India recently became the fastest growing major economy in the world. But do you know who informed us about this development? Talented economists compiled the data of multiple quarters and reached to this conclusion. Apart from tracking such huge global development, the domain of economics has lot to offer.
With world economy growing at rapid pace, choosing economics after 12th could be one of the best career decision you may take. The students of economics basically study how goods and services are produced and distributed. The field of economics even affects our day-to-day life and studying it properly also helps us to become responsible consumer.
The profession of the economist is also amongst one of the highest paid professions in the world.
What to study?
Person from any field can apply for Bachelor of Arts degree in the economics after 12th. Interest in mathematics, statistics and social sciences is a must though, as the discipline of economics is combination of all three.
Some universities in India also offer B.Sc. degree in the economics. Read the syllabus carefully before you enroll in any course. Some courses focus on the Macro-economics and some focus on the Micro-economics. The admissions at bachelor level are strictly on the basis of class 12 marks.
The higher education in the field of economics follows the traditional path. You can opt for Master’s degree and then PhD or M. Phil later. The higher education in economics also allows you to choose the specialization as per your interest.
Here are some important specialisation in economics:-
This is the stuff you see on television. Big screens, lots of numbers, graphs and statistics that decide the fate of companies on the stock market. If you specialize in this field, you have to keep track of monetary policies, tax regimes, exchanges rates and trends in the global financial markets.
After studying all of that, you have to take right decision to save your company from the financial losses.
India is an agrarian economy. A slight change in the agriculture index affects the national economy. Agrarian economists are required in India on large scale to decrease the instability in the agriculture. You have to study agricultural and allied products along with production patterns and financial health of the agriculture in the region. Governments, NGOs and think tanks hire agricultural economists.
Be prepared to study lots of microeconomics. Here, you study the ways to increase sales and decrease the operational costs. The economists are also expected to maximize the utilities of the assets by applying various methods for the company. The nature of employer is largely private here. You are also expected to solve labor issues through innovative methods.
There are other important branches too such as international economics, banking, development and business economics.
The choices and possibilities are infinite in this field. You also get a chance to positively influence the lives of people through various policy and statistical measures. A keen interest and rigorous reading about the subject will take you a long way in the field of economics.