The typical mindset of parents when their children earn a degree in Economics is that it’s going to be a tough ride to find the best job. Students would have somehow struggled through Economics in JC with the help of Economics tuition and would have also discussed the possibilities of career in the line of Economics with their economics tutor during home tuition sessions or may even have talked about it with the school tutors if they are really interested.
Economics falls onto the grey area; its neither an arts subject nor a science subject. It’s social science which requires you to have skills from both ends of the spectrum.
So, here are top 6 jobs you can consider to go for with a Bachelor’s degree in Economics (further specialisation in the respective areas is necessary) …
NO.1: MARKET RESEARCH ANALYST
Market research analysts are individuals who monitor and predict market trends, measure the effectiveness of campaigns and gather information necessary to understand the attitude and pattern of sales; these quantitative and qualitative data are presented back to clients. A strong proficiency in math and good business acumen is required.
- Monitor marketing and sales trends.
- Analyse consumer preferences
- Analyse trend of demand and supply
- Measure the effectiveness of campaigns
- Data collection and statistical analysis
- Data interpretations
- Present reports to clients
NO.2: FINANCIAL ANALYST
Financial analyst work for securities firms, banks, investment banks, insurance companies and many more where they are required to analyse financial statement, make business recommendations for an organization, present market trends, predict outcomes of deals for companies and so on.
The responsibilities are vast but typically revolve around finance management. These are the experts who direct companies to make the best decisions that favour them in light of all sorts of Economic trends. These induvial are like fortune-tellers who can pin-point anomalies in trends and predict what to expect and what no-to expect in the near future.
NO.3: POLICY ANALYST
Policy analysts primarily work to influence political and social decisions. They analyse policies, make recommendations and evaluate the outcomes of existing policies. There is also a philosophical aspect to this job whereby analysts debate the moral dimensions of the law as well.
Policy analysts must be able to do adopt skills such as,
- Independent research (Reading and internalising complex information)
- Effective communication through their speech as well as writing
- Being a team-player
- Patience to study one subject for a prolonged period of time (studying
Analysts’ earnings depend on factors such as worker qualifications and the organization’s budget size so an approximate salary amount cannot be predicted; it really varies.
NO.4: ENVIRONMENTAL ECONOMIST
If you have an inclination towards environmental care, you can use your knowledge in Economics to collect and analyse data on extraction and use of waste products, renewable energy, pollution control measures and so on.
By analysing trends, environmental economists propose cost-effective as well as sustainable policies which ensure that economic progress does not occur at the expense of environmental health.
Today, a degree of economics does not only revolve around micro and macroeconomics, it has multidisciplinary approach which goes beyond to explore areas like energy economics, oil and gas markets, energy security, effects of globalisation on global warming, economics of renewable energy and energy efficiency and many more.
Actuaries use concepts of mathematics, statistics, economics and financial theory to assess the risk benefits of business strategies and decisions, and they help clients develop policies. They primarily function in the insurance industry.
There are different types of actuaries which include,
- Health insurance actuaries help craft health insurance policies based on predictions that are made with the help of data such as family census, geographic location, and occupation.
- Life insurance actuaries help craft insurance policies based on health trends and life expectancy.
- Enterprise risk actuaries identify risks associated with a company’s objectives based on current economic trends.
NO.6: RESEARCH ECONOMIST
Research Economists develop mathematical models to interpret the boom and busts of business trends, inflation, demand and supply trends, unemployment rate and so on. This job requires an individual to have equal interest and proficiency in mathematics, statistics and economics. They are one of the most important people who prevent us from undergoing another Great Depression.
Taking up summer internships would be helpful for students to get a practical experience to understand their own personal preferences and to analyse their own strengths and weaknesses. There are plenty of opportunities for graduates to venture into; what you choose boils down to your personal interests and objectives at the end of the day.