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Globalization and liberalization has completely changed the economic landscape of the world. There has been a sudden spurt in the demand for qualified economic analysts, consultants and researchers in almost every walk of life. Economists are well-equipped and trained to handle the competitive nature of finance world. The field of economics provides a wonderful opportunity to gain an edge in today’s rapidly globalizing world. Economists are considered as precious resources across industries, not only at the national but at the international level as well. In order to excel in the fields of insurance, banking, commerce, trade and industry etc, organizations need to have experienced economist on board. Study of economics opens up the doors to a wide variety of the most sought-after career options.
Economists are equipped with deep insights into how an economy functions at the macro and micro levels. He is very much aware of operative techniques of market. Economics is primarily a social science field that deals with aspects of services, production, products and distribution. An economist is adept at creating and applying economic theories and concepts to practical realities. It is his job to study how resources can be distributed throughout the society to produce goods and services. The job of an economist is full of responsibilities. Apart from conducting regular research, he also collects and analyses data. He closely observes the economic trends panning out all across the globe and based on those studies, makes long and short term predictions. The subject areas covered by an economist could be taxes, exchange rates, unemployment, industrial output, interest rates, inflation, economic conditions, energy costs, and business cycles etc. He could be a specialist in a specific economic area such as international economics, micro economics, labor economics, macroeconomics, and financial economics etc.
At minimum, an economist needs at least a bachelor degree but most of the employers demand a master or doctorate degree in economics. One should first complete a 4-year bachelor’s degree in economics followed by a master’s which usually takes 2-3 years and then a Ph.D. in the same subject. One should cover subjects like economics, accounting, mathematics, statistics, and calculus. Plenty of specializations are available to economics students. For instance, econometrics, labor economics, macroeconomics and international economics etc are some of the specialization options available to the economists. A number of economic graduates join part-time jobs or internships in economic consulting firms, financial institutions and government agencies to gain practical experience.
Additionally, an economist must have strong math and analytical skills along with solid computer and technology skills. He/she should be able to utilize computer applications and tools. There is a tremendous demand for experienced economists all over the world. Sought by almost all institutions, career as an economist can be very lucrative.
Institutes offering degree courses in Economics in India are:-
Delhi School of Economics, Delhi
Jawaharlal Nehru University, Delhi
Madras School of Economics, Chennai
Indian Statistical Institute, Kolkata
Courses offered are, M.Sc. in Economics, M Phil/PhD in Development studies with major emphasis on Economics, M.A./PhD in finance and control. Successful candidates can work as economist, economic advisors, econometrician, financial analysts, an economic researcher etc. Good job opportunities can be found in banks, planning commission, governmental agencies, banking, RBI, colleges and universities, financial institutions, consultancy firms, business establishments, export-import houses, statistical agencies, urban development agencies etc.
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