Economics students have a host of opportunities

With the evolution of the education system in the country, the thought that grades alone should not decide the fate of a student is permeating into decision-making processes. Interests, aspirations, skills and the present and future stability of an academic discipline are crucial when carving one’s future learning and career paths. And it is encouraging to see more and more parents and students looking to make informed decisions, taking all these factors into account.

One discipline that stands out in terms of it being omnipresent in the functioning of everything, from a local market to national economies and the international political system, is Economics.

The study of Economics equips students with strong quantitative (mathematical as well as statistical), analytical and communication skills that are sought after in the public or government, corporate, non-government, development and academic sectors.

This is why completing a degree in this discipline opens up a plethora of opportunities for a student in areas as diverse as policymaking, strategy, management consulting, data science, marketing, finance and actuarial science.

Policymaking: Many students choose to study Economics at the undergraduate and postgraduate levels in order to become successful researchers and policymakers. The Reserve Bank of India (RBI) hires economists via various examinations, and one may also appear for the Indian Economic Service (IES) examination and help frame public economic policy. Another popular route is to be an academician and researcher whose views are sought by policymakers.

Development organisations: Economists can also contribute to policymaking through the non-governmental space, by working with think-tanks, international non-profit foundations and impact evaluation agencies. They can also work with organisations involved in fields like rural or urban development, education, healthcare, agriculture, international trade and economic policy.

One with a research qualification in the field, preferably a PhD from an eminent institution, can also be employed in a UN agency, such as the World Bank or the International Monetary Fund. Alternatively, one could look to work with international development organisations.

Roles in corporate sector: A degree in economics offers students with keen analytical reasoning, along with the ability to understand human behaviour, a skill-set which is highly valued by corporate employers across the board. Banks, e-commerce firms etc., hire economists to conduct research on the macro-business environment that they operate in and help them better navigate business cycles and policy changes.

Management consulting: Organisations from all industries and sectors, including the government, when faced with challenges that they are unable to address with the internal resources at their disposal, reach out to consultants to offer a professional and thoroughly researched view. As a result, a consultant is consistently involved in solving problems by conducting in-depth analyses of the clients’ businesses and the market environment they operate in.

Finance: As Economics undergraduate programmes cover basics of Finance, many Economics students go on to opt for electives in Finance. This helps them find employment in the banking and financial services industry, including investment banking, hedge funds, private equity, financial market trading, structuring and research, and also the more traditional areas of investment management, stockbroking and mutual funds.

Data Science and Business Analytics: Another very promising career track for Economics students is in the area of Data Science and Business Analytics. With unprecedented amounts of data being collected today, the analysis of this data using programming and statistical tools has become imperative for improved decision-making.

As most functional areas of corporations big and small are becoming increasingly data-driven, students of Economics having strong command over mathematical and statistical tools are hired for solving organisational problems.

Actuarial science: Economics graduates are also very well placed to take up a professional career in actuarial science, which is both lucrative and intellectually rewarding.

Actuaries are essentially experts at analysing risk and uncertainty due to strong domain knowledge of mathematics, statistics and finance, in addition to economics, and are prominently employed in the insurance industry. In India, growth prospects for actuaries remain strong, since the insurance industry is itself likely to grow manifold in times to come.

Entrepreneurship: As an aspiring entrepreneur, one should understand how to best utilise one’s resources and how the economic and policy environment will affect one’s venture. An Economics student is well versed in these areas, and can strategise to drive market share, investor value, top-line and bottom-line. Besides, strong analytical and communication skills help one to solve day-to-day problems in one’s business enterprise.

Even though the above list is only indicative, it perhaps demonstrates adequately that there is no dearth of career opportunities for students of Economics in today’s world and in times to come.

(The writer is associate director, Indian School of Business & Finance, New Delhi)