SOP Sample for MS in Economics Canada

The renowned professor, Greg Mankiw once said “Economics is the study of how society manages its scarce resources.” The present economic situation has led to a widespread interest among people to study economics in detail. One of the best ways to do so is by pursuing an MS in Economics. If you are also keen on being part of such a program, then one of the best options for you would be to study Economics in Canada. You can apply to a university in Canada. It has the best state of the art infrastructure, exceptional teaching facilities, and wide scope for research and development. A Master’s in Economics in Canada will teach you about advanced theories in economics, understand recent trends in the economy, analyze the market situation, and how you can use econometrics to analyze data. Securing a seat for such a course, can be quite difficult as there are various applicants with the same level of educational qualification and also there is a highly selective admission process.

You not only require an exceptional academic record, but also have to focus on other parts of your university application, such as the writing of an SOP. Most of the universities you apply for will ask you to write a statement of purpose for a Master’s in Economics. In this document, you need to write about why you are interested in pursuing this program, your academic and professional background, choice of course, university in Canada, career plans, and language proficiency test scores. It is important that you first familiarize yourself with the way you need to structure your Economics SOP. To help you with this, we have provided a sample SOP for Master’s in Economics in this blog that you can read. If you feel that you need further help regarding the writing of an SOP, you must seek help from professional SOP writers. Contentholic provides the best SOP writing services in India. Our writers will gather all the essential details, write as per the assigned format and tailor your SOP accordingly.

How to Express your Interest in Studying for a Master’s in Economics in an SOP?

The main purpose of writing an SOP is to express your interest in pursuing a Master’s in Economics in Canada. While describing your course interest, you can keep the following points in mind to express yourself in a better way. 

• Reasons to pursue an MS in Economics- Talk about the specific aspects of the subject that interest you, or you can also write about any particular event or an achievement of yours that made you inclined towards this course. You need to describe your academic details in a way that aligns with your decision to pursue a Master’s in Economics in Canada.
• Enhance your abilities- Write about how studying the course will upgrade your existing skills and abilities. This will help you in landing a better job. Write about the new things that you will be learning as a part of the course. You can mention how the program will help you in identifying the areas related to your course where you wish to delve into further. Write as to how studying this course will help you improve your networking and communication skills. It will enable better analytical thinking and problem-solving abilities. 
• Achievement at the Workfront- Receiving an appraisal from a senior for your performance in a job, might serve as a motivation for you to study further. This way, acquiring new knowledge regarding Economics makes you qualified for more advanced work in your field. It also increases your chance of being promoted.
• Highlight Course Curriculum and University Details: Write as to how the university in Canada that you have applied for, has the best curriculum for an MS in Economics that aligns with your career goals. You can write about how this program will prepare you for a promising career in Economics and how studying in a particular Canadian university will help you build a better job profile.
• Enhanced Career Opportunities: Will studying the course help you land a better job? Or do you wish to be involved in research work related to your field? How will this impact your future goals? Include information if studying further will help you build a startup or help you in your family business. What is that you wish to achieve on the work front?

Also write how by attaining a Master’s degree in Economics, you will be able to get a job with more earning potential. You can write about how this program will present you as a deserving and more qualified candidate in front of your future employers. You can also write how you wish to improve certain industries/ sectors related to your course. 

Enable Career Transition- If you wish to change your career path, write as to how pursuing an MS in Economics might help you. Elaborate on how this program will help you develop essential skills and competencies required to excel in the field of Economics. For instance, some jobs require a certain amount of education, but having additional qualifications makes you a much more suitable candidate for the job.

Check the Economics statement of purpose example given below, to get a sense of how an SOP should be written.

Modern economics is not just the distribution of goods and services; it is also a way of working towards human welfare. When we mention human welfare, we refer to the increased means of earnings and scaled-up compensation of the work done. A real-life example that helped me get clarity on the adversity in the absence of human welfare has time and again urged me to make things better. This was early when economics wasn’t even in a part of my syllabus, and my father had justified ‘stealing’, by stating how those laborers are poor and needed the money to survive. The brass utensils which were my grandmother’s prized possessions were stolen by the laborers who were renovating our house.  My father dismissed this and attributed the thieves in the making to the economic conditions. As a part of a developing nation, underprivileged families are a common sight and this relentlessly urges me to bridge the disparity of wealth. Like physics helps in explaining the mysteries of the Universe and its working, Economics for me is a subject equally powerful which helps in making sense of human civilization and its progressive way of working.  All in all, this has induced in me the need to obtain a Master’s in Arts, in Economics.

Comprehensive methodology with a mix of empirical and theory, I have reaped apt knowledge from the under graduation course in Economics. Theoretical and Applied Econometrics helped me in visualizing and applying the economic theory through real-world data. Subjects like Microeconomics, especially game theory helped me gain deeper insights on behaviors of economic units. Actuarial Science taught me about gauging, modeling, and mitigating risks. These subjects empowered me to make decisions and evaluate the pros and cons at the same time. Moreover, the confluence of technology such as R programming helped me perceive how technology remains present in analyzing econometrics and statistics.

To fathom more clearly the concepts learned, I worked on various research projects. “Modeling Indian Exports”, was one research that I did and tried to deduce the impact of independent variables and techniques that can make analysis more effective. My term paper titled, “Impact of transportation and power infrastructure on business: A study on Indian states” aimed to model and study the impact of transportation infrastructure on the per capita GDP at constant prices of 16 most populous Indian states using a panel data and compares the LSV and OLS techniques. From this, I learned the reasoning of the data sets and finding the benchmarks as well as the conclusion.

To add more color to my palette, I also researched Demonetization of India Currency notes in 2016: Qualitatively observed the impacts of demonetization of high valued Indian currency notes in 2016 using the ISLM model on the available data. All these researches have authorized me to research incessantly as the findings have been informative and intriguing at the same time.

The college projects and research papers proffered a gamut of concepts, but the internships were a platform to exercise those concepts. During my internship at Invest India, a national investment promotion agency under the ministry of commerce of the central Indian government, I explored the Public Policy domain. I have been working on the state startup ranking framework to rank the states based on their startup ecosystem. I have also worked on Porter’s framework to rank nations based on their competitiveness and created an index as a research assistant under Professor Trisha Nair from MDI Gurgaon to explore applications of macroeconomics. I have worked with The Nudge foundation and unraveled the side of Non-Profit organizations and the economic problems involved. Also, I have been a research assistant to professor Surya Rajan from Master’s Union to review the literature related to competition economics and the relationship between competition and innovation and present potential research gaps.

I have also interned with Policy 4.0 to explore the future of monetary and token economics and researched cryptocurrencies, new bridges for cross-border payments, the positive and negative impact of blockchain, with a focus on forensics. This has so far been the most rewarding experience as I worked to understand the impacts of DC/EP or the digital Chinese Yuan. And since then I developed a curiosity to dive deeper into understanding cryptocurrencies, DLTs, CBDCs, and smart contracts. Interning at this think tank has helped me catch up with the advancements and introduced me to the newer potential economic problems, opportunities, and risks that the world might face.

With a bent of mind to aid a better life for everyone, I volunteered for the Caring Hands Foundation. I collected extra food from restaurants and weddings to distribute among the colonies where the underprivileged lived. I have also volunteered with SPICMACAY which is engaged in the promotion of Hindustani classical music amongst the youth and helps in organizing online and offline classical music concerts. Owing to my interest in music, I am pursuing a diploma in Instrumental Indian classical music with the Prayag Sangeet Samiti. As the Vice President of the economics society, I convened the first-ever economics festival that was attended by 1000+ students. Other than this, I have accomplished my duties as a placement coordinator with ample relevant internship and placement opportunities for the students. 

As a curious student, research has invariably been an omnipresent interest and collaborative research proffers the next level of excitement as two minds think and come to a convincing conclusion. This is what I look forward to from the MS course in Economics. Through this project, I expect to gain articulate research skills, Predictive modeling, complex quantitative analysis techniques, and in-depth knowledge of different schools of economics and their branches along with practical computational analysis techniques to perform analysis on computer programs. Learning all these will allow me to spearhead my goals confidently. My short-term goal is to become an economist and engage myself towards recalibrating the Indian society towards a more efficient setup to maximize resource distribution and reduce inequality preferably working for a government agency followed by Pursuing a Ph.D. and achieving the long term goal of engaging myself in core academic economic research supported by the practical experience and insights from the stint as an economist.

To steer with confidence into a direction that will bring me closer to my goals, I have zeroed in on Canada and UBC for my Master’s in Economics. I am influenced by the pragmatic methodology that will credit me right knowledge. At the University I am aiming to study Public Policy, transport economics, and Behavioral economics. With the plethora of these subjects, UBC is an ideal choice. Moreover, it has a great academic reputation among the student fraternity, inspiring me to become one.

Determination and grit to provide better living standards to the people of my country, the MA in Economics is imperative and UBC seems like the ideal choice. 

Final Thoughts

So you see how in your SOP, you need to show how pursuing a Master’s in Economics in Canada will help you achieve your goals, and how you deserve to be a part of this program. The statement of purpose for Master’s in Economics PDF provided in this blog will help you get a basic understanding of the format, language, and tone you should incorporate in your SOP writing. How you describe your course interest plays a significant role in determining your chances of admission. Provide as many details as you can that make you come across as a deserving candidate. If you have any further questions regarding the writing of an SOP for Master’s in Economics in Canada, you can consult Contentholic’s professional SOP writers. Our writers provide the best SOP writing services in India and are quite familiar with the university application process for Canada. All you have to do is contact us and provide the relevant details regarding your application, and we will compose an impeccable SOP for you that is based on the assigned format. So, if you have any issues regarding the writing of an SOP, feel free to contact us and get closer to your dream of studying in Canada.

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