Suggestions on career options after an economics degree

Choosing the economics stream in class XI is a good choice. Economics offers varied opportunities to embark upon a career. A degree in economics makes you employable. Check the various options available to economics graduates.

Economics, like the sciences, is a popular subject, among students, largely because of the prospects it offers. As a discipline, economics is seen as a good choice, as it opens the doors to some excellent job opportunities. The new reforms that are in practice since liberalisation, privatisation and globalisation, has set a platform for world economies to merge together. As a result, experienced and skilled economists find a place in the job market, both within the country and overseas. The job offers can be varied, from consultancy to research oriented profile and economic analyst.

Courses and eligibility

Students should opt for economics, as a subject, in class XI. Thereafter, securing good marks in the XII boards and admission into a reputed college should be the goal. The ideal path entails studying economics at the undergrad level, followed by a PG and a PhD in the subject, with a specialisation, in a particular field.

Economics curriculum

Economics is quite a vast and fascinating subject. Knowledge of mathematics is essential because the subject deals with mathematical economics. You also get to study monetary economics, econometrics, statistical economics, development economics, economic policy making, public finance and international economics.

Concentrating on a specific field of economics is the smart way to proceed. This will make you well-versed and educated on the topic and improve your value in the job market. The areas in which specialisation is recommended are –

  • Agriculture Economics
  • Banking Economics
  • Business Development
  • Development Economics
  • Econometrics
  • Financial Economics
  • Health
  • Human Resources
  • Environmental Economics
  • Industrial Law
  • International Economics
  • Industrial Economics
  • Rural Development/Economics
  • Labour Economics

Courses in Economics

Planning to pursue economics after class 12? Check the list of undergraduate studies that you can choose from –

  • Bachelor of Arts, Economics
  • Bachelor of Arts (Hons), Economics
  • Bachelor of Science, Economics
  • Bachelor of Science (Hons), Economics
  • Bachelor of Arts, Business Economics
  • Bachelor of Arts. Development Economics

An undergraduate degree can be followed with post-graduate studies, which will basically strengthen your knowledge foundation and make you more employable. Post graduate studies in Economics include –
  • Masters in Arts, Analytical and Applied Economics
  • Masters in Arts, Applied Economics
  • Masters in Arts, Business Economics
  • Masters in Arts, Corporation and Applied Economics
  • Masters in Arts, Economics
  • Masters in Arts, Econometrics
  • Masters in Arts, Indian Economics
  • Masters in Arts, Mathematical Economics
  • Masters in Arts, Quantitative Economics

Post graduate studies may be followed by MPhil or PhD. This is a course taken by a few, who choose to further their knowledge. MPhil studies can be done in Economics, Applied Economics and Applied Econometrics. Economics and Business Economics can be choices for PhD.
There are diploma courses available too, such as Post Graduate Diplomas in Econometrics and in Applied Economics.

The best institutes to study economics

As mentioned above the goal must be to get into a good college or university. This is essential, for only then can you expect higher gains in life. Every state has renowned universities and colleges where you can study. Here is a rundown on some of the best places where you can pursue economics studies, at different levels –

This is in no way an exhaustive list, as there are many universities that offer programmes in economics. JNU, DU's South Campus, University of Bombay are a few more options. As suggested above a degree in law after an undergrad programme in economics can open new avenues in the job market. You might want to study law at a university in the UK to add to your credentials and improve your worth in the job market.

Recommended Reading : Top UK Universities recognised by the Bar Council of India

Economics and career prospects

Economics is a specialised subject that prepares you to work in specific fields, both in the public and the private sector. Government jobs for economics graduates are aplenty. There are employment opportunities in public sector banks, including the Reserve Bank of India. Other than that, eligible candidates have the option of getting into the Indian Economic Services and other Public Sector Units, through the UPSC.

In the private sector, a degree in economics can help you find employment in private banks, KPOs, BPOs, MNCs, newspapers and business journals. Post graduates in the subject can take up teaching in college, and follow complete an MPhil or PhD in due course.

Of course there are a lot more career choices. For instance, studying law, after an economics degree can help you find employment with big law firms, as a Corporate Lawyer. An MBA or PGDM after an economics degree will open a plethora of prospects in the private sector.

Government jobs for economics graduates

An undergraduate or postgraduate degree holder can apply for public sector jobs in the following government agencies –

  • Indian Civil Services
  • Indian Economic Services
  • Ministry of Economic Affairs
  • National Council for Applied Economic Research
  • National Institute of Public Finance and Policy
  • National Sample Survey
  • Planning Commission
  • Planning Board
  • Reserve Bank of India

Employment opportunities in the private sector for economic grads

The private sector also employs economists, as do International Aid Agencies and many Non-Government Organisations. The organisations that are known to hire people with an economics background include –

  • Aid Agencies
  • Asian Development Bank
  • International Monetary Fund
  • Financial Consultants
  • Development Banks
  • World Bank

Deserving candidates can find employment in different fields related to economics. The most These organisations employ economic grads in various capacities, such as –

  • Economist
  • Analyst
  • Insurance Investment guide
  • Business Analyst
  • Consultant
  • Economic Advisor
  • Economic Research Analyst
  • Auditor
  • Financial Analyst
  • Researcher
  • Stock Market Analyst
  • Executive
  • Accountant
  • Banking & Finance
  • Education
  • Research

Pay packages

A degree from any of the premier institutes comes with an advantage of almost assured campus placement. Many companies, both national and MNCs flock to colleges to pick the best candidates. The packages offered can range from Rs.4 lakhs to Rs.10 lakhs per annum, depending on the position you are being hired for, and of course your calibre. These are just the average base lines, deserving candidates can earn much more.

Add an MBA to your qualifications and you can be guaranteed of a massive pay hike and a jump in your career graph. Strategize and plan ahead. Decide where you want to see yourself 10 years hence and aim at getting there.

Article by Juana
Juana is a freelance writer, with years of experience, creating content for varied online portals. She holds a degree in English Literature and has worked as a teacher and as a soft skill trainer. An avid reader, she writes on a variety of topics ranging from health, travel, education and personality development.

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