Because economics is vital to our everyday lives, it should be no surprise that its job outlook is more bull than bear. The demand is expected to be strongest in the private industry, particularly with scientific, management, and consulting services. The Bureau of Labor Statistics reports job opportunities will be best for individuals with strong quantitative and analytical skills, related work experience, and advanced degrees. An actuary’s job is to analyze the likelihood of future events and identify ways to minimize the risk of adverse outcomes. You will likely be partnered with more experienced actuaries who can guide your development.
Graduates with a background in economics are particularly valued for roles in financial control, financial planning, risk analysis, data analysis and consultancy. Handling the day-to-day financial transactions of companies is the job of accountants. They calculate payroll, file tax returns, and prepare year-end financial statements. Some companies prefer to hire candidates with a master’s degree in accounting.
Read on to know a host of options that you can pursue with your Economics degree. The oldest college in Delhi has one of the best programs for Economics Honours in the country. St Stephens also has a renowned placement cell that attracts top dollar for most of the students in the college. Your career options after Economics honours can multiply after completing your education from this reputed college. It is one of the most aspiring career paths for economic graduates and those who have advanced knowledge in economics and can make you reach the top of business organisations within a short period of time. Sharp analytical skills and good command of the numbers will help a person to become an analyst.
The biggest downfall is that increased competition among companies can cause you to have to work longer hours. Forbes lists economics degrees in the top ten of best master’s degrees. The information you learn in your degree program can be used in major-league corporate roles, government positions, and even in jobs with nonprofit agencies. You need to keep up-to-date with happenings in the financial markets to make it as a securities trader. These workers buy and sell stocks, derivatives, and commodities to make money for their companies’ clients.
Guiding companies’ investment decisions is the job of financial analysts. They use their skills in quantitative analysis to assess financial projections and evaluate investment proposals. You have to be skilled at deriving meaning from economic and business trends to succeed in this field.
What’s the impact of economic activity on businesses, consumers and the public at large? A highly important and respected beat, It reports on major events and phenomena that affect people’s daily lives—prices, interest rates, trade, unemployment, wages, government spending, taxes, etc. Various job positions open up after an Economics degree, in the government sector. The Indian Economic Services, the Reserve Bank of India and PSU’s offer jobs with social prestige and a brilliant start to your career. Thus, the future of Economics honours can be a well-paid government job too. Economics is the study of the relation between human beings and monetary wealth.
These professionals provide the forecasting knowledge a business needs to know whether changes will be significant before deciding. Data scientists working in this discipline may have a master’s degree in economics and work in various industries, such as IT, healthcare, finance, retail, or marketing. Education is a broad field providing various government job opportunities at both the school level and higher education level. You can apply for the roles of assistant professors or lecturers at the economics department of universities. These jobs are not hectic and offer good salary packages even at the entry-level. Apart from the opportunities in the corporate sector, there are various government jobs in the field of economics.
According to the data given by payscale.com, the salary of an Economist is approximately in the range of 1.88 lakhs to 14.81 lakhs per annum. In Government services, the economists can earn ranging from Rs.10,000 to Rs.12,000 per month after joining. After clearing the written test the provisionally selected candidates have to crack an interview for final selection for the job. Our society is becoming globalized and competitive at a very fast pace and as a result of this, it has become extremely complex.
The primary job of a quantitative analyst is to make financial decisions in the business with the help of quantitative methods. The role of a quantitative analyst is imperative in organisations such as PE firms, fund managers and investment bankers. The career of an economic consultant essentially has three pillars namely, knowledge of mathematics, economics, and statistics. If you’re the analytical type, fascinated by the world around you, then an economics major might be a good choice for you. A degree in economics can help you get started in many areas, including public policy and finance. Program page to learn about all that Northeastern’s master’s in economics has to offer.
The career of a product manager is a challenging one for aspiring economic graduates who have excellent interpersonal skills and leadership qualities. One has to be everywhere to make sure that the product meets the customer’s expectations all the time. The professionals can make a career of their choice depending upon their interests and aspirations.
Some of the major public sector entities are SSC , Indian Railways, UPSC , RBI , SBI , PSUs , UN , etc. With the continuous advancement in technology, the world around us is changing. The face of the conventional ways of employment is being moulded into different shapes.
And if you’re trying to decide if economics is right for you, you might find it helpful to read our section outlining some of the benefits of an economics education. As industries continue to evolve rapidly, there’s a growing need now more than ever for skilled professionals with an advanced degree in economics to lead the way. They combine economic data with marketing research and use it to determine the ideal prices for certain products and services. The business owners who employ pricing analysts want to know how they strike the right balance in their pricing and maximize their profits without alienating potential clients. Several coaching centers are available for providing coaching to the candidates who want to write different government exams.
Statisticians gather and analyze data to detect trends and relationships. They design surveys, collect data, and communicate the results to policymakers and others. You need to be well versed in calculus, probability, government jobs with economics degree survey methodology, and statistical theory to make it in this job. Most positions require a master’s degree, but some entry-level jobs are available to those with an undergraduate degree in economics.
However, many entry-level positions are open to those with a bachelor’s degree in economics. You might need to start the process of becoming a certified public accountant , which requires passing an exam. Economics deals with the production, distribution, and consumption of different goods and services. The prime aim of the economic principles is to convert the available resources to the useful outputs. Two year Master’s degree course in Economics enables the candidates to get thorough with the different economic principles used to manage the different resources.
So, in terms of opportunities in business Economics scope is wider than Economics honours scope. SCAC has the advantage of being in the heart of Maharashtra’s culture capital, Pune and therefore helps build all the practical knowledge required for an economics program. Only students who have passed mathematics at the Class 12 level are eligible for admission according to the University Grants Commission of India.
Some of the skills that are required from a supply chain analyst are quantitative skills, interpersonal, statistical, problem-solving, negotiation, etc. A financial advisor is a personal financial planner whose primary job is to plan investments and manage money in a way that generates the best return for the principal. It is essentially a number game and would be challenging as well as rewarding for those who like number games and have a keen interest in economics and finance.
The job profiles in the insurance sector are insurance consultants, insurance agents, development officers, insurance policy makers etc. Economics graduates can work independently as an economic consultant. In the case of private sector different scientific research and consulting, firms can offer good job opportunities. Economics graduates can appear in IBPS and State Bank recruitment exam to get absorbed in the banking sector and get a rewarding career.
The ability to use mathematical and statistical techniques to derive meaning from data is a highly valued skill in today’s workplace. Management consultants propose ways to improve an organization’s efficiency. Among the master’s of economics jobs, management consultants have one of the most important for private businesses. They analyze economic trends and business practices, and they advise business owners on maximizing their earnings while minimizing their risks.