Economics is the study of production and distribution and consumption of goods and services and teaches us most effective utilisation of available resources. Economists work in three broad sectors of the economy i.e. the primary sector related to raw materials, the secondary sector related to manufacturing and the third sector related to the services. Economics includes the study of how societies, governments, businesses, households and individuals allocate their resources. This discipline has two important features. First, we develop conceptual models of behaviour to predict responses to changes in policy and market conditions. Second, we use rigorous statistical analysis to investigate these changes.
Skills and Personal Qualities Required
For the majority of economist careers, you'll need to study economics at postgrauate level in order to gain the specialist skills required. An economist should have:
Knowledge of social sciences
Be good at understanding complex systems
Analytical skills
Mathematical acumen
Logical thinking
Be good at numerical ability to work with figures
Ability to handle concepts & figures with ease
Ability to clarify thoughts and predictions in relation to the industry
Interest in current affairs & ability to assess implications as an analysis
Patience and remain positive and optimistic
Good communication skills in speech & writing to explain complex economic analysis
Our society is becoming global and competitive at a very fast pace, as a result of this, it has become extremely complex. In recent times there is a spike in the career opportunities for professionals like Economic Analysts, Economic Researchers and Economic Consultants and Finance Managers. These professionals can handle the growing complexity of society very effectively and efficiently. Demand for experienced research fellows and trained associates is growing day by day in several National and Multinational Corporations (MNCs) and they are being appointed and employed as Economic Analysts. Banking and Insurance sector is a very crucial in terms of job prospects.
After liberation, privatization and globalization (LPG) the job opportunities have increased many times, Economists analyze issues related to growth and development, welfare and policy formulation and assess their long and short term significance for the country.
Careers in economics are diverse with job roles covering everything from food and agriculture to business and banking. Depending on your area of interest, an economics degree will help you develop specialized analytical skills, enabling you to successfully enter multiple industries as a professional economist, or as another type of professional with an eye for economics.
An economics degree will boost your employability in many areas, regardless of the industry you work within. This reflects strong demand throughout the global labour market and the widely transferable analytical and problem solving skills developed by economics students.
As a professional economist, you'll be involved in researching and analyzing economic data, issues and trends. To be a professional economist you'll also need to be confident in producing economic forecasts and reports to present to clients (individuals, companies, financial organizations and public bodies) and to advice on policy and/or business strategy accordingly.
Possible employers include local and national government, public and private banks, insurance companies, think-tanks, large multinational companies, financial consultancies, accountancy firms and local authorities. A sound awareness of current affairs and economic contexts is important.
Scope of Eco Professionals
Eco Professionals/Economists analyze issues related to growth and development, welfare and policy formulation and assess their long and short term significance for the country. Economics is the study of production and distribution processes and the most effective means of utilizing available resources. Economists often specialize some most fascinating jobs. Some of these are as under:-
Research Economists: Develop mathematical models to explain and interpret business cycles, inflation, effects of tax policies or unemployment; Use Mathematics and Statistics to the theory and principles of Economics; Apply econometrics for analysis and prediction of all economic activity.
Business Economists: Work as company's administrations, making decisions about company policies, plan future business activities in relation to general business conditions, national and international trade policies, governmental regulations and directives.
Agricultural Economists: Study economic aspects of agricultural problems in order to increase efficiency of farm management, improve farm income and effect favourable agricultural legislation; forecast production and consumption of agricultural products; locate optimum markets and deal with agricultural financing.
Financial Economists: Develop monetary policies and predict financial activity; Examine credit structures and collection, banking methods and procedures to devise techniques for regulation of lending, fixing interest and discount rates.
International Economists: Collect and analyze statistical data and other information on foreign trade for favourable trade balances; Establish acceptable international trade policies, exchange controls and operation of foreign exchanges; Study, implementation and formulation of policies on investments and transfer of capital on the international scene.
Labour Economists: Study labour trends and policies; handle labour disputes, unions, industrial policies of management; work as advisors to government or industry.
Industrial Economists: Studies the organizational structures of business to make maximum use of assets; investigate methods of financing, production costs, techniques of marketing policies for possible improvements; Analyze market trends to relate production for future consumption and interpret effects of governments regulations and legal restrictions on industrial policies.
Economics careers in Banking: Banking careers are very common among economics students, offering scope for high earnings and high demand for economists. Graduates with a background in economics are particularly valued for roles in financial control, financial planning, risk analysis, data analysis and consultancy. With a focus on keeping the financial requirements of clients and businesses on track, banking careers are largely concerned with advising and providing services for a range of banking clients and consumers.
Economics careers in business and financial consultancy: Economists and economics experts are at the heart of the business world and financial consulting. Roles within the business sector vary widely, but economics graduates may find positions in large and medium-sized business organizations where economic research is required. The role of an economic researcher is fairly self-explanatory, required in-depth knowledge of economics theories and models, thorough analytical and problem-solving skills and mathematical ability.
Finacial consultants: Financial consultants in the area of economics would fill similar roles, but may work for multiple clients instead of just one organization, producing reports and advising on business strategy. Up-to-date industry knowledge and awareness of corporate finance is essential in these roles.
Alternative economics degree jobs and careers: With a background in economics, it seems, anything is possible. Other common economics careers and roles include auditor, stockbroker, insurer, business manager and retail merchandizer, pricing analyst, statistician, financial consultant and salesperson.
But what can you do with an economics degree if none of the above appeals to you? Well, you may want to also consider these broader options: business intelligence, international development, human resource management, IT, jounalism, law, management, market research, politics, public relations, social research, and taxation. Or, you could even become an enterpreneur and start your own business!
Employment Opportunities in different Business Organisations:
Today in every business of production, marketing, service and even E-commerce, businesses are offering job opportunities to experts in economics or finance. Business organisations below cannot run without expertis in Economics or Finance.
Banking and Insurance offices
Business journals and newspapers
Census organization
Employment Organizations
Finance and investment firms
Government and public enterprises
Labour departments
Labour tribunals
Market research organisations
Research organizations
When you complete your Bachelor of Arts in Business Economics degree, you will be prepared for a career in which a broad background and general knowledge in the field of economics are requirements. You may choose to enter one of the areas of business or industry for which your degree has prepared you, start your own business, or pursue careers the government. Just a few of the many business economics careers that often begin with a Bachelor of Arts in Business Economics include:
Business Analyst
Bank Manager
Market Research Specialist
Investment Analyst
Director of Finance
Stock Broker
Insurance Underwriter
Risk Manager
Market Analyst
Actuarial Analyst
Chartered Accountant
Chartered Certified Accountant
Chartered Public Finance Accountant
Data Analyst
Economist
External Auditor
Financial Risk Analyst
Forensic Accountant
Statistician
Actuary
Business Development Manager
Data Scientist
Management Consultant
Policy Officer
Quantity Surveyor
Besides these, there are prestigious exams like Indian Economic Services, Indian Statistical Services Exam, Investigator's Examination which are conducted by Union Public Service Commission.
Salary and Remuneration/Payments:
In the age of global revolution, Economics is a well-paid job. A person, who desires to pursue a career in this field, can expect a salary between 30000-45000 per month in the beginning. However salaries of Eco professionals vary depending upon their individual qualifications, experience, size and nature of the hiring institutes. Persons with a superior record and high qualifications can achieve high positions. The salaries in college and university departments are comparable to those teachers. Indeed, the salaries of special professionals are high. Eco professionals working in bank/research/finance institutes and private research centres also have handsome earnings. The amount 40000-55000 at right shows the average starting salary of a industrial/agricultural economists with zero to two years experience. It clearly shows that oil companies are willing to pay handsome salaries to new economists.
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