A career in economics is not just about finance or the market. As economics is vital to our everyday lives, it should be no surprise that its job outlook is more diverse than we think. The demand for economic graduates is high in both government and private sectors, particularly with scientific, management and consulting services.
If you are interested in the money drive within our society and wish to analyse how the world functions, then economics is the course to go for.
FUTURE SCOPES FOR CAREERS IN ECONOMICS
- The government requires skilled economists for its various departments, including finance, defence, transportation etc.
- Economists are highly in demand in the corporate sector. Banks and E-commerce firms hire economists to conduct research on the macro-business environment in which they operate.
- Economists can work with the UN to collect and analyse trade-related information, conduct surveys and help countries with trade problems in the world bank and the international monetary fund.
- Financial economists can work with central bank systems like the Federal Reserve System and the World Bank for conducting monetary plans, regulating banking institutions and maintaining the financial system.
- There are various jobs in the banking sector for economics graduates such as in the Reserve bank of India, and the regulatory bank of India, where economics graduates are recruited at entry and management-level roles for the purpose of policy making.
- Mission-driven organisations like the Red Cross and Médecins Sans Frontières, NGOs and country-specific organisations like the Danish Refugee Council and the Bangladesh Rural Advancement Committee are big employers of economists.
- Economists can work in various fields like rural or urban development, education, health care, agriculture, international trade and economic policy.
- ‘Big data is an innovation in which large amounts of data are analysed to identify patterns, and so help businesses or governments make better decisions. Economists can work as data analysts in various industries, such as IT, healthcare, finance, retail, or marketing.
- Economics graduates can take up a career in actuarial science, where they are expected to be experts at analysing risk. Growth prospects for actuaries remain strong, as it is part of the insurance industry in India.
- You can also work as a price analyst in business firms to determine the ideal prices for certain products and services.
SKILLS REQUIRED TO STUDY ECONOMICS
- Mathematical and statistical skills
- Communication skills
- Problem-solving skills
- Analytical skills
CAREERS IN ECONOMICS
- Financial economist
- Corporate trainer
- District education officers
- Educational counsellor
ELIGIBILITY TO DO A DEGREE IN ECONOMICS
Those candidates who have passed the intermediate 10+2 examination in any stream from a recognized Board are eligible to apply for a Bachelor’s degree in Economics.
- Delhi University Entrance Exam [DUET]
It is the entrance exam conducted for admission of various UG, PG Courses at Delhi University
- Jawaharlal Nehru University Entrance Examination [JNUEE]
The university-level entrance exam is conducted once every year. The examination is conducted for candidates seeking admission into various undergraduate (UG), postgraduate (PG), M. Phil, P. HD, and integrated courses at JNU across 14 Schools.
- Jamia Millia Islamia Education Entrance Examination [JMIEEE]
Jamia Millia Islamia (JMI) University conducts the Jamia Millia Islamia entrance test for admission in various UG, PG, Diploma, Advanced Diploma and certificate courses
TOP COLLEGES/UNIVERSITIES IN INDIA AND ABROAD TO STUDY ECONOMICS
- The University of California, Berkeley, US
- Stanford University, US
- University of Chicago, Illinois
- Columbia University, New York
- New York University, US
- University of Pennsylvania, Philadelphia
- Northwestern University, Illinois
- University of Michigan,Michigan
- Loyola College, India
- Madras School of Economics, India
- Jamia Millia Islamia,India
- Central University of Hyderabad,India
- Delhi School of Economics,India
- Jawaharlal Nehru University,India
FAMOUS PEOPLE CONNECTED WITH ECONOMICS
Scottish economist, philosopher and pioneer of political economy. Adam smith is considered the Father of Economics.
Indian economist and philosopher. He was awarded the Nobel Prize in Economic Sciences for his contributions to welfare economics.
TOP INSTITUTIONS THAT EMPLOY PEOPLE IN ECONOMICS
- Public sector (IES)
- Peace Corps
- World Bank
- United Nations
- Federal Reserve System
- INGO (mission-driven organisations the Red Cross and Médecins Sans Frontières)
- NGOs (Danish Refugee Council and the Bangladesh Rural Advancement Committee)
- Accountancy firms