Choosing Economics As Your Career Option: Are You Up To It

May 26, 2021

Choosing Economics As Your Career Option: Are You Up To It

Economics is a field that offers a career in a variety of streams. for eg. The banking sector,  commerce, trade, insurance, and many other areas. Economics being an Evergreen Subject has high demand in both the national and universal levels because of its utility in our everyday life. Through this article you will learn about the various career options one can have in Economics, some of them are as follows Economist,  Data Analyst, Accountant, Investment Analyst, financial risk analyst, Financial consultant, and so on. 

 

How to start?

Your journey in the economics world begins with an undergraduate degree. A number of universities all across India offer undergraduate programs in economics. Some of the economics programs are listed below:

 

Bachelor’s Level Courses:

Bachelor of Arts in Economics

Bachelor of Arts (Honours) in Economics

Bachelor of Arts in Business Economics

Bachelor of Arts in Applied Economics

Bachelor of Science in Economics

Syllabus: The syllabus for these programs would comprise of subjects such as Macroeconomics, Utility, Microeconomics, Elasticity of Demand, Monopoly, Factor Pricing, Interest, Demographic Features,  Small Scale and Cottage Industries, the infrastructure of the Indian Economy, Agriculture and Land Development, Macro Variables, Classical Theory of Employment, Source of Revenue, Public Finance, Bank, Money, Inflation, Deflation and Recession and so on.

 

After graduation in economics, if one wishes to opt for a Master’s Degree then the alternatives are as follows;

 

Master’s Level Courses:

Master of Arts in Economics

Master of Philosophy (MPhil) in Economics

Master of Arts in Business Economics

Master of Business Administration (MBA) in Business Economics

Master of Arts in Econometrics

Master of Arts in Applied Economics

Master of Science (MSc) in Economics

Syllabus: The syllabus for the Master’s Degree in Economics comprises of subjects such as Microeconomic Analysis, Elementary Statistics, Theory of Pricing and Distribution, Macroeconomic Analysis, Quantitative Methods, International Finance, Economics of Industry, Growth Models of Economics and Issues in the Indian Economy and more.

 

Doctoral Level  Course:

Further, one can also continue their education to the doctoral level seeking a Ph.D. in Economics or Econometrics.

Syllabus: At the doctoral level students need to conduct thorough research in particular economics-related concepts and submit their ‘thesis’ reports. After a scrutiny of the thesis they submit, the universities award a Ph.D. degree for the same.

 

Top Institutes To Study Economics In India 

Shri Ram College of Commerce, Delhi

University of Delhi, South Campus

Symbiosis College of Arts & Commerce, Pune, Maharashtra

Shri Shikshayatan College, Kolkata, West Bengal

Fergusson College, Pune, Maharashtra

Loyola College, Chennai, Tamil Nadu

St. Xavier’s College, Mumbai, Maharashtra

Christ University, Bengaluru, Karnataka

Ashoka University Sonepat, Haryana

Sacred Heart College, Tirupattur, Kerala

St. Stephen’s College, Delhi

Delhi School of Economics (University of Delhi)

Jawaharlal Nehru University, New Delhi

University of Bombay, Mumbai

University of Agricultural Science, Bangalore

Jamia Milia Islamia University

Maharaja Sayajirao University of Baroda

Bangalore University

University of Calicut

Banaras Hindu University, Uttar Pradesh

Kumaun University, Uttarakhand

Meerut University, Meerut

University of Pune, Pune

Lady Sri Ram College for Women, Delhi

Hans Raj College, Delhi

Hindu College, Delhi

Presidency College, Kolkata

Xavier’s College, Kolkata

Loyola College, Chennai

Madras School of Economics

Indian Statistical Institute, Kolkata

Ravenshaw University, Cuttack, Orissa

 

Here we are done with the basic and advanced qualification in Economics, now moving towards the career paths and profession available;

 

Academics: The candidates with a Ph.D. in Economics can appear for UGC-NET and by qualifying for the exam, the aspirants can be eligible to become Assistant Professors and for Junior Research Fellowship in numerous recognized Indian universities.

 

Teaching is one of the best Career options in Economics after the degree. As an Economics Graduate, one can also appear for CTET or other state-level teaching exams and become a professor.

 

Indian Economic Services: The postgraduate aspirants in Economics with a minimum of 55% gross marks can appear for the Indian Economic Services examination administered by UPSC. 

 

They can take up other UPSC Exams such as Indian Administrative Exams, Indian Statistical Services Exams,  and Investigator’s Exams as well. The Cadre A officers would get the opportunity to work in the National Sample Survey, the Niti Ayog,  Ministry of Economic Affairs, and other related government departments.

 

Banking: Public, Private & Foreign Banks: The aspirants with enough qualification in Economics can also find opportunities in various banks. They can work as  Clerks, Economic Advisors, Development Officers, and other managerial positions, One can also appear in IBPS and State Bank recruitment exam to get into the banking area.

 

The Reserve Bank of India also recruits economists in the banking sector through their own different recruiting examinations. One can also find jobs in research institutes like the National Council of Applied Economic Research, New Delhi; Institute of Economic Growth, New Delhi, the Indian Council of Social Science Research, etc. 

 

International Agencies: Experienced Economists can also find employment opportunities in a few of the well-known international organizations such as the World Bank, International Labour Organization, and several NGOs at different levels.

 

Entrepreneurship: Economists have in-depth knowledge of the market.  Hence by building their own business, they can soon achieve exponential growth as they quickly understand the market trends and profitable sectors of business. And thus creating a large number of job opportunities which would be helpful in the reduction of unemployment issues in the country.

 

Other opportunities: The qualified Economics candidate can work as tax consultants, share trading, mutual funds, investment consultants for insurance,  and commodity market, and so on.

Apart from this candidates with a specialization in agricultural economics/environmental economics can get research opportunities. 

 

Job Roles and Salary Structure for Economics Graduates

Professional Economist

Financial Risk Analyst

Data Analyst (Banking Sector)

Financial Planner (Banking Sector)

Financial Controller/Financial Economist

Agricultural Economist

Investment Analyst

Economic Researcher

Cost Accountant

Industrial Economist

Equity Analyst

Business Economist

International Economist (Specialization)

Industrial Economist (Specialization)

Labour Economist (Specialization)

 

An Economist can earn roughly in the range of 1.88 lakhs to 14.81 lakhs per annum. In the Government Sectors, economists can receive Rs 10,000 to Rs 12,000 per month after enrolling. The per month wage of Professors and Assistant Professors in Government colleges and Universities vary from Rs.12,000 to Rs.80,000 according to seniority and experience. In the banking sector also they receive impressive pay packages. The earning of economic consultants is also pretty good.

 

Future Growth and Prospects

Apart from the professions in academics and government services, presently economists also find job opportunities in the Finance Management sectors, mainly in the private industry.  With the emerging trend of computer applications, the dynamics of the job market has also changed. Accordingly, aspiring economists can overcome the competition by acquiring modern computer applications knowledge. Furthermore, economists have tremendous growth prospects as entrepreneurs. They can start working as consultants/individual/corporate clients and can suggest budget planning, investments in different modes, and much more.

 

By Usha Saha

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