Careers in Economics
Economics is a social science that studies the Production, Distribution, and Consumption of goods and services. 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.
Economics AIMS to explain how economies work and how Economic agents interact. Economic analysis is applied throughout Society, in Business, Finance and Government, but also in Crime, Education, the Family, Health, Law, Politics, Religion, Social Institutions, War, and Science. The expanding domain of Economics in the social sciences has been described as Economic imperialism.
Career Options in Economics :
Among all the branches of social sciences, it is Economics which offers a wide variety of career options. This is because; “economy” is the key to the survival of any system of government. The political agenda of all nations, therefore, mainly comprises Economic issues. Today economists often are in the middle of political analysis, debate and execution. The economists moved to the centre stage of national and international Economic, scene in the wake of the post – world war reconstruction activities. Teaching and research continue to offer satisfying career opportunities. Perhaps, of all the social science faculties in Universities, the single largest number of teachers is often in the Economics departments.
With the establishment of a large number of management institutions ( including University departments of management studies ) the demand for teachers of Economics is increasing. Teaching positions in Universities need clearing the UGC National Eligibility Test ( NET ). As regards research career, apart from the development institutes referred to earlier, there are several institutions, such as the National Council of Applied Economic Research, New Delhi, and Institute of Applied Manpower Research, New Delhi, offer research positions. The Department of Economic Analysis and Policy of the Reserve Bank of India also recruits research economists through its Recruitment Board.
When organisations like the World Bank and Organisation for European Economic Commission ( now OECD ), were established the economists also started playing important roles in the process of social and Economic reconstruction of the newly independent countries in Asia and Africa supported by the World Bank and other Development Banks. The Union Public Service Commission conducts an annual competitive examination to recruit economists for the Indian Economic Service. The Indian Economic Services and Reserve Bank of India are excellent options open to those who want to join government service. Economists occupy vantage positions in all types of banks ( including Reserve Bank of India ), insurance companies, and financial institutions. The Economic liberalisation has also opened up more avenues for economists in business and industry. Agricultural Scientist Recruitment Board recruits Scientist from Economics background who have passed Master Degree in Economics with specialization in Agriculture Economics.
Also, Most of the Embassies located in India and aboard recruit Economist as Agriculture Specialist and for other higher post. There are many vacancies at FAQ for a person who has Master Degree or Ph.D in Economics. Economist can also join international organisations. With the proliferation of Economic and business journals and magazines and newspapers, Economic journalism has emerged as a potential area of career opportunity. A degree in Economics followed by a degree in journalism and mass communication would open up such opportunities not only in the print media but also in television.
And finally, the ultimate destination of well – qualified economists could be the multi – lateral development banks and aid agencies. A graduate in Economics can aspire 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. 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 nonprofit 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.
In the age of liberalization and globalization economists are supposed to get good salary whether in public or private sectors. In colleges, Universities and government sectors, all employees of Economics discipline are getting higher salary after implementation of Sixth Pay Commission. In case of private sectors, remuneration is often even higher. Economic consultants are also earning good returns depending upon number of their clients.