Economics: a wide array of career options

PERTINENT

Over the past two decades, the country has seen a great demand for management and technology courses due to reasons such as growing industrialisation. However, it should not be construed that other subjects have lost their sheen and utility. For example, Economics is a subject whose importance can never be undermined. With the business environment getting increasingly complex, old paradigms are being challenged and new business models are coming up. Economics helps us understand these changes, making it relevant for both the present and the future. The subject is also important as it helps understand how a balance can be created between unlimited human wants and limited available resources.

Economics, as an independent subject, has a history of nearly three centuries. As the subject is vast, its study is divided into microeconomics and macroeconomics. While microeconomics looks into the behaviour of individuals, particular segments and organisations, macroeconomics analyses the economy to get a broader picture with a holistic approach. 

Several specialisations

While general principles of Economics are taught at both the basic and higher levels of study, specialisations are available only at a higher level of study. Economics can be chosen as an optional subject at senior secondary or intermediate (10+2) level. At this level, students are given an overview of the subject. To make a career in Economics, one should study the subject at least at the graduation level. However, for most jobs, a postgraduate qualification is considered a must. At the postgraduate level, you can choose to specialise in a particular area of Economics. Some specialisations students choose are:

Rural Economics: Under this, specific issues related to rural areas such as income and expenditure patterns of rural population are studied.

International Economics: This area assesses the implications of international trade in goods, services and international investment. Econometrics: This applies mathematical and statistical principles to Economics to develop models for analysing present and past situations and plan for future.  

Behavioural Economics: This area studies the effects of psychological factors on the economic decisions of individuals and institutions, and the consequences it has for market price, returns and resource allocation.

There are various universities and colleges, in India and overseas, that offer a postgraduate course in Economics. In India, some institutes include Delhi School of Economics, Madras School of Economics and Gokhale Institute of Politics and Economics, Pune. Internationally, one can consider London School of Economics and Political Science, UK, and the Massachusetts Institute of Technology, USA. 

Immense scope

A degree in Economics opens up career opportunities in areas such as: 

Banking services: Economics graduates can consider a career in public sector banks, private banks and regional banks. Apart from clerical and officer positions in a bank, students can also apply for specialist positions available with many national and international banks.

Indian Economic Service: The Union Public Service Commission conducts a process for selecting officers for Indian Economic Service every year. Upon selection, these officers get an opportunity to work with the National Institute for Transforming India and other government agencies. 

Rating agencies: Credit Rating Information Services of India Ltd (CRISIL), Credit Analysis & Research Limited (CARE), ICRA Limited, SMERA Ratings Limited are the major rating agencies in the country whose job is to evaluate financial instruments and risks associated with these to assign a particular rating to the instrument. Such ratings help investors make investment decisions.

Stock exchange & stockbroking firms: To work in these industries, people need to have a comprehensive knowledge of Indian and global economic conditions. The stock exchange is engaged in buying or selling of stocks, bonds, and other securities. Broking firms are engaged in similar activities and equity research. 

Mutual funds: In mutual fund organisations, one major job is that of equity research. People essentially study and analyse financial information and trends for the company they work for.

International organisations: Economics students have the opportunity to work with various international organisations as well. Students can consider working for organisations such as the United Nations Industrial Development Organisation.

Apart from these, there are several other careers that open up for Economics graduates. Furthermore, given the complexity and depth of Economics, it provides the students a variety of subject-specific and transferable skills that are highly sought-after by many employers. So, go ahead and explore the opportunities that the subject offers.