When I was pursuing my graduation, we were taught that Economics is a study of human behavior with regards to scarce resources having multiple uses. And I thought that was it. But later in post graduation I was introduced to macro and micro economics. As I grew I realized that the subject was too vast to understand completely. But it is as much a fact that study of economics is imperative for someone who wishes to understand how ‘money’ works. So if the demand and supply, marginal utility, Macro and micro economics fascinate you then you are perhaps on the right page. Here let me take you through the subject and the possible careers that it renders.
About the field:
The role of an economist is very critical in any organization and therefore this skill set is required both in the government as well as private sectors. An Economist applies the concept of economics to study and research and predicts as well as evaluates the revenue and business trends in any industry.
Typical employers for a person with an economics degree are consultancies, banks, insurance and accountancy firms, charitable and not-for-profit organizations, research as well as educational institutes, think tanks and government advisory departments. However, the job opportunities increase once you complete the master’s program in Economics. An Economist with a doctoral degree is qualified to teach at a University.
What Specializations can you study?
As an economics student, you can opt for the following specialties:-
- Industrial organization economist
- Financial economist
- Labor economist
- International economist
- Micro economist
- Macro economist
- Public finance economist
Positions in which you can work after completing the course:
As an economist you can work at any one of the following positions:-
- Data Analyst
- Financial Risk Analyst
- Investment Analyst
- Market Research Analyst
- Compensation and benefits manager
Salary in this field will largely depend upon an individual’s skill set, qualification and experience. However as per pay scale for a role of an Economist one can expect to earn USD 53,637.50 to USD 60,000.00
A Bachelor’s Degree in Economics requires an individual to complete general education courses along with the subjects such as management, economics and business. It is three years program.The topics included in Core Economics are econometrics, macroeconomics, economic thought and microeconomics. The major may be offered, depending upon the type of University, through the social science department, college of liberal arts or school of business.
Generally master’s program is a two years program; however it may vary depending upon the country you choose to study at. An individual opting for the master’s course in economics does not necessarily need to have an undergraduate degree in economics. The master’s program allows the students to opt for the area of specialization under economics. It also prepares the students for the doctoral degree level.
Companies Hiring Students of Economics
This profession has always appeared very glamorous to me. And of course the profession that deals with Money and related policies has to be glamorous. Would you believe me if I say that even Silicon Valley is looking for economists at a frequent interval! An economist is required in every common and niche industries, however following are some of the companies which hire them:-
- Air BNB
- Goldman Sachs
- Morgan Stanley
- LMC International
- Morgan Stanley
- International Development Consultancies
University requirements for studying Economics Degree:
The university requirements for an Economics Degree depend upon the country you choose for study. Usually a previous qualification making you eligible for a university education and an English proficiency test is asked for, from international students.
How can you get started?
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