“Economics is extremely useful as a form of employment for Economists.” – John Kenneth

The field of economics offers a diverse range of career opportunities beyond what one might initially imagine. Contrary to popular belief, economics is not limited to the finance, banking, and government sectors, and most economics jobs don’t even have the term “economics” in their job titles.

Economics is a discipline that focuses on understanding human behaviour and applying it to shape the world around us. As it plays a critical role in our daily lives, the demand for economics professionals is expected to rise, particularly in the private industry, including scientific, management, and consulting services. The Bureau of Labour Statistics (BLS) predicts that individuals with advanced degrees, strong quantitative and analytical skills, and relevant work experience will have the best job prospects.

The job opportunities and salary potential in economics may vary depending on factors such as educational qualifications, experience, and local market conditions. With a degree in economics, one can pursue a multitude of career paths.

Why Make A Career with an Economics Degree?

The subject of Economics has sustained its relevance over time due to its high practicality and immense demand in various job markets. From a career standpoint, Economics is an essential discipline that offers numerous job opportunities. Here’s why you should build a career in economics:

1. According to predictions, there is expected to be a significant increase in employment opportunities in the field of Economics, with a projected growth rate of 78% between 2023 and 2031.

2. Currently, over 10,000 job openings are available in this field, and it is predicted that by 2031, the employment rate will increase from 16,900 to 17,800, indicating a positive and rapid transition.

3. Statistics show 95.6% of individuals with an Economics degree are employed and earning favourable salaries.

4. A career in economics, such as an Economist, can be financially rewarding, with potential earnings ranging from INR 1.88 LPA to over INR 20 LPA, depending on individual skills and knowledge. In addition, economists can attract immersive and impressive job opportunities in various fields such as banking, finance, and consulting.

5. Research suggests that over 96.5% of individuals with an Economics degree excel in strategic thinking, demand analysis, constructing and conducting economic analysis, and understanding economic frameworks and concepts.

Best Jobs in Economics

Economics is a versatile subject that opens up a world of possibilities. As a result, it is the foundation of numerous employment opportunities and is highly sought after. Employers, especially top recruiters, readily consider candidates with an Economics degree who possess relevant skills. Skills such as problem-solving, solution-oriented mindset, and logical thinking can help individuals excel in their Economics careers.

Below are some popular career options for those with an Economics degree:

1. Economist

As an Economist, your role would involve overseeing and gathering data or essential information related to various aspects of the economy. This information can be related to anything from interest rates, taxation, and employment levels to energy, transportation, health or development. You would also be involved in developing hypotheses for many issues and providing stakeholders with your expert advice.

2. Data Analyst

As a Data Analyst, you will have the opportunity to work with diverse data sets from various fields, such as Sales, Business Intelligence, Marketing, Data Quality, Data Assurance, and Finance. Your primary responsibility will be manipulating, analysing, and interpreting complex data using dashboards, graphs, and visualisations to track key performance indicators.

4. Auditor

As an Auditor, your role would involve examining financial statements and records to provide assurance to businesses, organisations, investors, and market regulators about their sustainability. In addition, you would need to provide recommendations, advice, and operational suggestions to help them avoid financial risks or fraud.

5. Risk Manager

If you work as a Risk Manager, your primary responsibility would be to protect the organisation, company, or agency you work for by managing potential risks that could impact employees, customers, stakeholders, assets, and the company’s reputation.

You can work in different management areas such as Technology, Security, Environment, Enterprise, Commodity, Credit, and Operations. Your main goal would be to plan, develop, and implement procedures to avoid or manage risks.

6. Investment Analyst

As an Investment Analyst, you will play a crucial role in aiding Traders, Fund Managers, and Stockbrokers to make informed investment decisions. You will be responsible for analysing economic trends and keeping abreast of the ongoing market scenarios, losses, and profits to increase the investment potential. Your research and analysis will provide valuable insights to help investors make profitable investment choices.

7. Statistician

As a Statistician, your primary responsibility is to collect, analyse, interpret and present quantitative information in various sectors such as Transportation, Sports, Health, Marketing, Forensics, and Government.

You will manage experiments and surveys, starting with the initial collection of data, which will lead to processing and analysing data to identify patterns. Doing so will help you make informed decisions and find practical solutions to modern-day financial problems.

8. Stockbroker

As a Stockbroker, your primary role would be to act as an intermediary between the stock exchanges and your clients. Your responsibilities will include the following:

• Monitoring the stock market trends

• Analysing market reports and newsletters

• Researching to provide valuable insights to your clients, companies, and organisations

9. Chartered Accountant

As a Chartered Accountant, your primary responsibility will include providing reliable information, auditing accounts, and providing financial statements and record recommendations. In addition, you will be required to manage economic systems and budgets, advise on tax planning, prepare financial reports (including monthly and annual records), and negotiate terms with suppliers.

Economics Jobs in Government Sector

Economics provides the foundation and sets the parameters for the functioning of the economy, making it a crucial subject in the government sector.

A degree in Economics can open up opportunities for you to work in the government sector as well, where you can hold various positions, such as:

1. Income Tax Officer

As an Income Tax Officer, your responsibilities include enforcing tax laws, reviewing tax returns, and conducting audits to ensure compliance with tax regulations.

2. Economic Analyst

As an Economic Analyst, your primary responsibility is to analyse economic data and provide recommendations for government policy.

3. Budget Analyst

A Budget Analyst evaluates government budgets and financial plans to ensure that they are effective, efficient and aligned with the organisation’s goals and objectives.

4. Tax Economist

They Study tax policies and their effect on the country’s economy.

5. Regulatory Economist

As a Regulatory Economist, you would be responsible for analysing and evaluating the potential economic impact of government regulations on businesses, industries, and the overall economy.

6. Data Analyst

As a Data Analyst, you collect, analyse, and interpret economic data to help in policy making. Thus, you need to be well-versed in skills such as Statistics, Mathematics, Communication and data visualisation.

Cities in India for High-Paying Economics Jobs

Given an Economics degree’s relevance, problem-solving nature, and decision-making attributes, job opportunities for Economics graduates are not limited to specific locations. Below is a table highlighting significant cities that offer lucrative economics jobs in India.

Conclusion

A degree in economics imparts various transferable skills, such as analytical and problem-solving abilities, making you an appealing candidate for diverse job roles. If you desire a versatile degree that can lead to a successful career with a high salary, then pursuing a degree in economics should be on top of your list.