The scope of economics is very wide. In fact, economics is an important subject from all perspective. The subject offers various interesting, traditional and emerging career opportunities. Traditional career opportunities have mostly been in teaching and general research. Emerging opportunities are spread all around.
Basically, Economics has two divisions:
• Micro Economics
• Macro Economics
Microeconomics deals with the behavior of individual economic unit whereas
Macroeconomics takes a look at a bigger economy- the nation.
Economics has a number of branches which may be considered as specializations like-
• Applied Economics
• Behavioural Economics
• Development Economics
• Rural Economics
• International Economics
• Labour Economics
• Managerial Economics
If we talk about the career options, then you require a PG Degree in Economics for a robust career. After having a good qualification in Economics you can explore opportunities to work in multiple areas in which some of the prominent areas are:
• All India Services- UPSC conducts Indian Economics Service and Indian Statistical Service examination on a yearly basis as well as some other opportunities to work in a prestigious department like NITI Ayog, Ministries and other GoI Examination.
• International agencies- Many international Bodies like ILO, UNCTAD, UNDP, UNIDO etc. from time to time look for people with diverse qualification including the qualification in Economics. The requirement may be project based and for experienced people.
• Banking Sector- Many PSB recruit master’s degree holders in the Economics subject. In RBI postgraduates in Economics are also eligible to apply for Grade B officers which are a managerial position. Economists in banks generally work in their Policy Making/ Planning Department. Diverse opportunities are also available with the World Bank, Asian Development Bank, International Monetary Fund (IMF) etc..
• Stock Broking Firm- Stockbroking firms also employ people from economics background to study equities and anticipate their future performance.
• Other Apex Institutions- SEBI, Indian Bank Association, National Housing Bank, Export-Import Bank of India, Small Industries Development Bank of India also requires services of economics post-graduates.
• Economics Analyst- There are various agencies which require economics analyst like media houses, news channels etc..
• Data Analytics- In the past couple of years, data analytics is gaining big demand in Big Business Houses, Banks, E-Commerce companies etc..
• Research- Economics offers tremendous scope for research and there are diverse areas for research. Research can be pursued as a doctoral student at both Indian and foreign universities.
• Teaching- All business schools need economics faculty. A Doctoral qualification will be of immense help for teaching to graduates and postgraduates students.