Careers in Economics
Economics is a social science that deals with the scarcity of resources and unlimited human wants. In other words, economics is a social science that deals with production, consumption and transfer of wealth.
According to Alfred Marshall “Economics is the study of mankind in the ordinary business of life.’’
According to Fritz Machlup “Economics comes in whenever more of one thing mean less of another.’’
What can you do with an economics degree?
An economic degree boosts your chances of getting employment in many areas. Economics graduates are at high demand throughout global labor market and the widely transferable analytical and problem – solving skills developed by economics students.
Below given are some jobs that one can do with economics degree -:
- Economist -: Being a professional economist you have to research and analyze economic data, issue and trends. For this career you need to study economics at postgraduate level to gain the specialist skills required. For becoming a professional economist, you have to confident in producing economic forecasts and reports to present to clients and also have to advice on policy or business strategy.
- Banking -: Banking career are very popular among economics graduates as they offer scope for high earning and have a high demand for economist. If you are economics graduate you are particularly chosen for role in financial planning, financial control, risk analysis. Banking careers are also largely concerned with advising and providing services for a range of banking clients and consumers.
- Accountancy / Accountant -: For becoming an accountant you need further professional qualifications but they are many roles which are available for economics students. They work across multiple industries focusing on monitoring the financial situation of an organization business or individual. Accountancy as a career totally focus on recording, classifying, interpreting and communicating financial data. Accountancy as a career requires a lot of analytical skills, mathematical proficiency, computer literacy, ability to contextualize data collected etc.
- Business and financial consultancy -: Economics experts are also called as the heart of the business world and financial consulting. Economics graduated find jobs in large and medium sized organizations where a lot of economics research is required. Economics researcher’s role roles requires the in – depth knowledge of economics theories and models through analytical and problems solving skills and mathematical ability.
- Public sectors -: Economics graduates have a great value in all areas of public and private spending. Economics careers in the public sector are often involved in public taxation, transport, commercial and waste services energy and other forms of government spending.
- Actuarial and data analysis career -: They are business professionals who have the role of evaluating and advised the impacts of financial risk and uncertainty. Using the knowledge of both business and economics, actuaries provide reports devise strategies on how to lessen these risks. Actuaries need to be skilled in mathematics and compelling statistics but they are also able to communicate complex data efficiently to non – experts.
- Market research analyst -: The role of the market research analysts is to tell the industries that how products or services may fare under various economic conditions. Market research analysts are also trained too design studies and to gather and analyze data.
- Business / Economic Reporters -: Economic reporters research, write and broadcast stories about business leaders, companies, industry trends, economics developments and financial markets. The economics reporters have the ability to write about economic issues in plain language that the average view or reader can comprehend is also vital.
- Indian Revenue Services -: They have to clear services exams you can apply for Indian Revenue Services (IRS) students with any degree can apply for it but the chances of selection of economics students are quite are quite high than others. Indian Revenue Services (IRS) in basically an administrative revenue services of the government of India. They function under the department of revenue of the ministry of finance and is under the administrative direction of the revenue secretary and the ministerial command of the minister of finance.
Thus, economics is a very good career to pursue on. There is a lot of scope in the field of economics now and in coming time. Above mentioned are few jobs in the career field of economic, there are many other jobs as well available.
Hence, choose your career wisely, choose the field you are interested in because it is a matter of your whole life. You will really enjoy your work if you have right aptitude and interest in your work.
ALL THE BEST!