Careers in economics are extremely wide-ranging and diverse. There is an increasing demand for economic analysts, researchers and consultants. Professional economists engage in research and analysis of economic data, issues and trends. They produce economic forecasts and reports for their clients who may be individuals or corporates and provide advice on business policy and/or strategy. Economists also engage in assessing the impact of monetary policies and expenditure and taxation policies on the economic environment. They identify opportunities to improve efficiency and international competitiveness. A sound awareness of current economic affairs is essential for their role.
Provides Exposure To Different Sectors
An undergraduate program in Economics enables one to apply economic theory to the real world issues. It provides exposure to the different sectors of an economy and helps develop the critical and analytical skills of the students. The postgraduate program in economics provides in-depth knowledge at an advanced level. It develops students’ professional competencies and leadership skills, and prepares them for a variety of careers as a proficient economist. It will expose students to the dynamics of the word economies and build their skills for pushing frontiers of research to address emerging global challenges. Employers value economists’ skills of numeracy and analysis, and their ability to make use of quantitative techniques for applications to specific economic and public policy concerns.
Being an economics graduate opens a plethora of career opportunities in national and international development agencies like World Bank, United Nations (UN), International Labor Organization (ILO), government organizations like the Indian Economic Service (IES) and Reserve Bank of India (RBI), public administration, corporate sector, banking/non-banking financial institutions, non-governmental organizations, academic and policy research institutes, and think tanks like National Council of Applied Economic Research, Indian Council of Social Science Research and Institute of Economic Growth. Economics as a discipline opens doors for ample scope and prestigious positions, both nationally and internationally. Economic consultancies provide consultancy expertise on areas of competition policy, regulation or market analysis.
Economists can work as statisticians, investment bankers, financial analysts, insurance brokers, economic analysts, trade specialists, professors, trade researchers in treasury department, department of agriculture among others. After masters, students can pursue Ph.D. or appear for University Grant Commission’s National Eligibility Test (NET). By qualifying in this test, a candidate can become eligible for the post of Assistant Professor in Indian Universities and Colleges or can get a Junior Research Fellowship in a Research Institution. The Ph.D. degree holders are likely to get more job opportunities in every sector. Economic analysis helps in making investment decisions. Economics professionals can also work as an economic journalist in business/economic journals, newspapers, and television and web channels. They write reports on current economic and business environment. Students specializing in environmental economics, resource economics or agricultural economics, may find employment for the conservation of the forests. It has been rightly said,
‘Economics is everywhere, and understanding economics can help you make better decisions and lead a happier life’ –Tyler Cowen