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, andif you aim to gain more money, the best way to do it is to know and explore your career opportunities.
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.
Average Salary Range: 1.88 Lakhs – 14.80 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 behaviour and consumer behaviour 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.
Adam Smith, Karl Marx, M.G Ranade, Amartya Sen, Manmohan Singh, and many others are 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 the professional and educational background in economics, the career path of an economist is not only the safest bet but also your best one.
2. Personal Financial Advisor
Average Salary Range: 1.84 Lakhs – 10.00 Lakhs Per annum
A financial advisor is the 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 the 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 to change the strategy by evaluating the market conditions. This role also involves being an educator in respect of managing money to 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.
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 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 2020
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 the performance and to scale down the 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.
The sharp analytical skills and good command on the numbers will help a person to become an analyst. A person with a sound knowledge of economics and understanding the number of the game well with sharp problem-solving skills can land in the job of a supply chain analyst with great success.
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 to categorise them according to their 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 in 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 to create stories from an outsider perspective.
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 the 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 to be an all-rounder with great team managing skills.
The role of a product manager demands the individuals to 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 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 organisation 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.
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.
The 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 analyst. 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 challenging as well as a rewarding role for economic aspirants.
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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.