Scope After Economics Is Vast, Consider Choosing It As A Major Or Elective!

Economics is one of the most prestigious degrees one can learn. Now that you have grabbed a seat in it, you must be perplexed about the scope you will have after a degree in Economics. Trust me, you’re not alone! 

Read on to know what is the scope after an Economics degree. Though the course demands your time and efforts more than the other courses, at the same time it has the capacity to provide you with a marginal utility higher than the others. Having made it into one of the most sought-after courses at the University, you are already a step ahead.

Have a look at the choices below to learn more about what awaits you on the other side. Learn about different options that align well with a degree in economics, higher study options, and various job domains to choose from. 

1. Analyst

There lies a great scope in entering the corporate sector after an economics degree. Placement options are open for analyst roles after an undergraduate degree. The role is offered through the Placement Cell of the college or can be applied through job portals.

Be it an investment analyst, data analyst or financial analyst, an Economics Major is pretty well suited for such jobs. These options provide you with an excellent chance of getting to work with big MNCs.

For niche banking and finance Analyst roles, Master/MBA along with an Economics major or minor make a really great combination. It helps in understanding markets better and grasping the sentiment of monetization.

2. Consultant

As consulting has been a career buzz in recent times, there lies a good scope after economics.  Many consulting firms prefer economics graduates and give them leverage in wide opportunities. Roles like working as an economic advisor, executive economist or junior economist speak volumes about the great career scope after economics. Plus, being in consulting gives experience in numerous industries and the pay packages are high in numbers.

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3. Banking and Financial Services

Banking and the financial sector is one of the most dynamic sectors demanding Economists at all levels. You can get a job in this sector after an undergraduate degree or post-graduation. The scope after Economics is unlimited in this sector.

One needs to be smart while applying and if they showcase skills and confidence during the interviews, the job shall be in their hands! There’s always a dearth of economists in the banking industry, especially in these times when there is a dire need to pull the industry out of the crisis.

There are numerous entrance examinations conducted for Bank jobs like IBPS, SBI, etc., which test the candidate on basic quantitative and economic knowledge along with language skills followed by an interview and/or essay rounds depending on job profiles. According to employment data, the Government is planning to massively increase the hiring rate for banks. Do keep a tab on the openings. 

4. Corporate Law

You can switch to pursuing Corporate law or Affairs from a career in economics after pursuing your degree. Having a basic understanding of economics helps in understanding law. If you have an interest in law, then this is the best option. A bachelor's degree followed by an LLB degree will equip you enough to become the next Harvey Spectre. 

Apart from advocacy and judiciary, another career after economics followed up by law lies in the Corporate Affairs department, which is quite an unexplored region by students of Economics Majors. In order to test your acumen, you might begin with an internship in Corporate Affairs to ascertain whether that seems a good career fit or not. 

5. Economics Journalist

If you have a penchant for writing, then this is a great career after economics. What you have to do is analyze and research all the economic happenings around the globe. By showcasing your insights and inferences, you can start with publishing in magazines or journals. You can start by writing research papers under your Professor or through their guidance, look for research internships.

Economic Journalism is a wide field that can be explored even after a minor degree in Economics through electives or other course materials available online on EdX, Coursera, Udemy, SWAYAM, etc. It is a good career option even after an undergraduate degree or postgraduation. 

6. Government Jobs

Economics students can eye for various job positions in the government sector. The Indian Economic Services (IES), Reserve Bank of India, and Public Sector Undertakings offer jobs with social prestige and give a brilliant kickstart to your career.

One can also consider appearing for UPSC as the civil service examination tests you on the knowledge of Economics as well. Government Jobs are always seen as jobs of honor and attract a lot of competition in India

6. Masters in Economics

An MA in Economics has a multipronged scope after a Bachelor's degree. It opens up doors to some niche career profiles in Investment Banking, Consumer Insights and provides a scope to academia in the form of advanced degrees like M Phil or Ph.D.   

A Master's in Economics also provides opportunities for taking up education after exams like NET or government exams like Indian Economic Services (IES). Some of the prestigious colleges for MA Economics in India are the Delhi School of Economics (DSE), the Indian Statistical Institute (ISI), etc.

7. MBA in Finance

A solid background in economics gives a rocking scope to an MBA degree. An MBA plus Economics is always a win-win situation. Going ahead into an educational qualification by obtaining an MBA in Finance, right after you complete graduation, can help form a better understanding. 

Knowledge of macroeconomics and understanding of microeconomics helps one develop a strong base for finance. Opting for career progression after economics can go a long way. This not only provides a scope to earn higher pay packages but also gives great exposure to career opportunities in the domain of finance.

8. Professor

Teaching is a profession never out of fashion and always full of gratification. Being a professor is a great career scope after economics. An economics degree provides essential background to apply for teaching jobs at schools as well as universities.

The best way is to get an Economics Major degree and a primary teaching course for getting into high or secondary schooling. For colleges and universities, one can consider either of two routes, i.e., to clear NET after MA in Economics or go for research like M.Phil or Ph.D. degree.

9. Think Tanks

Think tanks are bodies operating for analyzing economic issues and recommending solutions. Niti Ayog and the Center of Policy Research are the top think tanks in India where an Economics Major can apply. 

An undergraduate degree in economics gives you the perfect base for becoming a part of a think tank. Niti Aayog invites applications for internships on a monthly basis. It forms a good base for going further in a research career. It even hires MA Economics students for job opportunities.

The scope of Economics is vast, you just need to learn about what suits you well and how you can start preparing to ace your preparation. Wish you a high utility in all your future endeavors!

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