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Is an MS the right path for my son after studying Economics, Maths, and Statistics at Christ University?

Sushil

Sushil Sukhwani  |582 Answers  |Ask -

Study Abroad Expert - Answered on Jun 17, 2024

Sushil Sukhwani is the founding director of the overseas education consultant firm, Edwise International. He has 31 years of experience in counselling students who have opted to study abroad in various countries, including the UK, USA, Canada and Australia. He is part of the board of directors at the American International Recruitment Council and an honorary committee member of the Australian Alumni Association. Sukhwani is an MBA graduate from Bond University, Australia. ... more
Vinod Question by Vinod on May 31, 2024Hindi
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Hello Sir, My son is currently pursuing his under graduation in ( Economics, Maths and Stastistics) from Christ. University . Want to know the future prospects or what further can be pursued going ahead . An MS in which areas would you suggest. Thanks and Regards. VMG

Ans: Hello Vinod,

To begin with, thank you for contacting us. I am happy to hear that your son is currently pursuing his Bachelors from Christ University. As an answer to your query, I would like to let you know that your son’s undergraduate studies in Economics, Mathematics, and Statistics offer a solid basis for a wide range of job pathways and postgraduate studies. Concerning your query regarding the future prospects, I would like to tell you that your son can take up jobs viz., that of a Data Analyst, Quantitative Analyst, Data Scientist, or Business Analyst, in sectors viz., Finance, Consulting, Technology, Retail, and Healthcare. He may also choose to work as an Investment Banker, Actuary, Financial Analyst, or Economist in sectors such as Insurance, Consultancy, Government, Corporate Finance, or Banking. In the research and academia domain, your son can take up jobs viz., that of an Academic Researcher, Research Analyst, or Professor wherein he can work at Research Institutes, Think Tanks, or Universities. In addition to the ones mentioned above, your son can also choose to work as an Operations Research Analyst, Software Developer, or Algorithm Engineer at Engineering Firms, Startups, or Tech Companies. Concerning your question regarding the areas for further study, I would like to tell you that your son can think about pursuing an MS in Economics, MS in Financial Engineering/Quantitative Finance, MS in Computational Finance. He can also choose to pursue an MS in Operations Research, MS in Data Science/Analytics, MS in Actuarial Science, or an MS in Statistics/Applied Statistics.

While selecting an MS program, I would recommend that your son takes into account the location and program’s standing. He should investigate programs with solid linkages to the industry as well as a track record of successful placements. He should make sure he fulfills the requirements for the programs he is considering. He should take into account his professional objectives, factoring in the positions and sectors he is drawn to. All in all, your son should select a field that best resonates with his passion and strengths.

Given your son’s solid background in mathematics, I would like to tell you that he has numerous exciting possibilities for future education and employment. Jobs in data science, operations research, and finance could possibly suit him well. When determining which path to choose, your son should take into account his interests and professional objectives. An MS in any of these fields will lead to a wealth of possibilities in business, academia, and other areas.

For more information, you can visit our website: www.edwiseinternational.com

You can also follow us on our Instagram page: edwiseint
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Sushil Sukhwani  |582 Answers  |Ask -

Study Abroad Expert - Answered on Mar 09, 2024

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hello Sir, my son is age is 24 and he his commerce graduate , he want to pursue for further study for MS in finance either in USA/ UK or small country like Netherland / ireland or near by he has already completed ILTS EXAM, can you please guide good university and looking to job prospective whether there is any scope in finance . please guide SIR .,
Ans: Hello Shivaji. Thank you for contacting us. I am happy to hear that your son wants to pursue an MS in finance abroad.
To answer your question first, certainly, pursuing an MS in Finance can be a great choice for your son, as it opens up various opportunities in the finance industry globally. Here are some recommendations for universities in the USA, UK, Netherlands, Ireland, and nearby countries that offer strong finance programmes, along with insights into job prospects:

1. USA: The USA has a robust finance industry, especially in cities like New York, Chicago, and San Francisco. Graduates from top universities often find opportunities in investment banking, asset management, corporate finance, and consulting.

2. UK : London is a global financial hub, providing ample opportunities in investment banking, asset management, fintech, and corporate finance. Graduates often find roles in financial institutions and consulting firms.

3. Netherlands: The Netherlands has a thriving financial sector, particularly in Amsterdam. Graduates may find opportunities in banking, insurance, asset management, and financial technology companies.

4. Ireland: Dublin has a growing financial services industry, with opportunities in banking, fund management, fintech, and corporate finance.
Regardless of the country or university your son chooses, it's essential for him to network actively, gain relevant internships or work experience, and stay updated with industry trends to enhance his job prospects in the competitive field of finance. Additionally, obtaining professional certifications such as CFA (Chartered Financial Analyst) or FRM (Financial Risk Manager) can further boost his credentials and career prospects.

For further assistance you can get in touch with us.

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Sushil

Sushil Sukhwani  |582 Answers  |Ask -

Study Abroad Expert - Answered on Jun 12, 2024

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Ramalingam

Ramalingam Kalirajan  |7887 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Feb 07, 2025

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I am 47 years old and currently working in software, while my wife is employed with BSNL. Together, we have accumulated around ₹3 crore and are considering retirement. My wife is willing to continue working for another five years, but due to the pressure from my job, I am thinking of retiring now. We have a 14-year-old son, and I am happy to say that we have no outstanding loans. Additionally, we have health insurance coverage of ₹15 lakh, as well as personal and term insurance ₹1 crore. Below are the details of our savings: PPF: ₹32,65,920 FD: ₹20,60,820 Stocks, Mutual Funds & Company Stocks: ₹72,73,750 EPF: ₹69,98,400 Gold: ₹10,60,900 ICICI Pru: ₹15,14,240 Real Estate: ₹31,21,200 LIC: ₹21,63,200 HDFC ERGO: ₹3,30,750 Cash: ₹5,20,200 My Gratuity: ₹7,28,280 Wife Gratuity : ₹4,16,160 Given these savings, could you please advise if our corpus will be sufficient for retirement? Or would you recommend that I continue working for a few more years? I feel like I am ready to retire, but I need your guidance.
Ans: Your financial planning is already strong. You have a well-diversified portfolio, no liabilities, and a supportive spouse who is willing to work for five more years. This puts you in a comfortable position to consider early retirement. However, we need to assess whether your current corpus can sustain your retirement needs for the next several decades.

Assessing Your Current Financial Position
Your Age: 47 years
Wife’s Age: Not mentioned, but assuming similar age
Son’s Age: 14 years
Total Corpus: Around Rs. 3 crore
Health Insurance: Rs. 15 lakh coverage
Life Insurance: Rs. 1 crore term insurance
Wife’s Job Stability: Will continue for five more years
No Outstanding Loans: Financially stress-free situation
Your financial discipline is strong. However, early retirement requires careful planning to ensure long-term financial security.

Breakdown of Your Assets and Their Role in Retirement
1. Liquid and Fixed Income Assets
PPF: Rs. 32.65 lakh
Fixed Deposits: Rs. 20.60 lakh
EPF: Rs. 69.98 lakh
Cash: Rs. 5.20 lakh
These funds provide stability but have limited growth potential. They can help with short-term needs but should not be over-relied upon for long-term wealth creation.

2. Market-Linked Investments
Stocks, Mutual Funds & Company Stocks: Rs. 72.73 lakh
These investments can generate high long-term returns. However, market volatility can impact short-term liquidity. A proper withdrawal strategy is essential.

3. Precious Metals and Insurance Policies
Gold: Rs. 10.60 lakh (Good for diversification but should not be considered for regular income)
ICICI Pru: Rs. 15.14 lakh (If it is a ULIP or endowment plan, consider exiting)
LIC Policy: Rs. 21.63 lakh (Check surrender value and shift to better options if it’s a traditional plan)
HDFC ERGO: Rs. 3.30 lakh (Assuming this is a general insurance policy, it is not an investment asset)
4. Real Estate Holdings
Real Estate: Rs. 31.21 lakh
Real estate is an illiquid asset. It should not be relied upon for regular retirement income unless it is rental property generating passive cash flow.

5. Retirement Benefits
Your Gratuity: Rs. 7.28 lakh
Wife’s Gratuity: Rs. 4.16 lakh
These funds will be received at retirement and can act as a financial cushion.

Retirement Feasibility Analysis
1. Expected Expenses in Retirement
Your current expenses need to be evaluated. Retirement expenses may include:

Household expenses
Medical costs
Child’s education
Lifestyle expenses
Travel and leisure
Inflation will erode purchasing power. A corpus that looks sufficient today may not last 30+ years without proper planning.

Major future expenses:

Son’s higher education: Can range from Rs. 30-80 lakh depending on domestic or international education.
Medical expenses: As you age, medical costs will rise.
2. Income Sources Post-Retirement
Your wife’s salary for five more years provides financial support.
Your investments need to generate passive income.
Health insurance is in place but may need enhancement.
Life insurance (term plan) is for dependents, not for investment.
Key Action Points for a Secure Retirement
1. Decide Whether to Retire Now or Work a Few More Years
If you retire now:

You must rely on investments to cover expenses.
You need a withdrawal strategy to sustain a 30+ year retirement.
You must ensure your portfolio can beat inflation.
If you work for a few more years:

You can build a bigger corpus.
You can cover your son’s higher education expenses comfortably.
You can retire with more financial security.
2. Restructure Investments for Growth and Stability
Exit underperforming insurance policies. LIC, ICICI Pru, and any endowment or ULIP plans should be surrendered, and funds should be reinvested in mutual funds.
Enhance your equity exposure. Keep a mix of large-cap, mid-cap, and hybrid funds for steady growth.
Increase debt exposure selectively. Use short-duration debt funds or bonds to generate stable returns.
Create a systematic withdrawal plan. This ensures a steady cash flow during retirement.
3. Build an Emergency and Health Fund
Keep at least two years’ expenses in a liquid fund. This helps manage any immediate financial needs.
Increase health insurance beyond Rs. 15 lakh. Medical inflation is high. Consider adding a super top-up plan.
4. Plan for Child’s Education
Keep a dedicated fund for your son’s education. A mix of mutual funds and fixed-income assets is ideal.
Ensure adequate coverage. If something happens to you, your son’s future should be secure.
5. Tax-Efficient Withdrawal Planning
Mutual fund capital gains taxation:
LTCG above Rs. 1.25 lakh is taxed at 12.5%.
STCG is taxed at 20%.
Debt fund taxation:
Gains are taxed as per your income slab.
PPF and EPF withdrawals are tax-free. These should be used strategically.
Finally
Retiring now is possible, but you must have a strong withdrawal plan.
If you work for a few more years, your retirement will be financially safer.
Reallocate low-return assets into high-growth investments.
Ensure medical and emergency funds are sufficient.
Plan your withdrawals tax-efficiently.
If you feel mentally ready to retire, you can do so with a clear financial strategy. However, working for a few more years will provide greater long-term stability.

Best Regards,

K. Ramalingam, MBA, CFP

Chief Financial Planner

www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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