The father of economics, Sir Adam Smith, has rightly said, “No complaint… is more common than that of a scarcity of money.”
Money plays a major role in the lives of individuals, and if you aim to gain more money, the best way to do it is to know and explore your career opportunities.
Economics is not only confined to money rather it allows us to study of the history, current status and future predictions of models that benefit the government, businesses, or individuals.
Through the framework the economists develop, they are able to advise the stakeholders in effective decision-making. Economists carry out their investigation with certain methods and principles that are inclusive and aim for the greater good.
One of the main responsibilities of an economist is to understand the economy and look into the reasons behind the current problems. These problems could be unemployability, lack of resources for business, etc. These problems could be relatable to any stakeholder, such as government, business, individuals, etc.
Economics has a big role to play in the industry, as it improves business practices, It aids in cost and benefit, investing cost for R&D, market size, incentives, etc.
Today, economics is applied everywhere, which makes a career in economics lucrative. It is applied in healthcare, finance, government, business, education, family, environment, etc.
Here we are to discuss the career options in economics.
Career Options in Economics
As you already know, economics is an enormous field with a wide scope of growth. Here are a few career options in economics which you can explore.
1. Economist
Average Salary Range: 5.3 Lakhs- 42.3 Lakhs Per Annum
If research and analysis is your cup of tea, then you are meant to be an economist. With a credible background of economics and a keen interest in the economic functioning of the market in general, you will be able to understand the producer behavior and consumer behavior very effectively.
Focusing on topics like energy cost, inflation, and interest rates, you will enjoy making economic predictions, designing policies, and advising your clientele through various reports and presentations.
Economists are responsible for creating financial models and forecasting the basis of their findings that affects business growth. Economists analyze a huge amount of data, research market trends and patterns, and create policies that solve the problem.
Predicting future development is another major job role of an economist. They monitor the growth, analyze the data and statistics in order to accurately predict the nature of business and prepare a statistical model to predict future developments. That makes careers in economics interesting, innovative and creative.
Adam Smith, Karl Marx, M.G Ranade, Amartya Sen, Manmohan Singh, and many others are a few of the most popular economists known to the history of humankind, and your name has the absolute potential to be added to the list.
With a professional and educational background in economics, the career path of an economist is not only the safest bet but also your best one.
The professionals must be equipped with the skill sets such as mathematical aptitude, economics methodology, knowledge of social sciences, communication skills, curious mindset, etc. to ensure success in the industry
Read: Top 10 Highest Paid Jobs in India
2. Personal Financial Advisor
Average Salary Range: 1.84 Lakhs – 10.00 Lakhs Per annum
A financial advisor is a personal financial planner whose primary job is to plan investments and manage money in a way that generates the best return for the principal. It is essentially a number game and would be challenging as well as rewarding for those who like number games and have a keen interest in economics and finance.
The advisory role essentially involves budgeting, investment, and tax-saving strategies for the clients regularly and changing the strategy by evaluating the market conditions. This role also involves being an educator in respect of managing money for every client who would depend solely on your skills and expertise for making their personal financial decisions.
Often people think that the role of a financial advisor is all about managing your stock portfolio and executing trades. The actual purview of a financial planner spans beyond the investments and covers every aspect of personal finance, right from earnings to investment, and also the insurance and tax saving tools to employ.
A personal financial advisor has the expertise in providing the final advice to their clients and maintaining a customised approach for their clientele. They understand the fund flow of their customers and their aspirations for the coming years and help out in managing their finances that make sense to each clientele.
The advice is aimed at increasing the finances and mitigating the risks that may arise due to past activities or future possibilities that could negatively affect the organisation’s growth and finances.
Some of the skills that are required from a personal financial advisor are good knowledge of economics, finance, numerical literacy, communication, active listening, analytical, statistical, negotiation skills and many more.
3. Economics Teacher
Average Salary Range: 2.06 Lakhs – 10.00 Lakhs Per annum
The profession of a teacher requires no introduction and is considered to be one of the noblest professions in any part of the world. The branch of economics is so huge that everything has some element of economics in it. The areas of study of economics can be divided into two, i.e. teaching and research. The teaching starts right from high schools to colleges and the research part is more of an advanced level of learning where experienced professors of esteemed colleges and universities guide the students and research fellows to study various economics’ concepts and methods and its applications.
The economics teacher is responsible for delivering the economics concepts to the students. They are responsible for imparting the theory of economics and cater to each student making sure they are up to speed with the class. The economics teacher would also be responsible for making a lesson plan, assessing the students and guiding them to increase their mindset.
In order to fulfil the duties, some of the skills that come in handy are subject matter expertise, teaching lesson planning, time management, student learning, communication, empathy, active listening, etc.
The young aspiring students who look to advanced research concepts with a passion for teaching can become economics faculties in good colleges in the country after passing the necessary qualifying examinations. If this sounds like your area, you can take additional courses to understand the intricacies. Online platforms like upGrad offer great certificate courses that cater to your needs with the help of industry experts.
Learn about: Top 10 Online Courses with High Salary in 2022
4. Supply Chain Analyst
Average Salary Range: 2.49 Lakhs – 10.00 Lakhs Per annum
A supply chain analyst is a key person in the whole workflow of the supply chain who collects and analyses data to improve performance and scale down costs. The role of a supply chain analyst requires strong analytical skills and business acumen. The complex job profile requires good problem-solving skills and attention to every minute detail.
The vital job responsibilities of an analyst include the planning and implementation of supply chain optimisation projects, maintaining standards, and overseeing inventory procedures.
Being the contact point for purchases as well as inventory management, the job of a supply chain analyst demands excellent communication skills and outstanding organizational ability, and a problem-solving attitude.
Sharp analytical skills and good command of the numbers will help a person to become an analyst. A person with a sound knowledge of economics and an understanding of the number of the game well with sharp problem-solving skills can land the job of a supply chain analyst with great success.
Some of the skills that are required from a supply chain analyst are quantitative skills, interpersonal, statistical, problem-solving, negotiation, etc. Scope in economics is not limited; the supply chain industry is one example of it. The professionals can make a career of their choice depending upon their interests and aspirations.
5. Business Reporter
Average Salary Range: 1.01 Lakhs – 10.00 Lakhs Per annum
Are you a media enthusiast? Are you someone who would like to take a deep dive into business stories? Do you like economics? If the answers to all these questions are affirmative, then you can land into a successful career as a Business Reporter.
As a business reporter, the primary job is to gather information on businesses and communicate with persons within and outside of your organisation, including the public, government, and others.
The role of a business reporter requires the ability to identify information and categorise them according to its relevance as to how it affects the public at large. This essentially means that one should know what is to be reported so that the public is aware of important matters.
To be a successful business reporter, one shall have sound knowledge of economics and how the business mind works. This is one of the exciting career options in economics for every person who likes to follow businesses around the world and create stories from an outsider’s perspective.
A business reporter holds great importance in society. They are responsible for reporting how a business tracks its growth and market trends and investigating issues that are kept hidden or unsaid. Through their reporting, they bring transparency to the market and encourage the business world to follow the same.
Some of the skills that are required for a business reporter are business acumen, investigative, research, analytical, problem-solving, ethics, truthfulness and many more.
6. Economic Consultant
Average Salary Range: 2.04 Lakhs – 20.00 Lakhs Per annum
The career of an economic consultant essentially has three pillars namely, knowledge of mathematics, economics, and statistics. The primary job of an economic consultant is to conduct research about the economic condition of the client organisation with the object of reconstructing the business to close the holes that block the business growth.
The job profile requires the consultants to have a close watch on the economy and its latest trends as to every change that happens and how they can affect the businesses directly and indirectly. For e.g., a change in government policy and how it will affect the business.
The economic consultants have to have strong analytical skills in order to produce the best results for the organisations as their output can significantly affect the entire business.
It is one of the most aspiring career paths for economic graduates and those who have advanced knowledge in economics and can make you reach the top of business organisations within a short period of time.
7. Product Manager
Average Salary Range: 5.04 Lakhs – 31.00 Lakhs Per annum
This is a cross-functional role in the development and the final release of a product into the market. The product manager is the key person who is bestowed with the ultimate responsibility of bringing into life a product of the organisation without any delays and glitches.
The job profile requires the managers to derive the strategies, product-launch roadmap, marketing, and forecasting of the product being launched and hence can be said that they are an all-rounder with great team managing skills.
They are required to look after the customer needs and execute the same into the product or service. The ultimate goal is the company’s increase, and the product is the robust pillar of it. The more the product would be customer-centric, the more it will be reflected in the growth and higher edge the business would acquire over its competitors.
Product managers are required in every industry today, such as education, government, finance, manufacturing, e-commerce, and many more. The scope of economics in India is not limited to one domain rather, the economics graduate can make a good career as a product manager as well.
The role of a product manager demands that individuals have a sound knowledge of economics as one needs to have strong analytical skills and command over statistical tools when it comes to market forecasts.
The career of a product manager is a challenging one for aspiring economic graduates who have excellent interpersonal skills and leadership qualities. One has to be everywhere to make sure that the product meets the customer’s expectations all the time.
8. Compensation Manager
Average Salary Range: 4.85 Lakhs – 40.00 Lakhs Per annum
The role of a compensation manager is to make sure that the company’s pay scale system is adequate and up to date, taking into consideration the standard of living and the current inflation rates. The goal is to ensure that the remuneration is fair and adequate for the existing employees and also good enough to attract new talents to the company.
The compensation manager essentially comes under the umbrella of the human resource division of the organization but has the exclusive job of managing the pay scale after taking into consideration the macroeconomics factors and various other government regulations.
The manager is also responsible for budgeting and also acts as a support system for the payroll managers. The compensation manager must have a check on the performance of the employees so that it reflects on the pay scale to reward and punish, which is required for business growth. It is one of the most rewarding career options in economics.
It is a very critical department for any company as the compensation holds any cash or non-cash benefits the company is imparting to their employees. The compensation manager holds the analytical mindset that makes the vision beyond the evident case scenario. They are responsible for critically thinking about the situation and deciding the next course of action.
Also read: Top 10 Highest Paid Jobs in India in Commerce Field
9. Quantitative Analyst
Average Salary Range: 4.82 Lakhs – 20.00 Lakhs Per annum
The primary job of a quantitative analyst is to make financial decisions in the business with the help of quantitative methods. The role of a quantitative analyst is imperative in organisations such as PE firms, fund managers and investment bankers.
The analyst role mandates absolute expertise in handling numbers and analysing them. Another important tool is advanced computing skills for using various tools for decision making, as large amounts of data are processed for reaching a business decision.
Young economics graduates with good command over numbers and those who look for a career in large banking and investment institutions can start sharpening their skills to become a quantitative analysts. The reward factor in the job of a quantitative analyst is huge that organisations offer lucrative packages to get the best brains in the country to join their dynamic team. It is a challenging as well as rewarding role for economic aspirants.
It is one of the prestigious jobs for economics graduates; they can begin their career with an entry-level role and make their way up by gaining more experience and skill sets. It makes for a good career where the professionals can apply their mathematical, research and analytical skills to create a robust strategy for the organisation’s business decision.
The quantitative analysis or quants mostly aim to do risk management and mitigate the risks that could arise due to past occurrences or unforeseen events. The quants do not see any shortage of employers as there are numerously reputed employers requiring skilled candidates. The compensation paid is also good guided by various factors such as skill sets, experience, upskilling history, location, seniority level and many more.
Also Read: Highest Paying Jobs in Technology
Conclusion
All the above career options in economics demand discipline, hard work, and patience. However, it will not be an understatement to say that these career paths are bound to take you to sustainable growth and development!
So, there you go, a detailed list of some of the best career options in Economics! We’ve taken care to include both the trending and evergreen career options so that you can get a better idea of what lies ahead and plan your career steps accordingly.
What is best to do after B.A Economics?
The economics graduates could either go ahead and intern or secure a placement. In terms of pursuing higher studies, economic graduates can pursue MBA, Finance, Management, Public Policy, International Relations, etc.
Are economists in demand in India?
Yes, economists are in demand. The demand is due to the numerous industry application that increases the pool of opportunities to choose from. Additionally, the demand is not confined to India; rather there is a high demand internationally as well.
Can I get a job after B.A Economics?
Yes, an economics graduate can land a job after their graduation. Some of those are mentioned below- 1) Market analyst, 2) Banking, 3) Finance Analyst, 4) Budget Analyst, 5) Quantitative Analyst
Are economics majors in demand?
Yes, economics majors are in demand in the global market. They are required for the skill set they bring into the organization, and their understanding of the economy and human behavior is considered an asset for any company that aids their analytical and problem-solving methods.
What are the two types of economics?
The two types of economics are microeconomics and macroeconomics. Economics graduates can make a successful career in either of these two types depending upon what excites them more.
Do economists travel?
The travel is dependent upon the type of job role one is in. If the job requires one to travel, then they do. The travel could be for business meetings, conferences, or other work-related concerns.
Which is better MA in economics or MBA?
MA in economics is more suitable for students who have specific knowledge of a domain, and an MBA is much more suitable for those students who come from various backgrounds.
Can an economist work in the bank?
An economic graduate can work in the banking sector. Economics graduates are considered an asset in the banking industry. In banking, they can work for financial control, financial planning, risk analysis, etc.
Why should you study economics?
We need to acquire certain mathematical, analytical, and statistical skills for every stage of our life. With the help of an economics degree, you get access to put these skills to work. Moreover, you also get the flexibility to use the economic principles in business, finance, etc. Economic concepts are very useful and can be applied when dealing with complicated data to analyse how data points are related to one another. Economics assists you in getting command over skills like communication, numerical, analytical skills, and problem-solving skills. Banking, insurance, business, and accounting careers use economics knowledge. Working in such sectors contributes by offering you a vision in such a way to deal with financial risks, design a building, or where the government should invest their money. You can apply your learning of economics in various areas like planning, marketing, management, and research.
What is economics?
Economics is the study of the relation between human beings and monetary wealth. When human beings are put in front of difficulties or successes, their reaction towards it is what determines human behaviour. Furthermore, the studies of politics, sociology, history, and psychology are all a part of economics. The study of economics fills you with knowledge of utilising skills, ways, and approaches so that you can use them as needed. Economics is the study of central disciplines of subjects like management, business, and public policy.
What is the use of economics in our everyday lives?
One of the widespread applications of economics is to make life-changing money-related decisions. Economics truly helps in making life decisions. Some of these include your marriage, how many kids you decide to bear, and your living conditions. Before we make our final decision on either of them, we need to use “cost-benefit analysis.” In this technique, all the options are equally weighed. The pros and cons are straightened out. Depending on which choice is better and practical, a decision is made based on the outcome. Household budgeting, employment, and price tags are other areas where economics is used every day.
