Economics is a modern discipline, the study of which has expanded considerably with time. Having its root in social science, it has covered a wide range of subjects including law, sociology, science, geography, chemistry, and maths. With the help of these study disciplines, it has contributed much to the understanding of global phenomenons.
Besides, the coverage of a wide range of subjects, it has also gained importance in terms of application in the daily life of a human being. To say, economics has become one of the major disciplines that a student can pursue as an undergraduate degree course. One can also go for higher studies such as M.Phil and PhD, which will win them the tag of an economist.
If you are one among those who seek a career in the field of economics and still confused what degree programs to pursue, fret not. Here are a few disciplines which can offer you world’s best career.
B.A in Economics: For undergraduate, who have studied in Humanities stream in the 10+2 level, B.A in Economics can be the best option. This degree course includes the theory that relates to the origin of economics. It highlights how economics came into existence and mingled with day to day life of an individual.
While some of the universities offer three to four years of graduate programs, some institutes also offer economic classes for a year to complete the basics of the subject.
B.Com in Economics: A student can opt for B.Com Hons. in Economics, which deal with the commerce side of economics. It is ideal for those who seek a career in business sectors, trade, Chartered Accountancy, and others. This course mainly focuses on nourishing the business skills of a candidate, thus it would be perfect for economics jobs.
B.Sc in Economics: Being a social science subject, one can also pursue B.Sc in economics. It educates about production, distribution, and consumption of goods and services. This field also includes mathematics, law, political economics, finance, data analysis, health, growth and development, and many more. This course comes with a duration of three years. The candidates who seek a role in the government sector or consulting firms can take B.Sc. economics degree course.
Importance of Economics in job sectors
Before you study the scope of economics, it is important to know what part it plays in the world platform. In simple words, the involvement of economics is dispersed in every field, be it a local shop or international trade.
Here are some of the most vital uses of economics studies on the global platform:
Dealing with scarce resources: It is with the help of economics that the production and distribution of resources are accomplished in the world. For instance, if there is a shortage of good, it will directly or indirectly hamper the price. In this case, economics comes to the scene and provide resolutions which could be by means of finance or an alternative to that resource.
It is worth mentioning how the scarcity of water in India affected major steel plants in the country like Tata. This has resulted in an increased cost of the resource and high risk for the company.
Distribution of a good or service: Every country depends on other nations to satisfy the demands of goods and services. The planning that deals with the distribution or allocation of any good is done on the basis of economics studies. It makes sure that any product is distributed equally so that there is no overflow or shortage in any nation.
Market failure: Economics can be one of the most essential tools that let a business overcome market failure. Moreover, an economist can provide the necessary resolution to the business entity to overcome the shortcomings and deal with financial crunches in demanding situations.
Other areas where economics is considered important include opportunity cost, social efficiency, for employment opportunities, human capital, political economics, international business, international finance, monetary system, statistical techniques, etc.
It is worth mentioning that every country in the world is interdependent when it comes to gains from trade or scarcity of a resource. For instance, India is one of the fastest developing countries but will be affected if there is an economic slowdown. Speaking of which, it can also be noted that with the strong fundamentals, India has been able to deal with the effects of the global slowdown.
Branch of economics
As of now, you must have a basic idea about the importance of economics. Now, it is time to know various job opportunities that an economics student can opt for after the completion of the economics program. Here are some of the different department of economics with a specific focus:
Development economics: It studies the various opportunities for the growth and development of business and trade in the world.
Environmental economics: This is related to the major issues faced by the environment such as pollution, conservation of forest and natural resources, etc.
Behavioural economics: It is that branch of economics that studies the behaviour of a human being who is designing economics policies.
Managerial economics: This branch studies the basics of management in terms of trade, finance, planning of budget and other important things.
Resource economics: It deals with the production and distribution of resource. The main focus is to deal with the scarcity of a resource in a specific country or place. Moreover, the production is also based on the requirements.
There are many other branches as well, which can be studied in different streams. However, you must be very specific about choosing in which field you want to gain expertise in.
Career Scope of an Economics Student
In addition to the aforementioned branches, there are many more subjects in economics studies found in the Science, Arts and Commerce stream. These lead to job opportunities in various fields. Further, the job opportunities after studying economics are provided below:
A financial analyst is a person who offers business recommendations with the help of analytical tools. They use these tools to understand business trends, financial market as well as the outcome of a deal.
In other words, a financial analyst is a primary person whose responsibility is to create a financial or economic model, which should also focus on not only the business demands but also the outcome of any specific type of deal.
Just like a financial analyst, the responsibility of a business analyst is largely the same. However, a business analyst looks after the implementation of several cost-effective technology solutions keeping the requirement of a project in mind.
One of the core requirements of any business is data, with the help of which a company reaches necessary information about a particular field. It involves a survey in order to get the necessary data.
A research analyst is a person who looks after research, analysis, interpretation of data or presentation of data to satisfy the demand of the market. In order to do the necessary and accurate research, a research analyst approach both online and offline data.
Take an Economics class and obtain better grades in your exam.
A pricing analyst looks after the pricing of a good keeping in mind the pricing strategies of competitors. Besides, he or she also pay attention to the company standards and come up with the best pricing solution that is benefitting for both companies and consumers.
Every company or organisation look forward to the improvement in service or good, a practice which is carried out by the management consultant.
The responsibility of a business consultant involves work with a client in order to develop business, problem solving skills, etc. This is done via planning and strategies.
For those who aspire to work for government agencies or a non-profit organisation.
There are other fields as well which hunts for an economist for their organisation, company or other business spheres. This ofcourse plays a huge role in shaping and stimulating business cycle. Furthermore, it is only through the study of the economics that one can reach the status of an economist. So, if you seek economics jobs in India, you can follow the path of the above-listed positions.
What you should study to become an Economist?
Students will need to qualify Economics Honours as their undergraduate degree course, which is mainly offered for a duration of three years in India. A student can (have to) opt for B.A and then Master of Arts in economics before he or she can pursue M.Phil or PhD in the same field. However, one should always be clear in what field they want to specialise in.
To sum up, it can be said that the importance of economics is pronounced and well accepted globally. With proper knowledge and guidance, one can also achieve the status of an economist with the study of this subject. Besides, if you are not looking for a job in the business sector, you can also go for economics teacher jobs in India, the demand for which is growing extensively.