Career Scope in Economics

Economics is one of the most critical but undermined areas of study. It is very relatable and applicable in our daily lives. The skillset possessed by students who pursue their academics in this subject is so diverse that it opens doors to numerous opportunities in the job market.

This again varies based on your academic background, aptitude and interest and country of residence. But to be honest, students pursuing economics have a fair shot at local and international career opportunities.

Let us look at the list of career options you have in economics. It can be broken down into 6 major categories:

• Teaching Services
• Banking/ Financial services
• Government (Public) services
• Entrepreneurship
• International Options
• Speciality Careers

1. Teaching Services

This is one of the hotspots for economics graduates. Upon achieving a decent percentage and a state-level entrance exam clearance, you can become a teacher. This can also enable you to conduct your research under a fellowship program or evolve into an assistant professor at a university. The opportunities are going to get better if you get your PhD simultaneously.

An average median salary of an Assistant Economics professor at a university is USD 81,470. You can also avail university and state-level grants based on your eligibility and scope of research.

2. Banking and Financial Services

This is another domain that is flooded with jobs for the economic students. With a background in economics, you tend to get equipped with good analytical thinking, research-backed analysis and a solid ability to draw meaningful conclusions. These are crucial in the field of banking and finance.

The designations one can expect to hold here include Research Analyst, Investment Analyst, Financial Risk Analyst, Actuarial Analyst and Investment Banker. 

You can also work with public, private and foreign banks as an Economic Advisor, Business Development, and Market Risk Analyst or work as an economist with the Reserve Bank of India after clearing their recruitment examination based on your eligibility. You can aim higher and objective for bagging a role at the World Bank.

3. Government Services

The government is always looking for bright individuals to solve their core economic problems. If you have the capability and eligibility to appear for those prestigious posts, you can appear for the examination conducted by the UPSC for the Indian Economic Services.

This can give you access to roles in the Planning Commission, Ministry of Economic Affairs, National Sample Survey and other diplomatic positions within the government.

You are sure to receive a lot of other perks along with a hefty salary, medical, insurance, and allowances for you and your family.

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4. Entrepreneurship

Working independently has its benefits. If this is one of your preferences, then there are two options. Either you can start your practice as an economist and build your clientele. Secondly, you can go for consulting, which can be done freelance for any business.

Amongst consulting services, you could work as a Management Consultant or Consultant in a specific business area.

The average salary for a Management Consultant in India is INR 11,27,537, according to PayScale.

5. International Options

Working abroad in a job related to economics can be a paradigm-shifting experience. The level of exposure, pay, and related factors differ a lot compared to the home country.

The jobs you can get with an economics degree are almost similar but most probably with a different title. As mentioned earlier, the utility of economics is universal. Therefore, it can be used to work in any sector, business type or role, depending on your career goals and background.

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6. Speciality Careers

A few careers focus on applying and utilising economic theories and concepts in other fields. These careers options can also blend into one of the above or be practised independently.

• Business Economists: 

They specialise in the discipline of applied economics. Their main job is to assess the key factors that impact the business and find workarounds to mitigate them. Some of them are financial, competition and environmental factors.

• Agricultural Economists:

They study the trends and patterns that may impact agricultural products' prices and demand and draw crucial conclusions for the government and related businesses.

• International Economists:

They collect and analyse data related to foreign trade and policy, which may impact exchange rates, foreign policies, international agreements and the economy as a whole.

• Industrial Economist:

As the name suggests, they specialise in industry-related topics, including all factors of production and supplies. It can also go well with labour laws and welfare programs.

Therefore, we can conclude that economics is a vast field that provides ample opportunities for business, trade, industry and commerce. It is totally up to your interest, skills and aptitude where you want to end up in economics.