Excellent Career Paths in Economics

The United States, China, Japan, Germany, India, United Kingdom, France, Italy and Brazil are the top ten economies in the world, as of January 2020.

But who analyzes this information? -  Economists. For the above data, a skilled economist collected, analyzed and compiled the data of multiple quarters and reached this conclusion.

Apart from tracking such huge global development the domain of Economics has a lot to offer. With the world economy growing at a rapid pace, choosing economics after 12th could be one of the best career decisions students may take.

The choice and possibilities are infinite in the field of economics. Students also get a chance to positively influence the lives of people through various policy and statistical measures. A keen interest and rigorous reading about the subject will take you a long way in the field of economics.

What is Economics?

Economics is the study of the production, distribution and use of goods, services and resources. The students of economics basically study how goods and services are produced and distributed.

Career Opportunities in the field of Economics

Professional opportunities in economics include working as an economist, statistician, operations research analyst, risk management analyst, strategist, budget analyst, insurance underwriter, etc.

 It is a research-oriented career and would require you to learn and make use of various theories, principles and models. Economists conduct research and analyse data to predict market trends, build economic theories and models and make decisions for resolving economic issues. The field has an extremely positive future outlook, as there is huge demand for qualified economists in consulting firms, private sectors as well as public sectors, both in India and abroad.

Basic Qualification to Pursue Economics

People from any field can apply for a bachelor degree in economics after 12th.

Interest in mathematics, statistics and social sciences is a must though, as the discipline of economics is a combination of all three. Some universities in India and abroad also offer B.Sc. degree in economics. The most popular bachelor degree in economics is B.A.(Honours) in economics. After graduation you can opt for a Master's degree like M.B.A, M.B.A (Business Economics), M.B.A.( Financial Administration) , M.A.( Economics) etc and then Ph. D. or M.Phil later.

What skills should you have?

Most of the top institutions in India and abroad for economics require you to have a mathematical background in order to be eligible for the course, as you will be naturally dealing with lots of calculations. This rule has been made keeping in mind the strong relationship of economics with mathematics and research. There are, however, some colleges that do allow you to pursue economics without mathematics.

Some important specializations in Economics

Industrial Economics

In this specialization, you study principles of microeconomics. You study the strategies to maximize profit and minimize the total cost. The economists are also expected to optimize uses of available resources and supply of good quality products and services at proper time to the customers by applying various methods and theories of industrial economics.

Financial Economics

If you specialize in this field, you have to keep track of fiscal policies, monetary policies, tax regimes, exchanges rates and trends in the global financial markets, also you have to make the right decision to save your company from the financial losses by applying the methods of financial economics.

International Economics

Having knowledge of International business affairs and international monetary systems is highly useful in an increasingly international finance market. If you are an economist and you are thinking about working in the field of International economics, you might be wondering what kind of career options are open for you. You might find work in the banking and insurance sector, work as a financial analyst, work for a global organization, work for the government, work as an investment banker etc.

Business Economics

One of the most obvious career paths for someone with a background in business economics is to work as a financial analyst, Market research analyst, Business analyst either for internal or external clients, project manager, investment banker etc.

Agricultural Economics

Agricultural economics is an interdisciplinary field that combines both macro and microeconomic principles towards solving problems of the agriculture industry. This specialization covers a vast arena of issues including accounting, logistics and supply chain management also utilization of farm resources for optimizing farm output.

Some of the top colleges in India to pursue Bachelors in Economics

• Shri Ram College of commerce Delhi

• St. Stephen’s college Delhi

• Lady Shri Ram College of commerce Delhi

• St. Xavier’s college Kolkata

• Loyola college Chennai

• Christian University Bangalore

• Presidency university Kolkata

• Madras Christian college Chennai 

• Hindu College Delhi university 

• Fergusson College Pune 

Some of the top colleges in India to pursue Masters in Economics

• Delhi school of economics

• Indian Statistical Institute Kolkata

• Indira Gandhi Institute of development research Delhi

•  Madras School of Economics

• Centre of Development studies Kerala

• Gokhale institute of Political and Economics Pune

• Hyderabad school of Economics

•  Jamia Millia Islamia Aligarh

• School of social science 

• Jawaharlal Nehru University Delhi

If you are looking for Central India’s most premiere institutes, then you can check out the admission procedures at IPS academy Institute of Business Management and Research, Indore which is affiliated to Devi Ahilya University, Indore  also offers three years bachelor degree B.A (Hons.) in Economics, two years Master degree M.B.A. in Business Economics and M.B.A in Financial Administration.

Dr. C.K. Goyal,

Professor, IPS Academy, Institute Of Business Management& Research, Indore