CAREER IN ECONOMICS - Illustrated Guide

Economics is about choice; taking decisions in one's best interests given the constraints imposed by income, costs and time. It analyses how people, firms and governments obtain money and how their spending influence the production and distribution of goods and services. It emphasizes people's activities as they use their environment to produce goods and services and distribute them. Economists study how a society distributes scarce resources, such as land, labour, raw materials, and machinery, to produce goods and services. They conduct research, collect and analyze data, monitor economic trends, and develop forecasts. They research issues such as energy costs, inflation, interest rates, exchange rates, business cycles, taxes or employment levels.

Economists devise methods and procedures for obtaining the data. For example, sampling techniques may be used to conduct a survey and mathematical modeling techniques may be used to develop forecasts. Preparing reports, including tables and charts, on research results is an important part of an economist's job. The various specializations in economics are: Agricultural Economics, Financial Economics, Labour Economics, Industrial Economics, International Economics, Econo-metrics, Development Economics, Economics of Human Resource Development, Health Economics, Rural Economics and Development and Business Economics.

Various universities offer BA (Honours) in Economics to those who have had Mathematics at plus two levels. BA and B.Com courses are available in almost all the universities. BBA or BBS is available in most of the management institutes. Also, MA, M.Phil and PhD in Economics are available in most of the universities. Various universities offer MA in Economics through correspondence or distance education system.

A course in Economics opens career options in government agencies, business firms, non-profit organizations, and academic institutions. Some of the graduates enter the accountancy profession and some find employment as managers and administrators in market research, advertising, sales and personnel.

Financial institutions, private and foreign banks and insurance companies offer good openings to postgraduate degree holders in economics.

Employment of economists is concentrated in large cities. Some work abroad for companies with major international operations, for Government agencies, and for international organizations, such as the World Bank, International Monetary Fund, and United Nations.

Economists are concerned with practical applications of economic policy and work for a variety of organizations. Economists working for corporations are involved primarily in micro economic issues, such as forecasting consumer demand and sales of the firm's products. Some analyze their competitors' growth and market share and advise their company on how to handle the competition. Others monitor legislation passed by the Government, such as environmental and worker safety regulations, and assess its impact on their business. Corporations with many international branches or subsidiaries might employ economists to monitor the economic situations in countries where they do business or to provide a risk assessment of a country into which the company might expand.

To work in economic consulting or research firms, economists may perform the same tasks as economists working for corporations.

Another large employer of economists is the Government. Economists in the Central Government and State Governments administer most of the surveys and collect economic data.

A Master's or Ph.D. degree in economics is required for many jobs in private-sector and for advancement to more responsible positions. Whether working in government, industry, research organizations, or consulting firms, economists with a bachelor's degree usually qualify for most entry-level positions as a research assistant, administrative or management trainees or for various sales jobs. A master's degree usually is required to qualify for more responsible research and administrative positions. Many business, research and consulting firms and government agencies seek individuals who have strong computer and quantitative skills and can perform complex research. A Ph.D. is necessary for top economist positions in many organizations. Many corporation and government executives are required to have a strong background in economics.

In addition to the previously mentioned jobs, economists hold faculty positions in colleges and universities.

As firms increasingly employ workers to perform more specialized tasks, the best opportunities for individuals with backgrounds in economics are expected to be in positions that have titles other than economist. Some examples of job titles often held by those with an economics background are financial analyst, market analyst, public policy consultant, researcher or research assistant, and econometrician.

A Master's or Ph.D. degree, along with a strong background in economic theory, mathematics, statistics, and econometrics, provides the basis for acquiring any specialty within the economics field. Economists who are skilled in quantitative techniques and their application to economic modeling and forecasting, and having good communications skills can get better job opportunities.

Graduates with bachelor's degrees can find jobs in industry and business as management or sales trainees or as administrative assistants.