subject: Career Options In Economics [print this page] Lecturer in economics Lecturer in economics
The study of economics is aimed at carrying out activities in such a manner to obtain optimum benefit by allocating resources like raw materials, land, capital, technology and labour. Economists achieve such objectives by researching and monitoring of demands and supply, exchange rates, business trends, taxation, employment rates, inflation, and costs of materials and based on this they try to find trends and develop predictions. Further, globalization and consequent merging of world economy has widened the career prospects of economics student in business, education, government, and the non-profit sector. The growing complexity of business decision- masking has inevitably increased the application of economic concepts, theories and tools of economic analysis in this area. The reason is that making an appropriate business decision requires a clear understanding of market conditions, the nature and degree of competition, art fundamentals and the business environment.
Institutes Offering Degree courses
Most of the colleges and universities in India offer Bachelor and Master"s degree courses in Economics . Doctoral courses like M.Phil and Ph.D. courses are also offered by many universities and specific economics school within the country. Prominent among them are Delhi School of Economics, Jawaharla Nehru University, Banaras Hindu University etc. A Ph.D. in economics prepares you to teach economics at the college level and to do research in economics. Most PhD.s in economics find employment within academia or join economic research at government agencies or private research firms. Students who do not think that they want to teach and who are mostly interested in doing non-technical policy analysis using the tools of economics might want to consider a Masters in Public Policy.
Career opportunities
A graduate in Economics can aspire for many entry-level jobs in banking, finance, insurance, stock markets, sales and marketing as well as corporations like consulting firms or government departments. They can also begin their career with government enterprises, public undertakings, investment firms, business journals and newspapers. The Indian Economics Services and Reserve Bank of India are also excellent options open to those who want to join government services. However, the more ambitious students of economics can go for MBA or PGDM degrees offered in various MBA colleges in India. As a general option to all social science students, economics student can opt for journalism, law etc to diversify their career opportunities. Those who have keen interest in higher studies and research can opt for M.Phil. and Ph.D. and thereby aspire to take higher position in public and private sector. They can also take up teaching as a career in various colleges, universities and professional institutions. Some others may choose to enter non-profit organizations. Economic consulting is another option available for students from economic background. However, the foremost growth potential for economists lies in the private sector and most notably in scientific research and consulting firms. Besides merging of world economy gives ample career opportunities in international financial institutions and research activities.
Remuneration in public or private sector
In the age of liberalization and globalization Economists supposed to get good return whether in public or private sectors. In most of the government services Economists are gettinRs.20000 to Rs.30000 as assistants while experienced and seniors have averageRs.35000 of monthly salaries. In colleges and universities economics teachers are getting paid between Rs. 25000 to
Rs.35000 depending upon seniority. In case of private sector remunerations are even higher. Economic consultants are also earning good returns depending upon number of their clients
