Careers in Economics

The study of economics is aimed at carrying out activities in such a manner to obtain optimum benefit by allocating resources like raw materials, land, capital, technology and labour. Economists achieve such objectives by researching and monitoring of demands and supply, exchange rates, business trends, taxation, employment rates, inflation, and costs of materials and based on this they try to find trends and develop predictions. Further, globalization and consequent merging of world economy has widened the career prospects of economics student in business, education, government, and the non-profit sector.

Career Prospects
A graduate in Economics can aspires many entry-level jobs in banking, finance, insurance, stock markets, sales and marketing as well as corporations like consulting firms or government departments. They can also begin their career with government enterprises, public undertakings, investment firms, business journals and newspapers. The Indian Economics Services and Reserve Bank of India are also excellent options open to those who want to join government services. However, the more ambitious students of economics can go for MBA degrees offered by many institutions. As a general option to all social science students, economics student can opt for journalism, law etc to diversify their career opportunities.

Those who have keen interest in higher studies and research can opt for M.Phil. and Ph.D. and thereby aspire to take higher position in public and private sector.
They can also take up teaching as a career in various colleges, universities and professional institutions. Some others may choose to enter non-profit institutions like NGOs. Economic consulting is another option available for students from economic background. However, the foremost growth potential for economists lies in the private sector and most notably in scientific research and consulting firms. Besides merging of world economy gives ample career opportunities in international financial institutions and research activities.

Top Colleges Offering UG/PG/Other Courses
Most of the colleges and universities in India offer Bachelor and Master’s degree course in Economics. Doctoral courses like M.Phil and Ph.D. courses are also offered by many universities and specific economics school within the country. Prominent among them are Delhi School of Economics, Jawaharla Nehru University, Banaras Hindu University etc.

Remuneration
In the age of liberalization and globalization Economists supposed to get good return whether in public or private sectors. In most of the government services Economists are getting 10000 to 12000 as assistants while experienced and seniors have average 25000 of monthly salaries. In colleges and universities economics teachers are getting 12000 to 25000 depending upon seniority. In case of private sector remuneration are even higher. Economic consultants are also earning good returns depending upon number of their clients.