In the age of Globalization, economics has become an important discipline. National economies are rapidly integrating with the world economy. Governments and private corporations need top notch economists, statisticians and policy makers to make this process smoother and more efficient. The economics majors are also required for research, consultancy and analysis.
Students are opting for economics in a large scale due to better job availability, higher salary and challenges in the job. If you are interested to be an economist, then this article will help you to take those first important steps.
The best way to start career in economics is by opting for Economics major at bachelor level after class 12. Almost all universities in India offer Bachelor of Arts or Bachelor of Science degrees in Economics. Some universities offer specializations at Bachelor level itself. The Master’s degree or M. Phil. in Economics opens the doors of many research and specialized opportunities. It also allows students to go for teaching positions at various universities and institutions.
Career choices in Economics
The main function of the economics student is to study how good and services are being produced and distributed. It involves deep study of variables such as costs of materials, inflation, employment rates, taxation, inflations and exchange rates. The economists are expected to make predictions for stable economic growth based on these variables. Following are the various career choices for economists:
The supply and demand curve is carefully studied by these professionals. The high level spending decisions of the government and corporation depends on these economists. They help to determine the demand for particular product in the market. They study consumer behaviour, the market behaviour and policies of companies.
These professionals take high level policy decisions based on macroeconomic indicators. Predicting trends, taking long term decisions and increasing productivity are main tasks given to macroeconomists. Planning agencies, government’s finance or policy departments and banks economic division hires these professionals.
3. Financial economists
The financial economists ensure the smooth functioning of banking system by analyzing capital flows, interest rates and world markets. They also get hired to monitor stock market activities for particular corporation.
4. International economists
The health of global economy is important for imports, exports and currency exchange. The international economists are hired by agencies such as World Bank, UN and IMF to predict the trends in world economy and capital flows.
5. Organizational or Industrial Economists:
Analysis of industry competitors, market predictions and study of individual assets are main functions of the organizational economist. Preventing the formation of monopolies and examining the implementation of trust laws are also important tasks for the industrial economists. Economic regulatory agencies hire them.
6. Demographic or labor economists
These are the professionals who will recommend next salary hike for you. They carefully study inflation, consumption patterns and employment rates to decide various benefits to the employees. The changes in the population of the country are carefully tracked by these professionals.
7. Public finance economists
Governments of developing countries hires these economists as they spend large amount of money in their economy. These professionals advise governments about spending, taxations, policies, infrastructure and public projects.