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Career in Economics in India

Economics

The study of economics provides a good opportunity to gain an edge in today’s rapidly globalising world. Well-trained economists are in huge demand across industries, not only at the national but at the international level as well. In recent years, there has been a suckten spun in he demand for economic analysts, researchers and consultants as they arc well-equipped and trained to effectively handle the increasing complexities of a rapidly globalising and com­petitive society. Competition is known to be a stern taskmaster and then is believed to be no room for laxity in its lexicon. Accordingly, in order to excel today in the fields of industry, trade, commerce, banking, insurance, finance and the like, one needs to have the competitive edge. It is precisely against this backdrop t hat t he study of economics opens up the doors of a wide variety of the most sought-after career options. For, the stu­dents of economics are pro­vided with deep insights into how an economy func­tions at the macro-level and how the markets operate at the micro-level. In addition, imparting the knowledge of economics also entails developing sufficient groundings into statistical and mathematical methods for economics, economet­rics, public finance, mone­tary economics, interna­tional economics, develop­ment economics and eco­nomic policy-making, all of which arc extremely desir­able from the practical per­spective of building a career whether in the pub­lic sector, private set-tor or even non-government organisations.
Options after BA (Hons.) Economics Career options Institutions/Organisations
MA Economics Teaching. Indian Economic Service (IES) Economist, economic advisor or econometrician Colleges and universities Government sector Banks and other financial institutions, financial serv­ices and consultancy firms in the corporate sector
MA • MPhil. PhD in Economics Economist, researcher or consultant Planning Commission. RBI. National Council for Applied Economic Research, National Institute of Public Finance and Policy as also international organisations such as the World Bank, Asian Development Bank and the International Monetary Fund
MBE (Master of Business Economics) MFC (Master of Finance and Control) Executive, analyst or researcher Financial services Private sector firms and business establishments Banking and financial institutions
MBA Manager Public and private sector firms
PGD in Global Business Operations Executive International business (MNCs. export-import houses)
After successfully acquir­ing an undergraduate degree in economics, one could either straightaway choose a career in economic journalism, economic and financial research, banking and finance, sales and marketing etc. or instead appear for competi­tive exams such as the civil services, economic and statistical services. Alternatively, with a view to enhancing career prospects, one may choose to either pursue further studies in economics or instead branch offto higher studies in some related field such as environmental economics, demography, business economics, insur­ance and actuarial science, risk management, finance, business administration and management, interna­tional marketing and global business operations. The resulting career options are shown in the table.

Skill sets required

  • A logical and analytical bent of mind
  • Quantitative aptitude
  • Articulation and strong ability to assimilate information
  • Felicity of expression
  • Sincerity, commitment and devotion
  • High level of motivation to strive for perfection
  • A high level of patience, with a positive and opti­mistic attitude
  • Willingness to work hard in a selfless manner
Some of the premier educa­tional institutions for under­graduate studies in econom­ics in India are:
  • St Stephen’s College. Delhi
  • Shri Ram College of Commerce, Delhi
  • Lady Shri Rwn College for Women, Delhi
  • Hans Raj College, Delhi
  • Hindu College. Delhi
  • Presidency College, Kolkata
  • St Xavier’s College, Kolkata
  • St Xavier’s College, Mumbai
  • Loyola College, Chennai
  • Christ College. liangulore
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