Earlier we have discussed why the world needs economists and why economics is a great career option in the age of technological disruption & automation. In this post, we will look at the various career options and jobs for economics graduates.
Economics Careers and Jobs in India
Co-authored by Sujoy Sengupta
Our society is becoming globalized and competitive at a very fast pace and as a result of this, it has become extremely complex. In recent times there is a spike in the career opportunities for professionals like Economic Analysts, Economic Researchers, and Economic Consultants.
These professionals can handle the increasing complexity of society very effectively. Several national and international industries are hiring well-trained economists. Banking and Insurance sectors are very crucial in terms of job prospects for economists. After liberalization, privatization, and globalization the job opportunities have increased many times.
Economics Career Path in India
Degree Programs in Economics
- Bachelor of Arts in Economics
- Bachelor of Science in Economics
- Bachelor of Arts in Business Economics
- Bachelor of Arts in Applied Economics
- Bachelor of Arts (Hons) in Economics
- Master of Arts in Financial Economics
- Master of Arts in Economics
- Master of Arts in Econometrics
- Master of Arts in Business Economics
- Master of Arts in Applied Economics
- Master of Science in Economics
- MBA in Business Economics
- Master of Philosophy in Economics
- Ph.D. in Economics
- Ph.D. in Econometrics
Core Subjects within the Field of Economics
The subject of Economics consists of following papers in the Graduation level.
- Mathematical Economics
- Statistical Economics
- Monetary Economics
- Fiscal Policy
- Costs & Revenues
- Consumer’s Equilibrium
- Producer’s Equilibrium
- Methods of measurement of national income
- Income and Employment Theory
- Balance of payment
- International Economics
- Developmental Economics
- Public Finance Study
- Studies About Economic Policy Making
- Agricultural Studies
- Rural, Health & Business Development
- Industrial Law
- Human Resources
Top Institutes to Study Economics in India
- University of Delhi, South Campus
- Delhi School of Economics (University of Delhi)
- Jawaharlal Nehru University, New Delhi
- University of Bombay, Mumbai
- University of Agricultural Science, Bangalore
- Stephen College, Delhi University
- Jamia Milia Islamia University
- Maharaja Sayajirao University of Baroda
- Bangalore University
- University of Calicut
- Banaras Hindu University, Uttar Pradesh
- Kumaun University, Uttarakhand
- Meerut University, Meerut
- University of Pune, Pune
- Sri Ram College of Commerce, Delhi
- Lady Sri Ram College for Women, Delhi
- Hans Raj College, Delhi
- Hindu College, Delhi
- Presidency College, Kolkata
- Xavier’s College, Kolkata
- Xavier’s College, Mumbai
- Loyola College, Chennai
- Symbiosis School of Economics
- Madras School of Economics
- IIT, Kanpur
- Indian Statistical Institute, Kolkata
- Ravenshaw University, Cuttack, Orissa
Required Skills to Pursue Careers in Economics
- The numerical knowledge of the professional should be sound so that he can work with different figures.
- He should always remain aware of the current affairs and should have the ability to understand implications analytically.
- The professional should have research-minded and should possess the ability to research every aspect of the economy.
- The Economist professional should have an articulate mind and should have the ability to gather information.
- The individual should be motivated enough and try to be perfect.
- He should always keep patience and remain positive and optimistic.
- Thinking logically should be another attribute of a Professional Economist.
- Solid Mathematical (especially commerce-oriented like accountancy) knowledge is indispensably needed to build up a career in Economics.
- He should be well proficient in communication skills like speech and writing so that he can explain the complicated economic analysis to the general public who have no knowledge in Economics.
- He should be expert enough so that all complex concepts and figures related to economics appears very easy for him to deal with.
- The Professional should have the ability to clarify his thoughts, ideas, and predictions related to the industry in a crystal clear manner to the civilians.
Best Job Opportunities within the Government (Public) and Private Sector for Economics Graduates in India
After completing M.A in Economics with at least 55% marks a candidate can either pursue P.hd in any University or appear for University Grant Commission’s National Eligibility Test currently conducted by National Testing Agency. By qualifying in this test a candidate can become eligible for the post of Assistant Professor in Indian Universities and Colleges or can get a Junior Research Fellowship in a Research Institution. The Ph.D. degree holders are likely to get more job opportunities in every sector.
Indian Economic Services (IES)
Those who have completed M.Sc. or M.A. in Economics with at least 55% marks and in the age group of 21-30 can appear in Indian Economic Service exam which is conducted by UPSC. This Central Group service belongs to group-A category.
These group-A officers perform tasks like economic planning and analysis in Planning Commissions (now replaced by NITI Aayog) for the country. They can also be placed in Planning Board, Ministry of Economic Affairs, National Sample Survey and other departments that need knowledgeable persons in economics.
The advertisement for the examination is published in prominent newspapers in the month of March of every year and the examination is held in the month of September of every year. The written examination consists of two parts. The first part comprises of two papers which are General English and General Studies having 150 marks each. The second part has three papers-two papers on General Economics and one paper in Indian Economics.
The Economics papers are set according to B.A and M.A standard. After clearing the written test the provisionally selected candidates have to crack an interview for final selection for the job. The selected candidates are recruited in Grade-IV post. Besides these, there are other exams like Indian Administrative Exam, Indian Statistical Services Exam and Investigator’s Examination which are conducted by Union Public Service Commission (UPSC) from time to time.
Banking Services within the Public Sector
Reserve Bank of India also hires economists in the banking sector through their own different recruiting examinations that are held from time to time. Individuals having age group 21-28 are eligible for RBI exam. Candidates can also find jobs in research institutes like National Council of Applied Economic Research, New Delhi; Indian Council of Social Science Research, Institute of Economic Growth, New Delhi etc.
Economics graduates can work independently as an economic consultant. In the case of private sector different scientific research and consulting, firms can offer good job opportunities. Economics graduates can appear in IBPS and State Bank recruitment exam to get absorbed in the banking sector and get a rewarding career.
Private and Foreign Banks
Candidates with an economics background can try for private and foreign banks. The banking job profiles in which they have to work are branch managers, clerks, economic advisers, development officers etc. The post-graduate degree holders in economics can also get an appointment in different insurance companies (both Government & private). The job profiles in the insurance sector are insurance consultants, insurance agents, development officers, insurance policy makers etc.
Economists who have gathered experience and gained popularity can get employment opportunity in an eminent international organization like the World Bank and International Labor Organization. Economic graduates can also work in NGOs. After doing a certificate/diploma course in taxation the economics students can also work as a tax consultant.
The students who have gathered knowledge in the capital market, money market, commodity market, and mutual fund service sector is eligible to work as an investment consultant. The knowledge of economic analysis by an economics graduate plays a vital role in making an investment decision in different mutual fund schemes.
Students who have acquired a degree in resource economics, agricultural economics, and environmental economics can be hired as a scientist for the conservation and scientific management of forests and the resources of the forest. Candidates with a master degree in economics and a specialization in agricultural economics can appear in the test conducted by the Agricultural Scientist Recruitment Board.
The job aspirants can work in print and electronic media if they have a degree in economics as well as a degree in Journalism and Mass Communication. Those who are lecturers in different colleges or institutions can work as an economic journalist in business journals, newspapers, television and web channels. They write reports on economic and business happenings in these media.
Top Job Roles for Economics Graduates
- Professional Economist
- Financial Risk Analyst
- Data Analyst (Banking Sector)
- Financial Planner (Banking Sector)
- Financial Controller/Financial Economist
- Equity Analyst
- Cost Accountant
- Economic Researcher
- Business Economist
- Agricultural Economist
- International Economist (Specialization)
- Industrial Economist (Specialization)
- Labour Economist (Specialization)
- Investment Analyst
Salaries for Economics Graduates in India
According to the data given by payscale.com, the salary of an Economist is approximately in the range of 1.88 lakhs to 14.81 lakhs per annum. In Government services, the economists can earn ranging from Rs.10,000 to Rs.12,000 per month after joining.
The salary of Professors and Assistant Professors in Government colleges and Universities range from Rs.12,000 to Rs.25,000 in accordance with the seniority. After gaining experience the salary can rise up to Rs.25,000 per month.
Nowadays the pay package of Government Banks is very impressive. The earning of economic consultants is also very good.