(A list of career prospects for Indian Students after getting an economics degree)
In the last few years, the subject of Economics has become increasingly popular with students at both the undergraduate and graduate levels. This is primarily because the study of economics encompasses more than what meets the eye. From understanding the nuances of businesses and markets to analysing human behavior, economics is not just about the numbers and graphs but a whole world of possibilities on its own. Almost every aspect of human life is touched by economics and its principles in some way or the other. However, despite its vast usage in various fields across different subject areas, students are somehow still skeptical of its career prospects. This skepticism often leads to many passionate young minds deviating from their original career choices. To alleviate the doubts of these students, Omozing has put together a list of possibly lucrative career paths that you can follow after completing your Economics degree.
1. Working for the Government
Economists and financial workers at almost every level in the government have mostly completed an economics major at the undergraduate or graduate level. Jobs are handed out according to the degree received i.e. easier jobs after a bachelor’s degree and more difficult jobs after the masters degree. The government services in India include-:
A) Ministry of Economic Affairs
About: The Department of Economic Affairs is the nodal agency of the Union Government to formulate and monitor country’s economic policies and programmes having a bearing on domestic and international aspects of economic management. A principal responsibility of this Department is the preparation and presentation of the Union Budget to the parliament and budget for the state Governments under President’s Rule and union territory administrations.
Possible Jobs: Financial Advisor, Budget Analyst, Accounts and Budget Specialist, Budget Officers, Economics and Statistics Officer Etc.
Salary: ₹30,000-₹1,00,000 on an average +Perks
B) Reserve Bank of India
About: The Reserve Bank of India is India’s central bank and regulatory body under the jurisdiction of the Ministry of Finance, Government of India. It is responsible for the issue and supply of the Indian rupee and the regulation of the Indian banking system. It also manages the country’s main payment systems and works to promote its economic development.
Possible Jobs: Accounting Assistant, Inside Sales Executive, Receivables Exchange of India- Relationship Manager, Principal Compliance Specialist etc.
Salary: ₹30,000-₹80,000 on an average +Perks
C) Niti Aayog
About: The NITI Aayog is a public policy think tank of the Government of India, established with the aim to achieve sustainable development goals with cooperative federalism by fostering the involvement of State Governments of India in the economic policy-making process using a bottom-up approach.
Possible Jobs: Governance Specialist, Public Private Partner Specialist, Power System Planning and Modelling Specialist, Policy Advocacy and Communications Lead
Salary: ₹7,20,000- ₹7,50,0000 on an average
D) National Sample Survey
About: Acts as the nodal agency for planned development of the statistical system in the country, lays down and maintains norms and standards in the field of statistics, involving concepts and definitions, methodology of data collection, processing of data and dissemination of results. Organizes and conducts large scale all-India sample surveys for creating the database needed for studying the impact of specific problems for the benefit of different population groups in diverse socio economic areas, such as employment, consumer expenditure, housing conditions and environment, literacy levels, health, nutrition, family welfare, etc.
Possible Jobs: Field Investigator
Salary: ₹3,00,000 on an average
E) Indian Economic Services
About: The Indian Economic Service is the administrative inter-ministerial and inter-departmental civil service under Group A of the Central Civil Services of the executive branch of the Government of India. The unique aspect of the service is that the cadre posts are spread across various departments and ministries of central government numbering more than 55. It is a highly specialised and professional service within the government of India catering to economic analysis and policy advice.
Possible Jobs: Chief Economic Advisor, Rural Development Advisor, Education Advisor etc.
Salary: ₹15,000 -₹40,000 + perks
2. Actuarial Science
About: Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in insurance, finance, and other industries and professions. More generally, actuaries apply rigorous mathematics to model matters of uncertainty. Actuarial science includes a number of interrelated subjects, including mathematics, probability theory, statistics, finance, economics, and computer science. Historically, actuarial science used deterministic models in the construction of tables and premiums.
Possible Jobs: Data Analyst, Insurance Analyst, Investment Analyst, Budget Analyst, Business Analyst, Insurance Claim Adjusters, Intelligence Services
Salary: ₹3,00,000- ₹20,00,000 as per level of expertise
3. Banking and Finance Sector
About: The financial sector is a section of the economy made up of firms and institutions that provide financial services to commercial and retail customers. This sector comprises a broad range of industries including banks, investment companies, insurance companies, and real estate firms. Banking is an industry that handles cash, credit, and other financial transactions. Banks provide a safe place to store extra cash and credit. They offer savings accounts, certificates of deposit, and checking accounts. Banks use these deposits to make loans. These loans include home mortgages, business loans, and car loans.
Possible Jobs: Investment Banker, Finance Officer(treasury), Taxation Analyst, VAT Analyst, Factory Finance Executive, Transaction Banking
Salary: ₹20,000- ₹4,00,000 (can go upto crores with the right skills)
4. Insurance Sector
About: The insurance sector is made up of companies that offer risk management in the form of insurance contracts. The basic concept of insurance is that one party, the insurer, will guarantee payment for an uncertain future event. Meanwhile, another party, the insured or the policyholder, pays a smaller premium to the insurer in exchange for that protection on that uncertain future occurrence.
Possible Jobs: Insurance Agent, Customer Service Representative, Claims Representative, Regulator
Salary: ₹11,000-₹70,000 on an average
5. Education and Research
About: Education is the process of facilitating learning, or the acquisition of knowledge, skills, values, morals, beliefs, and habits. Educational methods include teaching, training, storytelling, discussion and directed research. Education frequently takes place under the guidance of educators, however learners can also educate themselves. Education can take place in formal or informal settings and any experience that has a formative effect on the way one thinks, feels, or acts may be considered educational. The methodology of teaching is called pedagogy.
The public research sector includes entities that carry out or finance research and experimental development (R&D) for the government, higher education institutions or non-profit institutions (associations and foundations).
Possible Jobs: Teacher, Professor, Counsellor in Education Sector, Professional Researcher
Salary: ₹5,00,000- 10,00,000
6. Journalism
About: Journalism is the production and distribution of reports on current events based on facts and supported with proof or evidence. The word journalism applies to the occupation, as well as collaborative media who gather and publish information based on facts and supported with proof or evidence.
Possible Jobs: Reporter, Writer, Editor, Technical Writer
Salary: ₹1,00,000- ₹3,00,000
7. Stock Market
About: The stock market refers to the collection of markets and exchanges where regular activities of buying, selling, and issuance of shares of publicly-held companies take place. Such financial activities are conducted through institutionalized formal exchanges or over-the-counter (OTC) marketplaces which operate under a defined set of regulations. There can be multiple stock trading venues in a country or a region which allow transactions in stocks and other forms of securities.
Possible Jobs: Stockbroker, Investment Advisor, Stock Dealer, Stock Analyst
Salary: ₹2,00,000- ₹3,00,000 on an average
8. Accountancy
About: Accounting or accountancy is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations. Accounting, which has been called the “language of business”, measures the results of an organization’s economic activities and conveys this information to a variety of users, including investors, creditors, management, and regulators. Practitioners of accounting are known as accountants. The terms “accounting” and “financial reporting” are often used as synonyms.
Possible Jobs: Auditor, Chartered Accountant, Tax Accountant, Financial Accountant etc.
Salary: ₹2,00,000- ₹3,00,000 on an average
9. Management Consultancy
About: Financial management may be defined as the area or function in an organization which is concerned with profitability, expenses, cash and credit, so that the “organization may have the means to carry out its objective as satisfactorily as possible;” the latter often defined as maximizing the value of the firm for stockholders. Financial managers (FM) are specialized professionals directly reporting to senior management, often the financial director (FD); the function is seen as ‘Staff’, and not ‘Line’.
Possible Jobs: Finance Manager, Business Development Manager, Loan Officers etc.
Salary: ₹5,00,000- 10,00,000 on an average
10. Pair it with another degree
Bearing in mind the versatility of Economics, it can be paired with almost any degree. When paired with a law degree, one can have their expertise in financial laws. When paired with international relations, one can work in places like the International Monetary Fund and World Bank.
All the careers mentioned above are extremely lucrative and provide promising opportunities to further one’s horizons in the future. So follow your dreams and pursue that degree you always dreamed of.