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Careers in Economics
Do you know, which subject is considered as evergreen subject, it is Economics, the reason as to why it is considered as evergreen subject is because of its utility and huge demand in the job markets. If you have completed a degree in Economics, then you have more number of chances getting employed. As per study, it has been found that nearing to 65% of the individuals who have completed their graduation course in Economics’ usually get employed, within six months except one in five opt to study further.
There are numerous job options available to people who have completed their Economic Degree, some of them include –
- Actuarial analyst
- Financial Risk Analyst
- Chartered Certified Accountant
- Forensic Accountant
- Investment Analyst
- Chartered Accountant
- Chartered Public Finance Account
There is another good news to all those who have completed graduation in Economics, you can also apply for the below positions –
- Management consultant
- Quantity Surveyor
- Local Government officer
- Civil Service fast Streamer
- Diplomatic services operation officer
The Typical Employers
The economists are also employed in numerous setting, both public and private sectors.
- Accountancy firms and insurance
- Government department and think tanks
- Charitable and not for profit organizations
Skills which will help you, improve your CV
An Economics degree offers you subject specific skills which enable you to apply those skills for different models as well as economic principles. You will also gain an understanding of large driving forces which has the potential to shape the social policy and financial markets, the above skills are also helpful in statistical analysis.
These individuals develop valuable transferable skills which includes the following –
- Numeracy − one can handle numerical data which are complex in nature, by applying either statistical analysis or mathematical method.
- Communication − Helps individuals to make a presentation about varied findings and explain data which are complex in nature.
- Computing − one will learn how to compute by using numerous specialized software.
- Analytical skills − It helps in analyzing conclusions, data, recommendation and analyzing research methods.
- Time Management skills will help the individuals to complete the given task within the specified time limit.
Types of Economists
Even though all economists must be familiar with general principles, but most of them specialize. The skills and knowledge gained in each of these specific areas are mostly applied to other fields which include medicine, agriculture, law, environmental protection and energy.
- Macro-economists − They look at the economy as a complete picture in order to find overarching and long-term trends throughout the entire history. They get insights about inflation, investment, and unemployment etc.
- Micro-economists − These individuals study single company or an individual. They keep an eye on both the supply as well as demand in order to find as to how to increase production.
- Financial Economists − They can strongly correlate to Macroeconomists; as they study the interest in order to know their effect on the banking system.
- Organizational or Industrial Economists − They examine the markets of specific industries and they study competitors and make predictions based on the competitor’s decisions. They also help protect the industry against monopoly and trusts.
- International Economists − They look at the market globally by studying the currency exchange and how it affects laws, trade procedures, and laws.
- Econometricians − They use mathematics in each branch of economics. They put together, economic models using methods like regression analysis, calculus, and game theory. The above models do explain economic happenings and help to project future economic occurrence and trends as to how new taxation laws would affect the employment or the duration of the business cycle.
If you have completed Economic Majors, then the following are some of the job options you can try out –
- Market Research Analyst − They apply numerous skills; they make use of varied presentation software’s and graphical representation, writing and statistical skills. They should think critically about varied products as well as services and try to solve problems involved with their marketing.
- Economic Consultants − In legal cases, the economic consultants play a role of an expert witness to assess economic damage, antitrust violations and intellectual property and address regulatory violations. They also help in conducting valuation studies and help to fix prices for business properties/entities.
- Compensation and Benefit Managers − They help in generating reports and help in representing their finding to senior management and they might also work for human resource department of the company.
- Actuaries − They usually use computer software to help them move forward with their analysis. They devise charts and graphs in order to convey their decision to other members of the management team.
- Credit Analyst − They conduct micro-economic analyses for the prospective clients to assess the risk involved with offering loans to those individuals or business entities. They also take into account varied economic trends as well as factors which impact the region, competitors and industries.
- Financial Analysts usually use computer software as well as models to aid in their analysis. They not only write reports, but they prepare presentations for clients as well as colleagues and this information will help in making the final decision about mergers/acquisitions, stock/bond offering and investments.
- Policy Analysts analyze research issues that impact the public and recommend legislation and governmental intervention to address the problems.
- Lawyers draw on research and writing skills in order to carry out their work. They gather facts as well as evidence to support a position. The lawyers present their finding in a compelling manner in order to convince a jury, judge or opposite attorney of their position.
- Management Consultants − They analyze business issues as well as research on possible solutions to present the clients. There is a growing trend of finding B-school graduates keen on starting out in positions like Research associate, Research analyst or Junior consultant where they can assist senior staff.
- Business Reporters − They undertake research, write as well as broadcast stories about varied business leaders, industry trends, economic developments, financial markets and companies.
Economists think about what people ought to do. Psychologists watch what they actually do.
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