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Career Library

Economics

Home > Career Library > Economics > Economics
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Economics

Summary

Economists study the production and distribution of resources, goods, and services by collecting and analyzing data and researching trends. They provide specialist advice to a range of stakeholders and work across multiple domains. With the rapidly globalizing economic scenario, qualified economists are in huge demand not only in India but also across the world. They analyze all the data they have gathered to assess feasibility, do forecasts of economic trends and make recommendations of ways to improve efficiency. The research and analysis of data is done using a variety of software program, including spreadsheets, statistical analysis, and database management program.

Career Opportunities in Economics

  • Banking Firms
    Economists study interest rates to see their effect on banking systems. They are concerned with advising and providing services for a range of banking clients and consumers.
  • Multi-National Companies
    Many corporations require the skills of micro-economists, like projecting customer demand or product sales, both of the client firm and their competitors to maximize profit. These economists also review new legislation, like minimum wage requirements or tariffs, and how it will affect their client.
  • Financial Consultancy
    Consulting firms involve micro & macroeconomic study and make predictions by gathering many different statistics, compiling large databases & analyzing trends. Financial consultants work for multiple clients instead of just one organization. Up-to-date industry knowledge and awareness of corporate finance is essential in these roles.
  • Public sector
    In the public sector, economists serve to keep governmental finances under control. They look at the government?-?s involvement in the economy, such as taxation, deficits or surpluses in budget, or policies concerning welfare.
  • Insurance and Accountancy Firms
    In the field of accounting one can work across multiple industries, focusing on monitoring the financial situation of an organization, business or individual. One requires strong analytical skills, mathematical proficiency & computational ability in these roles.
  • Research Firms and Think Tanks
    They study and analyze a variety of economic issues. Their analysis and forecasts are frequently published in newspapers and journal articles.
  • Acturial Sciences
    Economists prefer going for Acturial Sciences by clearing the actuary papers. They need to have in-depth knowledge of Econometrics, Financial Economics, Enterprise Risk Management

How to Pursue a Career in Economics

Stream Graduation After Graduation After Post Graduation
path 1
Clear Class XII in Any Stream with/ without Economics as a subject (mathematics is compulsory)Pursue B.A.(H) Economics BBA-FIA/ BMS for 3 yearsPursue Masters in field you want to do specialization in (International Eco etc.)Pursue M.Phil/ PhD/Job
path 2
Clear Class XII in Any Stream with/without Economics as a Subject (Mathematics is compulsory)Pursue B.A. (H)- Economics/ B.A. (H) in Business Economics/ BBA-FIA/ BMS for 3 yearsPursue Post Graduation in Management/ Any Other Related Discipline for 2-3 yearsPursue Ph.D for 2-3 years/Job
path 3
Clear Class XII in Any Stream With/without Economics as a subject (Mathematics is compulsory) Graduation + post graduation Pursue M.Sc Integrated Program in Economics for 5 years --

Important Facts

  • Almost every University requires Maths as a mandatory subject in Class XII
  • Must have passed class 12th or Senior Secondary Examination with at least 50% marks including English

Leading Institutes

Top Economics Institutes in India
College Location Website
St. Stephen's College New Delhi www.ststephens.edu/
Shri Ram College of Commerce New Delhi www.srcc.edu/
Ashoka University Sonepat www.ashoka.edu.in
Lady Shri Ram College of Commerce New Delhi www.lsr.edu.in/
Loyola College (Chennai) Chennai www.loyolacollege.edu/index.php
Indian Institute of Technology (IIT) - Kharagpur Kharagpur www.iitkgp.ac.in/
Stella Maris College Chennai www.stellamariscollege.org/
Hindu College New Delhi www.du.ac.in
Delhi School of Economics New Delhi www.econdse.org
Ethiraj College for women Chennai www.ethirajcollege.edu.in/
St. Alberts College Kochi/ Cochin www.alberts.ac.in/
Jadavpur University Kolkata www.jaduniv.edu.in/
Fergusson College Pune www.fergusson.edu/
Ramjas College New Delhi www.ramjascollege.edu/
Christ University Bangalore www.christuniversity.in
Presidency College Kolkata www.presiuniv.ac.in
Madras Christian College Chennai www.mcc.edu.in
Top Economics Institutes in the World
Institution Location Website
Massachusetts Institute of Technology United States www.web.mit.edu/
Harvard University United States www.harvard.edu
Stanford University United States www.stanford.edu/
Princeton University United States www.princeton.edu/
University of California, Berkeley (UCB) United Stated www.berkeley.edu/
University of Chicago United States www.uchicago.in/
London School of Economics & Political Science (LSE) United Kingdom www.lse.ac.uk
University of Oxford United Kingdom www.soas.ac.uk/economics
Yale University United States www.yale.edu/
University of Cambridge United Kingdom www.cam.ac.uk/

Economics Entrance Exams

Undergraduate
College Tentative Date Important Elements Website
Ashoka Aptitude Test October to June Verbal, Quantitative ability and Analytical Reasoning www.ashoka.edu.in/page/ug-admissions-40
Christ University Skill Assessment and Personal Interview December to April Logical Reasoning, Communication Skills, Written Skills www.christuniversity.in/humanities-and-social-sciences/economics/ba-economics-honours
BHU Entrance Exam for Economics April/May/June General Knowledge, Numerical Ability, English etc www.bhu.ac.in/social_sciences/economics/
Postgraduate
Institution Tentative Date Important Elements Website
DSE Entrance May/June Economics at graduation level www.econdse.org/m-a-admission-2017/
JNU Entrance May Economics at graduation level www.jnu.ac.in/SSS/CESP/admissions.htm
ISI Entrance May Economics at graduation level www.isical.ac.in/~admission/
Madras School of Economics Entrance Exam April/May/June Economics at graduation level www.mse.ac.in/admissions/
IGIDR Entrance Exam April/May Economics at graduation level, Maths and English- High School Level www.igidr.ac.in/academic-programmes/m-sc/
BHU Entrance Exam for Economics April/May/June Economics at graduation level www.bhu.ac.in/social_sciences/economics/
M.A. Economics (Ashoka University) May to July Economics at graduation level, statistics, mathematics, logical reasoning and analytical ability www.ashoka.edu.in/page/ma-economics-43#section-416
Christ University Skill Assessment and Personal Interview December to April Logical Reasoning, Communication skills, Written Skills www.christuniversity.in/humanities-and-social-sciences/economics/ba-economics-honours

Work Description

  • Advise businesses, governments, and individuals on economic issues
  • Design policies or make recommendations for solving economic problems
  • Write articles for publication in newsletters and academic journals
  • Apply theories and trends to benefit different organizations and industries
  • Review new legislation, like minimum wage requirements or tariffs
  • Provide economic advice to diverse set of stakeholders
  • Carry out Research and analysis of past and present economic issues
  • Analyze data using understanding of economic relationships to uncover trends
  • Prepare reports, tables, and charts that present research results through exhaustive analysis of data
  • Interpret and forecast impact of market trends on business/ economy

Pros & Cons of a Career in Economics

Pros
  • Economics is one of the most sought after career options. With growing economy worldwide, economists are in great demand in colleges and universities, banks, rating agencies, securities firms etc. Some of them can pay an economist in 6 figures. They have a high ability to influence the standard of living of an average man on the street.
  • An experienced & knowledgeable Economist can talk his way out & gain respect from people from all walks of life.
  • An economist is better informed of the complexities in the world.
Cons
  • A career in economics has a wide scope, however, it’s not everyone’s piece of pie. One has to be in the know-about of all economic events happening in the world, be consistent throughout the graduation and post-graduation period and even after his studies are completed.
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