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The Postgraduate (PG) Diploma in Economics is a one-year full-time program in Mumbai (earlier known as Bombay) offered jointly with the Gokhale Institute of Politics and Economics, Pune. Gokhale Institute, is one of the oldest, offering economics & related courses is a Deemed University. The Program is meant for college graduates from any discipline who would like to learn economics, finance, data analytics and public policy. The Program would add value for young professionals who would like to develop applied analytical skills to further their careers. This program is rated as one the best amongst schools offering economics courses in India.
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 economists 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 placed 95% of our students in internships and full time jobs. Students are currently working at leading firms in consulting, finance, data analytics, public policy and industry.
The Program is meant for graduates from any discipline who would like to learn economics, finance, data analytics or public policy to solve real world problems. The Program is also useful for young professionals who would like to develop applied post graduate skills to further their careers. The Post Graduate Diploma in Economics is jointly offered with the Gokhale Institute of Politics and Economics.
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 & Skills
Foundation courses will cover three subjects:
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:
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:
After developing a solid foundation, all students are required to take a set of three Core Courses:
Each of these courses 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.
Learning Outcomes & Skills
Microeconomics is the study of choice under constraints and is the ground of all economic theory. In this course, students will learn:
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:
Econometrics for Business
Econometric analysis is a crucial component of the professional economist’s toolbox, and this course builds on the Foundations Course in Statistics to teach students:
Data Management and Programming
The ability to read, manipulate and work with large datasets using programming languages is increasingly becoming a key requirement for professional economists. This course will provide students with an entry-level foundation in computer programming. Students will learn:
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.
Statistical Computing and Machine Learning– Statistical computing and machine learning are techniques of recognizing patterns from data in order to develop statistical models. This course will teach students
Time Series Econometrics– Many of the insights from the Core Econometrics course, which studies mostly cross-sectional data, carry over to situations where data are collected over time (e.g. financial data). However, time-series data present important challenges of their own. In this course, students will learn
Advanced Econometrics– This course builds on the Core Econometrics course and will introduce students to techniques for handling panel data (which combines features of both cross sectional and time series data) and qualitative dependent or binary variables and for working with simultaneous equation models. In particular they will learn:
Financial Statements Analysis– Careers in finance, marketing, consulting, entrepreneurship and public administration require proficiency with financial statements. This course will teach students
Corporate Finance– In order to appreciate the importance of the financing function in a corporation, an in-depth knowledge of capital (or financial) structure is essential. In this course, students will learn:
Measuring Risk in Equity & Fixed Income Markets– Finance professionals need to have a sound understanding of how to assess risk in equity and fixed income markets. In this course, students will learn:
Public Policy –
Public Policy of Development– This course will provide an understanding of how economics can be used to understand development policies in the real world. Students will learn to analyze complex public policy issues in development as well as evaluate the impact of different policy approaches to a particular problem. In this course students will learn:
International Political Economy– International Political Economy studies the intricate relationships between markets and states, between money and power, and between economics and politics, and is essential for students hoping to find employment in public policy roles in today’s global context. In this course students will learn:
Behavioural and Experimental Economics: This course introduces the major insights of behavioral and experimental economics to individual choice, social choice, and public policy. The course will first establish fundamental principles in behavioural and experimental economics. The last module of the course will explore the cutting-edge research in behavioral and experimental economics and its implications for public policy. In this course students will learn
Crises– The 2008 Global Financial Crisis highlights the importance of understanding the myriad ways in which financial and macroeconomic systems are susceptible to episodic collapse. This course will teach students:
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.
Independent research thesis documented by each student. Guided by a mentor.
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:
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.
MDAE trains students to become practitioners to work in Banks, Consulting, Data Analytics, Policy and Think tanks. Our curriculum is designed by India’s leading Economists and Finance professionals from JP Morgan, Wellington Fund management, Aditya Birla Group and the Mint. Our unique teaching methods focus on applied learning and case studies. Our students get Industry Exposure through Mentorship programs, Econ Labs and Speaker Series. Over the past 4 years more than 90 per cent of our students are placed in corporates and banks. MDAE students are working in companies such as Fractal Analytics, Reliance, Morgan Stanley, Deutsche Bank, Praxis, Deloitte, Aditya Birla Group, JP Morgan, Decimal Point, IDFC Institute, Gateway House. This course is counted as a 16th Year of education for students planning to go abroad.
On successful completion of the program the students receive certificate of “Post Graduate Diploma in Economics”
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.
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.
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.