In today’s scenario of growing income inequality where technology is already displacing jobs at a fast pace, the shock created post-pandemic on health and the economy ground has put the economies into freefall, and labor markets are very much disrupted. There is huge unemployment created worldwide due to the global recession, and the recession has influenced mainly those communities which are already in a vulnerable position. The speed of technology adoption is expected to even enhance in near future and the adoption of cloud computing, big data, and e-commerce remain high priorities for business leaders, following a trend established in previous years. However, there has also been a significant rise in interest in encryption, non-humanoid robots, and artificial intelligence. In this scenario, this blog discusses career opportunities in the field of economics.
In today’s world of huge competition, it’s the field of specialization studies that are in high demand in all sectors. So, it is very important to opt for a career option where there is the core domain knowledge and subject specialization to fetch a good job in all aspects. Having specialization in the subject of Economics has bright career opportunity options in various sectors (both government and private) and it is expected to grow further in the post-pandemic scenario. A background in economics carries huge weightage and impression on the chances of selection for a bright career option in many sectors. The beauty of studying this subject is that the student can choose from many varied career options after finishing their graduation with economics honours.
Since every moment of our daily life, data is created everywhere, and a proper analysis of data can answer lots of questions. Hence, in the given scenario in the field of economics, there is a huge demand for professionals who are trained in handling Big Data.
Thus, after pursuing a Masters’s in Economics with a specialization in Econometrics where they learn data handling techniques and usages of software like EViews, Stata, and R, there are opportunities to work in MNCs working with handling Big Data. Since the subject of Economics always has a research inclination, there is a huge demand for Economics postgraduates professionals trained in analysing data and preparing reports. They are hired not only by corporates but also by various government agencies and organizations which are engaged in analysing data and publishing reports. It’s a win-win position for the postgraduates who have specialization in financial economics as well since there is a huge demand for profiles such as investment portfolio management which requires knowledge in finance and data handling. Online content development and content writing on the basis of reports and data analysis are in huge demand in the field of economics. Lots of start-ups are engaging people having skills in data analytics. Typically, Data analysts are promoted to higher positions like senior data analysts, data scientists, data analytics managers, business analysts, etc. So if somebody enjoys working with numbers, and thinks analytically the career option as a data analyst is extremely in demand. There is a huge scope in the academic research field also for social scientists like economists. Graduates in economics also have huge opportunities to incorporate MNCs and companies engaged in research-related activities. Many students also pursue MBA after their graduation in Economics, since it adds a feather in the cap of the candidate. They are in high demand in the corporate sector.
Besides the corporate sector, students with Masters in Economics can appear for the examination for various specialist officer posts in Economics which are conducted by various Government Banks and the Reserve Bank of India. These are specialist officer posts that require domain knowledge of economics. There are also examinations conducted by Public Insurance companies like Oriental insurance for specialist officer posts in Economics Those students having a research inclination and wish to come in the field of academics can appear for the NET examination for lecturership and NET-JRF examination for Ph.D. scholarship. There are various government organizations preparing research reports, they also hire Economics postgraduates for research purposes and various other officer posts.
There are career opportunities for students after finishing their graduation in Economics as well. The students can compete for prestigious government services like the Indian Economic services examination which is conducted by UPSC. The syllabus of this examination comprises all the topics which an Economics graduate learns in his/her three years of Economics Honours (BA/ B.Sc) course. They can also appear for various other government examinations like Staff Service Commission and Public Services Commission where a background in Economics is given good preference. There are various NGOs and Research organizations also engaging students of economics in preparing analytical reports on topics of social issues.
The above description gives us a clear picture that there is a huge demand for Economics graduates and post-graduates in many sectors for well-paid and prestigious positions.
Overall, the subject of economics is highly in demand in the world of Big Data especially in the post-pandemic world with data centers in growing demand. So, if students select a program with a specialization in the field of Economics, it will surely give them a competitive advantage in their career growth and opportunities.