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Query from: devika narula, india, 04/26/08
Topic: CAREER ADVICE      Submitted on: Ammas.com
Subject: i would like to know career options after economics honours

i would like to know career options after economics honours

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Response from: Dr. Sindu.,   
Council Member on NDTV
Source: This information comes from my own knowledge.
Hello Devika,

Besides inspiring interest among students, Economics is a glamorous career that holds a lot of promise more so as the profession is changing, owing to liberalization and e-commerce.After graduation you can go for Post graduation.Furhter you can do M Phil/Ph D in Developement studies with major emphasis on Economics. Alternately, you can specialize in a branch like Business or Agricultural Economics,Financial Economics,Labour Economics,Industrial Economics,International Economics etc. An undergraduate degree in economics trains you to “think critically” about a variety of complicated situations. At the same time, one must also discover one’s interest in the various branches of the subject.You must get into the habit of reading original papers by reputed economists and develop an interest in the subject.

Another option is is to do Master of Business Economics (MBE).Business Economics is fast catching up as a separate career.Business economics deals with the analysis of the behaviour of firms in markets and industries and with determination of costs and prices. he job involves making the business strategy for a company and undertaking investment or risk analysis. Profit and cost models would be required to be made. International trade issues and policies will also fall in the gamut of a Business Economist. Several Institute today offer courses like the Master of Business Economics (MBE); the course at Delhi University is quite reputed. Courses are at present offered by 13 universities leading to Master of Business Economics or degree in MA in Business Economics. Some of them are University of Delhi; Devi Ahilya University, Indore; Guru Jambeshwar University, Hissar; Guru Nanak Dev University, Amritsar and Kurukshetra University, Kurukshetra.

If you are interested you can do go for Econometrics. Econometrics combines economic theory expressed in mathematical form with statistical methods. It is included in the Master’s degree syllabuses of many universities. At present the subject is available only in University of Madras; Pondicherry University; Rani Durgavati Vishwavidyalaya, Jabalpur; Sri Venkateshwara University, Tirupati and the Indian Statistical Institutes. Postgraduate diploma courses are available in Annamalai University; Gujarat University, Ahmedabad, Guru Nanak Dev University, Amritsar.

Regarding the job market,

Securing a Government job is still a matter of pride for many. Aftert your post graduation you can appear for Indian Economic Service (IES) .IES is the gateway to a challenging career in which selected candidates join the service as Group-A officers. They are placed in the Planning Commission, Planning Board, Ministry of Economic Affairs, National Sample Survey and other departments that need specialists in economics. The nature of job will be that of an economist with an administrative mould. The service conditions of IES are similar to other Civil Services. Postings are usually in Delhi, State capitals and other metros. If you join at a young age, you can rise up to the level of a Union Government Secretary in any ministry concerned with economic affairs. A programme in Economics opens career options in government agencies, business firms, non-profit organisations, and academic institutions. Some of the graduates even enter the accountancy profession and some find employment as managers and ad ministrators in areas such as market research, advertising, sales and personnel. There are opportunities for advanced professional degree holders in management, finance, law and public affairs. Newspapers provide economics graduates with opportunities to write reports on economic and business events. The demand for economics teachers in educational institutions is growing in India and foreign universities. The Institute of Applied Manpower Research, New Delhi; Institute of Economic Growth, New Delhi, National Council of Applied Economic Research, New Delhi and Indian Council of Social Science Research offer ample job opportunities to economists. Financial institutions like the Reserve Bank of India, private and foreign banks and insurance companies offer good openings to postgraduate degree holders in economics. Various international organisations like the World Bank and the International Labour Organisation offer ample job opportunities to well-known economists.Business economics professionals are readily absorbed by business associations such as FICCI, Assocham, CII, PHDCCI as economic and industrial analysts.

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Response from: Ms saipriya r,   
Council Member on Ammas.com
Source: This information comes from my own knowledge.
hello devika narula ,

Opportunities after Economic Honours

Economics is a subject that combines the rigours of a science with the elegance of an art and lends itself as much to theoretical analysis and hardcore model building as to application to a variety of real life situations. Herein lies the challenge and fascination of economics. It is an understanding of issues concerning expenditure and savings vital to our everyday life. It includes a study of the production and distribution processes. No wonder then it is the backbone of the planet, the driving force behind global unification. A degree in Economics offers challenging career options on its own.

The subject deals with real-life issues. Economics is about choice; about making decisions in one’s best interests given the constraints imposed by income, costs and time; about how societies can use their scarce resources to satisfy their needs. This field analyses how people, firms and governments obtain money and how their spending influences the production and distribution of goods and services. It emphasises people’s activities as they use their environment to produce goods and services and they distribute and consume them.

Traditionally, economics has been associated with areas like micro and macroeconomics, industry, agriculture, international trade, money and banking, growth and development and the like. These continue to be dominant focus areas of economic analysis but contemporary national and international concerns find an echo in the newer branches that developed. These areas, among others, include environment, energy, health, education, gender studies and other spheres of economic discrimination. Economics now forms an integral part of the courses in various other fields such as chartered/cost accountancy, operational research, professional management, sociology, statistics, public administration, psychology, etc. While theoretical economists find positions in universities and specialised institutions, most of the job opportunities in the field of economics are available in the area of applied economics. The designation of the various positions held by these economists are known by the area in which they work. That’s why no field can do without economics. Today, newspapers need economic reportage, television and radio need economic analyses for news, research institutes require economic facts, figures and data.

The role of Economists in the formulation, implementation monitoring and evaluation of development activities is growing. As such rewarding careers are available for them not only in the conventional field of teaching and research but also in the areas of planning, management, accountancy, banking and finance and international trade and commerce.

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Response from: Bond 007 James,   
Council Member on Ammas.com
Source: This information comes from my own knowledge.
hi devika,how you doing?

the skills that students learn while studying Economics make them some of the most sought after graduates in the country. Also, because economists are needed in so many different fields it is very easy to find employment in an area that specifically suits your interests and strengths.

Graduates of Economics work in a variety of jobs which include banking, accounting, law, development, the foreign service, engineering, journalism, government and teaching. whatever field you are most interested in,you will have a place for someone who has graduated with a honors in Economics.

Earnings depends on what job you decide to take after your honors degree. Some fields of economics pay more than others. For example, graduates who enter careers in the field of financial economics tend to earn more than those who choose a career in development economics or academia. More generally though, it is interesting to note that: "The graduate earnings premium over those with only A-levels is 15% for men and 19% for women. For economics graduates it is around 25%

so dont worry.you will have bright future after your economic honors.take the advice from your seniors and friends in your field to plan up your bright future.

good luck

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Response from: NEERAJA NAVEEN,   
Registered Member on Ask Agent
Source: This information comes from my own knowledge.
All of the options are good. Choose what interests you the most because your course will stay with you for the rest of your life.

u can do MA (economics),for it you need to have a BA (Hons) economics degree with at least 50 percent average (in the case of universities where the BA (Hons) economics degree includes subjects other than economics, 75 percent in economics is required); or have obtained 55 percent or more in M.Com, B.Com (Hons), business economics and MA/ BA (Hons) in history or sociology; or 60 percent plus in MA/ BA (Hons) in agricultural economics, business studies, computer applications, mathematics, operational research and statistics.

or u can do MA POLITICS IF U have done BA WITH ECONOMICS AND POLITICS.

The high proportion of students in this field going on to further study might be explained, at least in part, by the fact that many private sector economist jobs, and certainly senior-level positions in all sectors, require at least an honours year and usually a postgraduate qualification.

Economics graduates have a wide range of career options to choose from. Whether they choose to pursue a career as an economist or use their economics degree more broadly, they have a massive range of potential career options in the private and public sectors.

And not only this, economics graduates have forged a reputation for having a wide range of skills that are highly sought-after by employers. They are known as problem solvers and clear thinkers with the capacity to quickly acquire job-specific skills.

job prospects for economists are currently good. However, unemployment in this relatively small profession is above average

Economics graduates can expect competitive salaries that compare well to salaries within other fields.

Salaries for non-graduates obviously vary depending on factors such as the level of experience, the specific role or specialisation, and the industry sector or company that the position is with. Generally speaking, however, economists are highly paid professionals who achieve enviable salaries. In some cases, economists can be earning around $60,000 after just a couple of years on the job. And the top economists in the country command salaries in the hundreds of thousands of dollars—definitely something to aspire to!

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Response from: s. laxmi,   
Registered Member on Ammas.com
Source: This information comes from my own knowledge.
Hai devika narula, The role of Economists in the formulation, implementation monitoring and evaluation of development activities is growing. As such rewarding careers are available for them not only in the conventional field of teaching and research but also in the areas of planning, management, accountancy, banking and finance and international trade and commerce.

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Response from: Rajmi Arun,   
Council Member on Ammas.com
Source: This information comes from my own knowledge.
You could get jobs in market research firms like IMRB. You can join them in the junior level and rise high in the career ladder, if you prove yourself. Economics, combined with statistics and analytical skills are in greater demand in the market research field.

You could also study further and become a research scholor in the school of economics, if you are interested in becoming academician.

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Response from: s venkatesan,   
Council Member on Ammas.com
Source: This information comes from my own knowledge.
U can do a PG in MBA or Business or Financial u can take up research or join a financial organisation. But best is join a good PG course, plan do want to utilise the studes you have done.

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Response from: Arun Annamalai,   
Council Member on Ammas.com
Source: This information comes from my own knowledge.
Hi, You can become a economist for any organisation. But, you need some experiance in the field. Its a new field, lot of requirements are there. If not you can do a MBA course. It has lots of openings and is also a lucarative one.

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