Economics: Scopes, Jobs, Institutes and Other Details

The job of an economist comprises of analyzing, studying and planning the models for the production and distribution of goods and services. With the rising global market transactions, the demand of an economist has seen a rising demand. An analytical mind which can contribute towards the greater production with the minimum cost. With the rapidly globalizing economic scenario, economists are in huge demand not only in India but across the world.

The rapid industrial growth has seen the rising demand of the strategic financial assistance for the growth and the success. The work of an economist is not only to prepare the data but also to evaluate and assess the present situations for providing the recommendations to improve efficiency. The economic forecast is one of the essential portions of this job for predicting the times of recession. It is one of the professions which promises a well-established job with a handsome pay cheque. If your interest lies in this, you certainly can go through article providing all the required details.

Career Opportunities:

There are a number of options that can be explored in this field. From working with the consultancy to Multinational companies, the demand of economists is global. Go through the various job opportunities under this profession.

Public Sector: In this sector, the work of an economist is to serve the strategies to the government for keeping the finances under control. The policies involving the financial assistance provided by the government requires the planning of an economist for keeping the budget under control and on the same hand formulating the policies with the concern of maximum benefit. Government’s involvement in taxation, economy, the budget requires the strategy of an economist.

Multi-National Companies: Economists job in the MNC comprises of the planning of the investment which will bring the maximum profit on the minimum cost keeping in mind the customer demand, sales with the satisfaction of the client. Wage requirements, taxation and other financial assistance are also provided by the economists to MNC’s.

Insurance and Auditing Firms: One can explore the options in Accountancy field as well. Companies for auditing and taxation of other companies also require economists for monitoring the financial situation of an organization. In these firms, economists require the strong analytical skills, mathematical proficiency and computational skills for these roles.

Banking Firms: Economists in this study the interest rates to see the effect on the banking system. Work as advisors for a range of bank clients and customers.

Actuarial Sciences: Candidates have to qualify the actuary papers for practising it professionally. Thet is required to have an in-depth knowledge of the interest rates, taxation, Financial Economics, Risk Management, Econometrics.

Research Firm and Think Tanks: The job of the economist is to research and analyze the variety of economic issues and policies and how much impact are they actually making. These are the evaluation of government economic policies that are usually discussed and their analysis is published in newspaper and journals.

Financial Consultancy: Economists under this profile will be providing the predictions by gathering many different statistics, compiling a large database and analyzing trends. Consultants work for multiple clients instead of just one organization.

Leading Institutes for Pursuing Economics:

There are various institutes who have been offering Economics as a discipline with a competent faculty and curriculum. Economics is one of the high in demand Social Sciences discipline which is applied for by candidates all over the country. The institutes offering Economics usually held entrance exams which are applied for by thousands of candidates. If you are interested in following up a career in Economics go through the list of colleges in both India and abroad and the courses offered from the tabular format below:

Institutes in India for Pursuing Economics:

Institutes Abroad for Pursuing Economics:

How to Pursue Career in Economics:

Candidates interested in pursuing economics as a discipline are required to go for Bachelors and Masters degree in Economics and then can pursue working in a consultancy or choose a different path. Go through the steps mentioned in points for pursuing a career in economics.

• Candidates can pursue Bachelor in Economics after qualifying class 12th Exam from any stream with/without Economics as a subject (Mathematics is compulsory though). After Bachelors pursue Masters in Economics with specialization in International Economics etc. If interested for Higher studies you can also opt for pursuing M.Phil/PhD in Economics.
• If not planning for M.A. you can opt for Post Graduation in Management or any other related discipline after completing Bachelors in Economics. After Post Graduation opts for either a PhD or go for a job.
• Candidates interested in pursuing a career in Economics can do M.Sc. Integrated Program in Economics (Graduation+ Post Graduation) of 5 years. It can be applied for right after qualifying class 12th with/without Economics (Mathematics is compulsory).

Work Description:

• Applying theories and analysis to benefit different organizations and industries.
• Provide economic advice to a diverse set of stakeholders.
• Critically evaluate the economic policies and get them published so they can be read by the large volume of people.
• Prepare reports, charts and tables that present research results through data analysis.
• Interpret the financial trends in the market economy and business.
• Renew the legislation like tariff policies and minimum wage requirements.
• Design the economic plan to control the future economic crisis and rising economic issues.
• Understanding the global economic relationships.
• Carry out research of the economic reports and policies.