Economics is the scientific study of the production and distribution of wealth. Economics is an important field of attention for every nation as a nation’s economy determines the fate of a nation’s development. Economics is an interesting career choice for the people who are interested in drafting and formulating economic policies for various fields.
The minimum requirement to start a career in the field of economics is a graduation in economics. Bachelor, master and doctoral level studies in economics are available with almost all the leading universities. Specializations for doctoral degrees are offered in subjects such as economic history, public finance, industrial productivity, taxes, farm policies, and international trade.
Professionally qualified economists are employed by various government agencies, financial institutions such as banks and insurance firms, large corporate houses, and similar other organizations to study and formulate various economic policies which are helpful for the organization’s overall development. Their responsibilities include activities such as conducting necessary market research, formulating policies for rural development, conducting demographic studies and related economic analysis and so on.
Government agencies: are the major employers of professional economists. They are employed by planning and development agencies, transportation agencies, labour departments, international trade development agencies, export promotion councils etc. Major career profiles are as economic analysts and policy advisers.
Financial institutions: Economists are in great demand by private, public and global banks; insurance firms, mutual fund firms, share trading companies etc
Publication houses: Economic journal publishing firms, newspaper companies, news agencies, etc require qualified economists for writing books and magazine articles.
Research institutions and Academic institutions: Teaching and research positions are available for candidates with a doctoral degree.
Non-governmental Organizations (NGOs): Non-profit organizations working in development sector also recruit economists in various positions.
Corporate houses: Economics graduates can work as management or sales trainees and those with a master’s degree can find jobs in administration and planning department.
Consulting firms: Experienced economists can set up own financial consulting firms.