1. Teaching Profession
If you have an interest in academic field, then teaching profession can be one of the best career scope for you. As an Economics graduate, you can appear for CTET or other state level teaching exams and become a teacher. If you have an MA degree, you can appear in the National Eligibility Test of the University Grants Commission conducted by the National Testing Agency. One can get assistant professorship in Indian universities and colleges or junior research fellowship in any research institute. Provided you have passed MA with 50% marks.
2. Indian Economic Services
This is one of the best career scopes in Economics. To become IES you have to appear in Indian Economic Service exam, for this you have to pass MSc or MA with at least 55% marks. After selection, there is an opportunity to do functions like economic planning and analysis in the planning commissions for the country. May also be placed in Planning Board, Ministry of Economic Affairs, National Sample Survey and other departments. IES exam is conducted by UPSC.
BFSI (Banking, Financial Services and Insurance) is the most popular career scope in Economics. To enter the banking sector, you can appear for exams like IBPS and State Bank Recruitment Exams. In addition, economics majors can also find work opportunities in international organizations such as the International Labor Organization and the World Bank. One can also work in public, private or foreign banks as clerks, development officers, branch managers, economic advisors, etc.
4. Actuary and Data Analysis
Actuarial science deals with the research on measuring and managing the risks and uncertainties affecting businesses and organizations. Predicting and managing such risks requires a range of skills and knowledge, including asset management, liability management, mathematics and probability, data analysis and evaluation, for which economists are hired.
5. Research and Consultancy
Economics graduates can opt for a career in economics research, in which they have to do a variety of tasks such as collecting data, forecasting market trends, studying economic and statistical data. Candidates can also join consulting firms or work independently. Generally, economic advisors work as specialists in specific areas such as financial services, labour, market analysis, telecommunications, etc.
Their job is to collect data. For this, they make forecasts with the help of data sampling and survey techniques and evaluate both current and historical trends. Their work is important for businesses and organizations.
7. Market Research Analyst
Their job is to find out the ups and downs of the market by using their knowledge, analytical and statistical skills. They use the data to provide valuable insights into a company’s profitability, thereby mitigating risk. There is a lot of demand for a Market Research Analyst in India today.
8. Credit Analyst
A credit analyst is an expert who determines the creditworthiness of any individual or business. They conduct microeconomic analysis of potential customers to assess and identify the risks associated with lending to them.
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A statistician studies hard facts and numbers to find the most appropriate solutions to business problems. In short, their job is to collect, analyze, interpret and present quantitative data.
10. Financial Analyst
Financial analysts in India get handsome salaries. A financial analyst studies market trends, demographics and microeconomic factors to help a company make smart investment decisions.
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