Economics is the branch of knowledge concerned with the production, consumption, and transfer of wealth. It’s a vast subject covering many elements of the job industry. Economics majors have huge scope in employment around the country as well as the world. Economics graduates can get prestigious jobs in the government sectors like Indian Economic Services, Indian Civil Services, Reserve Bank of India, National Sample Survey, Ministry of Economic Affairs, Planning Board, and Planning Commission, National Council for Applied Economic Research and National Institute of Public Finance and Policy.
Job opportunities are also waiting in the private sectors, NGOs and International Aid Agencies. Organisations such as World Bank, Asian Development Bank, IMF, and other Development Banks, Aid agencies, Financial Consultancy firms are hiring the economic graduates in various positions. One can absorbed in these organisations as economist, economic advisor, executive, analyst, consultant, researcher, financial analyst, business analyst, economic research analyst and stock market analyst. As far as salary is concerned, lots of candidates are hired through campus placement. The average salary is Rs 4 to 8 lakh per annum. But for the deserving candidates, the field is open to a plethora of options and remuneration is also beyond expectation. The fields like accountancy, actuarial, banking, insurance also open many jobs opportunities for economics majors.
Usually people relate economics into just Micro Economics and Macro Economics which is indeed incorrect. Economics can be divided into many fields, divided as per industry and application. Students can major in that specific field. Some of the important principles are:
- Agricultural Economics
- Financial Economics
- Labour Economics
- Industrial Economics
- International Economics
- Business Economics
- Banking Economics
- Environmental Economics
- Developmental Economics
- Rural Economics and Rural Development
- Econometrics
The question that arises now is how to get into these courses. In India many universities offers Bachelors, Master, MPhil, and Diploma courses in different field of economics. Some of the few courses offered in India are:
At UG Level
- BA (Economics)
- BA(Hons) (Economics)
- Bsc. (Economics)
- (Hons) (Economics)
- BA (Business Economics)
- BA (Developmental Economics)
At PG Level
- MA (Analytical & Applied Economics)
- MA (Applied Economics)
- MA (Business Economics)
- MA (Corporation and Applied Economics)
- MA (Econometrics)
- MA (Economics)
- MA (Indian Economics)
- MA (Quantitative Economics)
- MBA (Business Economics)
- Msc. (Applied Economics)
- Msc. (Mathematical Economics)
- MBE(Master of Business Economics)
At M.Phil. and Ph.D Levels
- Phil. (Applied Economics)
- Phil. (Economics)
- Phil.(Applied Econometrics)
- D. (Business Economics)
- D.(Economics)
- D.(Developmental Economics)
Diploma Courses in Economics
- Post Graduate Diploma (Applied Economics)
- Post Graduate Diploma (Econometrics)
We shall discuss the different Courses with their respective job prospects and colleges that offer these courses in future issues of The Economic Transcript.
By Meherzad Irani
One of the articles from The Economic Transcript (December, 2016, issue).