Post graduate Diploma in Economics
The Post Graduate Diploma in Economics at MDAE is offered jointly with Department of Economics (Autonomous), University of Mumbai. This is will qualify as the 16th year of education.
Our unique teaching methods focus on applied learning and case studies rather than on rote learning. Students will participate in workshops and seminars with top economics and finance professionals from around the world. Given our corporate connections, students will get the opportunity to participate in live projects. Further, upon completion of the Program, we aim to provide students with internship opportunities with leading firms across the country.
The Program is meant for graduates from any discipline who have strong quantitative skills and would like to learn economics and finance to solve real world problems. The Program is also useful for young professionals who would like to develop applied post graduate economics and finance skills to further their careers.
Learn more about our courses:
The program adheres to a philosophy of continuous assessment throughout the academic year to ensure that students effectively master the course materials and get enough opportunities to test their mastery. To this end, the students will be graded on the following:
- End-of-course examination
- Periodic problem sets
- Writing assignments
- Contribution to classroom discussion
- Classroom Attendance
The precise breakup of the final course grade into these diverse components, and also the precise form that these components will assume in each course, will remain at the discretion of the faculty instructor, and will be communicated to students via the course syllabus that the instructor will hand out on the first day of the course.
Foundations Courses Course Curriculum The purpose of these courses is to prepare students for the Core Courses that will follow. Since not all students accepted into the program will have an undergraduate education in economics, the Foundations Courses will introduce them to the essential elements of economic and statistical theory. For students who do join the program with some undergraduate economics training, the Foundations Courses will serve to review concepts that they may have forgotten, in a style that may yet be new to them. Learning Outcomes and Skills Rigorous understanding of mathematical and statistical concepts Ability to solve mathematical and statistical problems Foundational knowledge of microeconomics and macroeconomics Preparedness for the Core Course.
Economic analysis is inherently quantitative, and so students must develop a rigorous understanding of the mathematical foundations that economic theory utilizes. In this course students will learn:
- What a function and its limit are
- How to differentiate and integrate functions
- How to solve optimization problems
- How to work with vectors and matrices
Economists work with data drawn from the real world, and students are required to become proficient with the basic tools of data analysis. In this course students will learn:
- What a random variable is
- How to work with common probability distribution functions such as the Binomial, Poisson and Normal distributions
- How to work with jointly distributed random variables
- How to formulate a statistical hypothesis, and how to test it
Microeconomics is the study of choice under constraints and is the ground of all economic theory. In this course students will learn:
- What the concept of equilibrium in a market is
- How to model consumption choice as a utility maximization problem, and how to solve it
- How to extend the consumer’s choice problem to other contexts
While microeconomics studies individual markets, macroeconomics considers the economy at large, as a general equilibrium system of many simultaneously occurring markets. In this course, students will learn:
- How to measure “macroeconomic aggregates” like GDP, inflation, unemployment
- How to conceptualize the macroeconomy as the interplay between three different markets
- How to construct and work with the IS-LM framework
All students are required to take a set of three Core Courses:
Each of these courses will build on the material from Foundations, and lead the students into an in-depth exploration of topics that every economist is expected to be proficient in. These courses will also prepare students for the Elective Courses, which provide training in more specialized sub-disciplines of finance, public policy and data analytics.
Alongside the Core Courses, each student is also required to take an intensive workshop in Financial Accounting, which will prepare all students to take up finance-related internships during the academic year, and provide students that are interested in specializing in the finance stream, with the necessary foundations for further studies in finance.
The courses will be taught for 48 hours each with additional hours for Workshops and Econ Labs.
Learning Outcomes and Skills
- Rigorous understanding of markets and how they function
- Solve problems in microeconomics and macroeconomics
- Structure and analyze economic data with software packages
- Critically evaluate news articles about ongoing economic developments in India and abroad
- Critically evaluate academic and policy research in economics
- Write short- and long-form pieces on real-world economics issues
There are 10 elective courses on offer, of which students will choose 4 for credit (and are allowed to audit one or more of the remaining 6). Of the 10, 9 are divided into 3 streams of 3 courses each:
A student is not required to, but may wish to, specialize in one of the 3 streams, and if he/she decides to do so, then he/she must take all 3 courses in that stream, and 1 additional course to complete the 4 for-credit courses.
The 10th course, Crises, does not fit neatly within any one stream, but students who specialize in the Finance or Public Policy streams may consider it as their 4th for-credit elective course since the course has elements of both finance and public policy.
Alongside the three courses in each stream, students will also be offered Workshops/Econ Labs. These are not required for credit, but students specializing in a stream are strongly advised to attend the Workshops/Econ Labs being offered in that stream, as these will illustrate some of the principles taught in that stream and also offer additional training that is often required for jobs in the arena of that stream.
The courses will be taught for 30 hours each with additional hours for Workshops and Econ Labs.
Speaker Series, Workshops/Econ Labs and Case Studies
MDAE has incorporated three academic innovations in its program:
The Speaker Series will serve as an out-of-the-classroom venue for students to encounter exciting intellectual developments in the disciplines of economics and finance. A prominent academic or practitioner delivers a talk on a topic drawn either from their research or their work, and a discussion follows with members of the audience. These events are open to all members students, corporates, academics and the general public.
A list of past Speaker Series Events and lecture summaries can be found here.
The Workshops/Econ Labs closely track what the students have learned in the classroom, and broaden and deepen their understanding of it. During each of these events, a prominent professional economist delivers a talk on a concrete real-world problem that he or she has grappled with, and that problem will serve as an illustrative application of concepts learned in the courses. Each of the Core Courses will offer Workshops/Econ Labs, while each of the streams in the Elective Courses will also offer its own set of Workshops/Econ Labs.
A list of Econ Lab Events and lecture summaries can be found here.
An objective of this program is to ensure that students develop the necessary framework to analyze various economic problems in the real world. We have designed numerous case studies, exploring the depths and details of many economic puzzles and crises. For instance, the Advanced Macroeconomics course incorporates case studies on Japan’s lost decade, Korean growth story, and the Euro Crisis in its syllabus. Through discussions of these case studies, students hone their analytical and critical thinking skills.