Economics as a Career Option
Design is a way of life, a point of view. It involves the whole complex of visual communications: talent, creative ability, manual skill, and technical knowledge. Aesthetics and economics, technology, and psychology are intrinsically related to process.
The study of economics provides a good opportunity to gain an edge in today’s rapidly globalizing world. Well trained economists are in huge demand across industries, not only at the national but at the international level as well. in recent years, there has been a sunken spun in the demand for economic analysts, researchers, and consultants as they are well equipped and trained to effectively handle the increasing complexities of a rapidly globalizing and competitive society. Imparting the knowledge of economics also entails developing sufficient groundings onto statistical and mathematical methods for economics, econometrics, public finance, monetary economics, international economics, development economics, and economic policymaking, all of which are extremely desirable from the practical perspective of building a career whether in the public sector, private sector or even non-government organizations.
Professional Economists: professional economists work in three basic areas-
Students who have decided to pursue a career in economics must have economics as a core subject in the 10+2 level and choose the particular subject as the major subject. Undergraduates generally pursue training beyond their BA / BSc in economics if they wish to become professional economists. Academic economists teach and research colleges and universities. Entry into these positions typically requires a net and Ph.D. Business economists forecast and analyze various aspects of the economy or particular markets. Govt. economists accumulate, interpret and analyze national and international data in support of policy development. Those who are interested in corporate sector jobs can pursue MBA from a renowned institution. For the entry into those institutions, they have to clear CAT/MAT
Listed below are various career options for those pursuing a degree in economics.
1. Market Research Analyst: market research analysts tap the knowledge of industry trends to assess how products or services might fare under various economic conditions. market analysts apply many of the skills that economic majors develop such as software and graphical representation. They must think critically about products and services and solve the problems involved with their marketing. A market analyst’s mean annual salary is Rs. 4,903,256
2. Economic Consultant: Economic consultants use analytical and research skills to carry out studies regarding the economic scenarios of a country. They analyze industry trends to help organizations improve their performances. Economic consultants have a great demand in large, medium all sort of industries. The mean annual salary for an economic consultant is Rs. 7,00,000.
3. Compensation and Benefits Manager: compensation and benefits managers research pay and benefits in similar organizations within their industry to establish a competitive structure for their company’s pay and benefits. Compensation and benefits manager’s mean annual income is Rs. 8,00,000.
4. Credit Analyst: Credit analysts conduct microeconomic analyses of prospective clients to assess risks involved with loaning funds to those people or businesses. This is quite a dream job for those who have completed MBA. Credit analysts can earn an average annual salary of Rs. 5,00,000
5. Financial Analysts: Financial analysts research companies, industries, stocks bonds, and other investment vehicles for finance departments. Their analyses often require the advanced quantitative skills possessed by many economic majors. They write reports and prepare presentations about stock/bonds, mergers/acquisitions. The mean annual financial analyst’s salary is Rs. 6,823,383
6. Lawyer: Lawyers use critical thinking and analytical skills to prepare and try their cases. Many areas of law such as corporate law, tax law, antitrust law, personal injury, and medical malpractice involve the application of micro and macroeconomic analysts. The average annual income of a well-known lawyer is Rs. 6,00,000.
7. Management Consultant: management consultants analyze business problems and research possible solutions to present to clients. New college graduates often start in the positions like research analysts. Further, they can move up to positions like management consultants. The economics major provides an excellent background in financial and quantitative modeling that consultants use to conduct their analyses. The median salary for a management consultant is Rs. 6,00,000.
8. Business Reporter: Business or economic reporters research, write and broadcast stories about business leaders, companies, industry trends, economic developments, and financial markets. In essence, they are the ongoing students of economics as applied to the modern world. The median salary of a business journalist is 4,00,000.
In addition to this having a background in economics can provide tremendous job opportunities in the banking field as well. Also, they can try for civil service examinations i.e. UPSC. APSC. IFS etc. But the students must have a mathematics background in the 10+2 level.
Notably, Economics is the common subject of all three streams. And the greater field of economics provided a world of opportunities where the students can choose the right one and can conquer their dreams.