In recent years, there has been a sudden spurt in the demand for economic analysts, researchers and consultants as they are well-equipped and trained to effectively handle the increasing complexities of a rapidly globalising and competitive society. Competition is known to be a stern taskmaster and there is believed to be no room for laxity in its lexicon. Accordingly, in order to excel today in the fields of industry, trade, commerce, banking, insurance, finance and the like, one needs to have the competitive edge.
It is precisely against this backdrop that the study of economics opens up the doors of a wide variety of the most sought-after career options. For, the students of economics are provided with deep insights into how an economy functions at the macro-level and how the markets operate at the micro-level. In addition, imparting the knowledge of economics also entails developing sufficient groundings into statistical and mathematical methods for economics, econometrics, public finance, monetary economics, international economics, development economics and economic policy-making, all of which are extremely desirable from the practical perspective of building a career whether in the public sector, private sector or even non-government organisations.
After successfully acquiring an undergraduate degree in economics, one could either straightaway choose a career in economic journalism, economic and financial research, banking and finance, sales and marketing etc. or instead appear for competitive exams such as the civil services, economic and statistical services.
Alternatively, with a view to enhancing career prospects, one may choose to either pursue further studies in economics or instead branch off to higher studies in some related field such as environmental economics, demography, business economics, insurance and actuarial science, risk management, finance, business administration and management, international marketing and global business operations. The resulting career options are shown in the table.
Skill sets required
. A logical and analytical bent of mind
. Quantitative aptitude
. Articulation and strong ability to assimilate information
. Felicity of expression
. Sincerity, commitment and devotion
. High level of motivation to strive for perfection
. A high level of patience, with a positive and optimistic attitude
. Willingness to work hard in a selfless manner
Institutions at a glance
Some of the premier educational institutions for undergraduate studies in economics in India are:
. St Stephen’s College, Delhi
. Shri Ram College of Commerce, Delhi
. Lady Shri Ram College for Women, Delhi
. Hans Raj College, Delhi
. Hindu College, Delhi
. Presidency College, Kolkata
. St Xavier’s College, Kolkata
. St Xavier’s College, Mumbai
. Loyola College, Chennai
. Christ College, Bangalore
The author is associate professor of economics at Shri Ram College of Commerce, Delhi University