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With MDAE’s 1 year PGP in Economics Diploma, you will gain the quantitative, analytical and data skills to launch a career as a market economist for banks, governments, multilateral institutions, and think tanks.
The rigorous and technical nature of the course also enables you to strengthen your foundations for a research-focused career or a further education degree.
The approaches we use are based on “how” rather than “what” of problem solving, so students can apply them to a wide range of problems within and outside of their textbooks.
The one-year diploma is based on courses offered at the London School of Economics & Political Science (LSE), Oxford, and others. As the only degree in India that interweaves three disciplines at the intersection of finance, data science, and public policy, this degree offers students the opportunity to specialize in all three.
Each student is required to complete training in programming languages like R, Python, visualization tools like Power BI, Tableau, and other cutting-edge software. In addition to the 8-week Math & Statistics foundation course, students will learn more sophisticated quant methods and tools to understand core economic models and methods.
Throughout the program, we emphasize the development of presentation, communication, and writing skills that are universally accepted across disciplines.
The year is broken into 4 distinct parts – Foundation, Core, Electives & Dissertation, and students need to acquire 22 credits to clear.
Foundations Course – 8-week primer on Mathematics & Statistics.
Core Courses – 4 core courses offered (each 48 hours)
Details of our core courses can be found here.
Electives – Students need to choose any 4 out of 9 electives (each 30 hours) offered across 3 streams – They have the option to either specialize (take all 3 from the stream and 1 from the other) or remain agnostic (pick across all). Students can also audit electives should they choose to.
To view our electives – Please click here.
Dissertation – The dissertation is a very important part of the learning and development process for our post graduate students. Each student must write a dissertation on a research topic of his or her choice. While this is guided process where an academic mentor will be assigned to you, students need to conduct the research independently. The dissertation component serves important purposes –
Lays down the building blocks towards being a more effective write.
MDAE is a pioneer in providing applied economics and data science education in the country. Our global faculty, agility in course design and world class industry access ensures that our graduates are well-equipped when starting their professional journey.
To read about placements in detail, click here.
Candidates who wish to apply for the Post Graduate Diploma in Economics program need a minimum 50% marks from a recognised undergraduate degree in any discipline.
MDAE follows a rolling admissions policy, which means that candidates who apply early have a higher chance of being selected. It also means that once our seats are filled, applications will be closed. We have 2 cycles in our admissions process – Early Bird Applicants (From Nov – Jan) and then normal admissions cycle. Historically more than 60% of our seats have been filled during early bird admissions so it is important that candidates apply early.
The admissions process is a 4-step process –
The course fees for the Post Graduate Diploma in Economics is INR 6,75,000 (excluding GST).The fees mentioned are tuition fees and do not include the cost of accommodation & living expenses.
Several central and private banks have granted loans to MDAE students. MDAE has also secured partnerships with leading fintech players to help secure loans. If you would like to connect with them, please reach out to the admissions team on 7045999326.
MDAE also provides an easy EMI facility for paying the fees in installments.
Merit based scholarships are available to students at the time of admission. Scholarships upto 50% of the tuition fee are available. The decision for awarding scholarships will be based on merit and will be decided post the interview of the candidate.
|Application Start Date||10th November 2022|
|Entrance Test||3rd December 2022|
|Interview Date||Contact the counselor on 7045999326 to get details|
The course is best suited for students as well as young working professionals who are looking at achieving the following outcomes –
You can apply for the PGP in Economics Diploma even if you do not have an economics degree. You do however need to demonstrate a certain degree of proficiency in Mathematics & Statistics to be able to cope with the rigour of the course. We have admitted students from disciplines such as commerce, physics, management, psychology, mass media, engineering, chemistry, and other diverse fields
The 2-year norm is mostly an Indian construct. There are many world-renowned PG programs in India and abroad that are only a year long. We, too, believe that to fully impart the skills that employers are looking for, an intensive year-long training is enough. Our program is very rigorous, there is a lot packed into it, including over 350 hours of classroom training, weekly interactions with actual practitioner economists, assignments, internships, etc. Students work very hard in our program.
Also, most two year programs are training students for doctoral/Ph.D programs and hence 2 years is necessary to cover all the different sub-disciplines in economics. There is also a lot of slack in the 2-year system. A well designed, intensive year of training is more than enough, and we are seeing our students compete successfully with those coming out from 2-year programs.
Yes this qualifies as a 16th year of education. Our alumni, over the past 5 years, have a strong track record of securing admissions into leading foreign universities for Masters, MBA and even Ph. D programs. Universities such as Harvard, Georgetown, Chicago, Rotman, Boston, Georgia State, George Washington, Oxford, LSE, and many more have recognized and admitted alumni from MDAE.
MDAE assists students to take up private accommodations in the vicinity. We provide you with a verified list of brokers who then will assist the student in finding the accommodation.
You can be exempted from giving the test if you have – 600+ in GMAT, 90 percentile and above in CAT.
You can write to us at firstname.lastname@example.org or call us on 7045999326.
The objective of this course is to establish a strong foundation for the Core Courses that will follow. Through its two modules viz. Mathematics and Statistics, students will be introduced to the essential elements of mathematical and statistical principles that are needed for the Economics and Data Science Diploma.
Learning Outcomes & Skills
The two modules of the Foundation course are as follows:
In this course students will learn:
Data Scientists 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 quantitative foundation, all students are required to take a set of four 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.
1) Applied Microeconomics
Course objectives: The objectives of this course is to provide a systematic theoretical analysis of the decision-making behaviour of economic agents and their interactions together with mathematical rigor to theoretical analysis and forecasting by extend theoretical understanding to real world occurrences.
To elucidate, recently there has been discussion about taxing junk food (soft drinks, for example) in an effort to reduce the incidence of obesity. Given the data for the market demand for junk food in the past, students are supposed to answer the following:
Do you think the demand for junk food is elastic or inelastic with respect to price? Based on your knowledge of the price elasticity of demand, do you think the deadweight loss of a soda/junk-food tax would be relatively large or relatively small? Why? Do you think taxing junk food would be a good idea? Based on your analysis, would it really help reduce the number of obese people?
Select topics: Thrust areas are:
Learning Outcomes: Student will acquire a comprehensive understanding of the domain knowledge, ability to apply mathematical reasoning to the theory and make estimates regarding competitive market outcomes, equilibriums, and optimal solutions, develop independent critical thinking to understand limitations of competitive markets in delivering efficient solutions and need for government intervention and hence should be able to analytically evaluate efficacies of public policies.
2) Advanced Macroeconomics
Course objectives: The objectives of this course are to understand the principles and practice of macroeconomics and that economics and politics are intertwined. The course will help students make sense of the present-day macroeconomic context globally and in India. Some of the topics that students will be motivated to debate on during this course include:
Learning Outcomes: At the end of this course, students will have a good understanding of macroeconomic theories and their ability to explain the real world. They will be able to interpret economic data and make sense of them, connect the dots of politics, economics, history and society and understand which of them is the more important force and in what circumstances. They shall be able to opine on and make futuristic statements on the direction of the macroeconomy with awareness of the limitations of such statements. The course will equip students to work in areas related to economic policy and analysis in government and in the private sector. It will also prepare them to undertake further higher studies in economics.
Course objectives: Empirical data analysis using statistical and mathematical tools forms an integral part of contemporary economics. The objective of this course is to introduce students to the fundamental ideas and tools in Econometrics in an applied and intuitive way. The distinguishing factor of this course is its copious use of the R programming language to illustrate the applications of the econometric tools learnt and hands-on modeling using real-world data. To illustrate, over the time of this course, students will be encouraged to answer questions of the following nature using econometric models with R.
Learning Outcomes: By the end of this course, students will have a good theoretical and practical understanding of the fundamental econometric models and be well equipped to apply them on real world data using tools such as R. This course will build the basic foundation for careers as economists, finance professionals and data analysts and in general for any job role involving data analysis.
4) Data Management and Programming
Course Objective: This course will teach the students the basics of computer programming and programming using the Python language. In addition to programming skills, the course will also introduce students to algorithmic thinking.
Python data types and variables covered: int, float, string, Boolean, list, tuple, dictionary, set, ndarray, dataframe and related types, range,
Examples of assignments and exercises:
An in-depth coverage of the following Python packages: the core, math, numpy, pandas, random, statsmodel, itertools, sys.
A special focus is laid on the Pythonic way of coding e.g. list comprehension. zip and enumerate functions; the itertools package, generator functions, lambda functions, the dataframe apply function. Specific instruction is imparted to students in the matter of approaching Python interviews.
There are 9 elective courses on offer, of which, students will choose 4 for credit (and are allowed to audit one elective). These 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.
1) Data Analytics
Course objective: The purpose of this course is to familiarize the students with modern machine learning models. Most of the courses in this area either focus on the concept or application of machine learning algorithms. This is an introductory course for theoretical machine learning. Furthermore, in this course, most models will be explained with great details such as problem statements, solutions, algorithms, implementation, and solving real-world problems with actual data.
Learning Outcomes: By the end of this course, students will be able to formulate real-world problems and their solutions using mathematics and move on to advance machine learning techniques. The course will also prepare students with advanced skills for programming with machine learning models.
Time Series Econometrics-
Course objective: Much of the data in economics and finance are indexed over time and present specific challenges in modeling and forecasting. This course is designed to equip students with the econometric tools used specifically in time series data analysis and implement those tools on real-world economic and financial data. The course will make rigorous use of the R programming language to illustrate the concepts and give students a hands-on experience of modeling and forecasting time series data. Some of the questions that this course will motivate students to answer are:
Did the pandemic cause a structural break in India’s IIP?
Learning Outcomes: By the end of this course, students will bTe familiar with the theoretical underpinnings of time series analysis, be able to build models with time-series data, run them and interpret the results on R. they shall be ready to take up roles in the industry in the fields of finance, macroeconomics and data analytics that involve building models and forecasting trends for the economy.
Advanced Econometrics for policy analysis–
Course Objectives: Recent Nobel prizes in Economics given to the likes of Abhijeet Banerjee, Esther Duflo, David Card and others are enough evidence to show the growing importance of natural experiments in the field of economic policy analysis. This important course covers recent developments in the field of Econometrics where causal inferences are used to understand and evaluate policy outcomes. The course will equip students with advanced tools in Econometrics used in evaluating public policy outcomes and beyond. R programming will be used extensively to support the teaching. During this course, students can expect to answer the following type of questions based on econometric modeling.
Learning Outcomes: By the end of this course, students will be able to assess the different contexts in which these econometric techniques can be applied and how to apply them on real-world data. They will be in a position to evaluate public policies using modern econometric tools of causal inference. This course will prepare students for a career in development economics, public policy, data analytics and other allied fields.
Financial Statements Analysis–
Course Objectives: The key objective of this course is to equip students with a solid understanding of financial statements and its application with real-world examples. The course will focus on analyzing and interpreting financial statements with the aim of performing fundamental analysis of the company and forming a view on its overall prospects. This course will provide Economics students the financial acumen which they can apply to not just in economics-based roles, but also to core finance and risk roles offered in the industry.
Course Objectives: Corporate finance is concerned with understanding what financial managers should do to increase company value. This course is designed to introduce essential aspects of financial decision-making in businesses. The primary objective is to provide the framework, concepts, and tools for analyzing financial decisions based on fundamental principles of modern financial theory. We will work with live examples to study the application of these concepts. This course will provide Economics students the financial acumen which they can apply to not just for economics-based roles, but also to core finance and risk roles offered in the industry.
Measuring Risk in Equity & Fixed Income Markets–
Course Objectives: Risk Management forms a very important function for any organization. It is closely linked with the strategic goals of any organization. A risk-managed business is appealing to investors, lenders, suppliers etc. and this helps in overall growth of an Enterprise in both the short run as well as the long run.
3) Public Policy
Behavioral and Experimental Economics: A Public Policy Perspective
Course Objectives: The goal of this course is to help students think creatively and critically about public policy issues by providing an understanding of how behavioral and experimental economics can be used to understand policies in the real world. The course will introduce cutting-edge research in behavioral and experimental economics and its implications for public policy. A particular emphasis will be given on behaviorally informed tools, such as default rules, and norms to study a range of issues at the intersection of behavioral economics, and public policy.
Learning Outcomes: By the end of the course, students will be able to conduct experiments (both in the laboratory and in the field) and use the data from the experiments to evaluate theories as well as to test and fine-tune policies that could not be easily tested with naturally-occurring data. Students will also be able to analyze complex public policy issues as well as compare the merits and demerits of different policy approaches to a particular problem using insights from behavioral economics.
Public Policy of Development
Course Objectives: 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.
Learning Outcomes: By the end of the course, students will be able to analyze complex public policy issues in development as well as evaluate the impact of different policy approaches to a particular problem.
International Political Economy
Course Objectives: 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.
Writing a Dissertation is an integral part of the courses offered at MDAE because it initiates the students to the process of research which is the means to stimulate curiosity as well as satisfy it in a scientific manner. It opens minds to new possibilities and explore further on subjects and widens the knowledge base.
At MDAE, students work on a research topic in their interest for three months and are mentored by the faculty, industry experts, and the members of its Academic Board. The students are assisted by their supervisors in various ways including search for literature, data collection, data entry, and manuscript development.
The top four dissertations are read by the Chairman of the Academic Board, Lord Meghnad Desai and he selects the best paper from among them. These four papers are compiled as an e-book.
The Diploma 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 course instructor, and will be communicated to students via the course syllabus that the instructor will hand out prior to 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 6 years, more than 90 percent of our students are placed in corporates, banks and policy think tanks. 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.
On successful completion of the diploma, the students receive a certificate of “Post Graduate Diploma in Economics”
MDAE has incorporated some academic innovations in its diploma:
Speaker Series- The Speaker Series serves 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 member students, corporates, academics and the general public.
Workshops/Econ Labs- 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.
Equity Research, J P Morgan
Data Scientist, ZebPay
Data Scientist, Kotak
University of Texas at Dallas