The advent of the twenty-first century marked an era of accelerated progress and economics as a career field saw an uproar providing immense opportunities to individuals passionate about the subject. This blog talks about how to pursue a career in economics and what are the opportunities in this field.
Nobel laureate Amartya Sen, CEO of Mastercard Ajaypal Singh Banga and World Bank Chief Economist Kaushik Basu are some of the contemporary prominent Indian personalities that have inspired many of us in professional life. They are leading economists and people aspiring to become like them must-see Economics as the right subject to study.
A Career in economics has widened tremendously in the last two decades because of globalization and rapid economic development. The growth of any organization, as well as a nation, depends upon the economic policies undertaken. Economists are well-qualified specialists and strategists who analyze, devise and predict economic trends. Based on their theories and derivations, policies are implemented as action plans.
The scope of the subject is significant at both national and international level because the ever-increasing role of economics is being understood by nations & organizations. There is an extensive demand for economic researchers, analysts, consultants, and strategists who are well trained to understand the changing economic trends. Economic advisors are now seen as an inevitable part of any small or large scale organization.
The field of a career in economics is highly interesting and offers a diversity of subjects within it. Banking, industrial sector, trade, commerce, taxation, finance, insurance, and several other areas require basic to advance knowledge of economics. Thus, in order to establish a shinning career with great economic growth, economics can serve as the right career option.
Topics covered
Educational Requirement
To pursue a career in economics one needs in-depth study and research on this subject. Only the students interested in the subject and passionate about the economic trends of rising and fall must take up the subject. There is a great need for precision and concentration in the subject. After 10th standard, economics as a subject is available for students so that they can analyze their interest.
Leading government and private universities provide undergraduate and graduate courses. B.A. Honors in Economics followed by Masters could be a good career choice. Students aspiring to become researchers and economic scientists can further pursue a doctorate in economics. The annual tuition fees in colleges in India range from 10,000 to 50,000 INR. For students aspiring to study abroad, the annual tuition fees begin from 800,000 INR. Scholarships are also available for meritorious students. Hence, if you are interested to pursue a career in economics, you can expect a number of opportunities in this subject field.
Career Path
Indian Institutes offering a degree in Economics
| Institutes | Courses | City | Website |
| St. Stephen’s College | Graduation, Post-graduation | Delhi University, Delhi | http://ststephens.edu/ |
| Loyola College | Graduation, Post-graduation | Chennai | http://www.loyolacollege.edu/ |
| Shri Ram College for Commerce, Delhi | Graduation, Post-graduation | Delhi University, Delhi | http://www.srcc.edu/ |
| Presidency College | Graduation, Post-graduation | Kolkata | http://www.presiuniv.ac.in/web/ |
| Lady Shri Ram College of Women | Graduation, Post-graduation | Delhi University, Delhi | http://www.lsr.edu.in/ |
| H.R. Institute of Commerce and Economics | Graduation, Post-graduation | Mumbai | http://www.hrcollege.edu/ |
| Delhi School of Economics | Graduation, Post-graduation | Delhi | http://econdse.org/ |
| St. Xavier’s College | Graduation, Post-graduation | Mumbai | http://xaviers.edu/main/ |
Indian Institutes for Doctorate in Economics
| Gokhale Institute of Politics and Economics. | Pune | http://www.gipe.ac.in/ |
| IIT | Gandhinagar | http://www.iitgn.ac.in/ |
| IIT | Indore | http://www.iiti.ac.in/ |
| BITS | Rajasthan | http://www.bits-pilani.ac.in/ |
| Allahabad University | Allahabad | http://allahabad.nic.in/ |
Indian Institutes offering a degree in Economics
| Institute | Courses | City, Country | Website |
| Harvard University | Graduation, Post-graduation, Doctoral | Cambridge, Massachusetts, US | http://www.harvard.edu/ |
| London School of Economics | Graduation, Post-graduation, Doctoral | London, U.K. | http://www.lse.ac.uk/home.aspx |
| Yale University | Graduation, Post-graduation, Doctoral, Diploma | New Haven, US | http://www.yale.edu/ |
| Massachusetts Institute of Technology | Graduation, Post-graduation, Doctoral | Massachusetts, US | http://web.mit.edu/ |
| Princeton University | Graduation, Post-graduation, Doctoral | Princeton, US | http://economics.princeton.edu/ |
| Stanford University | Graduation, Post-graduation, Doctoral | Stanford, US | https://www.stanford.edu/ |
| University of Pennsylvania | Graduation, Post-graduation, Doctoral | Pennsylvania, | http://www.upenn.edu/ |
| University of Michigan | Graduation, Post-graduation, Doctoral | Ann Arbor, U.S. | https://www.umich.edu/ |
Job Opportunities
Immense opportunities are available in economics for and individuals can select any of the fields they desire to pursue in this sector. There are both public and private sector jobs available in abundance. Freelancer jobs as economic analysts, critics and reviewers also have great scope. They can specialize in macroeconomics and deal with investments, inflation, and productivity-related jobs.
For Industrial Economists, Financial Economists and Macroeconomists, there are a plethora of job opportunities available. Indian Economic Service is one of the most aspired bureaucratic jobs. Other job profiles include managers, executives, researchers, analysts, and economic consultants. The government hires economists for eminent posts in Reserve Bank of India, Planning Commission, National Institute of Public Finance and Policy and several other state-level and central-level jobs.
Highly prestigious job opportunities are available at international platforms such as the International Monetary Fund and World Bank. Private companies, MNC’s hire economics graduates and postgraduates with good salary packages. Economics journalism is yet another job profile that is gaining rapid recognition. Salaries come along with perks and incentives. People with specialization in this field can earn from 600,000 to 10,000,00 INR p.a. For freshers, the industry offers between 250,000- 300,000 INR p.a.
Conclusion
A career in economics is adorned with honor, recognition, knowledge, skilled expertise and financial gains. The scope of this sector is constantly increasing. Post the economic crises and recession-era, the role of economists have increased as they tend to predict the rise and fall of the world market economy. This industry is the basis of every other sector and hence it has tremendous prospects to offer. Why not pursue a career in such an amazing field where intellect and economic gains come hand in hand.
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The iDC Editorial Team brings in a collective work experience of more than 25 years in diverse fields spanning from career counselling, management consulting, engineering, and technology to science, finance, and humanities. The team’s key competencies are in research and analysis of careers, jobs, and industries. The team boasts a few best-in-class writers on careers and education.
