What Are The Future Career Choices For Economics Students?
Economics is a discipline focused on understanding the human behaviour and using it to shape the world around us. It is one of the evergreen subjects because of its high utility and huge demand in the job markets. It is also an important multidisciplinary subject both from a career and job perspective.
Economics can be defined in various ways. It’s the study of resources, how people use these resources, how they handle the scarcity of resources and respond to objectives and implement the various decisions. It often involves topics like wealth and finance, but it’s not all about money.
Economics ranges from the very small to the very large. A degree in economics will provide many opportunities to work in nearly any industry. There are many career opportunities available to individuals with an economics degree.
Let’s have a look on the various future career choices in the Economics field:
- Career in Teaching
It is one of the best Career Scope in Economics after completion of the degree. There is more than meets the eye when it comes to being an economics teacher. As an Economics Graduate, you can appear for CTET or other state-level teaching exams and become a teacher.
For becoming an Economics teacher in most private and public high school teaching, a bachelor’s degree in secondary education is required. College economics teachers need a minimum of a master’s degree in economics or education, with a minor in business, finance or economics. Whether you teach in secondary or post-secondary position, an elevated degree typically translates into higher salaries and greater job stability.
- Management Consultant
Management consultants are the individuals whose job is to devise ways to improve an organization’s efficiency. They analyse economic trends and business practices, and they advise business owners on maximizing their earnings while minimizing their risks.
Management consultants work with both public and private organizations to assess areas for operational improvement. Management consulting, in a nutshell, is problem-solving. Businesses today face numerous problems, many of which are detrimental to operating efficiently. So, management consultants thus do the job of helping the company and thus leading to the organization’s productivity.
- Career in Indian Economics Services
Another best career scope in Economics is Indian Economics Services (IES). You need to complete M.Sc. or M.A. in Economics with at least 55% marks then you can appear for the Indian Economic Service exam.
UPSC conducts the IES exam.
After selection, one has to perform tasks like economic planning and analysis in Planning Commissions for the country. They can also be placed in Planning Board, Ministry of Economic Affairs, National Sample Survey, and other departments that need knowledgeable persons in economics.
Statistics is a multi-disciplinary field. Individuals who study statistics are able to various golden career opportunities available in the market. Statisticians can work in nearly any industry as work of statistics is required in every industry. A Statistician can serve the company by providing statistical calculations to answer questions for both public and private organizations.
Statisticians can work on projects such as risk management, increasing efficiency in business and more. Mathematicians and statisticians analyze data and apply mathematical and statistical techniques to solve real-world problems in business, engineering, healthcare, or other fields.
- Supply Chain Analyst
A Supply Chain Analyst plays a major role in the planning and carrying out of large-scale projects. A Supply Chain Analyst collects data and then analyzes in order to make improvements to the supply chain system. They work to promote high degree of performance from workers and lessen the costs of items used in projects.
Supply chain analysts evaluate the processes that occur through the operations of a supply chain to expose inefficiencies. They also determine areas for improvement and they are thus responsible for increasing output of the organization at a lower cost to company and generating high profit margins.
- Budget Analyst
Budget Analyst is a career involving finance and is one of the strongest industry. This career offers you a lot of career options and potential growth and development. This job provides to different opportunities to explore the world by travelling worldwide and gaining experiences.
Budget analysts evaluate budget proposals to determine the optimal allocation of project funds. They are connected with the budget related activities of the organization. They’re also responsible for reviewing budget proposals and requests for funding, evaluating spending needs, conducting cost-benefit analyses, and other duties. Career as a budget analyst is very high in demand and you can definitely choose it as your career option.
Above were some of the trending and high growth career opportunities for an Economic Graduate. If you possess good skills and have a great profile then you can definitely do really well in these fields. ACadru brings you a new world to explore various multidisciplinary courses. You can definitely log in to it and explore the various innovative profile building websites for your college admissions.