get totally different perspective if you come in contact with some of my friends from economics. I would actually recommend that you try to get in touch with other people as that will help in getting a broader view

Regards,

Hemant Rathi