Career Scope In Economics: Jobs Opportunities, Salary & Growth

Career Scope in Economics: Economics is the Evergreen Subject which has high demand at both the national and universal levels because of its utility in our day-to-day life. The economics field is very much interesting which offers a variety of subjects in it. for eg. The banking sector, trade, commerce, insurance, and other areas.

Thus Establishing a bright career in the economics section. Career options in Economics include jobs like Economist, financial risk analyst, Accountant, Investment Analyst, Financial consultant, Data Analyst, and more. 

Here you will find a complete guide on career scope in Economics.

Career Scope In Economics

Economics is one of the evergreen subjects because of its high utility and huge demand in the job markets. It is also an important discipline both for a career as well as a job point of view. Job opportunities are increased because of globalization and after the merging of the world economy. A well-trained economist has a high demand not only in India but also across the world.

Because of the rapidly globalizing economic scenario. The big business organization is hired as financial analysts, researchers, and consultants.

Scroll down to find more details on Career Scope in Economics!

How To Become An Economist?

You can become an economist with an undergraduate degree. Many universities across India offer undergraduate programs in economics. You can select from the following undergraduate degrees to begin your career as an economist:

Bachelor’s Degree Courses:

  • Bachelor of Arts in Economics

  • Bachelor of Arts in Applied Economics

  • Bachelor of Arts in Business Economics

  • Bachelor of Arts (Honours) in Economics

  • Bachelor of Science in Economics

After completing your graduation in economics, you can opt for a Master’s Degree through the postgraduate programs offered in various universities. You can choose from the following postgraduate programs:

Master’s Degree Courses:

  • Master of Arts in Economics

  • Master of Arts in Econometrics

  • Master of Arts in Business Economics

  • Master of Arts in Applied Economics

  • Master of Philosophy (MPhil) in Economics

  • Master of Science (MSc) in Economics

  • Master of Business Administration (MBA) in Business Economics

Doctoral Degree Course:

Further, you can continue your education to the doctoral level pursuing a Ph.D. in Economics or Econometrics.

Economics Degree Syllabus

Here you will get a basic idea about the Economics Degree syllabus for various levels. The syllabus is different for different universities but the topic we have provided below will be there.

  • Undergraduate level: The students of these programs would study the topics such as Macroeconomics, Microeconomics, Utility, Elasticity of Demand, Monopoly, Factor Pricing, Interest, Demographic Features, Agriculture and Land Development, Small Scale and Cottage Industries, the infrastructure of the Indian Economy, Macro Variables, Classical Theory of Employment, Source of Revenue, Public Finance, Bank, Money, Inflation, Deflation and Recession and so on.

  • Postgraduate level: The students pursuing their Master’s Degree in Economics would study the subjects such as Microeconomic Analysis, Elementary Statistics, Theory of Pricing and Distribution, Macroeconomic Analysis, Quantitative Methods, International Finance, Economics of Industry, Growth Models of Economics and Issues in the Indian Economy and more.

  • Doctoral level: These students need to conduct thorough research in respective economics-related concepts. They need to submit their ‘thesis’ to the concerned authorities. After a scrutiny of the thesis they submit, the universities award a Ph.D.

Economist Course Duration and Fees

Here we have provided the average fee structures. It may vary based on Institution. The private institutions may ask for capitation fees for development and other purposes. So, it is better to check with the specific institutions, for the precise details of fee structures.

Sr. No.

Course

Duration

Average Fees (Rs)

1

BA in Economics

3 Years

25,000/- to 3,00,000/-

2

BSc in Economics

3 Years

1,50,000/- to 3,00,000/-

3

BA (Honors) in Economics

3 Years

50,000/- to 3,00,000/-

4

MA in Economics

2 Years

10,000/- to 50,000/-

5

MSc in Economics

2 Years

1,80,000/- to 2,50,000/-

6

MBA (Business Economics)

2 Years

1,60,000/- to 3,00,000/-

7

MPhil in Economics

1-2 Years

20,000/- to 2,00,000/-

8

Ph.D. in Economics

3-5 Years

80,000/- to 6,00,000/-

Required Skills To Pursue Careers In Economics

If you have the following skills, then you will have a better career scope in Economics: 

  • You should have better mathematical knowledge so that you can work with different figures to pursue a better career in Economics.
  • You should always remain aware of the current affairs, and you have to understand the implications analytically.
  • You should have research-minded and should possess the ability to research every aspect of the economy.
  • You should be motivated enough and try to be perfect.
  • You should always keep patience and remain positive and optimistic.
  • You have to think logically in various scenarios.
  • Proficiency in Mathematical knowledge is essential to build up a career in Economics.
  • You should have better communication skills and public speaking skills to explain the complicated economic analysis to the general public who do not know Economics.

Career Scope In Economics In India

Here we have covered some Career Scope in Economics in India:

Teaching Profession

It is one of the best Career Scope in Economics after completion of the degree. As an Economics Graduate, you can appear for CTET or other state-level teaching exams and become a teacher.

After completing M.A in Economics with at least 55% marks a candidate can either pursue Ph.D. in any University or appear for University Grant Commission’s National Eligibility Test currently conducted by National Testing Agency.

By qualifying in this test, a candidate can become eligible for the post of Assistant Professor in Indian Universities and Colleges or can get a Junior Research Fellowship in a Research Institution. The Ph.D. degree holders are likely to get more job opportunities in every sector.

Indian Economic Services

Another best career scope in Economics is IES. You have to complete M.Sc. or M.A. in Economics with at least 55% marks that can appear in the Indian Economic Service exam. The age range should 21-30 years. UPSC conducts the IES exam.

After selection, one has to perform tasks like economic planning and analysis in Planning Commissions for the country. They can also be placed in Planning Board, Ministry of Economic Affairs, National Sample Survey, and other departments that need knowledgeable persons in economics.

Banking Services within the Public Sector

It is the most common and popular career scope in Economics. Reserve Bank of India recruits economists in the banking sector through their own different recruiting examinations. You should have an age limit of 21-28 years.

You can also find jobs in research institutes like the National Council of Applied Economic Research, New Delhi; Indian Council of Social Science Research, Institute of Economic Growth, New Delhi, etc. One can appear in IBPS and State Bank recruitment exam to get absorbed in the banking sector.

Private and Foreign Banks

An Economics degree holder can try for private and foreign banks. The banking job profiles available are branch managers, clerks, economic advisers, development officers, etc. 

International Agencies

Experienced and famous Economists can get employment opportunities in a well-known international organization like the World Bank and the International Labor Organization. 

Work As A Consultant

Economics graduates can work independently as an economic consultant. In the case of the private sector different scientific research and consulting, firms can offer excellent job opportunities.

Entrepreneurship

Economists will have a depth of market knowledge. They will quickly understand the market trends and profitable sectors of business. Hence by creating their own business, they can soon achieve exponential growth. So a large number of job opportunities can be created this way. It will also be helpful to reduce the unemployment issue in the country.

Career Scope in Economics | Top Job Roles for Economics Graduates

  • Professional Economist
  • Financial Risk Analyst
  • Data Analyst (Banking Sector)
  • Financial Planner (Banking Sector)
  • Financial Controller/Financial Economist
  • Equity Analyst
  • Cost Accountant
  • Economic Researcher
  • Business Economist
  • Agricultural Economist
  • International Economist (Specialization)
  • Industrial Economist (Specialization)
  • Labor Economist (Specialization)
  • Investment Analyst
  • Actuary

Salary Structure Offered To Economics Graduates In India

An Economist earns approximately in the range of 1.88 lakhs to 14.81 lakhs per annum.

In Government Sectors, economists can earn ranging from Rs 10,000 to Rs 12,000 per month after joining.

The per month salary of Professors and Assistant Professors in Government colleges and Universities range from Rs.12,000 to Rs.80,000 according to the seniority and experience.

One can work in the banking sector because it is also proving an impressive pay package. The earning of economic consultants is also very good.

Roles

Average Salaries (Rs per annum)

Professional Economist

2 Lakh to 15 Lakh

Financial Risk Analyst

1 Lakh to 15 Lakh

Financial Economist

1 Lakh to 8 Lakh

Data Analyst

1 Lakh to 6 Lakh

Financial Planner

1 Lakh to 10 Lakh

Economic Researcher

1Lakh to 15 Lakh

Agricultural Economist

1 Lakh to 6 Lakh

Investment Analyst

2 Lakh to 20 Lakh

Cost Accountant

1 Lakh to 10 Lakh

Industrial Economist

1 Lakh to 7 Lakh

Top Institutes To Study Economics In India 

  • University of Delhi, South Campus
  • Delhi School of Economics (University of Delhi)
  • Jawaharlal Nehru University, New Delhi
  • University of Bombay, Mumbai
  • University of Agricultural Science, Bangalore
  • Stephen College, Delhi University
  • Jamia Milia Islamia University
  • Maharaja Sayajirao University of Baroda
  • Bangalore University
  • University of Calicut
  • Banaras Hindu University, Uttar Pradesh
  • Kumaun University, Uttarakhand
  • Meerut University, Meerut
  • University of Pune, Pune
  • Sri Ram College of Commerce, Delhi
  • Lady Sri Ram College for Women, Delhi
  • Hans Raj College, Delhi
  • Hindu College, Delhi
  • Presidency College, Kolkata
  • Xavier’s College, Kolkata
  • Xavier’s College, Mumbai
  • Loyola College, Chennai
  • Symbiosis School of Economics
  • Madras School of Economics
  • IIT, Kanpur
  • Indian Statistical Institute, Kolkata
  • Ravenshaw University, Cuttack, Orissa

Top Courses to Pursue in Economics

There are many courses that come under economics at under graduation level (UG level), Post-graduation level (PG level), and a Ph. D level to have multiple career scope in Economics:

Economic Courses at UG level

  • Bachelors in Business Economics
  • Bachelor of Art (Hons) in Business Economics
  • B.Com in Business Economics
  • B.Com (Hons) in Business Economics
  • BBA Business Economics

Economics courses at PG Level

  • M.A in Financial Economics
  • M.A in Economics
  • M.A in Econometrics
  • M.A in Business Economics
  • M.A in Applied Economics
  • Master of Science in Economics
  • MBA in Business Economics
  • Master of Philosophy in Economics

Economics Courses at Ph.D. level

  • Ph.D. in Economics
  • Ph.D. in Econometrics

Now you have detailed information on Career Scope in Economics in India. For any confusion, ask us in the comment section. We are always ready to solve your issues.

FAQs Related Career Scope in Economics

Is economics a good career?

Yes, it is a good career. An economics graduate will have some unique and highly sought after skills and in most cases, employment prospects are good. A lot of professionals in banking and accountancy hold economics degrees. For any career related to finance, an economics degree is a good foundation to build on.

Is economics a useless degree?

It’s definitely not useless, and may actually be preferable to other degrees of similar nature. Economics is very rarely is more versatile than something like accounting, even finance in many cases. You will find a vast Career Scope in Economics

How much Maths is involved in studying Economics?

It’s a common question faced by many students. If you’re not very proficient in Mathematics, you may wonder whether Economics is a good choice, and exactly how much Mathematical aptitude you would require.

What are the difference between B.A Economics, B.A Business Economics and B.Sc Economics?

The similarity of the names of the courses may have caused confusion in your mind. Here is a brief guide outlining basic differences among the courses.
 
B.A Economics
It is a course focused on the core fundamentals of Economics, its theories and applications. It covers both qualitative and quantitative courses in Economics like Microeconomics, Macroeconomics, Econometrics, Economic Statistics, History of Economics, Indian Economy, etc.
 
B.A Business Economics
It is a commerce-oriented multidisciplinary field which focuses on the application of Economics to business. Themes of this course vary from organisational behaviour, financial management, cost accounting to business communication, macro and micro aspects of economics, marketing, etc.
 
B.Sc Economics
The syllabus and pattern of this course are similar to B.A Economics. The subtle difference is that B.Sc Economics has more practical lessons, and statistics and mathematics are studied at a more advanced level.

We have covered a detailed guide on Career Scope in Economics. If you have any queries, feel free to ask us in the comment section below.

13 thoughts on “Career Scope In Economics: Jobs Opportunities, Salary & Growth”

  1. It is very useful for me, thanks a lot.How can I get M A admission in Delhi school of economics and what is the proceedure for it?

    Reply
    • Thank you So Much For Your Feedback.
      For M.A Admission in Delhi School of Economics, you must have completed graduation with a degree in B.A. in Economics and should have aggregate marks not be less than 60 per cent. Also, you need to give an entrance test for the same. For complete details, Check out an official link: http://econdse.org/

      Reply

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