Career options in Economics
Studying a pure subject is always fun, it has a vicious cycle of puzzles to deal with and has the everlasting future and scope; economics is one of them and recognized as an evergreen subject due to its remarkable performance and enormous need in the enterprise markets. Economics is a notable discipline for professional growth. Its importance has considerably grown post reforms period and after the merging of the world economies. Well-trained economists are in the tremendous call in India as well as crosswise the world for a swiftly globalizing economic outline.
This sounds interesting, but before getting into the career scope of the subject let’s look into details of the subject.
What is Economics?
Economics is the subject that studies the economic conditions of the country and deals to find solutions to the problem of the economy.
Economics deals in various subjects listed below:
- Micro Economics: It deals on the individual level and deals with economic problems on the individual level.
- Macro Economics: It deals on the aggregate level and looks into the problem at a greater level, the impact of the problem on the economy as a whole.
- Mathematical Economics: It deals with the mathematical tools used to analyze and find a solution to economic problems.
- Statistical Economics: It deals in the data and its tools to analyze the economic problems.
- Monetary Economics: This subject deals with all the economic factors’ impact on the money supply and results in the fluctuation in the economy.
- International Economics: A country’s economy is affected by internal and external factors. The interaction of economies of the world deals with some economic issues and its study is international economics.
- Developmental Economics: This subject is about the methods of economic growth, economic development and structural change in the economy.
- Econometrics: It is the higher study of statistical economics and gives an economic relationship to the data.
Higher studies in economics give specialization in various fields and work on the specific area listed below:
- Agricultural Economics: It is the combination of microeconomics and macroeconomics dealing in the field of agriculture from consumer theory concept in the preference of buying food products to the policy formulation by the government to support farmers.
- Financial Economics: It analyzes the allocation of sacred resources in the market and the tools for the optimum utilization of resources.
- Labor Economics: Labor economics studies the workers and the employers’ relationship and attempts to explain the resulting pattern of wages, employment, and income.
- Industrial Economics: Industries is one of the important players in the economy and has a great impact on the economy. This subject deals with the behavior of the industries in different market situations.
- International Economics: It studies the behavior of the interaction of various economies.
- Business Economics: Business economics is an essential part of traditional economics and is an extension of economic concepts to real business situations.
- Banking Economics: It deals with the role of the bank in the economy and its behavior.
- Environmental Economics: Environmental economics is a sub-field of economics concerned with environmental issues. Due to growing environmental concerns in today’s era, its demand is increasing tremendously.
- Developmental Economics: It studies sustainable development in the economy and the tools for the same.
Scope:
- Actuarial Science/Actuary: These are the professionals assess risk in finance, insurance, and other professions.
- Finance/ Banking: You can pursue finance after graduating from economics and can work in a multinational company.
- Indian Economic Services: It is a government body that hires economic graduates and works in the field of economics.
- Corporate Lawyer: If law interests you, after graduating from economics you can pursue law and become a corporate lawyer.
- Management: An MBA is also an option which is pursued by the graduates of economics. An MBA in finance is the most demanding course in the market.
- Consultant: After pursuing higher studies in economics you can work as a consultant or the adviser in the big multinational company.
- Economic Journalism: This is one of the interesting professions you can opt for after pursuing higher studies in economics. You can write articles for the economic problems and work as a journalist in economic times etc.
- Professor: graduation and post-graduation in economics followed by a NET examination, Ph.D., and M.phill you can be an assistant professor in any renowned university.
- Statistician: Economics is divided into two parts (theoretical, practical). If you good with practical that is mathematics, this is a good option for you and is highly in demand.
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Frequently Asked Questions:
1. Is mathematics compulsory for the pursuing B.A (Hons) Economics?
Ans- Yes, Mathematics is the compulsory subject for graduation in economics. Delhi University has changed its guidelines and it is a mandatory subject to be considered in the best of four for the admission in the colleges.
2. What is the difference between B.A (Hons) Economics and B.A (Hons) Business Economics?
Ans- There is a slight difference between both courses. Business economics is more practical as compare to economics and it deals with business behavior impact in the economy. Economics is a more general course.
