The world after the pandemic may not be the same again, some will flourish whereas some will be financially devastated, but one should move ahead. At this crucial juncture, students need to make a very important decision, which discipline to choose and why? The degree a student gets is not merely a piece of paper, but a solid foundation for his/her career. Therefore, it is extremely important to have a clear idea about the job prospects of an academic discipline. Here I want to discuss what you can do with an Economics degree. It is often said that Economists are the money makes of a country and indeed, after the dust settles, economists will play a very major role in settling the aftermath that the pandemic brings forth. All activities in a country are some way or other related to the economy, be it small business or big, all depends on the way economic policies are put forth and talented and skilled economy students can help accelerate the recovery of a country much faster. Moreover, knowledge of simple economic theory will lead a good student to understand and predict the future more or less accurately.
Here I illustrate a few domains where economists will be needed after the pandemic-
- They can help design financial packages for a county making faster recovery possible taking the country back on its course.
- Analyse the effects of the pandemic and estimate the total cost that the Covid-19 problem caused.
- Make future predictions about coming years and lay out a comprehensive plan for next steps to be taken.
- Almost all companies need economists under their shed to make the right decision and after this kind of devastation the demand is surely expected to rise.
- Many economists and statisticians will be required by MNCs to manage their stocks and bonds after the crash of the share market.
- Banking sector will now open its arms to accept skilled and talented economists to manage and modulate their policies.
- Major mutual funds also took a big hit due to the pandemic so they will be required there too to, to give their expert opinions about what to do.
- There are many Non-Profit organisations which need to manage the money and assets to serve their purpose better so there too economists are needed.
- And finally comes education, as children are the backbone of a country, and backbone needs to be strong. The only way to build a strong foundation is proper education, and good economists as well as teachers are needed there to formulate proper policies and impart proper education.
The Graph below will show how the world economy is facing economic crises for the last few decades, and where an economist needs to intervene.
Source: UNCTAD calculations based on IMF, WEO, October, 2019
The big old private sector, the financial markets of a country, they are so hard hit by Covid-19 pandemic that it would require large number of skilled economists to put it back on track. Companies need people who can analyse, develop, promote and organise their big mammoths in a most efficient way and help them earn profit.
Students of Economics can get jobs as Junior Economists, Research Analysts, Market Analyst, Benefit Analysts, Policy Analyst, Supply Chain Analyst, Personal Finance Advisor and many other job profiles (like Business Reporter) that give you a big fat pay check.
Within the banking industry it is not a surprise that good economists are required, and after the pandemic the demand will only rise. Managers, Directors, Administrators need to have sound knowledge of economics. Credit analysts and Loan Officers are needed to offer the most secure loans. Financial advisers are often employed to analyse and give advice regarding investments, so there cannot be no banking sector without goods economists.
There is no shortage of government jobs for economists at all levels. State as well as Center need economic expertise on urban planning, development of budgets, revenue examination, international trade, policies for BPL, and many other issues related to economy so even a Government of a country cannot work without economists.
These organisations hire economists in a wide range of roles. They need someone to make their financial projections to keep them afloat, as they rely majorly on funding. Good economists can make or break an organisation, with proper planning and allocation, big goals can be reached with small capital. As the dust settles after the pandemic, there will be a whole lot of people who need financial and other kinds of help so demand of economy students is deemed to rise.
- Research firms and think tanks:
They study and analyse the economics issue. One can be employed in a business organisation, non-profit organization or an advocacy sector. One might even head one’s own research and consulting firm.
- Actuarial Science:
Actuarial science is another field you can look at. Actuaries are business professionals who can assess the risk in the insurance business. These professionals specialize in various fields such as health, life, medical, casualty, pension, etc. They use their knowledge of mathematics, statistics, finance, economics, etc. to determine the premiums and reserves for insurance policies. I believe it is the most opportune moment and in fact the need of the hour, that good economics students should come up and formulate good insurance policies to help the public.
- Investment Banking:
They assist public and private corporations in raising funds in the capital markets (both equity and debt), financial modelling and valuation analysis (i.e. operating, credit impact, sum of the parts, merger, discounted cash flow, and leveraged buyout models). They also provide strategic advisory services for mergers, acquisitions and other types of financial transactions.
There has been some decline in business activity of major investment banks due to this Covid-19 effect but this downfall is only for a short term, once the economy starts normal operations, there can be exponential rise in the sector. So as the pandemic ends, one may expect a lot of growth in this sector thus a lot of job for the young economists.
All the above sectors will need a huge influx of good economy students once the Covid-19 crisis is over and businesses reopen. Other than these, there are many other domains where economic knowledge is required, they also offer good incentives to pick economy as your discipline of choice. If one has interest in the subject, he/she can reach unimaginable heights and serve humanity in best way possible.
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