Gainful employment in Economics

DERIVING material benefits through the optimal use of resources is the essence of modern day economics. Economics helps businesses in making better decisions in areas of finance, employment, business and environment and international trade. Economics today is being applied everywhere, notably in labour, industry, taxation, banking, internal and international trade, agriculture and even environment.

Qualification

A graduation in Economics with a master's degree in the same from a premier institute is required. The Delhi School of Economics and the London School of Economics offer the respected courses in the subject. Specialisations in areas like business, agriculture, employment and unemployment, money policies, taxation, labour, agriculture, international trade, housing, and health care are available.

A major role

Business and trade economics deals with formulating business models and plans for companies. Risk analyses in investment and international trade issues are also an integral part of economic studies. This includes treaties and agreements and their implications.

Banking and Finance: With new vistas opening up, multinational companies are looking for country specific information and data to formulate reports. This data is used to create and formulate business models and strategies. Industry specific information for investment, overseas transactions, interest and exchange rates, and stock exchanges are the areas covered.

Public sector: Opportunities are available in research, formulation of policies, laws and economic predictions. Candidates also get a posting abroad, through governmental assignments. An economist employed by the government can aid in international and indigenous fiscal policies and projects and in research and development projects.

Industry: Governing and implementing strategies related to production and sales, making forecasts, and determining market share with respect to competitors, advice for new labour policies, insurance benefits, and labour disputes require inputs from experts in economics.

Agriculture: Economists analyse various aspects of agriculture. They may concentrate on a specific region in order to develop it and also determine the resources required to effect the change.

Teaching: Teaching Economics at college-level requires a master's degree in or a Ph.D. Economics. One can get a job as a lecturer after clearing the UGC's NET. Opportunities at school level exist for graduates with a B.Ed. degree. Research, and administration in academics is undertaken by graduates in economics.

International organisations: If you have a degree from an internationally reputed institution you can get a job with the UN, IMF or the World Bank. The planning councils of developing countries in Asia and Africa require trained economists to aid in developmental work.

Other positions Demographer

The job of a demographer is to study population in one area or country, with respect to agriculture, employment, health, etc. Reports are made based on various analyses conducted in these areas. The findings are aimed at improving conditions and leveraging business. Demographers work in government services, research centers, universities etc.

Business Economist

The main job of a B.E. is to forecast business trends and environments, interpret implications of economic and public policies on business. Data collection and processing is also an important task performed by business economists, for which they need to have good analytical capabilities.

Market research analysts

Their job is to assess the potential of a product or service in terms of sales, by analysing statistical data related to previous sales and make predictions based on it. Competitor products, services, processes and prices are compared and analysed. Their job often involves interviewing, and conducting surveys on consumer segments.

Investment Counsellor

This designation is relatively new. Investment counsellors work as advisors contributing to a firm's continued growth. Extensive knowledge of investment management is required like knowledge of investment procedures, trading and accounting, and markets. Investment research and knowledge is used to create investment portfolios to meet the client's financial objectives. They are also responsible for providing new revenue generating plans, new business propositions, cross selling and retention for an assigned client base. Areas like investment analysis, banking, law, accounting, taxation, real estate, and venture capital are looked into by investment counsellors.

Actuary

An actuary uses mathematical theories and statistical procedures to analyse and determine the risk involved in a business. Actuaries help to make smarter decisions in uncertain conditions. They painstakingly measure the impact of certain decisions by taking into account the past experiences to quantify future outcomes. A sound understanding of finance and accounts in addition to economics is essential.

The Actuarial Society of India conducts examinations leading to actuarial qualification. The City University, London offers courses in Actuarial science. The Institute of Actuaries (London) and the Faculty of Actuaries (Edinburgh) also conduct examinations.

Employers

Private firms, non-profit organisations, accounting firms, educational institutions, banks, import/export firms, brokerage firms, insurance companies, business journals/publishers, investment banks, consulting firms, and market research firms are common employers.

The Indian Economics Services is an excellent option open to those who want to join government service. Officers are recruited through examinations conducted by the UPSC. To be eligible for this examination, one needs to be a graduate between the age of 21-28. The examination is held in the month of September and the announcement of examination dates is made in the month of March. The written examination has papers in English, General Studies, General Economics and Indian Economics and is followed by an interview. Another avenue open to those looking for government employment is the Reserve Bank of India. Written tests are conducted by the RBI. Postgraduates in the age group of 21-28 are eligible to sit for the examination.

Softskills

Good communication skills and logical thinking coupled with good writing skills are also necessary. A yen for working with figures and an ability to conduct quick analyses of large amounts of data is also required.

ARCHANA JAYAKAR

archana.hyd@careercommunity.co.in