Career Options for Economics Enthusiasts

Economics Career Options
Economics Career Options

Friedrich August von Hayek once said, “The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design”. The principle belief of economics is that people are always in need of things that will change their behaviour in order to attain them. The Oxford English dictionary defines economics as the branch of knowledge concerned with the production, consumption, and transfer of wealth. Additionally, studying a subject gives students a deep insight into the world we live in.

Through the study, a student becomes aware of the interaction of market with policies of the government, which in turn, affects the GDP of the country. With students discovering newer fields of education, diversifying studying as a whole, the future for students studying economics is bright. Here are 4 popular Economics career options:

Economics Career Option 1: Economists

An economist is a working professional in the social science discipline of economics. Depending on the preferences and growth, an economist may also study, enhance and apply theories from economics to write about the economic policy. Primarily, they study the behaviour of societies and markets and distribution of resources.

Approximate expected salary: Rs. 4-5 Lacs+ per annum

Economist should be spelled as ECONOMIST because they all repeat each other

Economics Career Option 2: Financial Analysts

Financial analysts research macroeconomic and microeconomic conditions along with the company fundamentals to make a recommendation based on industry, sector or business. They are the prime source for recommending a course of action, such as buying or selling of stocks based on the current and predicted strength. They use quantitative data and statistics to help companies make the right decision. A study in the field of the financial market, standing along with a bachelor’s degree is perfect for this profession.

Approximate expected salary: Rs. 4-5 Lacs+ per annum

Economics Career Option 3: Actuary

An actuary is, quite simply, a person who compiles, collates and analyses statistics, using them to calculate insurance risks and premiums. People in this profession make use of mathematics, statistics, and financial theory to analyze risks pertaining to uncertain future events, primarily concerned with insurance and pension plans. The work in this field entails strong analytical and observation skills, along with the ability to predict the best option.

Approximate expected salary: Rs. 4-5 Lacs+ per annum

Economics Career Option 4: Lecturer

A lecturer is a professional with an open-ended, tenured position at a university or similar institution. A lecturer is often an academic at an early stage of his/her career who teaches, conducts research and consequently, leads research groups. They teach classes and organize talks to make students familiar with the concepts. A lot of people prefer this field as it involves better working hours or simple, because of their interest in teaching or research.

Approximate expected salary: Rs. 4-6 Lacs+ per annum

Economics is an ever-important field of study and work and there is no shortage of Economics career options. Just be sure to work hard and look through all the options to find your sweet spot.

Whatever career option you choose, just give your head & heart to it. Hope you take this choice in a conscious manner. Wish you a fulfilling economics career!