Economics is a vast field that deals with the production, consumption, and transfer of wealth. It is one of the most popular subjects among students as it offers a broad range of career opportunities. There are numerous career options in economics in India and other parts of the world.
An economics degree will boost your employability chances multiple times in comparison to other degrees like history, political science, geography, sociology etc. As the market is evolving with time and now, we are in the age of globalisation where the requirement for problem solvers and analysts has increased drastically. And economics is a discipline which helps us to develop analytical and problem-solving skills.
Top 5 career opportunities in the field of Economics: –
An economist is a social scientist who studies the production, distribution, and consumption of goods and services. They analyse how people and organizations make decisions about how to allocate resources, and study the behaviour of markets and economic systems. Economists use mathematical models, statistical analysis, and other tools to understand and predict economic trends and outcomes.
They work with businesses, government agencies, and non-profit organizations to help them understand the impact of economic decisions on their operations. Their work can help inform policy decisions at the local, national, and international level, and can have significant impacts on the welfare of individuals, businesses, and society as a whole. A career in economics can be pursued in government organizations, private firms, research institutes, and universities.
And if we talk about some famous economists in contemporary India then Amartya Sen, Aravind Panagariya, Raghuram Rajan, Dr. Manmohan Singh are some of the finest examples to take inspiration from.
The earning potential of an economist in India ranges between ₹ 8.0 Lakhs to ₹ 40.0 Lakhs with an average annual salary of ₹ 20.0 Lakhs.
2. Financial Analyst
A financial analyst is a professional who specializes in analysing financial information and providing insights and recommendations to clients, companies, or organizations. They use various financial data and tools to evaluate an organization’s financial health and make recommendations on investments, budgeting, and other financial decisions.
The role of a financial analyst can vary depending on the industry and company they work for, but generally, they analyse financial statements, financial ratios, and other financial data to identify trends, make forecasts, and evaluate investment opportunities. They may also conduct research on industries and companies to provide insights into market trends and economic conditions.
A financial analyst can work in banks, investment firms, insurance companies, and other financial institutions. Financial analysts typically have a strong background in finance, accounting, economics, or a related field, and may hold advanced degrees such as an MBA or CFA (Chartered Financial Analyst) certification.Top of Form
The earning potential of a financial analyst varies from INR 12.19 lakh per annum to INR 19.93 lakh per annum on average, and the pay depends on various factors, including the experience, location, skills, and employer. While the average salary is of 16 lakhs per annum.
3. Policy Analyst
A policy analyst is a professional who analyses, evaluates and develops policies, programs and strategies for governments, non-profit organizations, and other stakeholders in various fields such as healthcare, education, environmental conservation, social welfare, and economics, among others.
Policy analysts conduct research, gather data and information, and assess the potential impact of policy options to inform decision-making processes. Policy analysts can work in government agencies, think tanks, and research institutions. They may also collaborate with stakeholders, such as lawmakers, advocacy groups, and citizens, to gather input and feedback on policy proposals.
In addition, policy analysts may be involved in implementing and monitoring policies, evaluating their effectiveness, and making recommendations for improvements or revisions. They play a critical role in shaping public policy and addressing societal issues.
The average salary of a policy analyst is of INR 18 lakhs per annum.
4. Investment Banker
An investment banker is a financial professional who assists individuals, corporations, and governments in raising capital by underwriting and selling securities.
Investment bankers typically work for large financial institutions, such as investment banks, commercial banks, or brokerage firms, and may specialize in a particular industry or type of security. They provide strategic advice to clients on mergers and acquisitions, initial public offerings (IPOs), debt and equity offerings, and other financial transactions.
In addition to advising clients on financial transactions, investment bankers also conduct research and analysis to assess market conditions, identify potential risks and opportunities, and develop financial models to support their recommendations. They work closely with legal, accounting, and other professionals to ensure that transactions comply with regulations and meet the needs of their clients.
Investment banking is a complex and highly competitive field, and requires a strong understanding of finance, economics, and business strategy. It is a demanding profession that often involves long hours and high levels of stress, but it can also be highly rewarding both professionally and financially.
The average salary of an investment banker is INR 18-28 lakhs per annum.
5. Management Consultant
A management consultant is a professional who works with organizations to improve their performance and efficiency. Management consultants provide advice and guidance to help companies solve problems, increase profitability, and achieve their strategic goals.
Management consultants may work for consulting firms, or they may work independently as freelancers. They are typically hired by businesses, government agencies, and non-profit organizations to help them develop and implement solutions to a wide range of management issues, such as organizational design, process improvement, and technology implementation.
They may conduct interviews, surveys, and focus groups to gather data and insights from stakeholders, and then analyse this information to develop recommendations and action plans.
Management consulting is a challenging and dynamic profession that requires strong analytical and problem-solving skills, as well as excellent communication and interpersonal skills. Successful management consultants are able to work collaboratively with clients and adapt to a variety of organizational cultures and structures.
The average salary of a management consultant in India is approx 22-23 lakhs per annum.
In conclusion, economics offers a wide range of career opportunities in India. Students can pursue a career in economics in government organizations, private firms, research institutes, and universities. The above-mentioned career options are the top 5 and offer excellent growth opportunities and financial rewards.