Career In Economics: If you want to make a career in economics, then this news is very useful for you. After taking an economics degree in India, students have many attractive and practical career options. To choose the right career, it is important to understand what work is required in each option and what kind of skills are required. Here we explain some of the major career options in economics in detail so that you can make the right decision.
1. Financial analyst
The job of a financial analyst is to analyze financial data, evaluate investment options and provide financial advice to companies and institutions. This includes reviewing financial statements, studying market trends and making investment recommendations. Along with this, you will advise clients on where and how they should invest their funds or investments so that they can get maximum returns.
Essential Skills
- In-depth analysis of financial data
- Use of Excel and financial software
- Research and decision making skills
Salary Structure
- Starting Salary: Rs 4-6 lakh per annum
- Experience (10-15 years): Rs 15-30 lakh per annum
2. The Economist
As an economist, your job will be to study various aspects of the economy, analyze economic policies and problems, and figure out what kind of economic measures can benefit society or businesses. You will work on trends in economic growth, unemployment, inflation, and international trade.
Essential Skills
- Understanding Macroeconomic and Microeconomic
- Use of Mathematics and Statistics
- Analyzing large amounts of data
- Ability to write economic research papers
Salary Structure
- Starting Salary: Rs 6-8 lakh per annum
- Experienced (10-15 years): Rs 20-40 lakh per annum
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3. Policy Analyst
Policy analysts work for the government, non-profit organizations, or private companies. Their main job is to study social, economic, and political policies in depth and assess their effects. Policy analysts ensure that all aspects are taken into consideration during policy making. Apart from this, you will do research, collect data, and prepare reports, which will be used by decision-making authorities.
Essential Skills
- Deep understanding of public policy
- Knowledge of legal and economic principles
- Excellent written and oral communication abilities
Salary Structure
- Starting Salary: Rs 5-7 lakh per annum
- Experienced (10-15 years): Rs 18-30 lakh per annum
4. Investment banker
Investment bankers provide financial advice to companies, especially during large deals such as mergers and acquisitions. Your job will be to help companies raise capital, prepare them for IPOs, and negotiate with investors to secure large investment deals. Investment bankers help large companies and government institutions make strategic financial decisions, such as how to fund new projects, merge or acquire companies, and reform corporate structures.
Essential Skills
- Deep understanding of Corporate Finance
- Ability to raise capital in the markets
- Excellent communication and negotiation skills with clients
Salary Structure
- Starting Salary: Rs 10-12 lakh per annum
- Experienced (10-15 years): Rs 25-50 lakh per annum
5. Data Scientist (Economics Specialization)
As a data scientist, you will help companies make business decisions by analyzing large amounts of data. Especially if you have expertise in economics, you will understand market trends and present analysis to make future decisions. Your job will be to extract patterns from data that help improve business performance. Data scientists use machine learning algorithms to extract useful information from large data sets. This role mainly involves data visualization, statistical modeling and predictive analysis.
Essential Skills
- Understanding of machine learning, statistics, and programming
- Proficiency in software like Python, R, SQL
- Ability to perform data analysis and report preparation
Salary Structure
- Starting Salary: Rs 8-12 lakh per annum
- Experienced (10-15 years): Rs 25-40 lakh per annum
What do the experts say?
Dr. Deepika Bandil Bhardwaj, Assistant Professor at Mangalayatan University, says that an economics degree gives you opportunities in various industries. Your path in these career options will depend on your interests and expertise. Whether you like to analyze, have a passion for finding patterns in data or want to make policies for the government and society. An economics degree gives you opportunities in every direction. Salary also increases with experience in every field and you can make an attractive and respectable career.
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