Economics is the study of production and consumption of goods and services and deals with topics like demand, supply, scarcity of resources etc. Economics is one of the booming subjects these days. Considering Career options after B.A. Economics , the major job profiles offered to economics graduates can be shared with the roles offered to Commerce or MBA graduates however, there are certain profiles where specialization is a must.
Preferable subjects/ streams to take up with economics
It is preferable to take up Commerce with Economics as subjects like Finance and Commerce can be correlated with Economics and related fields. It is essential to opt for Mathematics in your class 11&12 to pursue a career in Economics. Some colleges do offer Economics without having Maths in school (like B.A. Program courses) but you cannot proceed in a career with economics without opting for Maths in class 11&12. Rarely or very few Indian universities offer a Masters in Economics without Mathematics but it is highly unpreferable in foreign universities to make you eligible to apply for a Masters course purely in Economics if you do not have Mathematics in class 11&12.
If we talk about Career options after B.A. Economics , a graduate in Economics also gets to take up roles like finance, management, consulting etc. Specialized roles (for which people go on to pursue masters) are few but even at Master’s level, people are given plenty of opportunities to take up common MBA roles. There is a demand for economists and the other plus point being that a degree in economics gives highly transferable skills that can be applied to various analytical and problem solving roles like Finance, Data analyst, Risk analyst and Market analyst.
Career options after B.A. Economics / Economics (Hons.)
Economic Consultant- Economic consultants analyze the economic status that is the data, statistics and market conditions of the companies and organizations and provide plans/suggestions to improve the companies’ production and manufacturing. A Bachelor’s degree in Economics followed by a Masters or an MBA is required for this job role.
Actuarial sciences – It is a great and a very lucrative option for those interested in Mathematics and Economic Statistics. Knowledge of Mathematics and Statistics is of prime importance for this profile. One needs to clear the ACET Exams (Actuarial Common Entrance Test) conducted by Institute of Actuaries of India. One can give these exams while pursuing their bachelors preferably in Economics, Statistics, Mathematics or related fields. The eligibility criteria for ACET is having passed class 12 with Mathematics as one of their subjects.
Policy making- There is no unidirectional way to get into policy making. You basically need to become an economist, that is, to get a bachelors in economics first followed by relevant internships, research opportunities and a masters degree. A degree in public policy can also help you get here.
IES – IES or Indian Economic Services can be a great option if you enjoy the idea of working in the government sector. The competition is also less compared to other competitive exams like IAS. Having a Masters in Economics is mandatory to be eligible to sit for the IES exams. This position gives you the opportunity to get into policy making.
Environmental economics – Another upcoming field is environmental economics although its scope in India is close to nil. However, in European countries there are good master’s level programs as well as job opportunities are available for the same. Seeing the current dire situation around climate change, it is inevitable that this job profile is going to be in great demand in the coming years.
Research – After pursuing Bachelors and Masters in Economics one can enroll in a PhD program and get into research. The scope of research for offbeat topics like Consumer Economics, Behavioral Economics is more in foreign countries.
Teaching– One of the most preferred career options after economics hons is getting into education. After you have done your Master’s in Economics, you can apply for the NET JRF exam to get into academia. UGC NET exam needs to be cleared to get into professorship in India. Post that if you clear your JRF you can apply for a UGC funded PhD ( a PhD can also be done without a JRF). Having a PhD is mandatory to apply for professorship in India and in foreign universities.
Top colleges for pursuing bachelor’s in economics
1. University of Delhi
2. Christ University, Bangalore
3. St. Xaviers college, Mumbai
4. Madras Christian College
5. Loyola College, Chennai
6. Fergusson College, Pune
7. Mumbai University
8. NMIMS (Narsee Monjee Institute of Management Studies)
After viewing almost all career options after Economics Hons, if you desire to make a career in Economics and are confused/ unsure about it, get expert & Professional Career Guidance. A guidance which can help you explore your personality and suitability of this profession and all other choices of professions that you have. To book a career counselling session, visit www.eduwiki.co.in or call on 8218867788.