Tuesday, March 19, 2019
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Economics : Job Prospects & Career Options

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Globalisation and economic liberalisation has widened the job prospects of economists in business, education, government and non- profit sector. Well-trained economists are in huge demand across industries, not only at the national but at the international level as well.

Opportunities for economics academicians are available in finance sector, urban and rural development, foreign trade, colleges and universities, government service etc. Planning commissions, management consultants and organizations associated with data collection and interpretations recruit economics graduates at lucrative terms. Economics professionals are employed as economic analyst, finance economist, econometrician, economic advisor and economist.

Securing a Government job is really a matter of pride. The Indian Economic Service and Reserve Bank of India are excellent options open to those who want to join government services. Those who have specialised in economics can appear for Indian Economic Service (IES) exam conducted by UPSC which is the gateway to a challenging career in which selected candidates can join the service as Group-A officers. They are placed in the Planning Commission, Planning Board, Ministry of Economic Affairs, National Sample Survey and other departments that need specialists in economics. Reserve Bank of India also conducts various tests to recruit economists in the banking sector. Postgraduates in the age group 21-28 are eligible for the examination.

Economic consulting is another option available for students from economics background. However, the foremost growth potential for economists lies in the private sector and most notably in scientific research and consulting firms. Research institutes like National Council of Applied Economic Research, New Delhi; Indian Council of Social Science Research; Institute of Economic Growth, New Delhi etc. offer ample job opportunities to economists.

Banking and insurance sector is also a lucrative option in this field. Financial institutions like various nationalised banks, private and foreign banks and insurance companies offer good openings to postgraduate degree holders in economics. In banks, they can find jobs like branch managers, clerks, economic advisers, development officers etc. In the insurance sector they are generally employed as insurance consultants, insurance agents, development officers, insurance policy makers and can even work as mangers, assistant mangers of the insurance company. Besides merging of world economy gives ample career opportunities in international financial institutions and research activities. Various international organisations like the World Bank and the International Labour Organisation offer ample job opportunities to well-known economists. Some others may choose to enter non-profit institutions like NGOs.

Tax, taxation, filling process of indirect and direct taxes is the part of public economics. Those who have interest regarding tax matters can go for some special courses available to tax consultants like Diploma in taxation, Certificate course in tax consultant etc. and work as tax consultants.

Investment consultant is another area available for the students of economics. If you have good knowledge of capital market, money market and commodity market you can become investment consultant. Mutual fund is a growing service industry in India where knowledge of economic analysis is required for effective investment decision making and therefore professionals from economics and finance background can find prospects in this area.

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. Post graduates in this field can write UGC exams like NET and take up teaching as a career in various colleges, universities and professional institutions.

Forest sector is also one of the important sectors for the students of economics and agricultural economics. Candidates who have completed their degree or diploma with resource economics, agricultural economics, environmental economics can take this opportunity in India and abroad also. They are employed for conservation and scientific management of forests and the utilization of their resources. Agricultural Scientist Recruitment Board recruits scientist from economics background who have passed Master degree in economics with specialization in Agricultural Economics.

Those with degree in economics followed by a degree in Journalism and Mass Communication have lots of opportunities in print media as well as in television. Economics academicians can work as economic journalist in business journals, newspapers, television and web channels. Newspapers and journals provide economics graduates with opportunities to write reports on economic and business events.

Economics : Remuneration

The government sector as well as the corporate sector, both offer arrays of employment opportunities with good pay package to economics students. In most of the government services Economists are getting Rs. 10000 to Rs. 12000 as assistants, while experienced and seniors have average monthly salary of about Rs. 25000.

In colleges and universities economists are getting Rs. 12000 to Rs. 25000 depending upon seniority. In case of private sector remuneration are even higher. Banks are now offering good salary packages. Economic consultants are also earning good returns depending upon number of their clients.

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