Career in Economics
Economics is a science that deals with the production, distribution, exchange and consumption of various goods and services within a particular country. Individuals, groups of people, business concerns or by governments, carry on these activities. The study of economics is aimed at enabling such individuals to carry out activities related to goods and services in such a manner that optimum benefit is obtained from the activity.
Its realm encompasses a study of production processes, distribution processes, consumption patterns and human behaviour during all these processes. The aim is to devise the most effective way of functioning, taking all relevant factors into consideration. Different countries have different ways of functioning; therefore the economy may accordingly be capitalistic, communist or socialist. The economists of a country function as per the guidelines of the economic system prevailing in that country. They research and monitor demand and supply, exchange rates, business trends, taxation, employment rates, inflation, and costs of materials and based on this they try to find trends and develop predictions. Further, globalization and consequent merging of world economy has widened the career prospects of economics student in business, education, government, and the non-profit sector.
Career Prospects of An Economist
A graduate in Economics can aspire for entry-level jobs in banking, finance, insurance, stock markets, sales and marketing as well as corporations like consulting firms or government departments. They can also begin their career with government enterprises, public undertakings, investment firms, business journals and newspapers. The Indian Economics Services and Reserve Bank of India are also excellent options open to those who want to join government services. However, the more ambitious students of economics can go for MBA degrees or an (MBE) Masters in Business Economics that are offered by many institutions.
As a general option to all social science students, economics student can opt for journalism, law etc to diversify their career opportunities. Those who have keen interest in higher studies and research can opt for M.Phil. and Ph.D. and thereby aspire to take higher position in public and private sector. They can also take up teaching as a career in various colleges, universities and professional institutions. Some others may choose to enter non-profit institutions like NGOs. Economic consulting is another option available for students from economic background. However, the foremost growth potential for economists lies in the private sector and most notably in scientific research and consulting firms. Besides merging of world economy gives ample career opportunities in international financial institutions and research activities.
In the age of liberalization and globalization Economists supposed to get good return whether in public or private sectors. In most of the government services Economists are drawing around Rs.10000 to Rs.12000 annually as assistants while experienced and senior economists command an average monthly salary of Rs. 25000. Similarly the salary of an economics teacher in colleges can be around Rs12000 to Rs25000 depending upon seniority. The remuneration is even more for economic professional working in private sector companies. Another field of great return for economists is that of consultancy where the returns varies with the number of their clients.
Institutes Offering Courses on Economics
Most of the colleges and universities in India offer Bachelor and Master’s degree course in Economics. Doctoral courses like M.Phil and Ph.D. courses are also offered by many universities and specific economics school within the country. Almost all the universities in Orissa offer Masters Course in Economics.