CAREER IN ECONOMICS

- Dr.M.M. Goel
Economics is about choice;
taking decisions in one's best interests given the constraints imposed by income, costs and time.
It analyses how people, firms and governments obtain money and how their spending influence
the production and distribution of goods and services. It emphasizes people's activities as they
use their environment to produce goods and services and distribute them. Economists study how
a society distributes scarce resources, such as land, labour, raw materials, and machinery, to
produce goods and services. They conduct research, collect and analyze data, monitor economic
trends, and develop forecasts. They research issues such as energy costs, inflation, interest rates,
exchange rates, business cycles, taxes or employ-ment levels.
Economists devise methods and procedures for obtaining the data. For example, sampling
techniques may be used to conduct a survey and mathematical modeling techniques may be used
to develop forecasts. Preparing reports, including tables and charts, on research results is an
important part of an economist's job. The various specialization in economics are : Agricultural
Economics, Financial Economics, Labour Economics, Industrial Economics, International
Economics, Econo-metrics, Development Economics, Economics of Human Resource
Development, Health Economics, Rural Economics and Development and Business Economics.
Business Economics course is at present offered by 15 universities leading to Master of Business
Economics or degree in MA in Business Economics.
Various universities offer BA (Honours) in Economics to those who have had Mathematics at
plus two level. BA and B.Com courses are available in almost all the universities. BBA or BBS
is available in most of the management institutes. Also, MA, M.Phil and PhD in Economics are
available in most of the universities. Various universities offer MA in Economics through
correspondence or distance education system.
A course in Economics opens career options in government agencies, business firms, non-profit
organizations, and academic institutions. Some of the graduates enter the accountancy profession
and some find employment as managers and administrators in market research, advertising, sales
and personnel.
Newspapers provide econo-mics graduates to write reports on economic and business events.
The Institute of Applied Manpower Research, New Delhi; Institute of Economic Growth, New
Delhi, National Council of Applied Economic Research, New Delhi and Indian Council of Social
Science Research offer ample job opportunities to economists.
Financial institutions like the Reserve Bank of India, private and foreign banks and insurance
companies offer good openings to postgraduate degree holders in economics.
UPSC conducts Indian Economic Service Examination every year. It is open to graduates in
Economics in the age group of 21 years to 30 years.
Employment of economists is concentrated in large cities. Some work abroad for companies with
major international operations, for Government agencies, and for international organizations,
such as the WorId Bank, International Monetary Fund, and United Nations.
Economists are concerned with practical applications of economic policy and work for a variety
of organizations. Economists working for corporations are involved primarily in micro economic
issues, such as forecasting consumer demand and sales of the firm's products. Some analyze their
competitors' growth and market share and advise their company on how to handle the
competition. Others monitor legislation passed by the Government, such as environmental and
worker safety regulations, and assess its impact on their business. Corporations with many
international branches or subsidiaries might employ economists to monitor the economic
situations in countries where they do business or to provide a risk assessment of a country into
which the company might expand.
To work in economic consulting or research firms, economists may perform the same tasks as
econo-mists working for corporations.
Another large employer of economists is the Government. Economists in the Central
Government and State Governments administer most of the surveys and collect economic data.
The two important data collection agencies of the Central Government namely National Sample
Survey Organization (NSSO) and Central Statistical Organization (CSO) provide ample
employment opportunities from time to time.
A Master's or Ph.D. degree in economics is required for many jobs in private-sector and for
advancement to more responsible positions. Whether working in government, industry, research
organizations, or consulting firms, economists with a bachelor's degree usually qualify for most
entry-level positions as a research assistant, administrative or management trainees or for various
sales jobs. A master's degree usually is required to qualify for more responsible research and
administrative positions. Many business, research and consulting firms and government agencies
seek individuals who have strong computer and quantitative skills and can perform complex
research. A Ph.D. is necessary for top economist positions in many organizations. Many
corporation and government executives are required to have a strong background in economics.
In addition to the previously mentioned jobs, economists hold faculty positions in colleges and
universities.
As firms increasingly employ workers to perform more specialized tasks, the best opportunities
for individuals with backgrounds in economics are expected to be in positions that have titles
other than economist. Some examples of job titles often held by those with an economics
background are financial analyst, market analyst, public policy consultant, researcher or research
assistant, and econometrician.
A Master's or Ph.D. degree, along with a strong background in economic theory, mathematics,
statistics, and econometrics, provides the basis for acquiring any speciality within the economics
field. Economists who are skilled in quantitative techniques and their application to economic
modeling and forecasting, and having good communications skills can get better job
opportunities.
Graduates with bachelor's degrees can find jobs in industry and business as management or sales
trainees or as administrative assistants.