8 Highest Paying Careers for Economics students
Economics is a petrifying word for many students, but surprisingly it is not that scary as it sounds. Economics is the study of the real world. Economics is a comparatively a modern discipline. Adam Smith is widely regarded as the Father of Economics. The discipline has grown considerably and will continue to develop in the future. Economics is concerned with the behavior and relationship of people and societies.
It teaches the student how to analyze data/events, research and write about them. Economists understand that the resources are limited in accordance with the unlimited human wants and hence develop theories and principles to match this disproportionate relationship. Economics is applied to the real world to help study and analyze the activities and interplay between people, market and governments. The student pursuing these disciplines should be good in mathematical and statistical skills.
Careers in economics are sundry and diverse, with job opportunities covering from agriculture to banking and business. It equips the student with analytical skills and diverse problem-solving skills.
Economics being such a vast subject and having such diverse job opportunities is undoubtedly one of the best majors a student can do. Normally students who want to do jobs directly related to economics should pursue advanced studies in Economics.
Some of the Worlds famous business leaders have pursued economics degree, hence if you are taking economics then you don’t need to worry. Warren Buffet has a master’s degree in economics. Arianna Huffington, founder of The Huffington Post and founder/CEO of Thrive Global has done her BA in Economics. David Rockefeller Chairman and Chief Executive of Chase Manhattan Corporation had studied economics. Elon Musk received his economics degree from Wharton School.
Some of the famous Indians having an economics degree are Dr Manmohan Singh, Dr Arvind Subramanian, Dr Raja Chelliah, Arun Shourie, Vir Sanghvi have studied economics.
The stereotypical thinking of people of taking economics as a teaching field can be broken by the following careers that can be undertaken after a graduating with an Economics degree:
- Market Research Analyst: Market research analyst simply means judging consumer preferences, understanding consumer needs and wants and then helping the organisation by giving inputs for development or advertising and marketing the product or service. The market research analyst needs to collect data in the form of surveys, questionnaires and polls, analyse the data, interpret the data, and then present the data in systematic form like charts, graphs etc.
Economics consultant: An Economic Consultant has a variety of work to do this includes primarily Research and Data collection and it involves collecting information and developing a database that is relevant to the case. It is important to segregate relevant and non-relevant data and verifying that the data is correct. Finally, they analyze the data collected to make economic impact predictions and forecasts. They work for a variety of organistions to keep them prepared for ecosystem, policy and environmental changes
Actuary: Actuary use analytical skills and help the organization in determining the probability of events like accidents, deaths, mishaps, business downturns etc. which helps the insurance companies to plan for the future and protect them from loss. It is important for an actuary to understand the very nature of risk and then make the management aware of it.
- Investment Analyst: An investment analyst collects micro and macro data which includes gathering and analyzing the financial and other information for specific businesses in order to make company, industry and sector related calls. Investment analysts work for banks, investment firms, investment banks, insurance companies and individual companies.
- Credit Analyst: A Credit Analyst judges the credit worthiness of individuals or businesses applying for loans. Employers are generally commercial banks, investment banks, foreign banks, private equity companies, insurance companies and credit rating agencies.
Policy Analyst: Policy Analysts collect data and analyze the interactions within the real world. They assist governments in planning, interpretation, development and growth of government or industrial policies. It includes identifying issues, reviewing existing policies, providing advice and recommendations, writing and presenting reports.
Management Consultant: A Management Consultant help the business in improving its performance by solving existing problems and developing new and better ways of performing existing business activities. Some of the activities of a management consultant include, reducing costs, increasing market share and expanding to new markets.
- Financial Journalist: Financial Journalists research, analyze, write and broadcast about economic leaders, developers, trends, companies and market. The ability to research and write about economic issues, problems can be done only after understanding economics.
So go ahead and select Economics as a discipline in Class 12 CBSE and ISC if you have passion for the subject.
